CINCINNATI, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“ Quipt ” or the “ Company ”) (NASDAQ:QIPT; TSX:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, is very pleased to announce that it has acquired a business with operations in Mississippi, Texas and Louisiana reporting unaudited annual revenues (12 months ending June 30, 2023) of approximately $9 million ‎with anticipated Adjusted EBITDA (defined below) of $2 million post integration. As a reminder all financial figures stated are in USD.

Acquisition Details

The acquisition adds scale with ten locations across three states, 17,500 active patients, 1,900 unique referring physicians, important insurance contracts, and decades of operating experience in the markets served. This acquisition allows the Company to further penetrate key sales touch points in major target markets across Mississippi, Texas and Louisiana and is expected to assist with organic growth initiatives in those markets post-integration. Moreover, the business has a diverse payor mix and a heavily weighted respiratory product mix.

The operating footprint aligns closely with regions that have a high prevalence of Chronic Obstructive Pulmonary Disease (“ COPD ”), a key target patient group. According to National Institutes of Health (NIH) about 1.5 million people across the three states have COPD ¹ . As a growing leader in clinical respiratory care, the favorable demographics, additional insurance contracts and infrastructure, afford Quipt the ideal conditions to accelerate its national expansion efforts.

The Company is pleased to share the following updated metrics on a consolidated basis taking into consideration the acquisition disclosed herein:

• 287,500 current active patients
• 34,400 referring physicians
• 125 locations across 26 U.S. States
  

Additionally, the acquisition adds significant opportunity to increase resupply revenue once sleep patients are onboarded to Quipt’s robust resupply program and the acquisition footprint is expected to create additional opportunities to expand Quipt’s access for accretive tuck-in acquisitions.

The acquisition increases Quipt’s current annual revenues by approximately $9 million and is expected to increase Quipt’s Adjusted EBITDA, post integration, by $2 million. The acquisition purchase price is at historical multiples paid by the Company.

Management Commentary

“The completion of this transaction demonstrates our ongoing patience and discipline as it relates to our capital allocation approach. At favorable terms, we were able to significantly expand in three attractive existing states. Given that there are more than 1.5 million COPD patients residing in Mississippi, Texas and Louisiana, we increase our footprint in those three states,” said Greg Crawford, Chairman and CEO of Quipt. “Our team of operators will once again utilize our tried-and-true integration approach to efficiently integrate this business onto our existing platform, continuing to build scale across the organization. Moreover, we believe there is an opportunity to leverage our resupply program immediately, creating actionable revenue synergies for us. Additionally, the substantial patient base and excellent referral network we have built up in these three states allow us to take a “land and expand” approach to future growth, which will support our organic growth goals.”

Chief Financial Officer, Hardik Mehta added, “This accretive transaction checks all the boxes for us, as we were able to acquire respiratory focused business in attractive markets at favorable terms. The acquisition adds $9 million in annual revenue and $2 million of Adjusted EBITDA post integration, which represents a very strong margin profile. We are very excited about the growth opportunities that will open as a result of this acquisition. Post-closing, we continue to possess a very strong balance sheet with significant flexibility to go after accretive acquisition targets that fit our stringent criteria. We anticipate a smooth integration process, which has served as the cornerstone of our consistently strong financial and operational results. As we look ahead, we will continue to expand our ability to serve critical geographic areas with our full range of respiratory care products and services.”

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.

Reader Advisories

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.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎‎‎as ‎they relate to the Company, including: the acquisition increasing the Company’s annual revenues by approximately $9 million ‎with anticipated Adjusted EBITDA of $2 million post integration; t he acquisition footprint creating additional opportunities to expand Quipt’s access for accretive tuck-in acquisitions; the Company efficiently integrating the acquired business onto the Company’s existing platform, continuing to build scale across the organization; the Company believing there is an opportunity to leverage its resupply program immediately, creating actionable revenue synergies; the Company’s expectations for organic growth; and the ‎Company ‎completing additional acquisitions; 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: the ‎Company successfully identified, ‎‎negotiating and ‎completing additional acquisitions; and operating and other financial metrics (including by the acquisition target) maintaining their ‎current trajectories. 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: risks related ‎to credit, market ‎‎‎(including equity, commodity, foreign exchange and interest ‎rate), ‎liquidity, operational ‎‎(including technology ‎and ‎infrastructure), reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and ‎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 U.S.; ‎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 results or events predicted. ‎Any such forward-‎looking information is expressly qualified ‎in its ‎‎entirety by this cautionary statement. Moreover, ‎the Company ‎does not assume responsibility for the ‎accuracy or ‎‎completeness of such forward-looking ‎information. The ‎forward-looking information included in this ‎press release ‎‎is made as of the date of this press ‎release and the ‎Company undertakes no obligation to publicly ‎update or revise ‎‎any forward-looking information, ‎other than as ‎required by applicable law‎.‎

