In brief: Quipt & InfuSystem report earnings, NCPA warns of strain, Belluscura reviews strategy 

CINCINNATI – Quipt Home Medical has reported revenue of $57.4 million for the second quarter of 2025 compared to $61.3 million for the same period last year, a 6% decrease.  

The company says revenue was impacted by ongoing headwinds from the withdrawal of Medicare Advantage members, following a capitated agreement that went to other providers in the industry, and a disposable supply contract that was not renewed. 

On a positive note, the company says it saw improved momentum in resupply volumes exiting both March and April, following seasonal weakness tied to patient deductible resets in the first quarter. 

“While our second quarter performance was softer than expected, we remain focused on returning to a sustainable growth trajectory,” said Gregory Crawford, chairman and CEO of Quipt. “Over the last several months, we have taken targeted actions to strengthen our future organic growth execution, expand referral networks, and enhance operational efficiency. Looking ahead, our highest strategic priority is to reignite organic growth and utilize our scalable playbook that allows us to partner with health care systems in a more integrated way. We see a meaningful opportunity to embed Quipt as the preferred provider for hospital discharge-driven care, and we are actively engaged in multiple conversations with health systems across the country. We believe this approach has the ability to strengthen our long-term positioning, expand patient access, and drive sustainable value for all stakeholders.” 

Other financial highlights: 

• Revenue for the six months ended March 31, 2025, decreased to $118.8 million, compared to $123.8 million for the six months ended March 31, 2024, representing a decrease of 4%. 
• Recurring revenue for Q2 2025 continues to be strong at 81% of total revenue. 
• Adjusted EBITDA for Q2 2025 was $13.4 million (23.3% of revenue) compared to $14.9 million (24.3% of revenue) for Q2 2024, representing a 10% decrease. 
• Adjusted EBITDA of $27.4 million (23.0% of revenue) for the six months ended March 31, 2025, compared to $30.2 million (24.4% of revenue) for the six months ended March 31, 2024, a decrease of 9%. 
• Net income (loss) for Q2 2025 was ($3.0) million, or ($0.07) per diluted share, compared to ($0.7) million, or ($0.02) per diluted share, for Q2 2024. 
• Cash flow from operations was $18.2 million for the six months ended March 31, 2025, compared to $14.9 million for the six months ended March 31, 2024. 

Operational highlights: 

• The company’s customer base declined 2% year-over-year, serving 146,000 unique patients as of March 31, 2025, compared to 149,000 unique patients as of March 31, 2024. 
• Completed 203,000 unique set-ups/deliveries in Q2 2025, a 3% decrease from 210,000 set-ups/deliveries in Q2 2024. 
• Respiratory resupply set-ups/deliveries decreased 4% year-over-year, totaling 111,000 in Q2 2025. 
• Launched two new de novo sites during the quarter in Florida and Alabama, expanding the company’s national footprint. 
• Successfully expanded the company’s product portfolio with the launch of a new Medicare-approved airway clearance device, further supporting higher-acuity respiratory care. 
• Referral network expansion efforts accelerated, deepening engagement with physicians, hospitals, and health systems to drive incremental patient volume. 
• Introduced the Quipt Sales Accelerator program, a new initiative to enhance sales team performance and execution across key markets. 

InfuSystem positioned for ‘successful year’ 

ROCHESTER HILLS, Mich. - InfuSystem Holdings has reported net revenues of $34.7 million for the first quarter of 2025, a 9% increase compared to the same period last year. Of that, Patient Services net revenue was $20.8 million, a 12% increase, and Device Solutions was $13.9 million, a 4% increase. It reported net loss of $300,000 this year vs. $1.1 million last year. “I’m very pleased to report 2025 is off to an excellent start demonstrating solid growth,” said Richard Dilorio, outgoing CEO. “The positive momentum we experienced in 2024 continued into the first quarter of 2025, positioning us for a successful year ahead. Our net revenue for the first quarter was $34.7 million, an increase of 9% over the prior year. This achievement was primarily led by the strength of our core business in Oncology and device rentals, along with growing contributions from Wound Care.” 

Other financial results: 

• Gross profit was $19.2 million, an increase of 16% vs. prior year. 
• Gross margin was 55.2%, an increase of 3.7% vs. prior year. 
• Adjusted EBITDA non-GAAP was $6.3 million, an increase of 64% vs. prior year. 
• Adjusted EBITDA non-GAAP margin increased 6.2% to 18.2% vs. 12.1% prior year. 
• Net operating cash flow was up 372% to $1.8 million, as of March 31, 2025. 
• Stock repurchases totaled approximately $3 million for the quarter. 
• Company liquidity totaled $47.6 million, as of March 31, 2025. 

Related: InfuSystem’s Dilorio to step down. 

NCPA warns of further strain on indie pharmacies 

ALEXANDRIA, Va. - The National Community Pharmacists Association, in recent comments to the Department of Commerce, is urging the Trump administration to ensure that any tariffs on the pharmaceutical sector are carefully tailored to avoid further strain on patients and independently owned community and long-term care pharmacies. 

