Good afternoon, and thank you for joining us for our next Midwest IDEAS Conference presentation. Presenting next is Viemed, which trades on the NASDAQ under the ticker symbol VMD. Representing the company today is Chief Executive Officer Casey Hoyt and Chief Operating Officer Todd Zehnder. Thank you. All right. Good afternoon, everyone. It is nice to have a microphone. We have been yelling in the Armstrong room all day. Everybody is pretty festive over there. Viemed, I am going to just jump right into it. We are an in-home innovative national healthcare leader. We specialize in something called complex respiratory services. That represents about 50% of what we do. What we are doing is we are putting respiratory therapists in the homes of very sick patients. Our typical patient is struggling with COPD or ALS, some sort of neuromuscular disease that is causing their lungs to fail. That is roughly about 48% of the pie. We also, on our platform, have sleep apnea services. We use oxygen therapy as well to couple with the complex respiratory, as well as some airway clearance. Here recently through our last acquisition, we just got into maternal health. It is a nationwide reach. We got patients in all 50 states and over 198,000 patients total in our pot. We are using technology in the home, kind of taking care of a very, very sick batch of patients. It is robust growth and financial performance, 26% compounded annual revenue growth rate since our public listing, $34 million TTM free cash flow at the end of 2026 with no net debt. This is a quick look. We are led by an experienced managing team. I am the CEO and original founder of the business. I founded it 20 years ago with my good friend, Michael Moore, who is our current President of Operations back home. I am joined by Todd Zehnder, our Chief Operating Officer. We have got Trae Fitzgerald here as well, our CFO, and Randy Dobbs, who is an understudy of Jack Welch, as our Chairman of the Board, and Dr. William Frazier, 10 plus years he has been with Viemed. Together, collectively with our management team, we own over 20% insider ownership of the company, and we are a $371 million market cap business as we sit here today. There are multiple catalysts driving our growth right now. It is a massively underserved population for COPDers. We have got 25 million of them in the U.S., and unfortunately, we have only got about a 5% market penetration number. I am going to break that down for you in an upcoming slide. This is the genesis of what is driving our blue ocean of opportunity. Less than 10% of the overall pie, when you add in the commercial payers, are really getting treated in the home. We've got a big job to get to these folks because they're in need and we've got a proven solution for them. At the end of the day, we've got to get our business from the physician. The physician has to write the order. We end up being this vital link between the physician, the payer, and the hospital system. We generate these outcomes, and that we're reported back to the payer and to the physician and so on and so forth to where we can drive real results, oftentimes for the hospital as well to reduce their length of stay. We do a lot of length-of-stay management. Our 26% compound annual growth rate has really been all organic. I shouldn't say all. We have completed three acquisitions in the last 3three years. I'll dive into them in the coming slides. We're primarily an organic growth engine. Regulatory tailwinds have been in our favor for the most part, which is rare in the DME space. We've just recently had a new NCD. That is the National Coverage Determination that sets the rules to how we qualify our patients. That's been really good. We finally have a speed limit on the highway that we can all abide by, and it's been playing into our hand because the way the rules were written were very similar to the way that we were regulating our business even before they came out. We have a lot of our nationwide competitors out there that are struggling to abide by these new regulations, but it's something that we've been doing for many years. It's working well for us to capture market share everywhere we go. This is a look at the specifically to complex respiratory, which is the foundation of our business. This is the unit economics. We, on average, get about $1,050 per month for a ventilator that's on rent, and it's an uncapped rental, which means as long as the patient is alive, we can bill for it. The average length of stay, as I mentioned with this patient, is 17 months, so they're very much at the end of life and burden the system with all sorts of different costs. It's a rental structure, so once we put the machine out and the patient, unfortunately, usually expires, we bring the vent back in, we clean it up, and we can get it out in the field again. These RTs are on call 24/7, and we have a service program built out to where we can pretty much build a vent from scratch to where we can fix these guys and get them back out in the field very efficiently. We're covered by Medicare. Medicare is our largest payer, but we have commercial and Medicaid and MA now as well that has been covering our service. This is the breakdown of serving the population that's massively under-penetrated. This is kind of getting into the estimated 5% market penetration for our patients that are on Medicare. 