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock-based compensation. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company, as applicable, including interest expense, income taxes, depreciation, amortization, stock- based compensation, goodwill impairment and change in fair value of debentures and financial derivatives.

For further information please visit our website at www.Quipthomemedical.com , or contact:

Cole Stevens
VP of Corporate Development
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

¹ https://www.nhlbi.nih.gov/health-topics/education-and-awareness/copd-learn-more-breathe-better/state-prevalence

CINCINNATI, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ” or “ Quipt ") (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced its third quarter fiscal 2023 financial results and operational highlights. These results pertain to the three and nine months ended June 30, 2023, and are reported in U.S. Dollars.

Quipt will host its Earnings Conference Call on Tuesday, August 15, 2023, at 10:00 a.m. (ET). The dial-in number is 1 (800) 319-4610 or 1 (604) 638-5340. The live audio webcast will be accessible on the investor section of the Company’s website through the following link: www.quipthomemedical.com .

Financial Highlights :

• Revenues for fiscal Q3 2023 were $60.3 million compared to $36.7 million for fiscal Q3 2022, representing a 64% increase year-over-year.
  • Compared to Q2 2023, the Company experienced sequential organic growth of 4% and expects continued strong organic growth for rest of calendar 2023.

• Revenues for the nine months ended June 30, 2023, increased to $159.2 million, representing an increase of 60% from the nine months ended June 30, 2022.
  
  
• Recurring Revenue (defined below) for fiscal Q3 2023 continues to be strong and exceeded 80% of revenues.
  
  
• Adjusted EBITDA (defined below) for fiscal Q3 2023 was $13.9 million (23% of revenues), compared to Adjusted EBITDA for fiscal Q3 2022 of $7.7 million (21% of revenues), representing an 80% increase year-over-year. The Company expects to continue to see strong margin performance.
• Adjusted EBITDA for the nine months ended June 30, 2023, increased to $36 million, representing an increase of 73% from the nine months ended June 30, 2022, and represented 23% of revenues.
  
  
• For fiscal Q3 2023, bad debt expense was at 4% of revenues compared to 9% in fiscal Q3 2022. This significant decrease is primarily due to improved collections processes and symbolizes the Company’s ability to scale and add more revenue through acquisitions without compromising billing capabilities.
  
  
• Cash flow from continuing operations was $27 million for the nine months ended June 30, 2023, compared to $19 million for the nine months ended June 30, 2022.
• The Company reported $20 million of cash on hand and $41 million available on its senior credit facility as of June 30, 2023, with $20 million available on a revolving line of credit and $21 million available on a delayed-draw term loan.
• The Company maintains a conservative balance sheet with net debt to Adjusted EBITDA leverage of 1.4x.

Operational Highlights :

• The Company’s customer base increased 58% year over year to 140,515 unique patients served in fiscal Q3 2023, compared to 89,085 unique patients in fiscal Q3 2022.
  
  
• Compared to 133,704 unique set-ups/deliveries in fiscal Q3 2022, the Company completed 202,587 unique set-ups/deliveries in fiscal Q3 2023, an increase of 52%. There were 108,391 respiratory resupply set-ups/deliveries during fiscal Q3 2023 compared to 62,815 during fiscal Q3 2022, an increase of 73%, which the Company credits to its continued use of technology and centralized intake processes.
  
  
• The Company’s product mix is 81% respiratory as of June 30, 2023.
• The Company continues to experience robust demand for respiratory equipment, such as oxygen concentrators, ventilators, as well as the CPAP resupply and other supplies business.
• On June 21, 2023, the Company’s common shares commenced trading on the Toronto Stock Exchange (the “ TSX ”) under the symbol “QIPT” and were concurrently delisted and ceased trading on the TSX ‎Venture Exchange.‎

Subsequent Highlights :

• On July 31, 2023, the Company made an investment of $1.5 million to purchase approximately 10% of DMEScripts LLC, an independent e-prescribe company dedicated to improving the patient, prescriber, and provider experience by eliminating inefficiencies and reducing paperwork.
  
