Quipt eyes acquisitions 

CINCINNATI – Quipt Home Medical, which reported revenue of $64 million for the third quarter of 2024, a 6.1% increase year over year, says it is “focused on identifying synergistic acquisition candidates” in the wake of Owens & Minor buying Rotech Healthcare. 

“The recent acquisition of a larger peer in our industry underscores the significant valuation gap we have in the marketplace compared to our fundamentals,” said CEO and Chairman Greg Crawford. “Furthermore, we anticipate a potential dislocation in the marketplace based on historical developments when large M&A takes place, and, if applicable, we are confident in our ability to pick up market share.” 

Other results from the quarter: 

• Recurring revenue for Q3 continued to be strong, representing 82% of total revenue, driven by overall growth in new equipment set-ups. 
• Adjusted EBITDA for Q3 was $14.2 million, or 22.3% of revenues, compared to Adjusted EBITDA for Q3 2023 of $13.9 million or 23% of revenues, representing a 2.7% increase year over year. 
• Net income (loss) for Q3 was $(1.7) million, or ($0.04) per diluted share, as compared to $(1.0) million, or $(0.03) per diluted share for the same period in 2023. 

Quipt says it served 270,087 unique patients in the nine months ended June 30, 2024, a 12.9% increase year over year. It says it completed 641,786 unique setups/deliveries, a 17.3% increase. 

The company says it continues to experience steady demand trends and referral patterns for respiratory equipment, including CPAPs, BiPAPs, oxygen concentrators, ventilators and resupply and other supplies.