The association expressed specific concerns that tariffs could trigger shortages in the near term and force independent pharmacies to absorb higher costs. 

“Pharmacies are unable to pass these increased costs to patients, as pharmacy benefit managers (PBMs) determine out-of-pocket costs for patients and dictate pharmacy reimbursement for the dispensing of medications,” wrote Steve Postal, JD, NCPA’s senior director of policy and regulatory affairs. "Should pharmaceutical tariffs be enacted, it is imperative that the administration require PBMs to adjust reimbursements to pharmacies within 24 hours of price increases to account for increased drug acquisition costs should tariffs go into effect.” 

NCPA is urging the Trump administration to establish certain exclusions from any tariffs, incentivize U.S. manufacturing through supportive domestic and trade policies, and reform the PBM payment model to strengthen domestic supply chains and reimburse pharmacies fairly. 

To read Postal’s comments on behalf of NCPA, click here. 

Beyond Accessible debuts 

SCOTTSDALE, Ariz. - Scott and Lara Vineyard are rebranding from a Mobility Plus franchise to Beyond Accessible. “We’re continuing our mission to improve how individuals access mobility and fall prevention equipment and are expanding our product line to help more people with innovative products,” said Scott Vineyard. Beyond Accessible, which was recently awarded its fifth Best of the Desert Community Choice Award, provides a wide range of products, including scooters, power wheelchairs, walkers, rollators, ramps, lift chairs, stair lifts, pool lifts, vehicle lifts, and fall prevention products. The company will continue to provide complimentary classes for professional caregivers, OT students and customers seeking long-term mobility and fall prevention resources. They will also provide free device tune ups. “We are grateful to be able to help people in our community find more freedom and joy in their lives,” said Lara Vineyard, who is also a board member of the Arizona Falls Prevention Coalition. “Our true focus is bringing better mobility resources to our community. This provides our customers the convenience of purchasing, installing, servicing, as well as renting accessibility equipment all at one place.” 

AASM launches women’s sleep health initiative 

DARIEN, Ill. - The American Academy of Sleep Medicine has launched a new task force to explore the unique factors that affect how women sleep and identify ways to improve sleep care for women. “Sleep is foundational to health and well-being, and women experience unique challenges that affect their sleep at every life stage – from menstruation and pregnancy to menopause and aging,” said Dr. Suzie Bertisch, chair of the Women’s Sleep Health Task Force. “This initiative reflects the AASM’s commitment to advancing sleep care for women through education, research, collaboration and advocacy.” The task force, a collaboration between the AASM and other professional associations, patient advocacy organizations and industry supporters, is organizing a summit of key stakeholders, developing a webinar series and exploring opportunities to present at relevant clinical and scientific meetings. It is also highlighting women’s sleep health issues on social media, discussing these issues on podcasts and providing input on AASM Foundation research grant applications focused on women’s sleep health. “By bringing attention to women’s sleep health, we are taking a critical step toward improving sleep care and health outcomes for millions of women,” said Bertisch. “Our goal is to drive greater awareness, foster research innovation, and ensure that women’s unique needs are addressed in the practice of sleep medicine.” 

MK Battery promotes two execs 

ANAHEIM, Calif. – MK Battery has promoted Walker Rheem to executive vice president & general manager. Formerly the company’s vice president of business development, Energy Storage and Stationary Power, he brings nearly 25 years of senior leadership experience in the battery industry to his new position. “Walker’s extensive technical prowess, his drive and energy, and his proven leadership abilities uniquely qualify him to take over the day-to-day management of business operations as we look toward the execution of our succession strategy,” said Wayne Merdinger, president. MK Battery has also promoted Jason Smith to vice president of sales & marketing. Smith, who has 29 years of diverse sales and management experience at MK Battery and 35 years in the industry, most recently served as the company’s director of sales. 

Össur becomes exclusive bracing sponsor for OAAA 

IRVINE, Calif. – Össur, a global leader in non-invasive orthopaedic bracing and supports technologies, is increasing its role in supporting health care professionals and patients suffering from osteoarthritis by partnering with the Osteoarthritis Action Alliance (OAAA) as a gold sponsor. Össur’s partnership with OAAA will include providing a comprehensive set of OACareTools to help health care professionals support their OA patients, including the latest clinical guidelines, functional assessments and exercise recommendations. Össur also will be offering OAAA’s suite of patient education resources and a proprietary self-directed wellness program that will be made available free to all Össur Unloader users. “For over 50 years, Össur has been dedicated to improving people’s mobility with innovative solutions that help address the orthopaedic injuries and medical conditions that significantly impact patients’ quality of life,” said Christian Robinson, Össur’s president of the Americas and Global Bracing. “As the exclusive bracing sponsor of OAAA, we are now working together to ensure that even more people with OA have the access, skills and capacity to benefit from effective, proven interventions.” Osteoarthritis is the most commonly diagnosed form of arthritis, affecting an estimated one in seven American adults. A pervasive, progressive medical condition, it is one of the leading causes of pain and long-term disability, taking a debilitating toll on an estimated 595 million patients worldwide today and with cases projected to increase by 75% by the year 2050. 