  
  • The investment was made to ensure participation in the future growth of e-prescription usage within the DME industry and align the Company with its major peers in the industry to further collaborate and innovate. Electronic prescribing is essential to the DME industry, as this technology aims to boost productivity, reduce errors, boost compliance, and improve patient outcomes.
    
    

Management Commentary :

“We are thrilled to announce robust fiscal third quarter results, which display record sequential organic growth and additional margin acceleration, clearly illustrating that our business continues to fire on all cylinders. We are also thrilled to report that our key performance indicators have exceeded our baseline expectations and suggest strong and sustained momentum across the organization in real time. Our healthcare network’s key expansion across the United States has been driven by our continued penetration of key sales touchpoints, the successful integration and exceptional performance of our largest acquisition to date, and the strength of our core business. Our long-term growth strategy will continue to focus on driving organic volume growth, focused acquisition strategy that utilizes our proven integration process, and by leveraging upon our acquisition pipeline,” said CEO and Chairman Greg Crawford.

“We are spreading our patient-centric ecosystem across the United States by concentrating on regions with a high prevalence of chronic obstructive pulmonary disease (COPD). Our commitment to our clinical services model coupled with providing a broad spectrum of respiratory and equipment solutions has been a key factor in our success to date. Additionally, as the need for efficient and timely home health care increases in order to ease the strain on the traditional healthcare system, we take our role as a major provider of these services very seriously and will always focus on providing superior patient care. Due to the favorable demographic trends, bullish regulatory environment, continued strong demand for respiratory equipment, and our consistent operational performance, we continue to have major tailwinds at our back.”

Chief Financial Officer Hardik Mehta added, “Throughout the year, our business has continued to strengthen, and we are experiencing the organic growth and margin expansion that we had been aiming for. Our heavily weighted respiratory product mix and services, as well as our focus on operational savings and efficient cost management, have helped our Adjusted EBITDA margin reach 23%. Additionally, we are pleased by the acceleration of organic growth trends, which in the fiscal third quarter grew by 4% sequentially when compared to the fiscal second quarter. We anticipate that this stronger organic growth versus our historical average will persist as we continue expanding the continuum of care in key markets. Given our operational excellence, strong balance sheet, with a very modest net leverage ratio of 1.4x and a high level of financial flexibility, we are in a great position to execute our growth strategy and move quickly when the right opportunity presents itself.”

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.

Reader Advisories

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.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎‎as ‎they relate to the Company, including: the Company’s expectations for organic growth; and the ‎Company completing additional acquisitions; 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: the ‎Company successfully identified, ‎negotiating and ‎completing additional acquisitions; and operating and other financial metrics maintaining their current trajectories. 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: risks related to credit, market ‎‎‎(including equity, commodity, foreign exchange and interest ‎rate), ‎liquidity, operational (including technology ‎and ‎infrastructure), reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and 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 U.S.; ‎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 results or events predicted. ‎Any such forward-looking information is expressly qualified ‎in its ‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the ‎accuracy or ‎‎completeness of such forward-looking ‎information. The forward-looking information included in this ‎press release ‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly ‎update or revise ‎‎any forward-looking information, ‎other than as required by applicable law‎.‎

Non-GAAP Measures

This press release refers to “Recurring Revenue” and “Adjusted EBITDA”, which are non-‎GAAP and non-IFRS financial measures that do not have standardized meanings prescribed by GAAP or IFRS. The ‎Company’s presentation of these financial measures may not be comparable to similarly titled measures used by ‎other companies. These financial measures are intended to provide additional information to investors concerning ‎the Company’s performance.‎

Recurring Revenue for Quipt for fiscal Q3, 2023, as used in this press release, is calculated as rentals of medical equipment of $25.7 million plus sales of respiratory resupplies of $22.7 million for a total of $48.4 million, divided by total revenues of $60.3 million, or 80%.

