Core Insights - AdaptHealth reported a challenging Q4 2025 with a net revenue of $846.3 million, down 1.2% year over year, attributed mainly to business dispositions in the Wellness at Home segment [5][6] - The company achieved full-year net revenue of $3.245 billion, slightly down 0.5% from the previous year, but with organic growth of 1.7% [6][7] - Management highlighted record patient census in multiple segments, indicating strong operational performance despite revenue declines [5][11] Financial Performance - Q4 net revenue breakdown: - Wellness at Home: $137.3 million, down 16.1% [2] - Diabetes Health: $158.5 million, down 7.4% [3] - Respiratory Health: $178.2 million, up 7.8% [4] - Sleep Health: $372.3 million, up 4.4% [4] - Adjusted EBITDA for 2025 was $616.7 million, with a margin of 19.0%, while Q4 Adjusted EBITDA was $163.1 million, with a margin of 19.3% [8] - Free cash flow for Q4 was $79.3 million, and for the full year, it was $219.4 million, exceeding guidance [9] Operational Developments - The company implemented a new operating model in 2025 to standardize workflows and improve service delivery, resulting in improved setup times for Sleep Health and Respiratory Health [11] - Technology pilots, including AI tools for order intake and patient scheduling, are expected to enhance operational efficiency in the future [12] - A new capitated contract went live in December 2025, covering about 50,000 members, with expectations to serve over 10 million patients nationwide [13] Guidance and Future Outlook - For 2026, AdaptHealth expects revenue growth of 6%-8% over 2025, with organic growth of 7.5%-9.5% [15] - Q1 2026 revenue growth is projected at 2%-3% year over year, with an Adjusted EBITDA margin of approximately 16% [16] - The company anticipates negative free cash flow in Q1 2026, with improvements expected as capitated revenue ramps up [16] Strategic Initiatives - AdaptHealth expanded its footprint with a Hawaii-based HME acquisition, marking its presence in the 48th state [17] - The company received a favorable outcome from CMS regarding competitive bidding, providing long-term stability for its core products [18] - A $14.5 million legal settlement related to a debt collection class action was finalized, with improvements in the company's control environment noted [19][20]

Core Viewpoint - Quipt Home Medical Corp. is moving forward with a plan of arrangement to be acquired by affiliates of Kingswood Capital Management and Forager Capital Management for cash consideration of US$3.65 per share, representing a 54% premium to its 30-day volume-weighted average price (VWAP) as of December 12, 2025 [1] Meeting Details - A special meeting for shareholders is scheduled for March 3, 2026, at 10:00 a.m. Eastern Standard Time, to vote on the Arrangement Resolution [1][3] - Only shareholders of record as of January 22, 2026, are entitled to vote at the meeting [3] Voting Requirements - The Arrangement Resolution requires approval from at least 66⅔% of the votes cast by shareholders present in person or by proxy, along with a simple majority excluding votes from interested parties as defined in Multilateral Instrument 61-101 [2] Shareholder Participation - Shareholders are encouraged to read the Circular and vote their shares before the proxy voting deadline of February 27, 2026, at 10:00 a.m. Eastern Standard Time [4] - Voting can be done in advance by proxy, regardless of attendance at the meeting [5] Board and Shareholder Support - The board of directors unanimously recommends that shareholders vote in favor of the Arrangement Resolution [7] - Directors and executive officers holding approximately 11.3% of shares have entered into Voting Support Agreements to vote in favor of the Arrangement [8] - Forager Fund, LP, holding approximately 9.5% of shares, has also agreed to vote in favor of the Arrangement [9] Legal Proceedings - The Supreme Court of British Columbia issued an interim order on January 23, 2026, authorizing the meeting to consider the Arrangement [10] Conditions for Implementation - The Arrangement is subject to obtaining final court approval, shareholder approval at the meeting, and satisfaction of other conditions outlined in the Arrangement Agreement dated December 14, 2025 [11] Company Overview - Quipt Home Medical provides in-home monitoring and disease management services, focusing on respiratory solutions and chronic disease management for patients in the U.S. healthcare market [13]

