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Side-by-side financial comparison of System1, Inc. (SST) and VIEMED HEALTHCARE, INC. (VMD). Click either name above to swap in a different company.
VIEMED HEALTHCARE, INC. is the larger business by last-quarter revenue ($76.2M vs $51.9M, roughly 1.5× System1, Inc.). VIEMED HEALTHCARE, INC. runs the higher net margin — 7.4% vs -26.0%, a 33.4% gap on every dollar of revenue. On growth, VIEMED HEALTHCARE, INC. posted the faster year-over-year revenue change (25.5% vs -31.3%). Over the past eight quarters, VIEMED HEALTHCARE, INC.'s revenue compounded faster (22.7% CAGR vs -21.8%).
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
Viemed Healthcare, Inc. is a medical technology firm specializing in respiratory care solutions. It develops, manufactures and distributes portable ventilators, respiratory therapy devices and related support services, catering to acute care, post-acute care and home care segments across North America, Europe and key Asia-Pacific markets for patients with respiratory conditions.
SST vs VMD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $76.2M |
| Net Profit | $-13.5M | $5.6M |
| Gross Margin | 41.0% | 57.9% |
| Operating Margin | -33.6% | 11.0% |
| Net Margin | -26.0% | 7.4% |
| Revenue YoY | -31.3% | 25.5% |
| Net Profit YoY | 4.8% | 30.7% |
| EPS (diluted) | $-3.58 | $0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $51.9M | $76.2M | ||
| Q3 25 | $61.6M | $71.9M | ||
| Q2 25 | $78.1M | $63.1M | ||
| Q1 25 | $74.5M | $59.1M | ||
| Q4 24 | $75.6M | $60.7M | ||
| Q3 24 | $88.8M | $58.0M | ||
| Q2 24 | $94.6M | $55.0M | ||
| Q1 24 | $84.9M | $50.6M |
| Q4 25 | $-13.5M | $5.6M | ||
| Q3 25 | $-18.5M | $3.5M | ||
| Q2 25 | $-17.5M | $3.2M | ||
| Q1 25 | $-15.9M | $2.6M | ||
| Q4 24 | $-14.2M | $4.3M | ||
| Q3 24 | $-23.6M | $3.9M | ||
| Q2 24 | $-26.4M | $1.5M | ||
| Q1 24 | $-10.5M | $1.6M |
| Q4 25 | 41.0% | 57.9% | ||
| Q3 25 | 36.9% | 57.5% | ||
| Q2 25 | 35.7% | 58.3% | ||
| Q1 25 | 38.2% | 56.3% | ||
| Q4 24 | 42.1% | 59.5% | ||
| Q3 24 | 28.0% | 59.3% | ||
| Q2 24 | 27.6% | 59.8% | ||
| Q1 24 | 21.9% | 58.9% |
| Q4 25 | -33.6% | 11.0% | ||
| Q3 25 | -25.3% | 7.8% | ||
| Q2 25 | -20.4% | 8.1% | ||
| Q1 25 | -17.6% | 6.5% | ||
| Q4 24 | -15.7% | 10.6% | ||
| Q3 24 | -24.6% | 9.7% | ||
| Q2 24 | -30.8% | 6.6% | ||
| Q1 24 | -30.4% | 4.4% |
| Q4 25 | -26.0% | 7.4% | ||
| Q3 25 | -30.1% | 4.9% | ||
| Q2 25 | -22.4% | 5.0% | ||
| Q1 25 | -21.3% | 4.4% | ||
| Q4 24 | -18.7% | 7.1% | ||
| Q3 24 | -26.6% | 6.7% | ||
| Q2 24 | -27.9% | 2.7% | ||
| Q1 24 | -12.4% | 3.2% |
| Q4 25 | $-3.58 | $0.14 | ||
| Q3 25 | $-2.30 | $0.09 | ||
| Q2 25 | $-2.23 | $0.08 | ||
| Q1 25 | $-0.21 | $0.06 | ||
| Q4 24 | $-3.41 | $0.10 | ||
| Q3 24 | $-3.37 | $0.10 | ||
| Q2 24 | $-3.80 | $0.04 | ||
