Quipt reports ‘robust’ growth

CINCINNATI – Quipt Home Medical reported revenues of $36.7 million for the third quarter of 2022, an increase of 40%, year over year. 

Revenue for the nine months ended June 30, 2022, increased to $99.8 million, or 36.2% compared to the nine months ended June 30, 2021. Recurring revenue as of Q3 2022 was 77% of total revenue. Adjusted EBITDA was $7.7 million. 

“The robust financial and operating results in the fiscal third quarter are reflective of the continued operational excellence displayed throughout each facet of the organization,” said Greg Crawford, CEO and chairman. “We are very encouraged by the substantial improvement on the labor side as it relates to hiring additional talented team members as we have moved through the year, and we have also seen continued progress on the supply chain in real time. Moreover, we saw accelerating momentum across our respiratory product mix as the quarter progressed, which has continued into fiscal Q4.” 

Highlights from the quarter: 

• Respiratory resupply set-ups and/or deliveries increased to 62,815 for the quarter, an increase of 55%. 
• Customer base increased 38% year over year from 64,578 unique patients served in Q3 2021 to 89,085 unique patients in Q3 2022. 
• Compared to 133,704 unique set-ups/deliveries in Q3 2022, the Company completed 95,192 unique set-ups/deliveries in Q3 2021, an increase of 40%. 
• Since April 19, 2022, the company has closed four acquisitions adding locations and more than 30,000 active patients across nine U.S. states including Arkansas, Georgia, Massachusetts, Mississippi, North Carolina, Ohio, Texas, California, and Louisiana.