25 million estimated in the U.S. struggling with COPD. About 10% of those guys are at Stage four, which is the most severe level of the disease state where their lungs are actually failing them. If you think their lungs functioning like a wet ball of newspaper, these machines come in, and they allow that elasticity to come in and get the bad gas, carbon dioxide out, let the good gas, oxygen in. But half of those are actually at chronic respiratory failure, which is when they become candidates for our therapy. Think of the population today, 1.25 million that qualify for the vent today, and we only have 60,000 beneficiaries on service. 5% for Medicare. The numbers get a little bit muddy when you get into commercial, but you could probably figure another 5% for commercial payers. Somewhere in the neighborhood of 10% market penetration. Viemed, we're the second to largest non-invasive ventilator company in the home mechanical ventilator company because we do both invasive and non-invasive in the country. Really only 10 providers make up 63% of the overall markets. There's not that many people out there that are doing this business and doing it right, frankly. Okay, so she's holding a tablet that goes into the home. This is some technology that we developed over, I guess, the last six, seven years. It's got a telehealth feature that allows the RT to go into the home and pull up the patient and uncover whatever need they might have. We see a lot of anxiety and depression for reasons that they go back into the hospital. We can kind of get involved on a real-time basis, talk them off of a ledge. What it's also doing is it's Bluetooth connecting into the equipment that gives us different signals with the settings, and we can kind of start analyzing what's going on with their therapy and determine if we need to go out for a field visit or not. On the back end, it's capturing data, very important data that we can report back to the payer, to the physician. There's a physician portal that they can log in and check on their patient. We've built this technology ourselves, and it's been very instrumental. As I mentioned, that NCD that came out, it's requiring us to document compliance and usage with the patient. This thing helps us streamline and manage compliance, which is something that also our competitors do not have. It's been super helpful. Over the years, we've completed. You think about why our market penetration is so low. Why are 90% of the folks that need this not getting it? Viemed invested in three peer-reviewed published studies from 2021 to 2022. I'm not going to go through all of these, but I'll just, the general theme and the one that we're probably most proud of is that we reduce relative mortality by 43%. We also can save money. If we get them on it through early utilization in the first 30 days, we can save $5,400 per patient per year, and that's just by way of preventing these hospital visits and all the unnecessary clinic visits that happen along the way. It leads to talking about our unique lean operating model. A traditional DME, durable medical equipment, which is our industry, will be set up with brick-and-mortar facilities. We always say they're waiting in the van in the parking lot of the hospital. They want your wheelchair, they want your commode, they want your mattress, your CPAP, all of those things. That's not how we operate. We don't invest in brick and mortar. We don't have retail storefronts. Our sales process is a whole lot different. That RT is dressed in scrubs. They're inside of the hospital system. They're walking shoulder to shoulder with the pulmonologist. They're consulting on that continuum of care to where we can get the right patient profiled for the doc, get them out of there, and treat them with the 24/7 care. It's a mobile workforce. They're all in vehicles with equipment in the trunks of their car, monitored by GPS. We're a little bit swifter than the competitor when it comes to just finalizing the care in the home. Everything that we do when we're trying to go to a different town, it's now data-driven, and certainly, the AI tools are helping us analyze right territories. If you think about it, we're just looking at COPD-prevalent areas and towns. They typically land in the rural pockets of the U.S., where we have patients in all 50 states, as mentioned, but we're probably dominant in about 38, 39, and we've kind of naturally landed in the smoking section of the United States, in the Deep South, on up through the hills of Kentucky and West Virginia, and so on and so forth. It's a very lean and scalable market entry, so we can move pretty quickly. I talked about the technology that is coupled with the human interaction in the home already. Our product offerings beyond just the vent, which is what I'm talking about the most. We also have airway clearance devices for those patients that are struggling with bronchiectasis, which is a stiffening of the lung disease. We have cough assists and smart vests and AffloVest, where they can