EBITDA is defined as net income (loss), and adding back interest expense, net, depreciation and amortization, and provision (benefit) for income taxes. Adjusted EBITDA is defined as EBITDA and adding back stock-based compensation, acquisition-related costs, gain or loss on foreign currency transactions, loss on extinguishment of debt, other income from government grant, and change in fair value of debentures. ‎EBITDA and Adjusted EBITDA are non-IFRS measures that the Company uses as an indicator of financial health and exclude ‎several items which may be useful in the consideration of the financial condition of the Company. The following table shows our Non-IFRS measures (EBITDA and Adjusted EBITDA) reconciled to our net income (loss) for the ‎following indicated periods‎ (in $millions)‎:‎

For further information please visit www.Quipthomemedical.com, or contact:‎

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

CINCINNATI, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ”) (NASDAQ: QIPT) (TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced that it will host its Fiscal Q3 2023 earnings conference call and audio webcast on Tuesday, August 15, 2023 at 10:00 a.m. (ET).

Conference Call Details:

Audio Webcast Details:

The live audio webcast can be found on the investor section of the Company’s website through the following link: www.quipthomemedical.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.

For further information please visit our website at www.quipthomemedical.com , or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

CINCINNATI, July 24, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ”) (NASDAQ:QIPT; TSX:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced that members of its management team will host a webcasted fireside chat and participate in 1x1 meetings at the 43 ^rd Annual Canaccord Growth Conference on August 9 ^th - 10 ^th , 2023. The conference will be held in person at the InterContinental Boston.

Webcasted Fireside Chat

The live webcast of the fireside chat will be available by visiting the investors' section of the Company’s website at www.quipthomemedical.com . The webcast will also be available for replay on the Company’s website following the event.

ABOUT QUIPT HOME MEDICAL

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.

For further information please visit our website at www.Quipthomemedical.com, or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

CINCINNATI, June 20, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“ Quipt ” or the “ Company ”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, is very pleased to announce that it has received final approval to list its common shares on the Toronto Stock Exchange (the “ TSX ”) and will commence trading on the TSX at market open on June 21, 2023 under the symbol “QIPT”. Concurrent with the commencement of trading on the TSX, the common shares will be delisted and will cease trading on the TSX Venture Exchange.

“We are incredibly proud to announce the commencement of trading on the Toronto Stock Exchange. This significant milestone underscores our commitment to growth and provides a strong foundation for our investors. As we work to establish ourselves as a national leader in respiratory care across the United States, our ability to list on the TSX shows the sustained expansion of our organization over the years and the ongoing momentum across the business,” said Greg Crawford, Chairman and CEO of Quipt. “We believe that this listing will provide us with increased visibility and access to a broader investor base, which will further support our mission to deliver exceptional value to our shareholders. We’re excited about this next step in our journey and are deeply appreciative of the support from our investors, our team, and the TSX.”

Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing. There will be no change in the trading symbol or CUSIP for the common shares. In addition, the Company’s common shares will continue to trade on NASDAQ in the United States under the symbol “QIPT”.

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.

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎‎as ‎they relate to the Company, including: the Company establishing itself as a national leader in respiratory care across the United States; and the Company believing that its TSX listing will provide it with ‎increased visibility and access to a broader investor base‎; 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: risks related to credit, market ‎‎(including equity, ‎commodity, foreign exchange and interest ‎rate), ‎liquidity, operational (including technology ‎and infrastructure), ‎reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and 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 U.S.; ‎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 results or events predicted. ‎Any such forward-looking information is expressly qualified in its ‎‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the accuracy or ‎‎‎completeness of such forward-looking ‎information. The forward-looking information included in this press release ‎‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly update or revise ‎‎‎any forward-looking information, ‎other than as required by applicable law‎.‎

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 of this release.

