In brief: Philips gets new investor, Quipt strengthens ops 

AMSTERDAM – Royal Philips has announced that Exor, a diversified holding company based in the Netherlands, has bought a 15% shareholding in the company. 

As a result, Exor, which has a net asset value of about EUR 33 billion, will nominate one member to the company's Supervisory Board. 

“Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential,” said Roy Jakobs, CEO of Royal Philips. “With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders.” 

Exor does not plan to buy further Philips shares in the short term, but over time, the agreement provides for Exor, at its discretion, to increase its participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital. 

Exor’s portfolio is principally made up of companies in which it is the largest shareholder, including Ferrari, Stellantis and CNH Industrial. More recently, in the health care sector, it has made investments in Institut Mérieux and in Lifenet Healthcare. 

“The path of change taken by Philips in recent years has created a company that combines two areas – health care and technology – to which we are committed,” said John Elkann, CEO of Exor. “Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.”   

Quipt strengthens operational performance 

Company also invests $1.5M in DMEscripts 

CINCINNATI – Quipt Home Medical reported revenues were $60.3 million for the third quarter of fiscal year 2023, a 64% increase year over year and a 4% increase sequentially. 

Adjusted EBITDA was $13.9 million (23% of revenues) vs. $7.7 million (21% of revenues), representing an 80% increase year over year. 

“Throughout the year, our business has continued to strengthen, and we are experiencing the organic growth and margin expansion that we had been aiming for,” said CFO Hardik Mehta. “Our heavily weighted respiratory product mix and services, as well as our focus on operational savings and efficient cost management, have helped our Adjusted EBITDA margin reach 23%. Additionally, we are pleased by the acceleration of organic growth trends, which in the fiscal third quarter grew by 4% sequentially when compared to the fiscal second quarter. We anticipate that this stronger organic growth vs. our historical average will persist as we continue expanding the continuum of care in key markets. Given our operational excellence, strong balance sheet, with a very modest net leverage ratio of 1.4x and a high level of financial flexibility, we are in a great position to execute our growth strategy and move quickly when the right opportunity presents itself.” 

Quipt Home Medical had a customer base of140,515 unique patients in the third quarter, a 58% increase year over year, and it completed 202,587 unique setups/deliveries in the quarter, a 52% increase. Specifically, it completed 108,391 respiratory resupply setups/deliveries, a 73% increase. 

The company also announced it has made an investment of $1.5 million to purchase about 10% of DMEscripts. 

“The investment was made to ensure participation in the future growth of e-prescription usage within the DME industry and align the company with its major peers in the industry to further collaborate and innovate,” the company stated. “Electronic prescribing is essential to the DME industry, as this technology aims to boost productivity, reduce errors, boost compliance, and improve patient outcomes.” 

AAH rolls out infographics 

WASHINGTON – AAHomecare has transformed the results of its nationwide surveys on cost increases for ostomy, urological, wound care and enteral nutrition providers into infographics that can be shared with payers and policymakers. “I encourage all AAH members to get involved with AAH initiatives, as I’ve seen first-hand the impact we can have on the HME industry by working together on developing advocacy tools to help educate payers on the importance of having sustainable reimbursement rates,” said Kristina McIntosh of Schraders’ Medical Supply and chair of the Enteral Work Group. 

The infographics are: 

Ostomy/Urologicals Infographic (pdf) – JPEG version 

Woundcare Infographic (pdf) – JPEG version 

Enteral Nutrition Infographic (pdf) – JPEG version 

The surveys were conducted this spring. 

AIC opens location in Maryland 

DALLAS – Advanced Infusion Care, a division of AIS Healthcare, has opened a new pharmacy location in Cockeysville, Md. The company’s continued expansion in the Northeast provides a platform for serving more patients and physicians in the region. "We are thrilled to open a pharmacy location in Maryland,” said Jud Hall, President at AIC. “This expansion is a testament to AIC’s unwavering dedication to our patients and our vision of providing best-in-class health care services with a personal touch. By opening this location, we aim to streamline the medication fulfillment process, enhance convenience and, ultimately, improve the lives of our patients.” In recent months, AIC has announced not only further expansion into the New England market but also the grand reopening of a newly designed pharmacy in Valdosta, Ga. The company has also made medications like GAMMAKED and LEQEMBI available to patients through its locations in Valdosta, Ga.; Birmingham, Ala.; Clinton, Miss.; Panama City, Fla.; and Dallas. 

AIC expands further into New England 

DALLAS – Advanced Infusion Care (AIC), a division of AIS Healthcare, has expanded its nurse specialists and in-home infusion care offerings to Connecticut, Massachusetts and Rhode Island. The company's network of 180 nurses now covers 40 states. “Our growth into the New England market will allow AIC’s talented team of infusion nurse specialists to support even more patients,” said Jud Hall, president. “Our team of nationally accredited home infusion specialists will help ensure each individual’s specific clinical and personal needs are met, driving better outcomes for all of our patients.” In recent months, AIC announced the grand reopening of a newly designed pharmacy in Valdosta, Ga. The company continues to add cutting-edge medications through its locations in Valdosta, Ga.; Birmingham, Ala.; Clinton, Miss.; Panama City, Fla.; and Dallas. 

Mobility City expands into new communities 

BOCA RATON, Fla. – Mobility City Holdings has opened six new franchise locations. The locations are in Gwinnett County, Ga.; Orange County, Calif.; Hilton Head, S.C.; Montgomery County, Pa.; Southfield, Mich.; Palm Beach Gardens, Fla.; and Richmond, Va. "We are thrilled to be able to offer our services to even more people," said Diane Baratta, CEO, Mobility City holdings. "Mobility City is all about helping people live their best lives, and we are so proud to be able to do that in five new communities." Each Mobility City location operates from a showroom focused on mobility equipment sales, rentals and repairs. For persons with disabilities who can’t visit a showroom, trained and vetted technicians can provide services to them at home or in facilities, helping them solve their mobility issues. "We are committed to helping as many people as possible remain independent and live their lives to the fullest," said Vincent Baratta, COO, Mobility City Holdings, Inc. "These six new locations will allow us to reach even more people and help them improve their quality of life.” Mobility City Holdings has franchises in almost 50 locations in 39 of the largest communities in the U.S. 

Movano Health builds board 

PLEASANTON, Calif. – Movano Health, maker of the Evie Ring, has formed a Medical Advisory Board comprised of health care industry subject matter experts in women’s health, mental health and sleep. The members of the board will serve as trusted advisors and will provide insights to establish the Evie Ring as a highly credible health and wellness resource. “To develop a wearable that is truly medical grade, we needed to make sure we involved the experts,” said Stacy Salvi, vice president of strategy at Movano Health. “This highly regarded group of advisors are in a unique position to provide perspective from their day-to-day interactions with women which will enhance Evie’s product experience. We are honored to work closely with each of them and tap their unparalleled expertise to help women better understand their bodies.” The inaugural members of the board are: Dr. Mary Claire Haver, MD, FACOG, CCMS, a board-certified OB/GYN, author and entrepreneur who has devoted her practice to women’s health; Dr. Ruth C. White, PhD, MPH, MSW, RSW, a mental health expert, stress management advocate and diversity trainer; and Dr. Andrea Matsumura, MD, MS, FACP, a sleep medicine specialist at the Oregon Clinic who has helped thousands of people improve their sleep. Movano recently submitted a 510(k) premarket notification to the U.S. Food and Drug Administration for the Evie Ring’s pulse oximeter.