Great Elm DME reports ‘positive momentum’
By HME News Staff
Updated 10:07 AM CDT, Wed September 22, 2021
WALTHAM, Mass. – Great Elm DME reported revenues of $15.4 million for the fourth quarter ended June 30, 2021, compared to $13.9 million for the same period last year. Net income was $5.9 million vs. $2.8 million.
For the fiscal year end, the company reported revenues of $57.6 million vs. $55.7 million, and a net loss of $2.5 million vs. a net loss of $0.1 million.
Great Elm DME’s parent company, Great Elm Group, highlighted the completion of a holding company reorganization and financing transaction with J.P. Morgan Broker-Dealer Holdings Inc., that resulted in a $5 million distribution to GEG, lowered the cost of capital for the DME business and provided additional capital for acquisition opportunities.
“We continue to build on the positive momentum in all aspects of our business,” said Peter Reed, CEO. “During the fiscal year, we entered into a transformative transaction with JPM which resulted in a distribution to GEG, lowered DME’s cost of capital and provided additional liquidity for future acquisitions.”
During the fourth quarter, Great Elm DME completed the acquisitions of Advanced Medical DME, LLC and PM Sleep Lab, LLC (AMPM), providers of sleep testing, PAP and other respiratory products and services in nine locations throughout Kansas and Missouri.
After the close of the fiscal year, Great Elm DME acquired the power mobility assets of MedOne Healthcare LLC (MedOne), enhancing its offering in that product category and expanding its geographic reach.
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