Quipt Home Medical Corp. (NASDAQ: QIPT) Reports Fiscal Year 2024 Financial Results

Quipt Home Medical Corp., a U.S. based home medical equipment provider focused on end-to-end respiratory care, announced its financial results for the fourth quarter and fiscal year ended September 30, 2024. The company posted revenue of $245.9 million for fiscal year 2024, marking a 16.2% increase from $211.7 million in fiscal year 2023. Organic Growth was approximately $7.1 million, or 3%.

Transitioning from IFRS to U.S. GAAP led to revenue adjustments for fiscal year 2023, impacting Adjusted EBITDA and net loss. The pause of the Medicare 75/25 relief and cybersecurity incident in February 2024 affected revenue by approximately $5 million and $3 million, respectively.

Recurring Revenue for fiscal year 2024 stood strong at approximately 78% of total revenue, driven by growth in the Company’s re-supply platform. Adjusted EBITDA for fiscal year 2024 was $57.9 million, representing a 14.3% increase from the previous year.

Net income (loss) for fiscal year 2024 was reported at ($6.8) million compared to ($2.8) million for fiscal year 2023. Revenue for Q4 2024 increased by 3% to $61.3 million, with Adjusted EBITDA at $13.4 million and a 1% sequential organic revenue growth.

The company’s operational highlights showcase a 4% increase in its customer base to approximately 153,000 unique patients served in Q4 2024. The resupply program played a significant role in the Recurring Revenue mix at 51%. Quipt also maintained a conservative balance sheet with a Net Debt to Adjusted EBITDA Leverage Ratio of 1.6x.

Management’s commentary highlighted the resilience and scalability of Quipt’s business model, emphasizing the return to positive sequential organic revenue growth in Q4 2024. The company remains focused on leveraging demographic trends and expanding the referral base through strategic investments to ensure long-term growth and value for shareholders.

Quipt Home Medical Corp. will host an Earnings Conference Call on December 17, 2024, to discuss these financial results further. Interested parties can participate via dial-in or through the live audio webcast available on the company’s website.

For more detailed information on Quipt Home Medical Corp., including non-GAAP financial measures and forward-looking statements, please refer to the full 8-K SEC filing available on the Securities and Exchange Commission’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quipt Home Medical’s 8K filing here.

Quipt Home Medical Company Profile

Quipt Home Medical Corp., through its subsidiaries, engages in the provision of durable and home medical equipment and supplies in the United States. The company offers nebulizers, oxygen concentrators, and CPAP and BiPAP units; traditional and non-traditional durable medical respiratory equipment and services; non-invasive ventilation equipment, supplies, and services; and engages in the rental of medical equipment.