Great Elm DME sees slower growth
By HME News Staff
Updated Mon November 2, 2020
WALTHAM, Mass. - Great Elm DME's new patient setups for PAP declined 23% year-over-year in its fiscal fourth quarter, but things are improving, say company officials.
Before the COVID-19 pandemic took its toll on in-lab sleep tests, the company experienced 19% growth in new patient setups for PAP and hit a new high for total PAP patients.
“(But) sales growth of PAP supplies were strong, with more moderate growth in rental revenues,” said CEO Peter Reed during a recent earnings call.
Great Elm DME saw revenue grow 7.9% year-over-year in its fiscal fourth quarter, which ended June 30. It generated $13.9 million in revenue, $2.8 million in net income and $7 million in adjusted EBITDA.
Despite “significant” negative impact from the pandemic, Great Elm DME says things are improving, to the point that the business has resumed its search for add-on acquisitions, said Reed.
“In the near term, (we're) focused on acquiring businesses within existing or tangential geographic markets, with significant product overlap,” he said.
For the full year, Great Elm DME reported total revenue of $55.7 million and $16 million of adjusted EBITDA.
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