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  • Quipt Home Medical (QIPT) has announced its financial and operational highlights for the 2021 fourth quarter and fiscal year
  • Revenue reached a record US$102.4 million for the 2021 fiscal year, a 41 per cent increase compared to 2020
  • Quipt brought in $29.1 million in revenue in the fourth quarter, a 48 per cent increase
  • The company completed six acquisitions in the 2021 fiscal year
  • By the end of 2021, Quipt reported $34.6 million cash on hand
  • Quipt Home Medical provides in-home monitoring and disease management services for patients in the United States
  • Shares in Quipt Home Medical Corp. (QIPT) are down 5.47 per cent, trading at $6.39 per share

Quipt Home Medical (QIPT) has announced its financial and operational highlights for the 2021 fourth quarter and fiscal year.

Revenue reached a record US$102.4 million for the 2021 fiscal year, a 41 per cent increase compared to 2020. Compared to fiscal year 2020, the company experienced organic growth of 10 per cent.

Recurring revenue as of fiscal year 2021 continues to be strong, exceeding 77 per cent of total revenue.

In the fourth quarter, Quipt brought in $29.1 million in revenue, a 48 per cent increase year-over-year. Compared to Q3 2021, the company experienced strong organic growth of 14 per cent, excluding new acquisitions, in the fourth quarter.

The company completed six acquisitions in the 2021 fiscal year, reaching 170,000 active patients, 19,000 referring physicians, and 76 locations throughout 15 U.S. states.

Quipt continued to advance its technology use and centralized intake processes, leading to a 157.2 per cent increase in respiratory supply set-ups and deliveries compared to the previous year.

By the end of 2021, Quipt reported $34.6 million cash on hand.

With increased cash flow, lower operating expenses, and decreased bad debt, 2021 marked a record year for the home health care company across the board.

“There is no question that Quipt is in the strongest position in the history of the company,” said CEO and chairman Greg Crawford.

Since the end of the 2021 fiscal year in September, Quipt has completed another three acquisitions: one in October, another in November, and the acquisition of At Home Health Equipment in December.

“We have the financial resources and operating expertise to leverage the scalable service intensive model we have,” added Mr. Crawford, “and we expect to be extremely active on the acquisition front throughout 2022, focused on the growing need for at home clinical respiratory care.”

Quipt Home Medical provides in-home monitoring and disease management services for patients in the United States.

Shares in Quipt Home Medical Corp. (QIPT) are down 5.47 per cent, trading at $6.39 per share as of 2:25 pm EST. 

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