clear out those secretions that might build up and cause trouble. We also couple that with stationary and portable oxygen concentrators that complement the vent. We've got the sleep apnea therapy and supplies, and then breast pumps and maternal support. We'll talk a little bit more about that in the coming slides. Outside of our current model is we're not that logistic, just a set-it-and-forget-it type of DME that has to invest in all these vans and brick-and-mortar and infrastructure. We started off growing around the country with a very heavy, complex respiratory offering, and over the last six years, we've put a lot of focus on diversifying the business. This slide shows you what we've done from 2019 to 2026. Sleep has been a pretty bright spot for us. It grew 44% last year. We got women's health coming in at 8%. There was a staffing component that we also cranked up during COVID, during the clinical labor shortage. It was a resource for our referral partners to have to where they could access the labor they needed during COVID, but it was also our engine to find our own clinicians, which were being tugged and pulled on throughout the country during COVID. Today, it has become a material part of the business. It represents 7% of our revenue. Oxygen, 8%, airway clearance, 7%, and ventilation, 47%. Along with that, you see payer diversification. We now have Medicare at 35%, Medicaid MCO at 10%, Medicare Advantage representing 20%, commercial 24%, and the other at 11%. Diving into another just bright spot a little bit deeper. Sleep is the example of probably the best diversification that we have done. Sleep apnea products have been a legacy DME product for many years. It is not new. However, we just started growing it about six years ago, once we had all of our commercial contracts in place as a result of expanding the complex respiratory business around the country. That grew 44% last year. Our resupply business, which is really the juice in the sleep apnea game. It is the mask, the tubing, the filters, the consumables that are your residual income. That is up 47%, and it is making up 22% of our overall revenue right now. This is just a deeper dive into the other products that I just mentioned. I will not spend a lot of time on this, but our 2025 growth rate of 8% on oxygen, we were at 18% on airway clearance, women's health at 100%, and that is just as a result of buying a new company and starting a new product. Healthcare staffing represented a growth rate of 12%. Getting into our growth strategy. We never take our eye off the organic model ball, if you will. We are always looking at expanding into new geographic territories. For us, what that means is we are just looking for a person. It is a clinician that we can train how to sell and walk and talk the Viemed way. We are looking to densify in areas that are not too far out of bounds from where we are. 60 miles down the road is plenty enough of a buffer zone for sales reps to not really run into each other. The women's health has got a national rollout through all of our existing payers. The game with maternal health when we bought Lehan's is that they were only in Illinois. They are actually in DeKalb, about an hour away from here. We wanted to bring our national contracts to the table in all of our various states to where we could blow up maternal health. Just this past year, we have added on Texas, we have got Ohio coming on board. We are already in Wisconsin and Illinois, obviously, and a little bit in Indiana as well. As far as inorganic growth, I am going to get into the three acquisitions here in the next slide, but we do have an M&A pipeline. We are a little bit picky on our acquisitions. It is not like we are out there looking for broken businesses that we can fix up. We are looking for more better management teams that have a proven model that we can springboard our organic engine through and use their referral sources that they build up. If we find a good sleep company that's not doing complex respiratory quite well, that's a good fit for us. They're in that respiratory realm, and it's easier for us to train them how to just pick up their game in complex respiratory and then build up some of their sleep business as well. I'll talk about HMP and EAMC and Lehan's here in the coming slides. We've got a pristine balance sheet that supports plenty of deal capacity. As I said, no net debt and plenty of liquidity to do some more transactions. We've looked at probably 30-something-plus deals this year but have passed on a number of them just because they aren't the perfect fit. We don't need to acquire to grow. We can grow organically, and we're comfortable doing that. As far as the operational leverage goes, we are utilizing all sorts of AI and technology-driven tools. We've got our revenue department that is streamlined with a tool called Tenor, which is pretty. I say it's reasonably common in the DME industry. It's helped streamline a lot of processes, allowed lots of visibility for our salesforce to look in on their current pipeline and see where their patients stand throughout the process. We've got declining CapEx intensity. It's a very capital-light makeshift. As I