Quipt has opportunity to ‘scale aggressively,’ it says

CINCINNATI – Quipt Home Medical has reported revenue of $26.2 million for the third quarter of 2021 compared to $18.6 million for the same period last year, a 41% increase. 

The company reported net income of $6.3 million compared to a net loss of $2.5 million. 

“We continue to produce exceptional results, highlighted by our robust organic growth, driven by the strong execution displayed across the organization, comprised of over 600 dedicated team members,” said Greg Crawford, CEO and chairman. “Our record third quarter financial and operation results are a direct result of our ability to leverage ongoing technology implementation and workflow processes to improve our operations. Strength in the underlying business, combined with secular tailwinds and a bullish regulatory landscape, provide us extraordinary opportunity to scale aggressively.” 

Other highlights from Quipt’s financial results: organic growth of 7% in the third quarter this year compared to the same period last year; adjusted EBITDA of $5.3 million vs. $4.4 million; a customer base of 64,578 unique patients served vs. 37,128; unique setups/deliveries of 95,192 vs. 57,551; and respiratory resupply setups and/or deliveries of 40,580 vs. 14,436. 

Quipt also highlighted its acquisition of three separate entities with combined operations in California, Missouri, Arkansas and Mississippi, unaudited trailing 12-month annual revenues of about $5.5 million and adjusted EBITDA of $550,000 prior to integration. 

The company also announced that it has added David Chester to lead its M&A and integration team. Chester has 21 years of experience, most recently as director of acquisitions for one of the largest HME companies in the industry.