For further information please visit our website at www. Quipthomemedical .com, or contact:‎

Cole Stevens
VP of Corporate Development ‎
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

CINCINNATI, June 01, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ” or “ Quipt ”) (NASDAQ: QIPT; TSXV: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced it has terminated its previously announced “at-the-market” (“ ATM ”) equity program put in place pursuant to an equity distribution agreement dated May 15, 2023 by and among the Company, Canaccord Genuity and Beacon ‎Securities Limited. The Company has not made use of this ATM and, has elected to terminate the ATM as a result of market conditions and to limit ‎uncertainty and unfavorable dilution for its shareholders during this period of global ‎market uncertainty.‎

Greg Crawford, the Company’s CEO, commented, “Given our robust balance sheet with modest leverage, strong operating cash flow generation and track record of careful capital deployment with a focus on enhancing long-term shareholder value, we opted to discontinue the ATM program to limit uncertainty and potential unfavorable dilution for our shareholders,” said Greg Crawford, CEO and Chairman of Quipt. “On the heels of our exceptional fiscal Q2 2023 financial results, the installation of the ATM was done to economically diversify our potential sources of capital to fund our long-term acquisition strategy focused on accretive acquisition opportunities. As we previously announced, the Company had no current intention of making use of the ATM given the significant liquidity profile we have, and believed it was a prudent tool to have in place for the future if such a time arose where it made sense. Given the response from shareholders, and significant disconnect between our valuation and fundamentals of the business, as well as the fact that the Company does not require the ATM for capital, we have come to the conclusion that the ATM program is not appropriate for the Company and have made the decision to immediately terminate it. The conversations that we have had with many of our shareholders have been incredibly constructive, and the termination shows our willingness to consider our shareholders’ concerns and act accordingly. Our business continues to perform very strongly, and we are committed to executing on our long-term strategic growth strategy with the ample liquidity access we have.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

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.

Reader Advisories

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.‎

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 of this release.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎as ‎they relate to the Company, including: the Company anticipated capital needs and sufficiency of liquidity resources; 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: risks related to credit, market ‎‎(including equity, commodity, foreign exchange and interest ‎rate), ‎liquidity, operational (including technology ‎and infrastructure), reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and 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 U.S.; ‎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 results or events predicted. ‎Any such forward-looking information is expressly qualified in its ‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the accuracy or ‎‎completeness of such forward-looking ‎information. The forward-looking information included in this press release ‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly update or revise ‎‎any forward-looking information, ‎other than as required by applicable law‎.‎

For further information please visit our website at www.Quipthomemedical.com, or contact:‎

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

CINCINNATI, May 23, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, is very pleased to announce it is on a preliminary list dated May 19, 2023 issued by FTSE Russell to join the Russell 2000 ^® and 3000 ^® Indexes at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the U.S. market opens on June 26, 2023. Updates are provided by the Russell Microcap Index on May 26, June 2, June 9, June 16 and June 23.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 28, 2023, ranking them by total market capitalization. Membership in the US all-cap Russell 3000 ^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Being included in the Russell 2000 ^® and 3000 ^® Indexes would be an affirmation of our strategic journey and a testament to the relentless efforts of our team. We remain committed to delivering sustained value to our shareholders and are thrilled by the idea of being included with some of the most forward-thinking companies in the United States, which we believe would considerably increase our visibility and access to the worldwide investment community,” commented Greg Crawford, CEO and Chairman of Quipt. “This inclusion would truly reflect the substantial growth experienced by our company and our evolution as a publicly traded company over the last several years. We are extremely well positioned to continue executing on our growth strategy, which has yielded robust and consistent financial performance, and we look forward to providing our shareholders with updates as we progress on our future vision."

For more information on the Russell 2000 ^® and 3000 ^® Indexes and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website .

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.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. For more information, visit www.ftserussell.com .

Reader Advisories

While the Company is on the May 19, 2023 preliminary list for inclusion on the Russell 2000 ^® and 3000 ^® Indexes, no assurance can be given that it will ultimately be on the final list.

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 of this release.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎‎as ‎they relate to the Company, including: inclusion on the Russell 2000 ^® and 3000 ^® Indexes and the results of such inclusions; and the Company believing ‎joining the indexes would significantly bolster its visibility and access to the global investment community; 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: the Company meeting the inclusion standards of the Russell 2000 ^® and 3000 ^® Indexes. 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: risks related to credit, market ‎‎(including equity, ‎commodity, foreign exchange and interest ‎rate), ‎liquidity, operational (including technology ‎and infrastructure), ‎reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and 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 U.S.; ‎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 results or events predicted. ‎Any such forward-looking information is expressly qualified in its ‎‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the accuracy or ‎‎‎completeness of such forward-looking ‎information. The forward-looking information included in this press release ‎‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly update or revise ‎‎‎any forward-looking information, ‎other than as required by applicable law‎.‎

For further information please visit our website at www.Quipthomemedical.com, or contact:‎

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

CINCINNATI, May 16, 2023 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ” or “ Quipt ") (NASDAQ: QIPT; TSXV: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced its second quarter fiscal 2023 financial results and operational highlights. These results pertain to the three and six months ended March 31, 2023, and are reported in U.S. Dollars.

