Quipt Home Medical exits FY23 with strong momentum
By HME News Staff
Updated 10:35 AM CST, Tue December 19, 2023
CINCINNATI – Quipt Home Medical reported revenue of $221.7 million for fiscal year 2023, a 59% increase compared to the previous year.
It reported a net loss of $2.8 million vs. a net loss of $4.8 million, and an adjusted EBITDA of 22.8% of revenue vs. 20.9% of revenue.
“We exited fiscal 2023 with strong momentum across the organization, and substantial operating scale achieved, posting record results,” said CEO and Chairman Greg Crawford. “Our growth strategy continues to yield consistent financial and operational results, and we are pleased with the team’s continuous efforts to expand our patient-centric ecosystem into strategic areas around the country. In fiscal 2024, we anticipate solid organic growth, with the goal of achieving 8% to 10% revenue growth on an annualized basis. In real time, during fiscal Q1 2024, we have seen continued strong demand for our entire diversified respiratory product mix, including sleep products, and expect this to continue through fiscal 2024.”
Quipt Home Medical says its customer base increased 65% year over year to 285,819 unique patients in fiscal year 2023. It completed 754,414 unique setups/deliveries, a 46% increase.
The company says its resupply program now represents 47% of its recurring revenue mix and comprises 169,999 patients as of Sept. 30, 2023.
For the fourth quarter, Quipt Home Medical reported revenue of $62.5 million, a 56% increase compared to the same period in the previous year; a net loss of $1.3 million; and an adjusted EBITDA of 23.5% of revenue.
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