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Tag: Quipt Home Medical


Providers

Quipt ‘moves to new sphere’

January 6, 2023Theresa Flaherty, Managing Editor

CINCINNATI – Quipt Home Medical kicked off 2023 by adding seven new states and 70,000 patients with its acquisition of Great Elm Healthcare – its largest acquisition to-date, says CEO Greg Crawford.  “We really could not be more excited about this,” he said. “To combine these two organizations is really taking Quipt to another sphere.”  Quipt will pay $80 million for the Waltham, Mass.-based Great Elm, which formed in 2018 when Great Elm Capital...

CPAP, Great Elm Healthcare, Greg Crawford, Home Medical Equipment, Quipt Home Medical


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Great Elm Healthcare sells to Quipt for $80M

January 4, 2023HME News Staff

 WALTHAM, Mass. – Great Elm Group has sold its DME business, Great Elm Healthcare, to QHM Holdings, Inc., a wholly owned subsidiary of Quipt Home Medical Corp., for $80 million.  GEG has also announced it has sold a majority of its ownership interest in Forest Investments, Inc. to J.P. Morgan Broker-Dealer Holdings Inc., for approximately $18 million.  “The successful sale of our DME business and the recently announced Forest transaction are transformative for Great...

Great Elm Healthcare, Home medical supplies, Quipt Home Medical


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Quipt hints at ‘meaningful’ 2023

December 23, 2022Theresa Flaherty, Managing Editor

CINCINNATI, Ohio – Quipt Home Medical estimates that, based on revenues, it is currently the fifth largest HME supplier in the country, says CEO Greg Crawford.  The company, which made eight acquisitions in fiscal year 2022, now serves 200,000 active patients through 90 locations in 19 states.  “This gives us the scale and opportunities to find ways to grow our patient base and penetrate attractive markets, while continuing to streamline our operational platform,”...

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Quipt remains ‘steady’

December 22, 2022HME News Staff

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...

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Quipt closes on financing

September 19, 2022HME News Staff

CINCINNATI – Quipt Home Medical Corp. has announced the closing of $110,000,000 in senior secured credit facilities with CIT Bank, N.A., a division of First-Citizens Bank & Trust Company. The senior secured credit facilities are in the aggregate amount of $110,000,000 (comprised of a term loan facility in an aggregate principal amount of $5,000,000, a delayed draw term loan facility in an aggregate principal amount of $85,000,000 and a revolving credit facility in an aggregate principal amount...

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Quipt eyes national status

August 26, 2022Theresa Flaherty, Managing Editor

CINCINNATI – While Quipt Home Medical has been laser-focused on respiratory for the past several years, a recent contract with Cardinal Health at-Home will give the company a competitive foothold in the supplies market on a national scale, says CEO Greg Crawford.  “We get a lot of inquiries for other supplies, whether they be incontinence, urologicals or ADLs – anything that a respiratory or other patient would need – and we do sell those at our (brick-and-mortar)...

Cardinal Health at-Home, Home Medical Equipment, Quipt Home Medical


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Quipt's Greg Crawford weighs in on challenges

August 26, 2022Theresa Flaherty, Managing Editor

Quipt Home Medical hasn’t been spared from industry specific issues like the CPAP recall and macro issues like supply chain constraints, says CEO Greg Crawford.  “Our management team has done an excellent job navigating (these issues) over the last year” he said.  CPAP recall  Quipt has been on supply allocation with ResMed for the past 15 months and has not been able to meet demand, but the company has prioritized patients based on their clinical needs and...

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Hardik Mehta

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Quipt: Sleep woes ‘hold back’ organic growth

August 19, 2022Theresa Flaherty, Managing Editor

CINCINNATI – Key to driving organic growth at Quipt Home Medical is how quickly the company is able to recover on sleep, say execs.  The company posted a quarter-over-quarter organic growth rate of 2% for the third quarter of 2022.  “(Sleep) is really the one thing that is holding us a little bit back right now,” said Hardik Mehta, CFO, on a recent call to discuss the company’s earnings. “To the extent that we are able to get good loan allocation on the...

CPAP, Home Medical Equipment, Quipt Home Medical


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Quipt reports ‘robust’ growth

August 16, 2022HME News Staff

CINCINNATI – Quipt Home Medical reported revenues of $36.7 million for the third quarter of 2022, an increase of 40%, year over year.  Revenue for the nine months ended June 30, 2022, increased to $99.8 million, or 36.2% compared to the nine months ended June 30, 2021. Recurring revenue as of Q3 2022 was 77% of total revenue. Adjusted EBITDA was $7.7 million.  “The robust financial and operating results in the fiscal third quarter are reflective of the continued operational...

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Quipt secures $80M in financing

August 15, 2022HME News Staff

CINCINNATI – Quipt Home Medical has received a binding commitment letter from CIT Bank, N.A., a division of First-Citizens Bank & Trust Company, to provide 100% of senior secured credit facilities in the aggregate amount of up to $80 million, comprised of a term loan facility of up to $5 million, a delayed draw term loan facility of up to $55 million and a revolving credit facility in an aggregate principal amount of up to $20 million. “The commitment letter from CIT for up to $80 million...

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