Quipt Home Medical (US:QIPT)2024-08-14 21:16Revenue and Income - Total revenue for the three months ended June 30, 2024, was $63,967,000, an increase of 4% compared to $60,284,000 for the same period in 2023[13] - Rentals of medical equipment generated $26,739,000 in revenue, while sales of medical equipment and supplies contributed $37,228,000 for the three months ended June 30, 2024[13] - Operating income for the nine months ended June 30, 2024, was $2,953,000, compared to $2,854,000 for the same period in 2023, reflecting a slight increase[13] - Total revenue for the nine months ended June 30, 2024, was $28,642,000, up from $27,312,000 in the same period of 2023, reflecting a growth of approximately 4.8%[21] - The company reported a net cash flow provided by operating activities of $28,642,000 for the nine months ended June 30, 2024, compared to $27,312,000 for the same period in 2023, showing an increase of about 4.8%[21] Net Loss - Net loss for the three months ended June 30, 2024, was $(1,701,000), compared to a net loss of $(1,034,000) for the same period in 2023[13] - Net loss for the nine months ended June 30, 2024, was $3,653,000, compared to a net loss of $1,460,000 for the same period in 2023, indicating an increase in losses[21] - Net loss for the three months ended June 30, 2024, was $1,701,000, compared to a net loss of $1,034,000 for the same period in 2023, representing a 64.5% increase in losses[79] - The total net loss for the nine months ended June 30, 2024, was $3,653,000, compared to $1,460,000 for the same period in 2023, indicating a 150.5% increase in losses[79] Assets and Liabilities - Total current assets increased to $74,242,000 as of June 30, 2024, from $65,433,000 as of September 30, 2023, representing a growth of 13%[8] - Accounts receivable, net, rose to $31,411,000 as of June 30, 2024, compared to $25,978,000 as of September 30, 2023, marking a 21% increase[8] - Total assets amounted to $249,784,000 as of June 30, 2024, slightly up from $247,408,000 as of September 30, 2023[8] - Current liabilities increased to $66,820,000 as of June 30, 2024, from $60,574,000 as of September 30, 2023, indicating an increase of 10%[8] Expenses - The company reported a bad debt expense of $3,208,000 for the three months ended June 30, 2024, compared to $2,425,000 for the same period in 2023, reflecting a 32% increase[13] - The company reported a depreciation and amortization expense of $36,778,000 for the nine months ended June 30, 2024, compared to $28,074,000 for the same period in 2023, reflecting an increase of about 30.9%[21] - Total operating expenses for the nine months ended June 30, 2024, were $91,096,000, compared to $74,533,000 for the same period in 2023, marking an increase of 22.1%[73] Stock and Compensation - The weighted average number of common shares outstanding for the three months ended June 30, 2024, was 42,623,000, up from 40,584,000 for the same period in 2023[13] - Stock-based compensation expenses for the nine months ended June 30, 2024, was $2,154,000, down from $3,911,000 for the same period in 2023, a decrease of approximately 44.8%[21] - Total stock-based compensation for key management personnel for the nine months ended June 30, 2024, was $663,000, down from $1,669,000 in the same period in 2023[82] Financing and Debt - The company incurred $2,370,000 in financing costs related to the senior credit facility, which will be amortized over the life of the facility[49] - The total principal of the senior credit facility as of June 30, 2024, was $66,651,000, slightly up from $66,350,000 as of September 30, 2023[41] - Interest expense on the facility for the nine months ended June 30, 2024, was $3,997,000, an increase from $3,000,000 for the same period in 2023, representing a 33% rise[48] Inventory and Equipment - Inventory as of June 30, 2024, totaled $22,601,000, an increase from $18,414,000 as of September 30, 2023, representing a growth of approximately 22.4%[31] - The carrying value of equipment pledged as security against loans was approximately $13,400,000 as of June 30, 2024, compared to $8,700,000 as of September 30, 2023[53] - Equipment loans ending balance as of June 30, 2024, is $13,304,000, an increase from $5,707,000 at the beginning of the period[54] Legal and Regulatory - The company has received a civil investigative demand from the DOJ regarding potential false claims related to CPAP equipment[71] Shareholder Actions - The company has initiated a normal course issuer bid allowing for the purchase of up to 3,626,845 common shares, with a maximum expenditure of $5,000,000[60]