- Quipt Home Medical (TSX:QIPT) reported its financial results for Q4 and fiscal year ended September 30, 2024
- Quipt reported fiscal year 2024 revenue of US$245.9 million, marking a 16.2 per cent increase from US$211.7 million in fiscal year 2023
- For Q4 2024, revenue was US$61.3 million, a 3 per cent increase from US$59.6 million in Q4 2023
- Quipt Home Medical stock (TSX:QIPT) last traded at C$4.38
Quipt Home Medical (TSX:QIPT) reported its financial results for Q4 and fiscal year ended September 30, 2024. The company reported significant growth and operational achievements despite facing industry challenges.
Financial highlights
- Annual revenue: Quipt reported fiscal year 2024 revenue of US$245.9 million, marking a 16.2 per cent increase from US$211.7 million in fiscal year 2023. Organic growth contributed approximately US$7.1 million, or 3 per cent.
- Quarterly revenue: For Q4 2024, revenue was US$61.3 million, a 3 per cent increase from US$59.6 million in Q4 2023.
- Adjusted EBITDA: Fiscal year 2024 adjusted EBITDA was US$57.9 million, representing a 23.5 per cent margin, and a 14.3 per cent increase from US$50.6 million (23.9 per cent margin) in fiscal year 2023. Q4 2024 Adjusted EBITDA was US$13.4 million (21.8 per cent margin), down 8.8 per cent from $14.7 million (24.6 per cent margin) in Q4 2023.
- Net income (koss): The company reported a net loss of US$6.8 million, or $0.16 per diluted share, for fiscal year 2024, compared to a net loss of US$2.8 million, or $0.07 per diluted share, in fiscal year 2023.
- Cash flow: Cash flow from operations was US$35.4 million for fiscal year 2024, compared to US$37 million in fiscal year 2023. As of September 30, 2024, Quipt had US$16.2 million in cash on hand and total credit availability of US$34.7 million.
Operational highlights
- Customer base: The customer base grew by 4 per cent year-over-year, serving approximately 153,000 unique patients in Q4 2024.
- Set-ups/deliveries: The company completed approximately 854,000 unique set-ups/deliveries in fiscal year 2024, a 13 per cent increase from 754,000 in fiscal year 2023. This includes a 21 per cent increase in respiratory resupply set-ups/deliveries.
- Recurring revenue: Recurring revenue accounted for 78 per cent of total revenue, driven by the growth of the resupply platform, which now represents 51 per cent of the recurring revenue mix.
Leadership insights
“Despite facing unique challenges this year, we delivered record revenue, positive year-over-year organic growth and maintained a strong Adjusted EBITDA Margin,” Quipt’s chairman and CEO, Gregory Crawford said in a news release. “As we look ahead to calendar 2025 and beyond, we have a high confidence level in our ability to return to consistent, historical organic growth levels. Our focus remains on leveraging the demographic trends such as the aging population and increasing prevalence of chronic respiratory conditions, while expanding our referral base through our growing salesforce and strategic investments. By combining these initiatives with our disciplined approach to inorganic growth, we aim to strengthen our market position and deliver sustained growth.”
Quipt Home Medical is a U.S.-based home medical equipment provider focused on end-to-end respiratory care.
Quipt Home Medical stock (TSX:QIPT) last traded at C$4.38 and has risen 11.45 per cent over the past three months, though it has fallen 35.11 per cent since the year began.
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