Posted on September 29, 2021 by Scott Shuda
Quipt Home Medical (QIPT) is a favorite of some of us at Breakout Investors. It is a durable medical equipment company (DME) focusing on respiratory equipment into the home health environment — that means respirators, concentrators, nebulizers, and CPAP machines. The company has reached a $100 million annual run rate, but is still relatively unknown due to its recent history and name change.
Formerly known as “Protech Health,” and newly renamed Quipt (a shortened for of “equipped” and playing on its being in the equipment business), the company has this year, changed its name, changed its ticker, uplisted to Nasdaq from the Canadian venture, and changed its reporting currency to $USD.
Understanding the need to represent itself to customers and investors, Quipt is currently engaged in a brand-building campaign that includes articles placed in major publications, including this one that appeared this week in USA Today. There is nothing new in the article, but it does do a good job of introducing the company. Some excerpts:
“We have been extremely busy this year, entering five new states — Florida, California, Missouri, Arkansas and Mississippi — as we expand from a regional home-care provider into a national provider, within the United States,” CEO, Greg Crawford, explained.
Company executives said its recent expansion in Missouri resulted in $5.5 million in annualized revenues, 10% adjusted EBITDA margin — $550,000 — prior to integration. It also increased the company’s active patient count and unique referring physicians, and added three new locations and decades of operating experience — with a more than 40-year operating track record in the markets served.
“The fast-paced expansion in Missouri will serve as a foundation for other new states, where we can grow through economical bolt-on acquisitions that provide us important insurance contracts,” said Crawford.
Third-quarter fiscal 2021 financial results show Quipt’s revenue was $26.2 million compared to $18.6 million for the third quarter of 2020. This represents a 41% increase in year-over-year revenue. And compared to third quarter 2020, the company experienced organic growth of 7%. So far this year, the company has experienced 11% organic growth as compared to the corresponding period in 2020.
Meanwhile, the company’s customer base increased 74% year over year to 64,578 unique patients served in the third quarter — up from 37,128 unique patients at the same time last year…
As the need for respiratory equipment continues to grow, Quipt specializes in providing the ventilators and breathing aids that more patients need to live a life, enriched, with equipment maintained to the highest quality standards for a more comfortable life — right at home.
This patient-centered approach is what drives Quipt…
Quipt is poised to become the national leader providing high-quality durable medical equipment, thanks to what makes it different. Quipt Home Medical is there to help treat health issues with in-demand services — from mobility assistance to airway management equipment.
The many health challenges that patients and health systems face can be solved with a single solution for their equipment needs: Quipt.