mentioned, favorable free cash flow, margin mix, and shared infrastructure reduces incremental cost per service. We are probably different than our competitor. We are very centralized in Lafayette, Louisiana. All of our billing and administration and collections is in one place versus being in multiple facilities spread out throughout the country. That allows for a lot of operational leverage. These are the three acquisitions that we pulled off in June of 2023. HMP, Home Medical Products, they were a company that was 20% sleep, I'm sorry, 80% sleep and 20% complex respiratory. They were in Tennessee, in North Alabama, and Mississippi, which really was a coverage gap for us geographically. They had some contracts that we didn't have in that area. So they were a good fit for us. We've got them. It's an accretive acquisition. It was a $31 or, yeah, $31 million top-line transaction back then. A little bit later in April 2024, this was a very small transaction, $4.5 million, to take over a JV with the East Alabama Medical Center. But a good exercise for us. We were really dipping our toe in the water to see what the lift would be to do a joint venture versus going in there organically like we always do. We've got it on track. It's profitable. The hospital is super pleased with it. I don't think we'll do another one this small. It's not that we won't do another JV. It would have to be of significant size for it to make sense because it takes just as much time to integrate a $4 million business than it does a $30 million business. Again, we're somewhat being picky there. Lehan's was a great transaction, another $28 million to $30 million transaction, 100 employees. They were doing about 40% respiratory and 60% maternal health. Maternal health sounds like a one-off for us, but as we looked and learned about the business, it is really not much different than our CPAP resupply business. It is just about fulfillment. There are less people in the home than we are used to, but it is a digital marketing platform where we are just getting out to expecting mothers, and we have a technology piece that lets them know that their insurance company will pay for their breast pump and all of their consumables and bags and things that are residual products that you can make money on as well. So it is a good thing for the babies and a good thing for humanity. We are always very patient-centric in everything that we do, so it checked a lot of the boxes from that standpoint. The runway of opportunities is long. You are seeing CMS really pushing more home care adoption. They are trying their hardest to get folks out of the hospital. We all know that we are dealing with an aging population that is expanding at a very rapid rate with the baby boomers turning 65 every day. I mean, there are over 10,000 of them turning 65 every day for the next 10, 15 years, something like that. The hospital cost pressure is real out there. These guys are in a tough spot. So they are really focused on creating efficiencies. When you can come in with your program and say that you are going to get that COPD patient out a day sooner because we can bring that continuum of hospital care to the home with an RT with next-level care, they perk up. They want to partner with you. That is a real driver of value for them. That is all playing into our hand. I mentioned how in DME, there is always something going on, whether it is a rule change or a reimbursement fluctuation or things like that. We have been stable on reimbursement since 2016 with all of our products. We are going to get a CPI bump, if anything this year, of 2.83%, whatever that ends up being. Knock on wood, we are in a very, very stable environment. Competitive Bidding was a thing that folks were worried about. It is a program where you have to submit your price against another DME, and then they choose who is going to win it based on fair market value. We got news earlier this year that Competitive Bidding is suspended to 2028 for all of our products, so we are kind of excluded from that. They are focused on neurological devices and CGM devices and such and back braces right now. But we are kind of out of the crosshairs at this point in time, which is what this entire slide right here is pretty much about. I guess the only thing I can add here is I have talked about all this stuff. All right, I am going to let Todd come up and talk about the financial performance of the company, and then we will give some time for questions here at the end. Thank you. All right. Thanks, and good afternoon, everyone. Not spend too much time on 2025 because we have some 2026 numbers as well, but just another year of rapid revenue growth and margin stabilization. One of the most important things is the green number. As the business has transformed over the last few years, and we are at about 30%-35% of our revenue stream that is more transactional. Casey talked about the CapEx intensity is going down. We are starting to generate free cash flow at a pretty rapid level. To be very clear, we would love to spend all of our free cash flow on organic growth, buying more machines. It is just that as maternal sleep resupply have started to grow so much and they do