Providers

AUBURN, Maine – CEO Ben Nadeau had heard of the Inc. 5000 list of fastest-growing private companies in America, but he never dreamed Bedard Medical would be on it—until his colleagues encouraged him to apply.  “I was talking to some of my peers about how we were growing and it was getting hard to keep up, and they asked, ‘Oh, are you going to be on the Inc. 5000 list?” he said. “I ran the numbers and thought, 'Holy crap, we might this year. We might...

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...

PLYMOUTH MEETING, Pa. – Sleep therapy was the “big news” for AdaptHealth in the second quarter, with the company beating its expectations, says CEO Stephen Griggs.  “Our census is up 16% from February 2022 when it hit its lowest level since the Philips recall began,” said Griggs on an earnings call. “While we do not expect Philips to be back in the market any time before early 2023, the increased production we have started to see from other suppliers has...

DEERFIELD, Ill. – Walgreens Boots Alliance has completed its majority share acquisition of CareCentrix.  WBA announced in October 2021 that it planned to invest $330 million for a 55% stake in CareCentrix, as part of a plan to launch Walgreens Health.  “We created Walgreens Health to reimagine local health care and wellbeing for all,” said Roz Brewer, CEO, WBA. “This partnership advances our ability to address the needs of people across care settings immediately...

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)...

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...

DETROIT LAKES, Minn. – When Sanford Health Equip opened its doors in Detroit Lakes, Minn., they already had 10 patients scheduled—which isn’t surprising—considering their patients had been asking for a new store.  "Prior to opening, patients from Detroit Lakes and surrounding communities were traveling to other Equip locations for services and supplies,” said Kirsten Schaffer, director of business development and strategy. “So, opening in Detroit Lakes...

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...

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...

WASHINGTON – Rotech Healthcare has paused its plans to go public.  The company filed for an initial public offering* of up to $100 million in July 2021, with plans to list on the Nasdaq under the symbol ROTK.  “(We’re) just timed out for now,” said President and CEO Tim Pigg in an email to HME News. “We have not updated but do plan to continue to update once the market changes.”  Rotech’s filing was declared abandoned on Aug. 3, according...