Quipt: ‘We are seeing considerable momentum’ 

CINCINNATI – Quipt Home Medical reported revenue of $40.8 million for its first quarter fiscal 2023, a 38% increase year-over-year. 

Adjusted EBITDA for the quarter was $9 million. Cash flow from continuing operations was $4.8 million and recurring revenue exceeded 77% of total revenue. 

“We are pleased to announce another record quarter in the first quarter of our fiscal year 2023, and we are seeing considerable momentum throughout the business as calendar year 2023 gets underway,” said CEO Greg Crawford. “Organic growth has returned to historic levels, our Adjusted EBITDA margin has accelerated, supply chain concerns have subsided, and we just completed our largest acquisition to date.” 

In January, the company announced it had acquired Great Elm Healthcare, with locations across eight states in the Midwest, Southwest and Pacific Northwest, for $80 million. 

Quipt will continue to develop its network, Crawford says, through the use of its clinical service model, which is based on technological applications like remote patient monitoring, to minimize the load that is being placed on the conventional health care system. 

“Our nationwide expansion of our patient centric ecosystem has been targeted on geographies with a high prevalence of chronic obstructive pulmonary disease (COPD) and we have made tremendous progress reaching 26 states,” he said. “As we can see from the current environment, a lot is being done to make sure that a patient is treated at home whenever it is practical.” 

• Read what Greg Crawford had to say about Quipt’s acquisition of Great Elm.