Quipt reports ‘robust’ financial results 

CINCINNATI – Quipt Home Medical reported revenue of $65.4 million for the first quarter of fiscal 2024, a 60% increase compared to the same period last year. 

Adjusted EBITDA was $15.3 million (23.5% of revenue) vs. $9.0 million (22% of revenue), a 71% increase; and net income (loss) was $(0.6) million vs. $0.3 million. 

“We continued experiencing robust demand trends in the first quarter across our diverse product offering and are very pleased with the continued record financial and operational results we have posted,” said CEO and Chairman Gregory Crawford. “Our commitment to scaling our operations efficiently is evident in our margin profile, which has shown remarkable consistency. Moreover, we saw steady sequential organic growth, reduced our bad debt expense year over year, and significantly improved our net operating cash flow. To maintain our positive momentum and competitive edge, we will continue putting a high priority on strategic investments in both inorganic and organic growth opportunities, including penetrating our key sales touch points, with the continued expansion into continuum markets which has been very successful to date.” 

Operational highlights from the first quarter include: 

• The company’s customer base increased 56% year over year to 155,434 unique patients served in Q1 2024 from 99,420 unique patients in Q1 2023. 

• Compared to 146,350 unique setups/deliveries in Q1 2023, the company completed 215,370 unique setups/deliveries in Q1 2024, a 47% increase. This includes 123,190 respiratory resupply setups/deliveries for the three months ended Dec. 31, 2023, compared to 69,482 for the same period in 2022, a 77% increase, which the company credits to its continued use of technology and centralized intake processes. 

• The company’s resupply program, which is a major proponent of its 83% recurring revenue base, now consists of approximately 172,000 patients as of Dec. 31, 2023, compared to approximately 100,000 patients for the same period last year. 

Quipt also disclosed that it has received a civil investigative demand from the U.S. Attorney’s Office for the Northern District of Georgia pursuant to the False Claims Act regarding an investigation concerning whether the company may have caused the submission of false claims to government health care programs for CPAP equipment. The company is cooperating with the investigation and the DOJ has not indicated to the company whether it believes it engaged in any wrongdoing.