not have CapEx, the more they grow, the more this free cash flow is going to come into play. You will see on the next slide, when I talk about the 2026 numbers, a couple of changes that are happening. We did do our third share repurchase last year. That is one of the uses of our capital, and I will talk about where we are going with 2026. A lot of the same. We have guidance this year, growing revenue in the low 20% again, so the CAGR should stay somewhat similar. Sleep continues to grow at an extremely rapid rate. Maternal is the fastest-growing from a percentage standpoint. Margins are compressing slightly at an EBITDA level. That is not by design, but it is not to be unexpected because of the two biggest product lines that are growing have zero CapEx. We are not adding any EBITDA back. Net income margins are improving. Free cash flow margins are improving. You can see the TTM of $34 million, the green highlight again, and you can see that net CapEx coming down to 8%. We have a full year guidance of CapEx at 9%-10.5%. We brought that number down. If it continues trending like this, everything is going in our favor, and that free cash flow could continue to increase. We are in our fourth buyback right now, and I will talk about capital allocation priorities, but through the second quarter, I guess, when we published these numbers, we had repurchased just under 700,000 of a roughly 1.8 or 1.9 million allotment that the board has approved. This kind of shows a little bit longer term of the numbers, and our full-year guidance midpoints this year are $317 million and $66 million. As I mentioned, CapEx is coming down, so that translates into high free cash flow. This just kind of shows you that we have a stable, repeatable, organic growth model that we can augment with the acquisitions, as Casey just talked about. This is since our public spin-out. We are very proud of this one, 26% CAGR over this nine-year period. We have been profitable in all nine of those years, and as we have built up this stable fleet of vent patients, and we have taken that free cash flow and really built up these new service lines, kind of going back to the pie graph that Casey was talking about. We have diversified the business. All that time, while vents have gone from 82%, I think, to 46% on that slide, we have doubled the vent census during that time. Everything is growing, everything is growing profitably, and it is somewhat of a jump ball. We don't say that we want one product line to grow faster than the other. It's whoever's having a good year, as they all contribute to the bottom line. A little bit more details on the guidance. I've covered most of this. We do have a little bit of seasonality. The back half of the year tends to be stronger for us when patients meet out-of-pockets and the co-pays and deductibles and so forth, and when respiratory season kind of comes back in when it gets cold. The fourth quarter tends to be our best, but like I mentioned, the buyback that we're in the middle of right now as well. Capital allocation, this has stayed true for really for the nine years that we've been public. We always want to spend as many dollars as we can on organic growth. It's what we wake up doing every day. We're a sales-driven, patient-centric company. As we've continued to grow and as we continue to generate this free cash flow, the M&A opportunities have become, I guess, a little bit more robust. We've done the three of them. We're very picky, as Casey said, but we evaluate deals. We've got a great business development team that we brought on board a few years ago, and you can see that we've done some accretive acquisitions. In the meantime, when we don't have anything that we're working on, we build the balance sheet up. As we said, we have no net debt. We sit here nine years later with actually a little bit of net cash, have done four buybacks, and have done all this organic growth as well. We are a proven company. We have a lot of green pasture in front of us. We have disease states that have underserved populations. We're serving a need of getting patients out of hospitals, treating them in the home. It's where the system has to go. We all see what the healthcare numbers are in our country. We know we need to treat more patients in the home with less costly clinicians, and we serve that. Regulatory stability: we obviously, as Casey talked about, we're out of the Competitive Bidding Program world. We've gotten some good rules on ventilation. Medicare is our largest payer. They're a great payer. We do a lot of compliance work and keep ourselves in good graces with them. We have about the best financial performance in the industry. I think it all stems back from the organic growth. We're not having to buy companies just to grow. We know we've got the embedded organic piece, and we're comfortable with that. Talked about the balance sheet, something we're very proud of, and we can use that optionality as we have no net debt to get more acquisitions if we find the right one. Disciplined capital allocation, as Casey said, I think we own about 23% of the shares between the management team and the board, so we are highly aligned with our shareholders. We