Great Elm: ‘DME demonstrated strong core profitability’
By HME News Staff
Updated 12:26 PM CDT, Tue September 13, 2022
WALTHAM, Mass. – Great Elm Group’s DME operating companies reported $16.5 million in total revenue for the three months ended June 30, 2022, compared to $14.5 million for the same period the previous year.
The increase in revenue was primarily attributable to more favorable intake and collections processes driving lower revenue reserve rates.
DME recognized a net loss of $200,000 for the fourth quarter of FY 2022 compared to net income of $5.9 million for the same period the prior year.
The decrease in net income is attributed primarily to a $4.7 million increase in net intercompany charges in the current period related to DME preferred stock that eliminates in general corporate. In addition, the prior period benefited from $2.3 million in government stimulus whereas no benefit was received during the three months ended June 30, 2022.
DME reported total revenue of $63.5 million for the fiscal year ended June 30, 2022, compared to $57.6 million for the same period the prior year. It reported a net loss of $3.8 million vs. a net loss of $2.5 million.
Great Elm noted in its earnings release that DME demonstrated strong core profitability despite challenging supply chain conditions, which improved gradually over the course of the fiscal year 2022. It also noted it successfully integrated two add-on acquisitions over the year, AMPM and MedOne, acquired in March 2021 and August 2021, respectively.
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