Quipt nearly doubles revenue
By HME News Staff
Updated 8:48 AM CST, Fri January 28, 2022
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CINCINNATI – Quipt Home Medical reported revenue of $102.4 million for fiscal year 2021, a 41% increase compared to $72.6 million for fiscal year 2020.
The company experienced organic growth of 10%.
For the fourth quarter, it reported revenue of $29.1 million compared to $19.7 million for the prior year, a 48% increase; organic growth of 14%, excluding new acquisitions; and adjusted EBITDA of$5.6 million, 19.2% margin.
“We are extremely proud of breaching the $100 million mark in annual revenue for fiscal year 2021, whilst maintaining an above 20% Adjusted EBITDA margin, a major milestone,” said Hardik Mehta, CFO. “Our continued progress in strategically building scale utilizing the infrastructure we have in place is producing consistent financial results, inclusive of over 77% of our revenue being classified as recurring.”
Quipt made several acquisitions during the fourth quarter, expanding its footprint to 76 locations in 15 states.
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