Tag: Great Elm Group

WALTHAM, Mass. – Great Elm Group’s DME companies grew total revenue for the first quarter by 7% to $16.7 million compared to the prior-year period.  Adjusted EBITDA was $3.4 million vs. $5.1 million.  “The increase in revenue was primarily attributable to organic growth in resupply revenue, a full quarter of contributions from the MedOne acquisition and improved revenue reserves,” the company stated. “This revenue growth was achieved despite ongoing global...

WALTHAM, Mass. – Great Elm Group’s DME operating companies reported $16.5 million in total revenue for the three months ended June 30, 2022, compared to $14.5 million for the same period the previous year.  The increase in revenue was primarily attributable to more favorable intake and collections processes driving lower revenue reserve rates.  DME recognized a net loss of $200,000 for the fourth quarter of FY 2022 compared to net income of $5.9 million for the same period...

WALTHAM, Mass. – Great Elm Group has announced that David Matter has joined its board of directors and CEO Peter Reed has stepped down from the board. Matter was most recently a managing director at BlackRock, where he served as the co-chief investment officer of BlackRock Alternative Advisors (BAA), BlackRock’s Hedge Fund Solutions team. “We are delighted to welcome Dave Matter whose significant experience both in growing and managing investment management businesses will be a...

WALTHAM, Mass. – Great Elm Group reported total revenue for its DME division grew to $15.7 million in the second quarter of fiscal year 2022, an 8.1% increase compared to the same period in the prior year. Net income was $900,000 vs. a net loss of $2.9 million. “The increase in revenue was due to organic growth in resupply sales, a significant reduction in bad debt expense and the impact of previously announced acquisitions,” the company stated. Great Elm Group reported adjusted...

WASHINGTON – CMS has established a higher rate of $750 to administer monoclonal antibody treatment to Medicare beneficiaries with COVID-19 in their homes, including permanent residences or temporary lodgings.  The new rate accounts for the increased costs associated with the one-on-one nature of this care model and reflects additional information provided to CMS about providing these services in a safe and timely manner.  “CMS’s decision to increase reimbursement...

WALTHAM, Mass. – Great Elm Group reported $14.5 million in total revenue for DME for the three months ended Dec. 31, a 1% increase compared to the same period last year.  It reported a net loss of $2.9 million vs. $700,000.  “DME was able to grow revenue during the quarter despite the continued negative impact of COVID-19 on its business,” said Peter Reed, CEO. “Profitability was depressed during the quarter primarily as a result of legacy revenue reserve issues...