Quipt reports increase for Q1
By HME News Staff
Updated 10:03 AM CST, Wed February 16, 2022
CINCINNATI – Quipt Home Medical reported revenue of $29.5 million for its fiscal first quarter 2022, which ended Dec. 31, 2021, an increase of 30% over the same quarter one year ago. Adjusted EBITDA was $6 million vs. $5.2 million, a 16% increase. Cash flow from continuing operations was $5.3 million vs. $2.8 million, an increase of 90%. “The continued momentum across the business shown through our record first quarter results exemplifies our ability to successfully navigate our operations through a challenging supply chain environment driving consistent business performance,” said Greg Crawford, chairman and CEO. “Demand continues to remain at robust levels surpassing historical run-rates for respiratory equipment and services, evidenced by strength in our oxygen and ventilation therapy service lines. Inclusive of the sleep device supply constraints, we remain on track for our calendar end 2022 financial outlook and anticipate a further lift as the sleep device patient backlog subsides in the second half of the year.” Earlier this month, Quipt posted a record-breaking year for its fiscal 2021, with $102.4 million in revenues, a 41% increase compared to $72.6 million for fiscal 2020.
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