Quipt Home Medical sees ‘accelerating momentum’ 

CINCINNATI – Quipt Home Medical reported revenue of $33.6 million for the second quarter of fiscal year 2022, a 38% increase over the same period last year. 

It reported net income of $5 million vs. a net loss of $12.5 million. 

“We are extremely proud of the robust results we experienced in our fiscal second quarter, which showed accelerating momentum across our heavily weighted respiratory product mix as the quarter progressed,” said CEO and Chairman Greg Crawford. “Looking to the beginning of the fiscal third quarter, we are pleased to report we had the highest level of CPAP inventory since the recall began and have seen a positive inventory trend continue in real time.” 

Quipt’s backlog has decreased to about 6,500 patients in the queue waiting to be set up on sleep devices. 

The company says it made four acquisitions during the six months ended March 31, 2022, including At Home Health Equipment, and one acquisition already in the third quarter, Good Night Medical. 

“Our pipeline remains very strong with many strategic opportunities ranging in size, and we look forward to progressing on attractive targets to leverage the unparalleled scalable platform we have created,” Crawford said. 

Other highlights from Quipt’s financial results: 

• Respiratory resupply set ups and/or deliveries increased to 50,713 for the three months ended March 31, 2022, compared to 35,702 for the same period last year, an increase of 42%. 
• Its customer base increased 37% year over year from 56,972 unique patients to 78,273. 
• It has recently accelerated its hiring of experienced sales personnel to expand its sales reach across the United States.