- Protech Home Medical (PTQ) enters Florida with accretive acquisition of Mayhugh’s Medical Equipment
- Mayhugh’s Medical Equipment is a leader in the respiratory home care services industry in Northern Florida
- Mayhugh’s provides Protech with significant growth opportunities
- Protech provides in-home monitoring and disease management services including end-to-end respiratory solutions
- Protech is currently up 3.9%, trading at C$2.13 per share at 11 am EST
Protech has acquired Mayhugh’s Medical Equipment.
Protech, a U.S.-based leader in the home medical equipment industry is pleased to announce that it has acquired Mayhugh’s Medical Equipment (MME).
Mayhugh’s is a leader in the respiratory home care services industry in Northern Florida and will add over 10,000 active patients to Protech’s patient population.
Furthermore, the acquisition of Mayhugh’s gives Protech immediate access to Jacksonville, where it will leverage its existing infrastructure to create significant patient growth opportunities.
“We are delighted to close on the acquisition of MME, which provides us with a solid foundation from which to grow in the State of Florida, representing a major milestone for our company,” said Greg Crawford, Chairman and CEO of Protech.
“We are excited to add another turn-key respiratory home care operator to our family of companies, with MME being a logical fit for Protech. We expect a smooth integration process and will move quickly to capture the tremendous amount of synergies, beginning with adding 5,000 patients to our subscription re-supply model, which will provide an immediate revenue driver for us. MME is immediately accretive, similar to our deep pipeline of potential acquisition targets, which we expect to be very busy moving through the funnel in the months to come.”
Chief Financial Officer, Hardik Mehta added, “MME’s heavily weighted respiratory product mix, and diversification of the payor mix, provides Protech with a stable foundation to start its Florida operations. We are excited to have the opportunity to penetrate the attractive Jacksonville market and have already begun the integration process. We will look to grow our scale in Florida both organically and through strategic bolt-on opportunities that present themselves. We believe MME is just the beginning of what will be an aggressive acquisition pace for us over the remainder of 2021, including potential larger revenue opportunities as we look to accelerate our scale beyond the current run-rate revenue we have.”
Protech provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market.
Protech (PTQ) is currently up 3.9%, trading at C$2.13 per share at 11 am EST.
