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SEC filings · customer concentration

Who depends on Medicare

8 listed suppliers report Medicare as a customer worth 10% or more of their revenue, led by Pennant Group at 48%.

0major customers now
—of revenue from them
8listed suppliers depending on it
2016–2026years covered
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Suppliers that depend on Medicare

Listed companies whose annual report names Medicare as a customer worth 10% or more of their revenue. If Medicare cuts orders or switches supplier, these are the companies that feel it.

SupplierIts revenue from this companyChange vs prior yearHistoryLatest filing
Pennant GroupPNTG48%from 48%FY 2017: 39%FY 2018: 41%FY 2019: 42%FY 2020: 46%FY 2021: 49%FY 2022: 49%FY 2023: 48%FY 2024: 48%FY 2025: 48%9 yearsFY 2025 · filed 26 Feb 2026
Viemed HealthcareVMD38%from 41%FY 2019: 56%FY 2020: 58%FY 2021: 55%FY 2022: 47%FY 2023: 44%FY 2024: 41%FY 2025: 38%7 yearsFY 2025 · filed 4 Mar 2026
PACS GroupPACS34%from 34%FY 2023: 39%FY 2024: 34%FY 2025: 34%3 yearsFY 2025 · filed 27 Feb 2026
VeracyteVCYT33%from 31%FY 2016: 27%FY 2017: 26%FY 2018: 29%FY 2019: 26%FY 2020: 24%FY 2021: 30%FY 2022: 31%FY 2023: 31%FY 2024: 31%FY 2025: 33%10 yearsFY 2025 · filed 26 Feb 2026
BiodesixBDSX32%▼ from 39%FY 2019: 36%FY 2020: 17%FY 2021: 18%FY 2022: 37%FY 2023: 43%FY 2024: 39%FY 2025: 32%7 yearsFY 2025 · filed 26 Feb 2026
Ensign GroupENSG24%from 25%FY 2018: 25%FY 2019: 25%FY 2020: 31%FY 2021: 28%FY 2022: 28%FY 2023: 27%FY 2024: 25%FY 2025: 24%8 yearsFY 2025 · filed 4 Feb 2026
NateraNTRA14%from 12%FY 2021: 5%FY 2022: 11%FY 2023: 13%FY 2024: 12%FY 2025: 14%5 yearsFY 2025 · filed 27 Feb 2026
Aveanna Healthcare HoldingsAVAH10%from 10%FY 2019: 3%FY 2021: 3%FY 2022: 16%FY 2023: 12%FY 2024: 10%FY 2026: 10%7 yearsFY 2026 · filed 19 Mar 2026

Formerly disclosed

SupplierIts revenue from this companyChange vs prior yearHistoryLatest filing
ExagenXGN25%last FY 2024FY 2018: 30%FY 2019: 25%FY 2020: 20%FY 2021: 19%FY 2022: 39%FY 2023: 34%FY 2024: 25%7 yearsFY 2024 · filed 11 Mar 2025

About this data

US-listed companies must disclose revenue from any single customer that reaches 10% of their total (ASC 280). ShadowGraph reads these disclosures from the XBRL data of every 10-K and 20-F we scan, keeps one value per fiscal year (restatements replace earlier values) and links each number to its filing. Companies that describe a customer only as "Customer A" are not listed by name. Figures are as reported; nothing here is investment advice.

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