Quipt readies for ‘pivotal time’

CINCINNATI – With a toehold in Florida and $27 million in cash on hand, Quipt Home Medical is serious about growth, company execs said on a recent earnings call. 

“We are looking for turnkey respiratory companies that can be seamlessly integrated,” said Hardik Mehta, CFO. “We have a number of targets in sight – 15-plus with a cumulative value in the broad range of $75 million to $150 million.” 

A top priority: Leveraging the acquisition of Jacksonville, Fla.-based Mayhugh’s Medical Equipment in February to grow Quipt’s presence in the state. 

Quipt reported revenue of $24.2 million for the second quarter of fiscal year 2021, a 36% increase compared to the same period in 2020. Much of that growth was driven by its respiratory business, say execs. 

“We have continued to experience increased demand for vents and oxygen,” said Greg Crawford, CEO and chairman. “Our sleep business, which saw the steepest decline, has seen a strong rebound exiting Q2.” 

Quipt’s respiratory resupply set ups and/or deliveries increased to 35,702 in Q2 2021 compared to 13,980 for Q2 2020, an increase of 155%. 

“Our efforts of communicating to physicians and patients through our technology platform paid off,” said Crawford. “We’re just starting to see growth in new patient set ups and that has taken off rather quickly.”  

With a recent rebrand and a new listing on Nasdaq, Quipt is at a “pivotal time” in its lifecycle, says Crawford. 

“We were looking at previous acquisitions and we thought it was a good time to start changing the names of companies, as we continue to work toward becoming a national provider and start branding ourselves,” he said.