Quipt eyes acquisitions | HME News

CINCINNATI – Quipt Home Medical, which reported revenue of $64 million in the third quarter of 2024, up 6.1% year over year, said it is “focused on identifying synergistic acquisition candidates” following Owens & Minor’s purchase of Rotech Healthcare.

“The recent acquisition of a larger competitor in our industry highlights the significant valuation gap we have in the market compared to our fundamentals,” said CEO and President Greg Crawford. “In addition, we anticipate potential market disruption based on historical events when large M&As occur, and if possible, we are confident in our ability to gain market share.”

Other quarterly results:

• Recurring revenue continued to be strong in the third quarter, accounting for 82% of total revenue, driven by overall growth in new equipment installs.
• Q3 Adjusted EBITDA was $14.2 million, or 22.3% of revenue, compared to Q3 2023 Adjusted EBITDA of $13.9 million, or 23% of revenue, an increase of 2.7% year over year.
• Net income (loss) for the third quarter was $(1.7) million, or $(0.04) per diluted share, compared to $(1.0) million, or $(0.03) per diluted share, for the same period in 2023.

Quipt says it served 270,087 unique patients in the nine months ended June 30, 2024, up 12.9% year over year. It says it completed 641,786 unique setups/deliveries, up 17.3%.

The company said it continues to see stable demand trends and referral patterns for respiratory equipment, including CPAP, BiPAP, oxygen concentrators, ventilators, and replenishment and other supplies.