Viemed Healthcare FY Conference Summary Company Overview - **Company**: Viemed Healthcare (NasdaqCM: VMD) - **Industry**: Home medical provider specializing in respiratory therapy - **Unique Selling Proposition**: Focus on complex respiratory services for patients with severe conditions like COPD and neuromuscular diseases, providing care in the home to reduce hospital costs and improve quality of life [3][4] Core Business Segments - **Complex Respiratory Services**: 50% of revenue, targeting patients with severe respiratory issues [4] - **Sleep Apnea Services**: 20% of revenue, offering remote CPAP therapy and support [4] - **Oxygen Therapy**: 10% of revenue, catering to early-stage COPD patients [4] - **Staffing Division**: Developed post-COVID to address clinical labor shortages [5] - **Behavioral Health Component**: Supports respiratory therapy [5] Strategic Developments - **Growth and Diversification**: Transitioned from a 90% ventilator company to a diversified model with significant growth in sleep and other services [9][10] - **M&A Activity**: Completed three acquisitions to enhance service offerings and fill coverage gaps [9][10] - **National Coverage Determination (NCD)**: Achieved a competitive edge by working with CMS to establish new rules for home patient management [8] Financial Performance - **Revenue Growth**: Achieved a 27% compound annual growth rate (CAGR) driven by organic growth and expansion into underserved markets [17] - **Recurring Revenue**: Approximately 70% of revenue comes from recurring rental income, with 30% from transactional sales [20] - **Adjusted EBITDA Margin**: Currently around 22%, expected to remain stable despite diversification [26] Sales and Marketing Strategy - **High-Touch Sales Model**: Differentiates from competitors by integrating sales staff into hospital systems and providing continuous support [11][12] - **Sales Training**: Focus on training clinicians to become effective sales representatives, which is considered a key competitive advantage [15][16] Risk Management - **Payer Mix Strategy**: Maintains a diverse payer mix to mitigate risks associated with reliance on Medicare and other payers [22][23] - **Operational Leverage**: Implementing AI and technology solutions to enhance efficiency in billing and operations [24] Future Outlook - **Growth Opportunities**: Focus on expanding complex respiratory sales and maternal health services as key growth drivers for 2026 and beyond [36][37] - **Competitive Bidding Program**: Recent news indicates that Viemed's products will not be included in competitive bidding, reducing potential distractions for growth [38] Key Takeaways - Viemed Healthcare is positioned as a leader in home respiratory therapy with a strong focus on patient care and operational efficiency - The company has successfully diversified its offerings while maintaining strong financial performance and a positive growth trajectory - Future growth will be driven by strategic sales initiatives and expansion into new service areas, particularly maternal health

Core Viewpoint - Monteverde & Associates PC is investigating the proposed sale of Quipt Home Medical Corp. to affiliates of Kingswood Capital Management, LP, where shareholders are expected to receive $3.65 per share in cash, raising questions about the fairness of the deal [1]. Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has recovered millions for shareholders [1]. - The firm is located in the Empire State Building, New York City, and specializes in class action securities litigation [2]. Transaction Details - The proposed transaction involves Quipt Home Medical Corp. selling to Kingswood Capital Management, with shareholders set to receive $3.65 per share [1]. - The investigation aims to determine if the deal is fair for shareholders [1].

Core Viewpoint - Quipt Home Medical Corp. reported strong financial results for Q4 and fiscal year 2025, highlighting organic growth and operational resilience despite industry challenges [5][6]. Financial Highlights - Q4 2025 revenue was $68.3 million, an 11% increase from $61.3 million in Q4 2024, with a sequential organic growth of 5% from Q3 2025 [6]. - Recurring revenue constituted 80% of total revenue in Q4 2025, driven by the resupply platform [6]. - Adjusted EBITDA for Q4 2025 was $14.9 million (21.8% of revenues), up from $13.4 million (21.9% of revenues) in Q4 2024, marking an 11% increase [6]. - Fiscal year 2025 revenue was $245.4 million, slightly down from $245.9 million in fiscal year 2024 [6]. - Adjusted EBITDA for fiscal year 2025 was $55.9 million (22.8% of revenue), compared to $57.7 million (23.5% of revenue) in fiscal year 2024, representing a 3% decrease [6]. - Net loss for Q4 2025 was ($3.6) million, or ($0.08) per diluted share, compared to a loss of ($2.9) million, or ($0.07) per diluted share in Q4 2024 [6]. - Net loss for fiscal year 2025 was ($10.7) million, or ($0.24) per diluted share, compared to ($6.8) million, or ($0.16) per diluted share in fiscal year 2024 [6]. - Cash flow from operating activities was $37.7 million for the year ended September 30, 2025, up from $35.4 million for the year ended September 30, 2024 [6]. - The company had $12.9 million in cash on hand as of September 30, 2025, compared to $11.3 million as of June 30, 2025 [6]. - The Net Debt to Adjusted EBITDA Leverage Ratio was 1.8x, indicating a conservative balance sheet [6][14]. Operational Highlights - The customer base increased by 10% year over year, serving 346,000 unique patients in fiscal year 2025 compared to 314,000 in fiscal year 2024 [6]. - Unique set-ups/deliveries rose to 917,000 in fiscal year 2025, a 7% increase from 854,000 in fiscal year 2024 [6]. - Respiratory resupply set-ups/deliveries increased by 1% to 486,000 in fiscal year 2025 from 480,000 in fiscal year 2024, attributed to technology and centralized intake processes [6].

