- Quipt Home Medical (TSX/NASDAQ:QIPT) has received a notice from Philotimo Fund LP, an entity affiliated with Kanen Wealth Management, stating the intent to solicit proxies for four director candidates to Quipt’s board in opposition to the company’s own candidates
- Quipt provides in-home monitoring and disease management services, including end-to-end respiratory solutions, for patients in the United States healthcare market
- The healthcare technology stock has given back 27.13 per cent year-over-year but remains up by 28.33 per cent since 2020
Quipt Home Medical (TSX/NASDAQ:QIPT) has received a notice from Philotimo Fund LP, an entity affiliated with Kanen Wealth Management, stating the intent to solicit proxies for four director candidates to Quipt’s board in opposition to the company’s own candidates.
Quipt’s board and nominating and corporate governance committee are reviewing the notice from the perspective of maximizing shareholder value, but have yet to receive formal nominations for any board candidates.
According to Stockhouse data, Kanen Wealth owns a 5.9 per cent position in Quipt, making it the fourth-largest shareholder after CEO Gregory Crawford (6.85 per cent), Forager Capital Management (9.75 per cent) and Claret Asset Management (10.55 per cent).
Quipt more than tripled revenue from US$72.64 million in 2020 to US$245.92 million in 2024, though operations have provided no evidence of being on a path to consistent net income profitability.
Leadership insights
“Our priority has always been to execute on our strategic growth plan ensuring we position the company for long-term success and adhere to the highest standards of corporate governance,” Mark Greenberg, lead independent director of Quipt Home Medical’s board, said in a statement. “The company has delivered consistent financial and operational performance in the midst of a challenged industry environment, and we believe our disciplined approach has positioned us to generate sustainable value for all stakeholders. We continue to evaluate and pursue avenues in which we can increase shareholder value, and we will not be distracted from achieving our long-term goals.”
About Quipt Home Medical
Quipt provides in-home monitoring and disease management services, including end-to-end respiratory solutions, for patients in the United States healthcare market.
Quipt Home Medical stock (TSX:QIPT) is up by 0.43 per cent trading at C$4.62 per share as of 10:35 am ET. The stock has given back 27.13 per cent year-over-year but remains up by 28.33 per cent since 2020.
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(Top photo of a Quipt Home Medical location in Corinth, Mississippi: Quipt Home Medical)
