The following is a summary of the Quipt Home Medical Corp. (QIPT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Quipt reported FY 2023 revenues of $221.7 million, marking a year over year increase of 59%. Q4 2023 revenues stood at $62.5 million, a 56% increase compared to Q4 2022.
Adjusted EBITDA for FY 2023 was $50.6 million, an increase of 73% over the prior year. For Q4 2023, adjusted EBITDA increased 74% year-over-year to $14.7 million.
Cashflow from continuing operations rose drastically by 54% to $40.5 million for FY 2023.
The company's net debt expense improved to 4.5% for FY 2023, down from 8.7% for FY 2022.
Recurring revenue formed over 83% of the total revenue in FY 2023.
The gross margin increased to 22.8%, resulting in an adjusted EBITDA of $50.6 million, a 73.5% increase.
Business Progress:
The company's customer base grew by 65% to 285,819 in FY 2023, accompanied by a 46.1% increase in unique setup deliveries from FY 2022.
Quipt expanded its footprint into Mississippi, Texas, and Louisiana via a multi-state acquisition, contributing incremental $9 million in revenue and $2 million in adjusted EBITDA.
Plans to sustain organic growth in FY 2024 are underway focusing on sales team volume, product cross-selling, and continued market expansion.
Quipt continues to see growth potentials in their acquisition pipeline.
The company benefits from a strong balance sheet with over $58 million of liquidity and a conservative leverage ratio.
Quipt's model favors delivering clinical excellence in respiratory care, with technology enhancements in e-prescribing and insurers like Aetna being added to its national contracts.
Since 2018, Quipt has made 19 successful acquisitions, adding over $115 million in annual revenues. The plan is to continue fueling growth organically and through intelligent acquisitions.
More detailed: Quipt Home Medical IR
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