Quipt 'propels’ patient count to more than 150K

CINCINNATI, Ohio – Quipt Home Medical reported revenues in the range of $27.6 million to $28.1 million for its fourth quarter 2021, which ended Sept. 30, according to preliminary financial results. 

It also reported adjusted EBITDA in the range of $5.3 million to $5.6 million and cash on hand of $34.6 million. 

“Our efforts in building a national clinical respiratory organization focused on superior patient care are being realized, and our continued robust preliminary financial results are a testament to the ongoing operational progress made throughout the year,” said Greg Crawford, chairman and CEO.  “During the second half of the year, we have continued to strategically scale our business throughout the United States with seven completed acquisitions representing combined revenue of over $17.5 million since July, propelling our active patient count to well over 150,000.”  

Quipt most recently executed a non-binding letter of intent to acquire an “arm’s length” private respiratory care company servicing seven states throughout the U.S. reporting unaudited trailing 12-month annual revenues of about $14 million, $1 million in net income and positive adjusted EBITDA.  

The company is reiterating its outlook for annual run-rate revenue of $180 million to $190 million and adjusted EBITDA of $38 million to $43 million by the end of calendar year 2022 (fiscal Q1 2023). 

Quipt also stated that it will miss the Dec. 29 deadline to file the company’s audited annual financial statements and management discussion and analysis for the financial years ended Sept. 30, 2021, and 2020, and the CEO and CFO certificates, all as required by National Instrument 51-102 and National Instrument 52-109. 
The delay is due, in part, to the accelerated deadline for the company to complete the documents as a result of it listing its common shares for trading on the Nasdaq Capital Market and the expedited basis in which the company’s auditors had to complete the audit.