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Quipt remains ‘steady’

Quipt remains ‘steady’

CINCINNATI – Quipt Home Medical reported revenue of $139.9 million for fiscal year 2022, a 36.6% increase compared to 2021. 

Revenue for the fourth quarter was $40.1 million, a 37.7% increase. 

“The record results seen in the fourth quarter and fiscal year 2022 are directly attributable to the expansion of our patient-centric ecosystem into favorable geographies across the United States through our strategic growth initiatives,” said Greg Crawford, CEO. “Despite an ambitious acquisition pace and inflationary operating environment, I am very pleased with our ability to grow our revenue by 37% and maintain above 20% margins for fiscal year 2022 by continuing to implement our steady operating processes and integration activities.” 

Quipt completed eight acquisitions during the fiscal year, including Hometown Medical, LLC, in Mississippi with reporting unaudited trailing 12-month annual revenues of approximately $7 million ‎and with anticipated adjusted EBITDA of $1.4 million post integration. 

Other financial results: 

  • Adjusted EBITDA for fiscal year 2022 was $29.2 million (20.9% margin), representing a 36.5% increase. 
  • Adjusted EBITDA for the quarter 2022 was $8.4 million (21% margin) representing a 51% increase over the prior year. 
  • Net income for fiscal year 2022 was $4.8 million or $0.13 per fully diluted share, compared to net income for fiscal year 2021 of a loss of $(6.2) million or $(0.20) per fully diluted share. 

Read about Quipt’s acquisition of Hometown Medical. 

 

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