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Quipt Home Medical (QIPT) - 2023 Q1 - Quarterly Report
2022-12-22 02:43
Exhibit 99.1 QUIPT HOME MEDICAL REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS POSTING POSITIVE NET INCOME, REVENUE GROWTH OF 37% AND ADJUSTED EBITDA GROWTH OF 37% POSTS STRONG ADJUSTED EBITDA MARGIN OF 20.9% FOR FISCAL YEAR 2022 Cincinnati, Ohio – December 21, 2022 – 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, today announced its fourth quarter and fiscal year 2022 financial re ...
Quipt Home Medical (QIPT) - 2022 Q3 - Earnings Call Transcript
2022-08-16 18:13
Quipt Home Medical Corp. (NASDAQ:QIPT) Q3 2022 Results Conference Call August 16, 2022 10:00 AM ET Company Participants Greg Crawford - Chairman and Chief Executive Officer Hardik Mehta - Chief Financial Officer Thomas Roehrig - Executive Vice President of Finance Conference Call Participants Doug Cooper - Beacon Securities Sepehr Manochehry - Eight Capital Rahul Sarugaser - Raymond James Paul Stewardson - iA Capital Markets Justin Keywood - Stifel Stefan Quenneville - Echelon Capital Markets Operator Thank ...
Quipt Home Medical (QIPT) - 2022 Q3 - Quarterly Report
2022-08-15 22:20
Table of Contents Exhibit 99.1 Quipt Home Medical Corp. (Formerly, Protech Home Medical Corp.) Condensed Consolidated Interim Financial Statements 2022 Third Quarter For the three and nine months ended June 30, 2022 and 2021 (UNAUDITED) (Expressed in US Dollars) Table of Contents TABLE OF CONTENTS | Condensed Consolidated Interim Statements of Financial Position | Page 1 | | --- | --- | | Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income | | | (Loss) | Page 2 | | Condensed ...
Quipt Home Medical (QIPT) - 2022 Q2 - Earnings Call Transcript
2022-05-17 19:13
Quipt Home Medical Corp. (NASDAQ:QIPT) Q2 2022 Earnings Conference Call May 17, 2022 10:00 AM ET Company Participants Greg Crawford - Chairman and CEO Hardik Mehta - CFO Conference Call Participants Doug Cooper - Beacon Securities Sepehr Manochehry - Eight Capital Tania Armstrong-Whitworth - Canaccord Genuity Raul Sarugaser - Raymond James Paul Stewardson - IA Capital Markets Justin Keywood - Stifel Stefan Quenneville - Echelon Capital Markets Operator Thank you for standing by. This is the conference opera ...
Quipt Home Medical (QIPT) - 2022 Q2 - Quarterly Report
2022-05-16 21:20
[Condensed Consolidated Interim Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statements of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) Total assets grew to $110.5 million, driven by a goodwill increase from acquisitions, while cash decreased significantly **Key Balance Sheet Items (in thousands of US Dollars)** | Account | March 31, 2022 | September 30, 2021 | Change | | :--- | :--- | :--- | :--- | | Cash | $17,394 | $34,612 | ($17,218) | | Accounts receivable, net | $13,710 | $11,938 | $1,772 | | Goodwill | $25,999 | $12,456 | $13,543 | | Total Assets | $110,526 | $108,573 | $1,953 | | Total Liabilities | $44,816 | $49,951 | ($5,135) | | Total Shareholders' Equity | $65,710 | $58,622 | $7,088 | [Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Income%20(Loss)%20and%20Comprehensive%20Income%20(Loss)) The company achieved a net income of $5.0 million in Q2 2022, a turnaround driven by revenue growth and a government grant **Income Statement Highlights (in thousands of US Dollars)** | Metric | Q2 2022 (3 months) | Q2 2021 (3 months) | YoY Change | Six Months 2022 | Six Months 2021 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $33,553 | $24,240 | +38.4% | $63,077 | $46,995 | +34.2% | | Operating Income | $4,444 | $1,418 | +213.4% | $3,262 | $2,847 | +14.6% | | Other Income (Gov't Grant) | $4,254 | $0 | N/A | $4,254 | $0 | N/A | | Net Income (Loss) | $5,036 | ($12,490) | Turnaround | $2,905 | ($11,125) | Turnaround | | Basic EPS | $0.15 | ($0.43) | Turnaround | $0.09 | ($0.39) | Turnaround | [Condensed Consolidated Interim Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity grew to $65.7 million, primarily driven by net income and stock-based compensation **Reconciliation of Shareholders' Equity (in thousands of US Dollars)** | Description | Amount | | :--- | :--- | | **Balance at September 30, 2021** | **$58,622** | | Net income | $2,905 | | Conversion of debentures | $887 | | Stock options exercised | $25 | | Stock-based compensation | $3,271 | | **Balance at March 31, 2022** | **$65,710** | [Condensed Consolidated Interim Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) Operating cash flow doubled to $12.2 million, but cash decreased by $17.3 million due to acquisition and financing activities **Cash Flow Summary (Six months ended March 31, in thousands of US Dollars)** | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $12,193 | $6,624 | | Net cash flow used in investing activities | ($19,941) | ($8,695) | | Net cash flow used in financing activities | ($9,553) | ($962) | | **Net decrease in cash** | **($17,301)** | **($3,033)** | | Cash, beginning of period | $34,612 | $29,227 | | **Cash, end of period** | **$17,394** | **$27,158** | - Cash paid for acquisitions was a major use of cash, increasing to **$16.5 million** in the first six months of fiscal 2022 from $7.7 million in the prior-year period[10](index=10&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Note 1: Nature of Operations](index=9&type=section&id=1.%20Nature%20of%20operations) The company provides medical respiratory equipment, pursues an acquisition-based growth strategy, and faces COVID-19 related risks - The company provides durable medical respiratory equipment and services and is actively pursuing an **acquisition-based growth strategy**[11](index=11&type=chunk) - The company changed its name to Quipt Home Medical Corp on May 13, 2021, and began trading on **NASDAQ** under the symbol **QIPT** on May 27, 2021[12](index=12&type=chunk)[13](index=13&type=chunk) - The company identifies **significant risks from the COVID-19 pandemic**, including potential disruptions to supply chains, changes in patient demand, and general economic deterioration[15](index=15&type=chunk)[16](index=16&type=chunk)[19](index=19&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=12&type=section&id=2.%20Summary%20of%20significant%20accounting%20policies) Key accounting policies include critical estimates for revenue recognition, accounts receivable valuation, and business combinations - **Revenue recognition is a critical estimate**, as amounts billed to third-party insurers are variable and reduced by an estimated allowance based on historical collection data[26](index=26&type=chunk)[27](index=27&type=chunk) - The **valuation of accounts receivable** and the associated reserve for expected credit losses involve significant judgment, incorporating historical data and forward-looking factors like unemployment and inflation[36](index=36&type=chunk)[37](index=37&type=chunk) - **Accounting for business combinations requires management judgment** to determine if a transaction is a business or asset acquisition and to estimate the fair value of acquired assets and liabilities[48](index=48&type=chunk) [Note 3: Acquisition of Businesses](index=23&type=section&id=3.%20Acquisition%20of%20businesses%20and%20purchase%20accounting) The company completed four acquisitions for $16.5 million in cash, adding $13.5 million to goodwill **Summary of Acquisitions (Six Months Ended March 31, 2022)** | Acquired Company | Date | Purchase Price (in thousands) | Goodwill (in thousands) | | :--- | :--- | :--- | :--- | | Thrift Home Care, Inc | Oct 1, 2021 | $2,171 | $1,373 | | Heckman Healthcare | Nov 1, 2021 | $2,434 | $1,351 | | Southeastern Biomedical | Nov 9, 2021 | $697 | $487 | | At Home Health Equipment | Jan 1, 2022 | $13,265 | $10,332 | - The balance of **purchase price payable for acquisitions increased** from $2.5 million at September 30, 2021, to **$3.4 million** at March 31, 2022, after additions from new acquisitions and payments on prior ones[75](index=75&type=chunk) [Note 4: Accounts Receivable](index=30&type=section&id=4.