Quipt will host its Earnings Conference Call on Tuesday, May 16, 2023, at 10:00 a.m. (ET). The dial-in number is 1 (800) 319-4610 or 1 (604) 638-5340. The live audio webcast can be found on the investor section of the Company’s website through the following link: www.quipthomemedical.com .

Financial Highlights :

• Revenues for fiscal Q2 2023 were $58.1 million compared to $33.6 million for fiscal Q2 2022, representing a 73% increase year-over-year.
  • Compared to Q1 2023, the Company experienced very strong sequential organic growth of 2.5%.
  • The Company anticipates organic growth continuing to meet or surpass historical levels of 8%-10% annually as calendar 2023 progresses.
    
• Revenues for the six months ended March 31, 2023, increased to $98.9 million, representing an increase of 56.8% from the six months ended March 31, 2022.
  
• Recurring Revenue (defined below) for fiscal Q2 2023 continues to be strong and exceeded 78% of revenues.
  
• Adjusted EBITDA (defined below) for fiscal Q2 2023 was $13.1 million (22.5% of revenues), compared to Adjusted EBITDA for fiscal Q2 2022 of $7.0 million (21.0% of revenues), representing an 86% increase year-over-year. The Company expects to continue to see strong margin performance throughout fiscal 2023.
• Adjusted EBITDA for the six months ended March 31, 2023, increased to $22.1 million, representing an increase of 69% from the six months ended March 31, 2022, and represented 22.3% of revenues.
  
• For fiscal Q2 2023, bad debt expense was at 4.2% of revenues compared to 9.4% in fiscal Q2 2022. This decrease is primarily due to improved collections and is attributable to the Company’s ability to scale and add revenue through add-on acquisitions without compromising billing capabilities.
  
• Cash flow from continuing operations was $14.8 million for the six months ended March 31, 2023, compared to $11.8 million for the six months ended March 31, 2022.
• The Company reported $2.1 million of cash on hand and $28 million available on its senior credit facility as of March 31, 2023, with $7 million available on the revolving line of credit and $21 million available on the delayed-draw term loan.
  • Subsequent to March 31, 2023, on April 25, 2023, the Company completed a bought deal public offering and concurrent private placement of common shares for net proceeds of $28.9 million (the “ April Offering ”). The Company’s pro forma balance sheet, taking into consideration the April Offering, contains $18 million of cash and $41 million available on its senior credit facility.
• The Company maintains a conservative balance sheet with net debt to Adjusted EBITDA of 1.5x on a pro forma basis, taking into consideration the April Offering.
  

Operational Highlights :

• The Company’s customer base increased 76% year over year to 137,748 unique patients served in fiscal Q2 2023, compared to 78,273 unique patients in fiscal Q2 2022.
  
• Compared to 118,878 unique set-ups/deliveries in fiscal Q2 2022, the Company completed 198,101 unique set-ups/deliveries in fiscal Q2 2023, an increase of 67%. There were 106,486 respiratory resupply set-ups/deliveries during fiscal Q2 2023 compared to 50,713 during fiscal Q2 2022, an increase of 110%, which the Company credits to its continued use of technology and centralized intake processes.
  
• The Company’s product mix is 79% respiratory as of March 31, 2023.
• The Company continues to experience robust demand for respiratory equipment, such as oxygen concentrators, ventilators, as well as the CPAP resupply and other supplies business.
• The Company has expanded its sales reach, which now spans across 26 U.S. states with the addition of experienced sales personnel.

Subsequent Highlights :

• On April 4, 2023, the Company announced the execution of an additional national insurance contract with a top five health insurer based on membership in the United States ¹ . This represents the second national insurance contract the Company has signed since April 2022.
  
• On May 2, 2023, the Company announced that it has received conditional approval from the Toronto Stock Exchange (“ TSX ”) to graduate its listing from the TSX Venture Exchange (the “ TSXV ”) to the TSX. Final approval of the listing is subject to the Company meeting certain customary conditions required by the TSX. The Company is working diligently to satisfy such listing conditions. Further details and a timeline for graduation will be announced in due course.
  

