Full Press Release Details
QUIPT HOME MEDICAL REPORTS RECORD THIRD QUARTER
FISCAL 2021 FINANCIAL RESULTS
POSTS REVENUE GROWTH OF 41% AND ADJUSTED EBITDA
STRONG ORGANIC GROWTH OF 11% YTD AS COMPARED
Cincinnati, Ohio - August 23, 2021
- 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 third quarter fiscal 2021 financial results and operational
highlights. These results pertain to the three and six months ended June 30, 2021 and are reported in U.S. Dollars.
Quipt will host its Quarterly Earnings Conference
Call on Tuesday, August 24, 2021 at 10:00 a.m. (ET). The dial-in number is 1 (800) 309-4610 or 1 (604) 638-5340.
"We continue to produce exceptional results,
highlighted by our robust organic growth, driven by the strong execution displayed across the organization, comprised of over 600 dedicated
team members. Our record third quarter financial and operating results are a direct result of our ability to leverage ongoing technology
implementation and workflow processes to improve our operations. Strength in the underlying business combined with secular tailwinds and
a bullish regulatory landscape provide us extraordinary opportunity to scale aggressively," said CEO and Chairman Greg Crawford.
"We have been extremely busy this year, entering five new states (Florida, California, Missouri, Arkansas and Mississippi), as we
expand from a regional homecare provider into a national provider, within the United States. For the first time, we will utilize the Quipt
brand name post-integration of acquisitions where it makes sense, marking the start of a longer-term plan to transition certain local
market brands to Quipt, which we strongly believe will be a driver of future organic growth. The platform we have allows for organic and
inorganic growth to be efficiently layered on to generate economies of scale. We have the substantial financial resources and operating
expertise to build on the highly scalable platform we have, and we expect to be active on the acquisition front over the remainder of
As many of you are aware, in mid-June, Philips
Respironics issued a product recall for a large portion of their CPAPs, BiPaps and ventilators. Philips has been a fantastic partner to
us over the years, and we are committed to working through the recall united together. As it relates to our supply chain, it is worth
noting, Philips represents a minority percentage of the impacted category for us, and we have not experienced any material impact to date.
The Quipt clinical team has done an excellent job working with patients and physicians to manage this complex process and we will continue
to work diligently to minimize any future impact. Our focus on delivering superior patient care positions us well to drive future growth."
Chief Financial Officer Hardik Mehta added,
"I am very proud of our record breaking third quarter financial and operating results. We reached the high end of our target
run-rate revenue range one quarter early, nearing $105 million, whilst maintaining an above 20% Adjusted EBITDA margin inclusive of
the one-time costs related to our listing on NASDAQ. Our strong performance was driven through higher volumes, cash collections and
continuing to support the business with lower operating costs. Organic growth has been a top priority for the team, and the 11%
organic growth achieved year-to-date embodies the ongoing execution company-wide. Our infrastructure allows us to scale quickly as
evidenced by the entrance into five new U.S. states so far this year, adding over $15 million in revenue, and 35,000 active
patients. Our robust financial position provides us the ability to target meaningful acquisition candidates that work significantly
to move the needle for our coverage sphere in the United States. Our pipeline continues to be very strong and I am excited to
welcome David Chester to our team, to lead our acquisition and integration initiatives. We believe David will be instrumental in
driving future growth and assist us in accelerating our acquisition pace."
financial statements of the Company for the three and six months ended June 30, 2021, and 2020 and accompanying Management Discussion &
Analysis (MD&A) are available at www.sedar.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.
There can be no assurance that any future acquisitions
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.
Forward-Looking Statements
Certain 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
expecting the margin profile of the three new acquisitions announced on July 14, 2021 to be in line with the overall
business, post integration; the Company expecting its Missouri acquisition to have an Adjusted EBITDA of $1.1 million post
integration (meaning within approximately six months); the Company aggressively scaling; the Company believing that the
transition in certain local market brands to Quipt, will be a driver of future organic growth; and the Company expecting to
be active on the acquisition front over the remainder of the year; 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. 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 costs and market volatility due to market illiquidity and
competition for funding; the availability of funds and resources to pursue operations; critical
accounting estimates and changes to accounting standards, policies, and methods used by the
Company; the occurrence of natural and unnatural catastrophic events and claims resulting
from such events; and risks related to COVID-19 including various recommendations, orders and
measures of governmental authorities to try to limit the pandemic, including travel
restrictions, border closures, non-essential business closures, quarantines,
self-isolations, shelters- in-place and social distancing, disruptions to markets, economic
activity, financing, supply chains and sales channels, and a deterioration of general
economic conditions including a possible national or global recession ; as
well as those risk factors discussed or referred to in the Company's disclosure
documents filed with United States Securities and Exchange Commission and available at www.sec.gov, and with the
securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the
Company in an unexpected manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may differ materially from the