Core Viewpoint - Quipt Home Medical Corp. has entered into a definitive agreement for acquisition by a special purpose acquisition vehicle, valuing the company at approximately US$260 million, with shareholders receiving US$3.65 per share in cash [1][2]. Transaction Details - The acquisition is an all-cash transaction with no financing conditions, funded by Kingswood Capital Management and Forager Capital Management [2]. - The transaction will result in Quipt becoming a privately held company, ceasing to report in the U.S. and Canada [2][11]. - The expected closing of the transaction is during the first half of 2026, subject to customary closing conditions [10]. Shareholder Value - The purchase price represents a 162% premium to Quipt's stock price on May 19, 2025, and a 54% premium to the 30-day volume-weighted average price (VWAP) as of December 12, 2025 [6][7]. - The transaction provides immediate liquidity and certainty of value to shareholders [6]. Board and Advisory Process - The Quipt Board of Directors, after a comprehensive review with financial advisors, unanimously recommends that shareholders vote in favor of the transaction [4]. - Fairness opinions from Truist and Evans & Evans confirmed that the transaction is fair from a financial perspective for Quipt shareholders [6][7]. Voting Support - Directors and executive officers holding approximately 11.4% of the shares have entered into Voting Support Agreements to vote in favor of the transaction [9]. - Forager Fund, LP, holding approximately 9.5% of the shares, has also agreed to vote in favor of the transaction [9]. Future Growth Potential - Kingswood and Forager expressed excitement about partnering with Quipt to support its next growth chapter as a private entity, focusing on expanding in strategic markets and investing in technology and clinical care [3].

Group 1 - AdaptHealth Corp. (AHCO) specializes in home medical equipment, healthcare supplies, and related in-home services [1] - The Zacks Consensus Estimate for AdaptHealth's current year earnings has been revised 13.1% downward over the last 60 days [1] - Alexander's, Inc. (ALX) is a real estate investment trust [1] - The Zacks Consensus Estimate for Alexander's current year earnings has been revised 5.5% downward over the last 60 days [1] Group 2 - Conagra Brands, Inc. (CAG) is a packaged food company [2] - The Zacks Consensus Estimate for Conagra's current year earnings has been revised 7.9% downward over the last 60 days [2]

Core Insights - Quipt Home Medical Corp. has successfully closed a joint venture transaction to acquire a 60% ownership interest in Hart Medical Equipment for a total consideration of $17.4 million, funded by senior credit facilities [1][4] - The acquisition is expected to enhance Quipt's presence in the Midwest, particularly in Michigan, and is aligned with the company's long-term growth strategy [1][3] - Hart Medical generated approximately $60 million in annual revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025, with expectations to generate over $10 million in annual Adjusted EBITDA in the next 6-9 months [4] Transaction Highlights - The joint venture includes three major health systems and two hospitals, collectively holding the remaining 40% interest in Hart [1] - Hart serves over 67,000 patients monthly, providing a stable and recurring revenue stream [4] - Quipt anticipates that Hart's Adjusted EBITDA margins will align with its historical corporate averages within the next 6-9 months [4] Management Commentary - The CEO of Quipt expressed excitement about the acquisition, highlighting Hart's strong health system relationships and regional market leadership as a strategic fit [3] - The CFO emphasized the disciplined approach to acquisitions and the company's ability to maintain a conservative leverage ratio while funding the transaction [3] - Hart's executive noted the importance of scale in the current healthcare environment and expressed confidence in the partnership with Quipt [5] Financial Expectations - Following the acquisition, Quipt's expected annualized run-rate revenue is projected to exceed $300 million, with anticipated Adjusted EBITDA exceeding $65 million post-integration of Hart [4] - The company plans to consolidate Hart's financial results for reporting purposes, reflecting its status as the primary beneficiary of the joint venture [4]

