Tag: Financial Results

CINCINNATI – Quipt Home Medical has reported revenues of $58.1 million for the second quarter of fiscal year 2023, a 73% increase compared to the same period last year. It reported adjusted EBITDA of $13. 1million (22.5% of revenues) vs. $7 million (21% of revenues), representing an 86% increase year over year. “We are thrilled to announce robust financial results that have come in ahead of expectations for the second quarter of fiscal 2023 and are delighted to report that we continue...

PLYMOUTH MEETING, Pa. – AdaptHealth CEO Stephen Griggs will step down effective June 30.  Griggs joined AdaptHealth in 2021 following its acquisition of AeroCare Holdings, which he founded in 2000 and led as president and CEO until the acquisition. Under his leadership, AdaptHealth added key vendors, launched cross-selling initiatives, integrated its cloud-based workstreams and pioneered e-prescribe, e-ordering and e-delivery services.  “On behalf of the board, I thank...

SAN DIEGO – ResMed reported revenue increased 29% to $1.1 billion and net income increased 30% to $232.5 million in the third quarter of fiscal year 2023.  It reported gross margin contracted 150 bps to 55.3% and non-GAAP GM contracted 200 bps to 56.1%, driven primarily by unfavorable product mix and higher component costs, partially offset by an increase in average selling prices.  “During the third quarter, we significantly ramped up production and delivery of our cloud-connected...

RICHMOND, Va. - Owens & Minor has initiated a companywide “operating model realignment program” to accelerate profit improvement and reduce costs.  The company expects the realignment to improve profitability and cash flow by about $30 million of adjusted operating income in 2023; $200 million of adjusted operating income by 2025; and $250 million to $400 million of working capital benefit by 2025.  “Fourth-quarter results showed that we need to move quickly to offset...

PLYMOUTH MEETING, Pa. - AdaptHealth reported net revenue of $780.3 million for the fourth quarter of 2022, an 11.1% increase compared to the same period in 2021.  It reported a net loss of $2.6 million vs. a net income of $22.9 million, and adjusted EBITDA of $146 million vs. $158.1 million.  “We are disappointed that adjusted EBITDA fell short of our full-year guidance due primarily to larger impacts from revenue mix and cost pressures than we previously expected,” said...

CINCINNATI – Quipt Home Medical reported revenue of $40.8 million for its first quarter fiscal 2023, a 38% increase year-over-year.  Adjusted EBITDA for the quarter was $9 million. Cash flow from continuing operations was $4.8 million and recurring revenue exceeded 77% of total revenue.  “We are pleased to announce another record quarter in the first quarter of our fiscal year 2023, and we are seeing considerable momentum throughout the business as calendar year 2023 gets...

AUCKLAND, New Zealand – Fisher & Paykel Healthcare reported a 23% decline in operating revenue to $690.6 million for the first half of the 2023 financial year. The company pointed out, however, that this was more than the $670 million guided in an August trading update and a 21% increase on the comparable pre-pandemic period.   “Consistent with what we signaled in August, first half revenue was down on the prior corresponding period, as we lapped significant COVID-19-driven...

SAN DIEGO – ResMed reported that revenue increased 5% to $950.3 million and net income increased 3% to $210.5 million in the first quarter of fiscal year 2023 compared to the same period last year.  Revenue in the U.S., Canada, and Latin America, excluding software-as-a-service, grew 18%, primarily due to increased demand and reduced competitive supply, as well as a recovery of core sleep patient flow that was previously impacted by COVID-19.  “Our first quarter fiscal...

AUCKLAND, N.Z. – Fisher & Paykel Healthcare expects operating revenue for the first half of the 2023 financial year to be about $670 million and net profit after tax to be about $85 million to $95 million, assuming current exchange rates and a continuation of trading conditions in the first four months.  This would represent an increase in revenue on pre-pandemic levels ($570.9 million in the first half of fiscal year 2020) and a decline in revenue compared to the prior comparable period...

ELYRIA, Ohio – Invacare expects recent strategic funding will increase the company’s liquidity and flexibility, helping it to reduce an elevated backlog.  The company announced in late July that it had secured a term loan agreement of up to $104.5 million, with certain funds managed by Highbridge Capital Management LLC.   “We expect this strategic funding will enable us to more effectively work with our suppliers and find alternative solutions to short-term...