Management Commentary on Q2 2023 :

“We are thrilled to announce robust financial results that have come in ahead of expectations for the second quarter of fiscal 2023 and are delighted to report that we continue to observe significant and continued momentum throughout the organization. This past quarter has seen our supply chain return to normal, stronger organic growth, an increase in our Adjusted EBITDA margin, and the seamless integration of our largest acquisition, Great Elm, to date. We are extremely delighted that our team’s focus on operational excellence has produced such outstanding results and believe that our continued focus therein will yield increased margins as we move into the second half of 2023. Additionally, we have a strong acquisition pipeline and will continue to use our tried-and-true approach to integration and our focused acquisition strategy to execute on our long-term vision,” said CEO and Chairman Greg Crawford.

“By focusing on areas with a high prevalence of chronic obstructive pulmonary disease (COPD), we were able to expand our patient-centric ecosystem across the United States. Our success is a direct result of our dedication to improving patient care by offering a full range of respiratory and equipment solutions. As the need for efficient and timely home health care increases and in an effort to help ease the strain on the traditional healthcare system, we take our role as a major provider of these services very seriously and will always focus on providing superior patient care. Due to favorable demographic trends, the bullish regulatory environment, the continued strong demand for respiratory equipment, and our consistent operational performance across the entire organization, I truly believe that Quipt is in the strongest position it has ever been.”

Chief Financial Officer Hardik Mehta added, “We have a lot to be proud of because of our outstanding financial and operational performance in the second quarter of fiscal 2023. This is a remarkable accomplishment for the team because we exceeded our revenue and Adjusted EBITDA targets, raised our Adjusted EBITDA margin to 22.5%, and showed excellent 2.5% sequential organic growth. We also announced the completion of our largest acquisition to date at the start of the year, and I am happy to report that integration has gone very well and that we were able to realize the $2 million in annualized cost savings and synergies previously anticipated roughly a quarter ahead of schedule. Moreover, we closed a bought deal offering and concurrent private placement after the quarter ended to further fortify our already strong balance sheet, giving us more room to carry out our aggressive strategic expansion plan. This success has allowed us to maintain a very low net leverage ratio of 1.5x and a high degree of financial flexibility. We think we are in an excellent position to take decisive action as soon as the right opportunity presents itself.”

ATM :

Quipt is also pleased to announce that it has filed a prospectus supplement establishing a new At-the-Market equity program (the “ ATM ”). Canaccord Genuity (“ Canaccord ”) and Beacon ‎Securities Limited (“ Beacon ” and together with Canaccord, the “ Agents ”), ‎are acting as agents for the ATM . The ATM will allow the Company to offer for sale and issue up to $40 million (or the equivalent in Canadian dollars) of common shares of the Company (the “ Common Shares ”) from time to time, at the Company’s discretion. Any sales of Common Shares under the ATM will be made through "at-the-market distributions" as defined in Regulation 44-102 respecting Shelf Distributions, including sales made directly on the TSXV (or the TSX if, as previously announced, the Company successfully graduates to the TSX), the NASDAQ Capital Market or on any other trading market for the Common Shares in Canada or the United States. The Common Shares will be distributed at the market prices prevailing at the time of the sale, and, as a result, prices may vary between purchasers and during the period of the ATM. The Company is not obligated to make any sales of Common Shares under the ATM.

The Company has adequate liquidity resources and does not currently intend to use the ATM, however the Company believes it is prudent to have this program in place in order to access capital to ensure the Company maintains sufficient liquidity and capital resources in the future. The Company intends to use net proceeds from the ATM, if any, for repayment of debt, potential future ‎acquisitions, working capital and general corporate purposes.

Distributions of the Common Shares through the ATM will be made pursuant to the terms of an equity distribution agreement dated May 15, 2023 (the “ Distribution Agreement ”) by and among the Company and the Agents, pursuant to which the Company may distribute Common Shares under the ATM from time to time through the Agents, in accordance with the terms of the Distribution Agreement.