| Q1 24 | $-0.16 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.9M | $13.5M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $141.5M |
| Total Assets | $405.0M | $199.2M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $13.5M | ||
| Q3 25 | $54.6M | $11.1M | ||
| Q2 25 | $63.6M | $20.0M | ||
| Q1 25 | $43.9M | $10.2M | ||
| Q4 24 | $63.6M | $17.5M | ||
| Q3 24 | $69.1M | $11.3M | ||
| Q2 24 | $75.7M | $8.8M | ||
| Q1 24 | $69.9M | $7.3M |
| Q4 25 | $305.1M | — | ||
| Q3 25 | $259.2M | — | ||
| Q2 25 | $263.3M | — | ||
| Q1 25 | $267.4M | — | ||
| Q4 24 | $255.1M | — | ||
| Q3 24 | $259.2M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $268.6M | — |
| Q4 25 | $30.5M | $141.5M | ||
| Q3 25 | $42.7M | $133.6M | ||
| Q2 25 | $58.2M | $139.7M | ||
| Q1 25 | $67.2M | $134.8M | ||
| Q4 24 | $80.3M | $131.4M | ||
| Q3 24 | $90.3M | $125.0M | ||
| Q2 24 | $109.4M | $119.4M | ||
| Q1 24 | $131.7M | $116.3M |
| Q4 25 | $405.0M | $199.2M | ||
| Q3 25 | $385.2M | $202.4M | ||
| Q2 25 | $429.2M | $184.6M | ||
| Q1 25 | $419.2M | $178.1M | ||
| Q4 24 | $459.1M | $177.1M | ||
| Q3 24 | $479.3M | $169.5M | ||
| Q2 24 | $511.3M | $163.9M | ||
| Q1 24 | $521.1M | $154.9M |
| Q4 25 | 10.01× | — | ||
| Q3 25 | 6.07× | — | ||
| Q2 25 | 4.53× | — | ||
| Q1 25 | 3.98× | — | ||
| Q4 24 | 3.18× | — | ||
| Q3 24 | 2.87× | — | ||
| Q2 24 | 2.41× | — | ||
| Q1 24 | 2.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.6M | $18.4M |
| Free Cash FlowOCF − Capex | — | $9.7M |
| FCF MarginFCF / Revenue | — | 12.7% |
| Capex IntensityCapex / Revenue | 0.0% | 11.5% |
| Cash ConversionOCF / Net Profit | — | 3.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | $11.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $18.4M | ||
| Q3 25 | $-2.1M | $18.4M | ||
| Q2 25 | $24.5M | $12.3M | ||
| Q1 25 | $-15.9M | $2.9M | ||
| Q4 24 | $772.0K | $15.0M | ||
| Q3 24 | $-5.0K | $12.7M | ||
| Q2 24 | $10.0M | $10.2M | ||
| Q1 24 | $-16.0M | $1.2M |
| Q4 25 | — | $9.7M | ||
| Q3 25 | — | $10.7M | ||
| Q2 25 | — | $4.1M | ||
| Q1 25 | $-16.0M | $-12.6M | ||
| Q4 24 | — | $3.2M | ||
| Q3 24 | $-36.0K | $1.7M | ||
| Q2 24 | — | $1.2M | ||
| Q1 24 | — | $-4.8M |
| Q4 25 | — | 12.7% | ||
| Q3 25 | — | 14.9% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | -21.5% | -21.4% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | -0.0% | 3.0% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -9.5% |
| Q4 25 | 0.0% | 11.5% | ||
| Q3 25 | 0.0% | 10.6% | ||
| Q2 25 | 0.0% | 12.9% | ||
| Q1 25 | 0.1% | 26.2% | ||
| Q4 24 | 0.0% | 19.5% | ||
| Q3 24 | 0.0% | 19.0% | ||
| Q2 24 | 0.0% | 16.3% | ||
| Q1 24 | 0.0% | 11.9% |
| Q4 25 | — | 3.27× | ||
| Q3 25 | — | 5.23× | ||
| Q2 25 | — | 3.88× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | — | 3.47× | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 6.94× | ||
| Q1 24 | — | 0.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
