Great Elm hits new high with PAP patients
By HME News Staff
Updated Wed May 13, 2020
WALTHAM, Mass. - Great Elm Capital Group reports that its DME revenue grew 20.2% year over year in the third quarter of its fiscal year 2020, with growth in all major product categories.
The company says new patient setups for PAP devices, a key category, grew 19% year over year in the quarter, and total PAP patients hit a new high.
“Our DME business has been meaningfully impacted by the COVID-19 pandemic,” said Peter Reed, Great Elm's CEO. “Nevertheless, DME's scalable platform has enabled it to adapt to challenging market conditions.”
For the three months ended March 31, 2020, Great Elm's DME operating companies generated $14.1 million in revenues, $1.4 million in net loss and $2.5 million in adjusted EBITDA.
Great Elm says it continued to invest heavily in building a scalable infrastructure in the third quarter that's capable of supporting multiple acquisitions per year. It also consolidated multiple billing databases, implemented mobile delivery technology and upgraded its payment processing technology in the quarter.
Great Elm did note that physician referrals started to decline toward the end of the third quarter in response to stay-at-home orders, and that that decline is continuing into the fourth quarter.
Great Elm, a publicly traded holding company, also has interests in investment management and real estate.
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