Quipt Acquires $60 Million in Revenues and $13 Million Adjusted EBITDA with Strategic Acquisition of Great Elm Healthcare, LLC Quipt Reaches $220 Million in Annualized Revenues and $49 Million of Anticipated Annualized A

Quipt Acquires $60 Million in Revenues and $13

Million Adjusted EBITDA with Strategic Acquisition of Great Elm Healthcare, LLC

Quipt Reaches $220 Million in Annualized Revenues

and $49 Million of Anticipated Annualized Adjusted EBITDA

Cincinnati, Ohio - January 3, 2023 -

Quipt Home Medical Corp. ("Quipt" or the "Company") (NASDAQ:QIPT; TSXV:QIPT), a U.S. based home

medical equipment provider, focused on end-to-end respiratory care, is very pleased to announce that it has acquired Great Elm Healthcare,

LLC ("Great Elm"), a division of Great Elm Group, Inc. (NASDAQ:GEG) (the "Acquisition"), with an

effective date of December 31, 2022. Great Elm operates a complete line of respiratory related durable medical equipment service locations

across eight states in the Midwest, Southwest and Pacific Northwest. Based on an independent quality of earnings report, Great Elm had

unaudited revenues for the 12 months ended August 31, 2022 of $60 million with an Adjusted EBITDA (defined below) of $13 million.

As a reminder, all figures stated are in USD.

Transaction Highlights

Acquisition Commentary

Great Elm is a leading operator of

respiratory related durable medical equipment service with 21 locations across eight states in the Midwest, Southwest, and Pacific

Northwest, adding seven new states to Quipt's current geographic coverage including Arizona, Alaska, Iowa, Kansas, Nebraska,

Oregon, and Washington. The combination of Great Elm and Quipt positions Quipt to become a national HME provider with near coast to

coast operations. The Acquisition adds 8,500 referring physicians bringing Quipt's referring network base to over 32,500, and

increases Quipt's active patient count by 70,000, bringing Quipt's total to 270,000 active patients. As a result of

Great Elm's significantly weighted respiratory product mix, respiratory products will now make up approximately 79% of

Quipt's product mix. By opening new markets and fostering connections with referral partners, patients, and payors, Great Elm

considerably increases the Company's scale and geographic reach.

Great Elm represents a turnkey platform acquisition

for Quipt as it dramatically enhances Quipt's operations and provides the Company with significant additional inorganic and organic

growth opportunities. The advanced infrastructure of Great Elm, which includes strong leadership and strong internal processes, is expected

to significantly expedite the integration process, and will greatly complement Quipt's existing infrastructure. The Acquisition

will also allow Quipt to cross sell its products in Great Elm locations with the opportunity to significantly increase revenue associated

with Quipt's subscription-based resupply program through the onboarding of Great Elm patients. Quipt has identified $2 million in

cost savings and synergies, which is expected to be captured over the first six months.

Great Elm is focused on clinical excellence, and

like Quipt, offers a high-quality, full-service line of respiratory equipment, and supplies. Great Elm has a diversified payor mix and

several difficult to obtain insurance contracts. Additionally, Great Elm's operating footprint aligns closely with regions that

have a high prevalence of Chronic Obstructive Pulmonary Disease ("COPD"), a key target patient group of Quipt. The

eight states in which Great Elm operates includes over 1.5 million1

people suffering from COPD.

Management Commentary

"We are extremely thrilled to start 2023

with the milestone acquisition of Great Elm Healthcare, which gives us significant coast-to-coast presence across the United States and

firmly establishes Quipt as one of the top clinical at-home respiratory providers in the nation. I would like to use this opportunity

to extend a warm welcome from the Quipt family to the entire Great Elm team. We are eager to get started. Over 1.5 million people in the

jurisdictions serviced by Great Elm suffer from COPD2, and

this acquisition positions us to make progress in this primary target market," said Greg Crawford, Chairman and CEO of Quipt. "Great

Elm represents a true platform investment for Quipt and provides us with the opportunity to serve pulmonary and neurological disease states

by utilizing the patient-centric ecosystem we have built focused on ventilation therapy, oxygen therapy and sleep therapy. This creates

immediate and actionable revenue synergies for us. Moreover, the valuable commercial insurance contracts, strong referring physician network,

and significant patient base we have accumulated across seven new states will give us the ability to cross sell our products into these

new geographies. The highly skilled and seasoned leadership team at Great Elm bolsters our ability to further enhance organic growth and

margin expansion across the combined organization when joined with our current executive team. On a combined basis, we expect to have

Annualized Revenue of $220 million and Anticipated Annualized Adjusted EBITDA of $49 million on a pro forma basis, putting us in a formidable

position to continue to capitalize on the opportunities in front of us as we continue to increase shareholder value."

Chief Financial Officer, Hardik Mehta added, "Our

prudent capital deployment strategy has once again yielded fantastic results. We wanted to focus on closing our largest deal first and

the acquisition of Great Elm is a major accomplishment, providing us with a turnkey acquisition at a prudent purchase price while maintaining

our conservative balance sheet and allowing for financial flexibility on a go forward basis. We fully expect to be able to expand our

senior credit facilities when opportunities arise, and we will continue to leverage technology and data driven decision-making to unlock

additional profitability and to ensure we continue to improve upon our patient centric ecosystem. We look forward to a seamless integration

process and believe the increased geography of our business will allow us to create additional opportunities to further expand on our

proven acquisition and integration approach with highly accretive tuck-in acquisitions for our full suite of respiratory care products

and services. The Great Elm acquisition is a fantastic way to start the new year and we look forward to keeping investors apprised of

our continued success."

1 https://www.nhlbi.nih.gov/health-topics/education-and-awareness/copd-learn-more-breathe-better/state-prevalence

2 https://www.nhlbi.nih.gov/health-topics/education-and-awareness/copd-learn-more-breathe-better/state-prevalence

The Company will post updated corporate slides

at www.quipthomemedical.com.

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease

management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue

to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease,

sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder

value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's

organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the

patient's services, and making life easier for the patient.

Readers are cautioned that the financial information

regarding Great Elm disclosed herein is unaudited and derived as a result of an independent quality of earnings report as well

as the Company's due diligence, including a review of Great Elm's bank statements and tax returns.

There can be no assurance that any of the potential

acquisitions in the Company's pipeline or in negotiations will be completed as proposed or at all and no definitive agreements

have been executed. Completion of any transaction will be subject to applicable director, shareholder, and regulatory approvals.

Unless otherwise specified, all dollar amounts

in this press release are expressed in U.S. dollars.

Neither the TSX Venture Exchange nor its Regulation

Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy

or accuracy of this release.

The securities referred to in this press release

have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold

within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from

the U.S. registration requirements. This press release does not constitute an offer for sale of securities, nor a solicitation for offers

to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed

information about the company and management, as well as financial statements.

Forward-Looking Statements

Certain statements contained in this press

release constitute "forward-looking information" as such term is defined in applicable Canadian securities

legislation. The words "may", "would", "could", "should", "potential", "will",

"seek", "intend", "plan", "anticipate", "believe", "estimate", "expect",

"outlook", and similar expressions as they relate to the Company, including: post integration financial

results (Anticipated Annualized Revenue and Anticipated Annualized Adjusted EBITDA); anticipated pro forma cost savings and synergies

and the timing of capturing them; the Acquisition expecting to be financially accretive to overall growth and cash flow; anticipated

cross-selling opportunities; the acquisition increasing resupply revenue and margins and the timing of such; Great Elm's footprint expected