Quipt Home Medical looks to ‘favorable’ 2024

CINCINNATI – Quipt Home Medical sees no signs of “slowing down” as it continues to drive organic growth rates of 8% to 10% annually, company execs say. 

Quipt expects that growth to continue steadily into 2024, said CEO Greg Crawford on a recent call to discuss the company’s fourth quarter and fiscal year 2023 earnings. 

“Due to our focus on growing the continuum of care, cross-selling product categories, taking advantage of the benefits of normalized supply chain and operating in a favorable regulatory environment, we have the opportunity to increase our organic growth performance,” he said. “We have been focusing our efforts on regions with a high COPD prevalence and expanding our key sales touchpoints and continual markets to meet our organic growth.” 

Another key component of Quipt’s growth: The company’s resupply program, which now comprises 47% of recurring revenues, with average annual revenue per patient about $600. As of Sept. 30, 2023, the company counted 169,999 patients in the program.  

Business as usual 

Company execs addressed current market speculation that the growing popularity of GLP-1 diabetes and weight loss medications could negatively impact demand for CPAP therapy. 

“Our sleep segment has experienced business as usual with absolutely no impact,” said Crawford. “We've just seen no slowdown in our business and don't anticipate anything. If more patients do get in the pipeline in the funnel of the health care system, and they have sleep issues or anything in that and maybe don't qualify for GLP-1, it could drive volumes even further.” 

Efficiency boost 

Quipt is also focused on technology, including helping to grow adoption of e-prescribing in the HME industry. In August, the company announced it made a $1.5 million investment to purchase about 10% of DMEscripts. 

“As of now, less than 5% of our orders come from e-prescribe, and we anticipate this will grow significantly over time, giving us an opportunity to improve the patient prescriber and provider experience by eliminating inefficiencies and reducing paperwork,” said Crawford.