Quipt Home Medical Reports Fiscal Second Quarter 2025 Results

Core Viewpoint - Quipt Home Medical Corp. reported a decrease in revenue and adjusted EBITDA for Q2 2025, while maintaining a strong recurring revenue component and focusing on strategic growth initiatives to enhance operational efficiency and expand its market presence [1][6][7]. Financial Highlights - Revenue for Q2 2025 was $57.4 million, a 6$61.3 million in Q2 2024 [5] - Revenue for the six months ended March 31, 2025, decreased to $118.8 million, down 4$123.8 million for the same period in 2024 [5] - Adjusted EBITDA for Q2 2025 was $13.4 million, representing 23.3$14.9 million (24.3% of revenue) in Q2 2024, marking a 10% decrease [5] - Adjusted EBITDA for the six months ended March 31, 2025, was $27.4 million (23.0$30.2 million (24.4% of revenue) in the same period of 2024 [5] - Net loss for Q2 2025 was ($3.0) million, or ($0.07) per diluted share, compared to a loss of ($0.7) million, or ($0.02) per diluted share, in Q2 2024 [5] - Cash flow from operations was $18.2 million for the six months ended March 31, 2025, compared to$14.9 million for the same period in 2024 [5] - The company reported $17.1 million in cash on hand as of March 31, 2025, up from$15.5 million as of December 31, 2024 [5] Operational Highlights - Recurring revenue for Q2 2025 was strong at 81% of total revenue, driven by rentals of medical equipment and sales of respiratory resupplies [5][13] - The customer base declined by 2% year-over-year, serving 146,000 unique patients as of March 31, 2025, compared to 149,000 a year earlier [5] - The company completed 203,000 unique set-ups/deliveries in Q2 2025, a 3% decrease from 210,000 in Q2 2024 [5] - Respiratory resupply set-ups/deliveries decreased 4% year-over-year, totaling 111,000 in Q2 2025 [5] - Two new De Novo sites were launched in Florida and Alabama, expanding the company's national footprint [5] Management Commentary - The CEO emphasized the focus on returning to a sustainable growth trajectory and highlighted the strength of adjusted EBITDA despite revenue decreases, indicating structural improvements made since late 2024 [6] - The company aims to reignite organic growth and strengthen partnerships with healthcare systems to enhance patient access and drive sustainable value [7] - The CFO noted the company's healthy balance sheet, modest leverage, and ample liquidity, which provide flexibility to support growth initiatives and maintain strong margin performance [8]