Protech reports ‘robust’ results

CINCINNATI – Protech Home Medical reported revenue of $25 million for the fourth quarter of its fiscal year 2020 compared to $19.5 million for the same period the previous year. It reported revenue of $97.8 million for the year vs. $81 million for 2019, a 21% increase. 

Adjusted EBIDTA for the fourth quarter was $5.9 million vs. $3.5 million year over year, and for 2020, $20.8 million vs. $14.8 million year over year. 

“Our fourth quarter results showcase the continued momentum across the entire business as our revenue and adjusted EBITDA growth continued to be robust with continued margin expansion,” said Greg Crawford, CEO and chairman. “The investment we made in technology to remove friction points across the organization have aided in the robust nature of our results and our telehealth platform allowed for the interaction between our frontline workers and patients to continue seamlessly. As a result, we were able to capture the meaningful tailwinds that continue to present themselves.” 

Among the operational highlights Protech reported: 

• Its customer base increased 20% year over year to 91,650 unique patients in 2020. 
• Leveraging technology and centralized intake processes, the company says respiratory resupply setups and/or deliveries increased to 19,613 for the fourth quarter, a 54% increase year over year. 
• It says its sleep business regained momentum, as well, as stay-at-home orders were lifted and is confident “this vertical will surpass historical levels in 2021.” 

Protech also shared that it has signed a letter of intent to buy a southern-based respiratory care company that would expand its footprint to 11 states and add more than 10,000 patients. 

Additionally, the company shared it has applied to list on the NASDAQ.