wake up every day trying to make long-term decisions to get that equity up, and that's what we show up to do. I think we left about five minutes for Q&A. If anybody has anything, I guess we just raise hands or something like that. Yes, sir. When it comes to sleep, are you seeing any pressure from GLP-1 effect implants and there's kind of a lot going on exclusions between you guys? So the question for the, I guess the webcast is on sleep. Are we seeing any impacts from GLP-1 or wearables or any of the other therapies? What we would tell you is we've seen our sleep business blow up the last few years. We can't say it's because of GLP-1s, but we have a theory that more patients are going to see physicians, getting their health in order, losing some weight, feeling better. When they go to get GLP-1 prescriptions, everybody's talking about how are you sleeping. So there's more home sleep tests happening. So the funnel is definitely growing. There's probably some subset of patients that loses a bunch of weight, and they don't use their CPAP anymore. But to us, and we don't study the data as much as like a ResMed or an AdaptHealth does, and they've published some data out there. We are seeing sleep grow faster than it ever was, and since Casey Hoyt started the company 20 years ago, we've been doing sleep. So, all the evidence that we see is actually pointing to more utilization. Yes, sir. At last earnings, the market seemed more spooked by the decline in margin percentage than excited by the growth in top line, despite you can't percentages with dollars. Where do you see that stabilizing, though, and what would you tell investors about that longer-term trajectory in margin percentage? Yeah, the question is about margins and how we saw some pressure on EBITDA margins in the last quarter. The stock came under some pressure. CapEx coming down and free cash flow going up, and how do we balance that? What I would tell you is as these lower-margin businesses grow, inherently the CapEx is coming down, and we think free cash flow is going up. We recognize that when EBITDA comes down, bots hit it or whatever happens, and it's a negative thing. We do not think that we will be able to keep growing margins as long as maternal and sleep resupply grow as fast as they are. We do think that we have cost synergies as we scale. We are going to get better. We are going to be able to offset some of that margin pressure with operational efficiencies. At the end of the day, we are becoming more of a net income margin company and a free cash flow percentage company. As we transition the entity like that, maybe that is how we are going to have to start messaging it as well. Sorry. How about the capital structure? Are you going to keep the debt levels at near zero and foreseeable future? Or could there be acquisition opportunities? Yeah, the question is about whether we will keep the debt level at zero or whether we would increase that, especially with acquisition opportunities. We will clearly use debt on an acquisition. We have no problem doing it. In fact, we borrowed on both of the acquisitions that we have done. I do not think we would go over about a two times EBITDA leverage number. We have never been anywhere close to that to this point. If we find the right deal and it is a chunky acquisition, we will clearly use leverage to do that. We are not afraid of it. We generate so much free cash flow right now that we pay these things off very quickly, which is a great problem to have. Yes, sir. Attracting enough respiratory therapists that is inhibiting you both in any way? You want it? I will take it. Yeah. The question is, are we attracting enough respiratory therapists that- Yeah Or is it inhibiting our growth by not finding them? The answer is no. Respiratory therapy is one of the fifth largest or fastest-growing fields in the clinical world right now, and so we find them. The biggest challenge that we have is really converting them to sales reps. They did not go to school to learn how to be a salesman. But we call them patient care coordinators. As a matter of fact, we cannot even call them salesmen. They get offended by that. Yeah, that is the only really complicated thing to our offering. But it is something that we made a shift years ago; like when we first started selling vents, we were hiring ex-pharma reps, and they were clicking heels and dressed in suits and going up and down the hallways, and they were not earning the respect of the pulmonologists. We kind of flipped that script. We said, "We're going to train real clinicians how to analyze these charts, be a true consultant and an extension of the continuum of care with the pulmonologist." That works for us. It's a little bit more difficult to get them trained up and adhered to being a successful rep. If we end up having an unsuccessful one, we can always pull them back into service on the back end of the business. That's the only struggle we have. It's internal. It's not necessarily about recruiting or finding them. It's just really getting them up to speed to be a productive patient care coordinator. All right. The red light is blinking, so we appreciate everybody's attention today. Yeah. Thank you.