A prospectus supplement (the “ Prospectus Supplement ”) to the Company’s short form base shelf prospectus dated November 11, 2021 (the “ Base Shelf Prospectus ”) has been filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, and a prospectus supplement, dated May 15, 2023, related to the ATM (the “ U.S. Prospectus Supplement ”) has also been filed with the United States Securities and Exchange Commission (the “ SEC ”) as part of the Company's registration statement Form F-10 (File No. 333-26036) (as amended, the “ Registration Statement ”) under the United States/Canada multijurisdictional disclosure system. The Prospectus Supplement, the Base Shelf Prospectus, the U.S. Prospectus Supplement and the Registration Statement contain important detailed information about the Company and the ATM.

Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus, the U.S. Prospectus Supplement, and the Registration Statement and the other documents the Company has filed for more complete information about the Company and the ATM before making an investment decision.

The Prospectus Supplement filed in Canada (together with the related Base Shelf Prospectus) and the Distribution Agreement will be available on SEDAR at www.sedar.com . The U.S. Prospectus Supplement and the Distribution Agreement filed in the United States (together with the Registration Statement) will be available on the SEC’s website on EDGAR at www.sec.gov .

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction. The securities being offered and the contents of this press release have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplement, the Base Shelf Prospectus, the U.S. Prospectus Supplement or the Registration Statement.

Management Commentary on ATM:

“Given our sustained strong expansion and future goals, the Company is dedicated to diversifying its sources of capital to fund its long-term acquisition strategy,” said Greg Crawford, CEO of Quipt. “The ATM will allow the Company to opportunistically raise equity in a more timely and cost-effective manner.”

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.

Reader Advisories

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.‎

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 of this release.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎as ‎they relate to the Company, including: the Company anticipating organic growth continuing to meet or surpass historical levels of 8-10% annually as calendar 2023 progresses; the Company expecting to continue to see strong margin performance throughout fiscal 2023; the impact the execution of this national insurance contract will have on the Company, if any; the Company satisfying TSX listing conditions; the Company graduating to the TSX and the timing of graduation; the Company believing that its continued focus on operational excellence will yield increased margins as the Company moves into the second half of 2023; the timing and completion of the ATM; and the expected use of proceeds of the ATM; 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: the ‎Company successfully identified, ‎negotiating and completing additional acquisitions; that the ATM will be completed, in whole or part, and on favourable terms; and that the proceeds from the ATM will be utilized by the Company as currently expected. 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: risks related to credit, market ‎‎(including equity, commodity, foreign exchange and interest ‎rate), ‎liquidity, operational (including technology ‎and infrastructure), reputational, insurance, strategic, ‎regulatory, legal, ‎environmental, and 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 U.S.; ‎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 results or events predicted. ‎Any such forward-looking information is expressly qualified in its ‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the accuracy or ‎‎completeness of such forward-looking ‎information. The forward-looking information included in this press release ‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly update or revise ‎‎any forward-looking information, ‎other than as required by applicable law‎.‎

Non-GAAP Measures

This press release refers to “Recurring Revenue” and “Adjusted EBITDA”, which are non-‎GAAP and non-IFRS financial measures that do not have standardized meanings prescribed by GAAP or IFRS. The ‎Company’s presentation of these financial measures may not be comparable to similarly titled measures used by ‎other companies. These financial measures are intended to provide additional information to investors concerning ‎the Company’s performance.‎

Recurring Revenue for Quipt for fiscal Q2, 2023, as used in this press release is calculated as rentals of medical equipment of $24.5 million plus sales of respiratory resupplies of $20.6 million for a total of $45.1 million, divided by total revenues of $58.1 million, or 78%.

EBITDA is defined as net income (loss), and adding back interest expense, net, depreciation and amortization, and provision (benefit) for income taxes. Adjusted EBITDA is defined as EBITDA and adding back stock-based compensation, acquisition-related costs, loss on foreign currency transactions, loss on extinguishment of debt, other income from government grant, and change in fair value of debentures. ‎EBITDA and Adjusted EBITDA are non-IFRS measures that the Company uses as an indicator of financial health and exclude ‎several items which may be useful in the consideration of the financial condition of the Company. The following table shows our Non-IFRS measures (EBITDA and Adjusted EBITDA) reconciled to our net income (loss) for the ‎following indicated periods‎ (in $millions)‎:‎

For further information please visit our website at www.Quipthomemedical.com, or contact:‎

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

¹ https://www.valuepenguin.com/largest-health-insurance-companies#member