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Quipt Home Medical Corp. (QIPT+2.39%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details Quipt's operations as a provider of durable medical equipment in the United States, focusing on in-home treatments for chronic conditions such as respiratory diseases.
For the fiscal year ended September 30, 2024, Quipt reported total revenues of $245.9 million, an increase of 16% from the previous year. This growth was attributed to acquisitions and organic growth.
The company reported a net loss of $6.8 million for the year, compared to a net loss of $2.8 million in the previous year. The loss was influenced by increased operating expenses and professional fees.
Quipt's Adjusted EBITDA, a non-GAAP measure, was $57.9 million, representing a 14% increase from the prior year.
The filing notes that Quipt's growth strategy involves expanding its geographical footprint through acquisitions and increasing market share in existing markets.
Quipt's liquidity position as of September 30, 2024, included $16.2 million in cash and $13.7 million in revolving credit availability.
The company faces various risks, including reliance on a small number of suppliers, potential changes in reimbursement policies, and cybersecurity threats.
Quipt's management has implemented measures to address a previously reported material weakness in internal controls, which has been remediated as of September 30, 2024.
The filing also discloses ongoing investigations by the Department of Justice and the SEC related to claims submissions, with the SEC concluding its investigation without recommending enforcement action.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quipt Home Medical Corp. annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.