%20Accounts%20Receivable) Net accounts receivable increased to $13.7 million, with a corresponding rise in the reserve for credit losses **Accounts Receivable Aging (in thousands of US Dollars)** | Aging | Gross Receivable (Mar 31, 2022) | Net Receivable (Mar 31, 2022) | Gross Receivable (Sep 30, 2021) | Net Receivable (Sep 30, 2021) | | :--- | :--- | :--- | :--- | :--- | | 0 – 90 days | $15,144 | $12,245 | $11,279 | $9,861 | | 91 – 180 days | $2,591 | $1,163 | $2,027 | $1,296 | | Over 180 days | $1,999 | $302 | $2,107 | $781 | | **Total** | **$19,734** | **$13,710** | **$15,413** | **$11,938** | [Note 7: Goodwill and Intangible Assets](index=32&type=section&id=7.%20Goodwill%20and%20Intangible%20Assets) Goodwill more than doubled to $26.0 million due to a $13.5 million increase from business acquisitions **Change in Goodwill and Intangibles (in thousands of US Dollars)** | Account | March 31, 2022 | September 30, 2021 | Change | | :--- | :--- | :--- | :--- | | Goodwill | $25,999 | $12,456 | +$13,543 | | Intangibles with finite lives, net | $13,959 | $14,874 | -$915 | | **Total** | **$39,958** | **$27,330** | **+$12,628** | [Note 8: Government Grant](index=34&type=section&id=8.%20Government%20Grant) The company recognized $4.25 million in other income from the forgiveness of a Payroll Protection Program (PPP) loan - On March 23, 2022, the company's **$4,254,000 Payroll Protection Plan (PPP) loan was forgiven**, and this amount was recognized as other income[85](index=85&type=chunk) [Note 11: Long-Term Debt](index=36&type=section&id=11.%20Long-term%20Debt) Long-term debt includes convertible debentures and loans, with an undrawn $20 million credit facility providing liquidity - The company has **C$10.1 million ($8.1 million) in face value of convertible debentures** outstanding, resulting in a fair value **gain of $1.1 million** for the six months ended March 31, 2022[94](index=94&type=chunk)[96](index=96&type=chunk) - The company has a **$20 million asset-based revolving credit facility** that matures in September 2024, with **no borrowings** as of March 31, 2022[107](index=107&type=chunk) [Note 12: Share Capital](index=41&type=section&id=12.%20Share%20capital) Stock-based compensation expense increased substantially to $3.3 million, driven by stock options and new RSU grants **Stock-Based Compensation Expense (in thousands of US Dollars)** | Period | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Three Months Ended Mar 31 | $1,161 | $12 | +$1,149 | | Six Months Ended Mar 31 | $3,271 | $27 | +$3,244 | - The company granted **81,340 restricted stock units (RSUs)** to officers on February 1, 2022, and had a total of **895,000 RSUs outstanding** as of March 31, 2022[123](index=123&type=chunk)[125](index=125&type=chunk) [Note 14: Operating Expenses](index=47&type=section&id=14.%20Operating%20expenses) Operating expenses increased 45% to $35.2 million, driven by higher payroll, bad debt, and professional fees **Operating Expense Breakdown (Six months ended March 31, in thousands of US Dollars)** | Expense Category | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Payroll and employee benefits | $18,583 | $13,435 | +$5,148 | | Bad debt expense | $5,579 | $4,289 | +$1,290 | | Professional fees | $1,970 | $1,000 | +$970 | | Billing | $2,846 | $1,609 | +$1,237 | | **Total operating expenses** | **$35,249** | **$24,263** | **+$10,986** | [Note 17: Subsequent Event](index=49&type=section&id=17.%20Subsequent%20event) The company acquired Good Night Medical for $6.1 million on April 1, 2022, after the reporting period - On April 1, 2022, the company acquired **Good Night Medical, LLC** for a purchase price of **$6.1 million**[137](index=137&type=chunk) - The pro forma six-month revenues and net income for Good Night are estimated to be **$5.3 million** and **$280,000**, respectively[138](index=138&type=chunk)
Quipt Home Medical (QIPT) - 2022 Q1 - Quarterly Report
2022-04-27 20:34
Exhibit 99.1 Notice to Reader The unaudited condensed consolidated interim financial statements for the three months ended December 31, 2021 and 2020 are being refiled now that they have been reviewed by the Company's auditor. Accordingly, apart from the removal of the Notice of No Auditor Review, no other changes were made to the information initially filed, Quipt Home Medical Corp. (Formerly, Protech Home Medical Corp.) Amended Condensed Consolidated Interim Financial Statements 2022 First Quarter For the ...