Belluscura initiates strategic review 

LONDON – Belluscura has initiated a strategic review to evaluate a range of options to strengthen its capital position, including potential strategic investment, partnerships and alternative funding structures, following renewed demand for its X-PLOR portable oxygen concentrator in April. “Belluscura remains committed to achieving profitability,” the company stated in a May 9 trading update. “The principal constraint towards achieving this is access to sufficient working capital to fund bulk orders of completed goods, as bulk ordering is a key factor in significantly reducing the unit cost of goods sold.” Belluscura had previously experienced difficulty sourcing product in late February and March, but the company has now confirmed that its POCs, subject to any future regulatory changes, will continue not to be impacted by U.S. import tariffs. Belluscura also says the full commercial launch of the DISCOV-R remains on track for the end of the third quarter. The company says the product will further enhance its offering of next-generation respiratory support devices. 

• Related: Belluscura has withdrawn their previous market guidance for the current year ending Dec. 31, 2025, because of the potential financial implications, risks and opportunities of tariffs on imports to the United States. 

AAH, VGM seek tariff info 

WASHINGTON – AAHomecare and VGM Group are polling DMEPOS manufacturers and vendor partners about tariffs. “We invite manufacturers and vendor partners to participate in this brief, confidential survey to help us assess the impact of these tariffs on the production and distribution of DME and medical supplies,” the associations state. “Your input will directly support our advocacy efforts to secure tariff exemptions and ensure uninterrupted access to essential healthcare products for those who depend on them.” The survey closes May 20. Take it here.   

Researchers link OSA, cognitive decline 

IRVINE, Calif. - Obstructive sleep apnea during the rapid-eye movement stage of sleep is linked to early signs of brain changes that are associated with cognitive decline, according to a new study published in the journal Neurology. Neurobiologists at the University of California, Irvine, suggest in the study that low oxygen levels – known as hypoxemia – during REM sleep, when most memory consolidation occurs, may contribute to injury in regions of the brain regions that are vital for memory, even in older adults without cognitive impairment. While the findings do not prove that sleep apnea causes this degeneration, it does show an association, researchers say. “Sleep apnea is important because low oxygen levels during sleep can harm the ability of our brain and bodies to function properly,” said co-corresponding author Bryce A. Mander, PhD, an assistant professor of psychiatry and human behavior at the UC Irvine School of Medicine. “Obstructive sleep apnea is a sleep disorder that increases with age. Our study found that low oxygen levels from obstructive sleep apnea may be linked to cognitive decline due to damage to the small blood vessels in the brain and the downstream impact of this damage on parts of the brain associated with memory.” The study, which received support from the National Institutes of Health, followed 37 people with an average age of 73 who did not have cognitive impairment. They participated in overnight sleep studies and received advanced brain imaging. Of the group, 24 people had obstructive sleep apnea. The researchers discovered that lower oxygen levels during REM sleep — not just the number of breathing interruptions — were most strongly linked to increased white matter hyperintensities, especially in the frontal and parietal lobes. These brain regions are highly active during REM sleep and especially vulnerable to low oxygen. This vascular damage was also associated with thinning in the entorhinal cortex, a brain area often affected early in Alzheimer’s disease. The study stresses that more research is needed in larger, more diverse populations and in people with more severe forms of obstructive sleep apnea.  

DARCO marks 40 years in business 

HUNTINGTON, West Va. - DARCO International, founded by podiatrist Dr. H. Darrel Darby in 1985, is celebrating 40 years of improving mobility and enhancing quality of life for patients around the world. DARCO, whose first product was the MedSurg post-op shoe, continues to develop solutions that support diabetic foot and wound care, surgical and trauma recovery, physical therapy and preventative care. “Forty years ago, Dr. Darby’s visionary idea transformed the foot and ankle care industry and laid the foundation for what DARCO is today,” said Steve Gulick, president and CEO of DARCO. “From those early days to becoming a globally recognized brand, DARCO's commitment to innovation, quality, and customer service has never faltered. As we celebrate our 40th anniversary this year, we look to the future, with a renewed focus on developing responsive and effective products and improving the lives of those we serve around the world." DARCO has a global presence with offices in Germany, China, England and India. Its in-house teams of engineers, regulatory experts and customer care professionals have allowed the company to maintain a holistic approach to product development, managing every aspect of the product lifecycle from initial design to final distribution. “It’s truly amazing to see how DARCO International has grown over the past 40 years,” said Darrel Darby, former CEO and chairman of the board. “From our humble beginnings to becoming a trusted name in the industry, our journey has been shaped by incredible products, dedicated employees, and a commitment to helping people across the globe. I am immensely proud of what we’ve accomplished and look forward to seeing how DARCO continues to grow, especially with its ongoing focus on wound care.”