Tag: Protech Home Medical

CINCINNATI – Protech has issued a letter of intent to acquire a respiratory company in the southern U.S. that would add $7 million in annual revenues and more than 10,000 active patients to its roster. The target company is more than 85% respiratory and offers a high-touch service model. “The acquisition would give us a foundation to build from in the new state with over 10,000 active patients, and a location near a major metropolitan hub, which we would plan to grow both organically...

CINCINNATI - Protech Home Medical has reported preliminary revenue in the range of $26.1 million to $26.5 million for the quarter ended Sept. 30, driven by “robust organic growth.” It reported preliminary adjusted EBITDA in the range of $5.6 million to $6.1 million. “We have seen our sleep business pick up in the back half of the year, approaching levels seen early in 2020 and are optimistic the sleep business will return to and surpass pre-pandemic levels in 2021,” said Greg...

NEW YORK - CIT Group's Healthcare Finance Group has provided a $20 million senior secured credit facility for Cincinnati-based Protech Home Medical. Protech Home will use the credit facility for general corporate purposes, acquisitions and ongoing business development, according to a press release. “With this new credit facility in place, we have added another tool in our toolbox that will further enable us to take the company through its next stage of growth with our key objectives in mind,”...

CINCINNATI ­- Protech Home Medical has executed a non-binding letter of intent to acquire a respiratory company in the Southeast reporting unaudited trailing 12-month annual revenues of about $13 million, significant adjusted EBITDA and positive net income. The target, which has been in business for more than 15 years, would significantly enhance Protech's presence in the region with five new locations, and would increase its patient count by more than 15,000. The target is highly concentrated in...

CINCINNATI - Protech Home Medical has acquired Buffalo Grove, Ill.-based Health Technology Resources, a home respiratory services company that serves the Chicago area. HTR, which has 16 employees, has traditionally focused on high-acuity respiratory patients, including those with ALS and COPD. Its “NIV RX Plus Disease Transition Program” makes up just over one-third of its overall revenue but is the fastest growing segment of its business. “The acquisition of HTR reflects our continued...

CINCINNATI - Demand for respiratory equipment is increasing, and demand for CPAP and other supplies remains strong, Protech Home Medical says in a July 7 corporate update. The provider says as certain U.S. states see spikes in COVID-19 cases, it has taken the necessary steps to plan, prepare and respond to a second wave. “The company's supply chain for critical equipment remains solid and we are comfortable with our current levels of inventory,” it stated. “However, as we feel appropriate,...

CINCINNATI - Protech Home Medical has closed its previously announced offering of about 25 million units at a price of $1.15 per unit for aggregate proceeds of about $28.8 million, which includes the exercise in full of the 15% over-allotment option. The company has also closed: its previously announced brokered private placement of 1.75 million units at the issue price for additional gross proceeds of about $2 million, and its non-brokered private placement of 927,825 units at the issue price for...

CINCINNATI - Protech Home Medical reported revenues of $24.1 million in the second quarter of 2020, a 16% increase compared to the same period in 2019. Adjusted EBITA for the quarter was $4.9 million. Net income for the quarter was $1.6 million, compared to a loss of $0.5 million for the same period in 2019. The company received more than $7.5 million in payments related to the CARES Act. “These second quarter fiscal 2020 results showcase the resiliency of our business model, and I could not...

CINCINNATI - Protech Home Medical is poised to grow in a “fragmented and shrinking” home respiratory market, company execs said on an earnings call last week.“Demand for services continues to rise, but the supply side is fragmented and shrinking, as significant reimbursement cuts have reduced the number of providers,” said CEO Greg Crawford. “This is an industry of scale and Protech is still at the early stages of reaping the full benefits of being one of the only companies...

CINCINNATI - Protech Home Medical reported revenues of $19.5 million for its fourth quarter ended Sept. 30, 2019, an increase of 8% over the same period in 2018. Recurring revenue was $55.1 million, an increase of 26%. Adjusted EBITDA was $3.7 million compared to $5.2 million. Full-year revenue for fiscal year 2019 was $81 million, a 15% increase year over year. “For two consecutive years, we have demonstrated consistent revenue and adjusted EBITDA growth and substantial improvements in EBITDA...