Quipt adds $5.5M in revenues

CINCINNATI – Quipt Home Medical recently acquired a company with operations in Missouri for about $2.25 million in cash, adding three locations, 15,000 active patients, and 1,500 unique referring physicians. 

The acquired company reported unaudited trailing 12-month annual revenues of about $5.5 million and an expected adjusted EBITDA of $1.1 million. 

“We continue to focus on strategic acquisitions that help to build our footprint across the United States,” said Greg Crawford, Chairman and CEO of Quipt. “The addition of 15,000 patients and 1,500 referring physicians significantly strengthens our overall interconnected healthcare network and the fast-paced expansion in Missouri will serve as a foundation for other new states, where we can grow through economical bolt-on acquisitions that provide us important insurance contracts. As we look at the last 90 days, not only have we accomplished a major milestone of listing on NASDAQ, but we have also completed four acquisitions with combined revenue of over $11 million, expanding us into four new states.” 

Quipt began trading on the NASDAQ in May under the symbol QIPT. 

Including the recent acquisition, the company says it now has 145,000 active patients, 18,500 referring physicians and 60 locations across 15 states in the U.S. 

“As we continue to work through our acquisition pipeline, we are enthused to have the opportunity to penetrate existing and new states building scale both organically and through strategic bolt-on opportunities,” said Hardik Mehta, CFO. “While we accelerate our pace on acquisitions, I want to reiterate that we will continue our disciplined approach that has been very successful in growing shareholder value.”