Quipt Home Medical Releases Q4 Financial Results

HME Insights

CINCINNATI—Quipt Home Medical Corporation, a home medical equipment, in-home monitoring and disease management services provider, released its fourth quarter (Q4) and fiscal year (FY) 2024 financial results and operational highlights. These Q4 results took place over the course of three months, with the quarter ending on Sept. 30, 2024. 

“Our results for fiscal (year) 2024 reflect the resilience of our business and the scalability of our operating model,” said Gregory Crawford, chairman and CEO of Quipt. “Despite facing unique challenges this year, we delivered record revenue, positive year over year organic growth and maintained a strong adjusted EBITDA margin. This performance underscores the strength of our diversified product offering, go-to-market strategy and the adaptability of our team.”

The company’s Q4 financial and operational highlights are detailed below.

Financial Highlights

  • The company’s revenue for FY 2024 was $245.9 million (compared to $211.7 million for FY 2023), which represented a 16.2% increase. Additionally, the company’s organic growth was approximately $7.1 million, or 3%.
  • Recurring revenue‎ for FY 2024 was approximately 78% of total revenue, which the company said was driven by growth in its re-supply platform.
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for FY 2024 increased by 14.3% to $57.9 million, which is a 23.5% margin (compared to adjusted EBITDA for FY 2023 of $50.6 million).
  • Net income loss for FY 2024 was $6.8 million (compared to $2.8 million for FY 2023).
  • Revenue for Q4 2024 increased by 3% to $61.3 million (compared to $59.6 million for Q4 2023). Sequential organic revenue growth was approximately 1%.
  • Adjusted EBITDA for Q4 2024 was $13.4 million, a 21.8% margin (compared to $14.7 million for Q4 2023), which was an 8.8% decrease.
  • Cash flow from operations was $35.4 million for FY 2024 (compared to $37 million for FY 2023).
  • The company reported $16.2 million of cash on-hand as of Sept. 30, 2024 (compared to $14.4 million as of June 30, 2024). The company’s total credit availability was $34.7 million as of Sept. 30, 2024, with $13.7 million available towards a revolving credit facility and $21 million available pursuant to a delayed-draw term loan facility.
  • The company maintained a conservative balance sheet with a net debt to adjusted EBITDA leverage ratio of 1.6.

Operational Highlights

  • The company’s customer base increased 4% year over year to approximately 153,000 patients served in Q4 2024 from approximately 147,000 patients in Q4 2023.
  • Compared to approximately 754,000 unique set-ups/deliveries in FY 2023, the company increased set-ups/deliveries by 13%, completing approximately 854,000 set-ups/deliveries in FY 2024. This includes approximately 480,000 respiratory resupply set-ups/deliveries for FY 2024 (compared to approximately 396,000 for FY 2023), which is an increase of 21%.
  • The company’s resupply program was a major proponent of the 78% recurring revenue base, which represents 51% of the recurring revenue mix and consists of 172,000 patients as of Sept. 30, 2024.
  • The company had a positive sequential organic revenue growth of 1% in Q4 2024.
  • The company had approximately 314,000 active patients served at least once in the last ‎twelve months and approximately 36,000 referring physicians, which took place across approximately 135 locations.‎

“Our financial performance in fiscal (year) 2024 highlights the stability of our core operations,” said Hardik Mehta, chief financial officer of Quipt. “In the fourth quarter, we returned to positive sequential organic revenue growth, which demonstrates the regained momentum in our business. As we move into calendar 2025, we are seeing strengthening trends across our major product categories, supported by solid referral activity and steady demand for our end-to-end respiratory care solutions.”

OUR DIGITAL PARTNERS