The following is a summary of the Quipt Home Medical Corp. (QIPT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Quipt Home Medical reported Q1 2024 record revenue of $65.4 million, a 60% increase year-over-year.
The adjusted EBITDA was $15.3 million, marking a 71% rise from the same period last year.
The company's recurring revenue now represents 83% of total revenue.
Cash flow from continuing operations significantly increased by 143% to $11.7 million.
Quipt has a cash balance of $18.3 million and a total credit ability of $41 million.
Business Progress:
Quipt Home Medical serves over 155,434 unique patients, a 56% increase from last year.
Completed 215,370 unique setups and deliveries, including 123,190 respiratory resupply setups deliveries, marking respective increases of 47% and 77%.
The company expects a steady organic growth of 8% to 10% for fiscal 2024 driven by their growing sales team, product cross-selling, and market expansion.
The company aims to use technology to drive automation and enhance operational efficiency.
Plans to capitalize on the increasing need for in-home medical equipment and services due to an aging population and a rise in chronic illnesses.
Continuation of strategic acquisitions to expand both their payer base and geographic reach.
Focusing on their sleep segment in response to an increasing prevalence of obstructive sleep apnea for potential future market expansion.
More details: Quipt Home Medical IR
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