Quipt: ‘Our performance was softer than expected’ 

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.