Quipt Home Medical (QIPT) - 2021 Q4 - Earnings Call Transcript
2022-02-01 20:32
Quipt Home Medical Corp. (NASDAQ:QIPT) Q4 2021 Earnings Conference Call February 1, 2022 10:00 AM ET Company Participants Greg Crawford - Chairman & Chief Executive Officer Hardik Mehta - Chief Financial Officer Conference Call Participants Doug Cooper - Beacon Securities Sepehr Manochehry - Eight Capital Paul Stewardson - IA Capital Markets Justin Keywood - Stifel GMP Michael Freeman - Raymond James Bill Sutherland - The Benchmark Company Operator Thank you for standing by. This is the conference operator. ...
Quipt Home Medical (QIPT) - 2021 Q3 - Earnings Call Transcript
2021-08-24 20:34
Quipt Home Medical Corp. (NASDAQ:QIPT) Q3 2021 Earnings Conference Call August 24, 2021 10:00 AM ET Company Participants Greg Crawford - Chairman and Chief Executive Officer Hardik Mehta - Chief Financial Officer Conference Call Participants Doug Cooper - Beacon Securities Doug Loe - Leede Jones Gable Sepehr Manochehry - Eight Capital Justin Keywood - Stifel Bill Sutherland - Benchmark Company Rahul Sarugaser - Raymond James Chelsea Stellick - iA Capital Markets Dick Ryan - Colliers Securities Operator Than ...
Quipt Home Medical (QIPT) Investor Presentation - Slideshow
2021-06-25 20:06
TSXV:QIPT NASDAQ:QIPT QUIPT HOME MEDICAL CORPORATE PRESENTATION JUNE 2021 "exceeding expectations, enriching lives" SM Table of Contents 2 q Forward-Looking Statements q Company & Industry Overview q Strategic Growth Initiatives q Acquisitions Summary q Financial Information q Management Team Forward Looking Statements QIPT This presentation (the "Presentation") about Quipt Home Medical Corp. (the "Company") is dated as of June 1, 2021. It isinformation in a summary form and does not purport to be complete. ...
Quipt Home Medical (QIPT) - 2021 Q1 - Earnings Call Transcript
2021-03-02 21:29
Protech Home Medical Corp. (PTQQF) Q1 2021 Earnings Conference Call March 2, 2021 10:00 AM ET Company Participants Greg Crawford - Chairman and CEO Hardik Mehta - CFO Conference Call Participants Rahul Sarugaser - Raymond James Doug Cooper - Beacon Securities Justin Keywood - Stiefel, GMP Paul Stewardson - Industrial Alliance Tania Gonsalves - Canaccord Operator Thank you for standing by. This is the conference operator. Welcome to the First Quarter Fiscal 2021 Financial Results Conference Call and webcast ...