Protech Home Medical reports ‘robust’ financial results
By HME News Staff
Updated 10:12 AM CST, Tue March 2, 2021
CINCINNATI – Protech Home Medical reported revenue of $22.8 million for the first quarter of fiscal year 2021, a 32% increase compared to the same period in 2020.
Adjusted EBITDA was $5.1 million vs. $3.3 million, a 53% increase.
“The momentum across the business continues to be robust as evidenced by our first quarter financial and operating results, and I am pleased to saw that we are seeing similar strong trends into our second quarter,” said CEO and Chairman Greg Crawford.
Protech reported respiratory resupply set ups and/or deliveries increased to 34,996 in the first quarter of FY21 compared to 13,439 for the same period in 2020, a 160% increase. It reported 51,836 vs. 39,070 unique patients served.
Crawford highlighted that recurring revenue for the trailing twelve months at the end of the first quarter of fiscal year 2021 was 75% of total revenue.
“We anticipate a further uptick with a full quarter of contribution from SleepWell,” he said. “This strong recurring revenue platform provides us further stability and consistency as it relates to our growth outlook and is a direct result of the infrastructure we have developed.”
Protech is still expected to list its common shares on the NASDAQ within the first half of 2021.
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