QUIPT HOME MEDICAL REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR 2021 FINANCIAL RESULTS POSTS REVENUE GROWTH OF 41% AND ADJUSTED EBITDA GROWTH OF 38% SURPASSING PRELIMINARY GUIDANCE STRONG ORGANIC GROWTH OF 10% AS COMPAR

QUIPT HOME MEDICAL REPORTS RECORD FOURTH QUARTER

AND FISCAL YEAR 2021 FINANCIAL RESULTS

POSTS REVENUE GROWTH OF 41% AND ADJUSTED EBITDA

GROWTH OF 38% SURPASSING PRELIMINARY GUIDANCE

STRONG ORGANIC GROWTH OF 10% AS COMPARED TO

Cincinnati, Ohio - January 27, 2022

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

equipment industry, focused on end-to-end respiratory care, today announced its fourth quarter and fiscal year 2021 financial results

and operational highlights and filing of its annual financial statements. These results pertain to three months and year ended September 30,

2021 and are reported in U.S. Dollars.

Quipt will host its Quarterly Earnings Conference

Call on Tuesday, February 1, 2022 at 10:00 a.m. (ET). The dial-in number is 1 (800) 309-4610 or 1 (604) 638-5340.

Related Updates Subsequent to Fiscal Year 2021:

of Outlook for Calendar End 2022 (Fiscal Year Q1 2023):

Based on the current operations, market trends

and completed and prospective acquisitions, the Company is reiterating its outlook for its annual run-rate revenue by the end of calendar

2022 (Fiscal Q1 2023) to be $180-$190 million with $38-$43 million in Adjusted EBITDA.

record results experienced in the fourth quarter and fiscal year 2021 are a direct result of the significant expansion of our

patient centric ecosystem into favorable geographies, through organic and inorganic activities across the United States. Our robust

interconnected operating platform we have built, and dedicated integration team drives our ability to transform lower margin

business units we acquire into higher margin businesses that more closely align with our overall margin profile. It is consistent

and steady integration efforts that will allow us to maintain over 20% margins for calendar 2022 amid an aggressive acquisition

pace," said CEO and Chairman Greg Crawford. "There is no question that Quipt is in the strongest position in the history

of the Company, with a distinct industry position as a leader in at home clinical respiratory care, now serving 170,000 active

patients across fifteen states. Tailwinds driven by a favorable regulatory landscape, continued heightened demand for respiratory

products and services, bullish demographic trends, as well as ongoing execution displayed across the organization, we see 2022 as

another record year. We have the financial resources and operating expertise to leverage the scalable service intensive model we

have, and we expect to be extremely active on the acquisition front throughout 2022, focused on the growing need for at home

clinical respiratory care."

Chief Financial Officer Hardik Mehta added, "We

are extremely proud of breaching the $100 million mark in annual revenue for fiscal year 2021, whilst maintaining an above 20% Adjusted

EBITDA margin, a major milestone. Our continued progress in strategically building scale utilizing the infrastructure we have in place

is producing consistent financial results, inclusive of over 77% of our revenue being classified as recurring. Driven through higher volumes,

stronger cash collections and continuing to support the business with lower operating costs, we have begun to see what more meaningful

scale will look like for our financial model. Moreover, organic growth has been a top priority for the team, and the 10% organic growth

achieved year-over-year signifies the ongoing execution company-wide. Our deep acquisition pipeline consists of a wide range of targets,

in terms of size and scale and the exemplary financial position we have provides us the ability to target more meaningful acquisition

candidates that work significantly to move the needle throughout favorable geographical regions in the United States. We are extremely

excited for 2022 and look forward to driving shareholder value with continued operating excellence."

financial statements of the Company for the year ended September 30, 2021, and 2020 and accompanying Management Discussion &

Analysis (MD&A) are available at www.sedar.com.

With the filing of these documents, and the CEO

and CFO certificates, all as required by National Instrument 51-102, the Company has now filed the documents which were late which resulted

in the management cease trade order issued by the British Columbia Securities Commission on December 30, 2021, and such filing represents

the Company's application for revocation of the management cease trade order.

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 recent acquisition disclosed herein is unaudited and derived as a result of the Company's due diligence, including a review

of the acquisition'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

Forward-Looking Statements

statements contained in this press release constitute "forward-looking information" as such term is defined

in applicable Canadian and United States securities legislation. The words "may", "would", "could",

"should", "potential", "will", "seek", "intend",

"plan", "anticipate", "believe", "estimate", "expect" and similar

expressions as they relate to the Company, including: the Company anticipating margins normalizing

above 20% when full integration of fiscal Q4 acquisitions are completed; the anticipated Adjusted EBITDA of acquisitions completed since

the end of fiscal year 2021; the Company's outlook for calendar 2022 ; the Company maintaining over 20% margins for calendar

2022 amid an aggressive acquisition pace; the Company expecting fiscal year 2022 to be another record year; and the Company expecting

to be extremely active on the acquisition front throughout 2022; are intended to identify forward-looking information. All

statements other than statements of historical fact may be forward-looking information.

Such statements reflect the Company's current views and intentions with respect to future events, and

current information available to the Company, and are subject to certain risks, uncertainties, and

assumptions, including: acquisitions achieving results at least as good as historical performances; the financial information

regarding acquisitions being verified when included in the Company's consolidated financial statements prepared in accordance

with generally accepted accounting principles in Canada as set out in the CPA Canada Handbook - Accounting under Part

I, which incorporates International Financial Reporting Standards as issued by the International Accounting Standards Board ;

the Company successfully identified, negotiating and completing additional acquisitions, including accretive acquisitions; the

Company organically growing at a rate of 10% and completing acquisitions that add at least $32 million in new revenue in order

to meet 2022 outlook. Many factors could cause the actual results, performance or achievements that may be

expressed or implied by such forward- looking information to vary from those described herein should

one or more of these risks or uncertainties materialize. Examples of such risk factors include, without

limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity;

operational (including technology and infrastructure); reputational; insurance; strategic; regulatory;

legal; environmental; capital adequacy; the general business and economic conditions in the regions

in which the Company operates; the ability of the Company to execute on key priorities, including the

successful completion of acquisitions, business retention, and strategic plans and to attract, develop and

retain key executives; difficulty integrating newly acquired businesses; the ability to implement business

strategies and pursue business opportunities; low profit market segments; disruptions in or attacks

(including cyber-attacks) on the Company's information technology, internet, network access or other voice

or data communications systems or services; the evolution of various types of fraud or other criminal behavior

to which the Company is exposed; the failure of Third parties to comply with their obligations to the Company

or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline

of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence

on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation

environment, including in the United States; increased competition; changes in foreign currency rates; increased funding