Quipt strengthens operational performance 

CINCINNATI – Quipt Home Medical reported revenues were $60.3 million for the third quarter of fiscal year 2023, a 64% increase year over year and a 4% increase sequentially. 

Adjusted EBITDA was $13.9 million (23% of revenues) vs. $7.7 million (21% of revenues), representing an 80% increase year over year. 

“Throughout the year, our business has continued to strengthen, and we are experiencing the organic growth and margin expansion that we had been aiming for,” said CFO Hardik Mehta. “Our heavily weighted respiratory product mix and services, as well as our focus on operational savings and efficient cost management, have helped our Adjusted EBITDA margin reach 23%. Additionally, we are pleased by the acceleration of organic growth trends, which in the fiscal third quarter grew by 4% sequentially when compared to the fiscal second quarter. We anticipate that this stronger organic growth vs. our historical average will persist as we continue expanding the continuum of care in key markets. Given our operational excellence, strong balance sheet, with a very modest net leverage ratio of 1.4x and a high level of financial flexibility, we are in a great position to execute our growth strategy and move quickly when the right opportunity presents itself.” 

Quipt Home Medical had a customer base of140,515 unique patients in the third quarter, a 58% increase year over year, and it completed 202,587 unique setups/deliveries in the quarter, a 52% increase. Specifically, it completed 108,391 respiratory resupply setups/deliveries, a 73% increase. 

The company also announced it has made an investment of $1.5 million to purchase about 10% of DMEscripts*. 

“The investment was made to ensure participation in the future growth of e-prescription usage within the DME industry and align the company with its major peers in the industry to further collaborate and innovate,” the company stated. “Electronic prescribing is essential to the DME industry, as this technology aims to boost productivity, reduce errors, boost compliance, and improve patient outcomes.” 

https://www.hmenews.com/article/dmescripts-we-re-set-up-for-success