Quipt rides ‘tailwinds’ to revenue growth
By HME News Staff
Updated 9:00 AM CDT, Wed June 2, 2021
CINCINNATI – Quipt Home Medical reported revenue of $24.2 million for its second quarter of fiscal year 2021, a 36% increase compared to the same period in 2020.
Adjusted EBITDA was $5.4 million vs. $4.2 million.
“As evidenced by our results, home health continues to experience structural tailwinds, which we expect to provide our business extraordinary opportunity for years to come,” said CEO and Chairman Greg Crawford. “With our rebranding process behind us, we are incredibly enthused to leverage our new name and the existing highly scalable infrastructure platform we have built to accelerate growth.”
In May, the company changed its name from Protech Home Medical and began trading on the Nasdaq.
Quipt’s respiratory resupply set ups and/or deliveries increased to 35,702 in Q2 2021 compared to 13,980 for Q2 2020, an increase of 155%. The provider reported 83,606 unique set ups in Q2 2021 compared to 63,956 in Q2 2020, an increase of 31%.
“I am very proud of our record breaking second quarter financial and operating results, as well as our completed listing on the NASDAQ,” said Hardik Mehta, CFO. “As for our results, we are very pleased to see our sustained margin acceleration as we scale the business and also are encouraged by the strong recurring revenue growth that we experienced in the first half of the year.”
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