Core Viewpoint - Quipt Home Medical Corp. has received a new unsolicited acquisition proposal from Forager Capital Management, LLC at a price of US$3.10 per share, which follows previous offers that were deemed inadequate by the Company's Board [1][3]. Group 1: Acquisition Proposals - The latest proposal from FCM is a reduction from an earlier offer of US$3.90 per share made in January 2025, which represented a 26% premium over the current offer [2]. - The Board of Directors rejected the January Proposal, citing that it undervalued the Company and did not serve the best interests of shareholders [3]. - FCM has made multiple offers without engaging through the Company's financial advisor, raising concerns about its credibility and intentions [5]. Group 2: Company Developments - Since the January Proposal, the Company has made strategic acquisitions, including a full-service durable medical equipment provider with an unaudited revenue of US$6.6 million and a joint venture for a 60% stake in Hart Medical Equipment, contributing an additional unaudited revenue of US$60 million and US$7 million in Adjusted EBITDA [4]. - The Company aims to enhance shareholder value by expanding its service offerings in in-home monitoring and chronic disease management, focusing on patients with various health conditions [7]. Group 3: Board's Position - The Board, advised by Truist Securities, remains committed to protecting long-term shareholder value and is open to engaging with FCM if it complies with confidentiality agreements [6].

Financial Data and Key Metrics Changes - Revenue for fiscal Q3 2025 was $58.3 million, a decrease of 4.1% compared to $60.8 million in Q3 2024, but a return to positive quarter-over-quarter organic growth of 1.6% from $57.4 million in Q2 2025 [14][18] - Adjusted EBITDA for Q3 2025 was $13.7 million, or 23.5% of revenue, compared to $14.2 million, or 23.4% of revenue for Q3 2024, representing a 3.6% decrease [14][18] - Net loss for Q3 2025 was $3 million, or $0.07 per diluted share, compared to a loss of $1.6 million, or $0.04 per diluted share for Q3 2024 [15] - Cash flow from operations for the nine months ended June 30, 2025, was $27.9 million, compared to $25.4 million for the same period in 2024 [15] Business Line Data and Key Metrics Changes - The customer base decreased modestly to 151,000 unique patients as of June 30, 2025, from 153,000 unique patients as of June 30, 2024 [13] - Unique setups and deliveries totaled 210,000 in Q3 2025, down from 216,000 in Q3 2024 [13] - Respiratory resupply setups totaled 119,000 in Q3 2025, a slight decrease from 120,000 in the prior year quarter [13] Market Data and Key Metrics Changes - The company reported that recurring revenue for Q3 2025 remained strong at 81% of total revenue [14] - The joint venture with Heart Medical Equipment is expected to enhance the company's presence in the Midwest, particularly in Michigan and Ohio, with access to a recurring patient base of over 67,000 patients each month [20][28] Company Strategy and Development Direction - The company is focused on expanding its healthcare system partnerships, as evidenced by the recent transaction with Ballad Health and the joint venture with Heart Medical Equipment [5][19] - The strategic emphasis on respiratory care aligns with macro trends such as an aging population and rising chronic respiratory disease rates, which are expected to drive long-term demand [23][28] - The company aims to deepen referral networks and enhance operational efficiencies to capture a larger share of patient volume at the point of discharge [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operating metrics and the recent healthcare system transactions, indicating a clear roadmap for growth [9][21] - The company anticipates that the integration of recent acquisitions will lead to improved margins and operational efficiencies [42][44] - Management remains focused on maximizing long-term shareholder value while navigating the evolving healthcare landscape [29] Other Important Information - The company has entered into a joint venture to acquire a 60% ownership stake in Heart Medical Equipment, which generated approximately $60 million in revenue and $7 million in adjusted EBITDA as of June 30, 2025 [19][20] - The company reported a net debt to adjusted EBITDA leverage ratio of 1.5x, well within its target range [17] Q&A Session Summary Question: Can you discuss the adjusted EBITDA margin and targets for improvement? - Management expects continued improvements in EBITDA margins, despite patient CapEx being a drag due to investments in replacing ventilators [31][32] Question: How do you plan to increase the EBITDA margin for the Heart joint venture? - Management anticipates that integration will align Heart's cost structures with Quipt's historical averages, leading to margin improvements [34] Question: What types of patients are being discharged from the health centers? - The majority of patients are treated for respiratory conditions, including ventilation and oxygen needs [35] Question: Is there a financial component to the joint venture? - The joint venture involves an equity position, allowing the company to work closely with hospital systems to enhance discharge processes [38][40] Question: What is the current status of the M&A pipeline? - The M&A pipeline remains strong, with ongoing evaluations of strategic fits for future acquisitions [43][44]