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]

Group 1 - Comcast announced the expected board members for its cable networks spinout, Versant, which will include individuals from media, technology, finance, and other industries [1][2] - Versant will serve as the parent company for NBCUniversal's cable networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, as well as digital platforms like Fandango and Rotten Tomatoes [2] - The spinoff of Versant is anticipated to be completed by the end of this year [2] Group 2 - The proposed board members for Versant include Mark Lazarus, David Novak, Rebecca Campbell, Creighton Condon, Michael Conway, David Eun, Gerald L. Hassell, Scott Mahoney, Maritza Montiel, and Len Potter [3]

Group 1 - Linde plc has entered a long-term agreement to supply industrial gases to Blue Point Number One, a joint venture for a low-carbon ammonia plant in Louisiana, which will produce 1.4 million metric tons of low-carbon ammonia annually [1][5] - Linde will invest over $400 million to build and operate a new air separation unit (ASU) for the Blue Point project, expected to be the largest along the Mississippi River corridor, with operations starting in 2029 [2][8] - The new ASU will be Linde's third advanced unit supporting an autothermal reforming ammonia plant, enhancing its industrial gas network in a region with increasing demand for decarbonization and clean energy [3] Group 2 - Stakeholders, including CF Industries' COO, emphasize Linde's critical role in establishing a reliable low-carbon ammonia supply chain, highlighting its expertise [4] - The Blue Point ammonia facility is positioned to significantly contribute to the global demand for clean ammonia, which is essential for decarbonizing energy and industrial sectors [5]

Group 1 - Comcast's spinoff of its NBCUniversal cable network portfolio will be named Versant, concluding a months-long naming process [1] - Versant will own cable networks such as USA, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel, along with digital assets like Fandango and Rotten Tomatoes [2][4] - The remaining NBCUniversal assets, including Peacock and Universal Studios, will stay with Comcast [3] Group 2 - The name Versant is intended for business-to-business purposes and will not be consumer-facing, focusing on individual brands instead [3][4] - Versant is expected to be spun out from Comcast before the end of 2025, with the new company's assets generating approximately $7 billion in revenue last year [4] - The company aims to build a growth narrative for investors, potentially including acquisitions beyond traditional media [5] Group 3 - The emphasis on versatility reflects the changing media landscape, with plans to expand beyond linear TV and streaming [5][6] - An example of this strategy is the Golf Channel's acquisition of GolfNow, indicating a move towards building profitable businesses outside of traditional media [6]

Core Viewpoint - Linde plc is expected to report its first-quarter 2025 results on May 1, with positive indicators from previous quarters suggesting a potential earnings beat due to strong performance in the Americas segment and favorable pricing dynamics [1][7]. Group 1: Previous Quarter Performance - In the last reported quarter, Linde's earnings were $3.97 per share, surpassing the Zacks Consensus Estimate of $3.93, driven by higher pricing and increased volumes from the Americas segment [2]. - Linde has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average surprise of 1.45% [2]. Group 2: Earnings Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is $3.93, reflecting a 4.8% improvement from the prior-year quarter [3]. - The revenue estimate for the first quarter is $8.26 billion, indicating a year-over-year increase of 1.96% [3]. Group 3: Contributing Factors - Linde's position as a global leader in industrial gases, including oxygen, hydrogen, and nitrogen, supports its performance across various end markets such as healthcare and manufacturing [4]. - The Americas segment is expected to contribute significantly to profits, with operating profit estimated at $1.16 billion, up from $1.12 billion in the first quarter of 2024 [6]. - The Engineering business unit's operating profit is estimated at $96 million, an increase from $93 million a year ago, indicating overall positive demand and pricing dynamics [6]. Group 4: Earnings Prediction - The company's Earnings ESP is +0.30%, suggesting a strong likelihood of an earnings beat, supported by a Zacks Rank of 3 [7].