- Quipt Home Medical Corp. (QIPT) has acquired a privately held biomedical services company with operations located in the Southeastern United States
- Quipt acquired the company for approximately $700,000 in cash, and the acquisition is expected to increase annual revenues by approximately $1.5 million and net income by approximately $225,000
- The acquisition provides Quipt with an opportunity to expand into a new service line of biomedical repair services for respiratory equipment including preventative maintenance
- The services offer a wide range of respiratory products including ventilators, oxygen devices, CPAP/bilevel devices and more
- Quipt Home Medical Corp. (QIPT) is down 0.47 per cent and is trading at $8.40 per share as of 2:14 p.m. ET
Quipt Home Medical Corp. (QIPT) has acquired a privately held biomedical services company with operations located in the Southeastern United States.
Quipt acquired the company for approximately $700,000 in cash, and the acquisition is expected to increase annual revenues by approximately $1.5 million and net income by approximately $225,000.
The acquisition provides Quipt with an opportunity to expand into a new service line of biomedical repair services for respiratory equipment including preventative maintenance.
The services offer a wide range of respiratory products including ventilators, oxygen devices, CPAP/bilevel devices and more.
This includes devices from both the acute and non-acute settings from within the home and hospital environments.
Quipt’s focus on superior patient care and safety are at the forefront with this acquisition and the company sees an opportunity to further relationships with new and existing long-term care facilities, hospital systems and other medical facilities across the country.
Quipt will have the opportunity to acquire used equipment and repair in-house, allowing the ability to redeploy equipment on its patient population, thus providing the opportunity to lower equipment acquisition costs.
The company will be able to assist healthcare providers to improve the operational efficiency of their respiratory equipment program.
Quipt will enter a new sales channel by engaging with customers in this new business unit.
Also, it will have the opportunity to service medical equipment outside of its current product mix over time, providing additional growth opportunities.
Quipt Home Medical Corp. (QIPT) is down 0.47 per cent and is trading at $8.40 per share as of 2:14 p.m. ET.
