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Quipt Home Medical Corp. (QIPT0.00%) has filed its Form 10-Q for the quarterly period ended December 31, 2024 filing.
The filing details a slight decrease in revenue to $61.4 million for the quarter, down 2% from the previous year. This decrease is attributed to the discontinuation of the Medicare 75/25 rate, withdrawal of Medicare Advantage members, and non-renewal of a disposable supply contract.
The company reported a net loss of $1.1 million for the quarter, an improvement from the $1.5 million loss in the same period the previous year. This improvement is due to various factors, including a reduction in stock-based compensation expenses.
Operating expenses rose slightly to $30.4 million, up from $29.8 million in the previous year, primarily due to increased payroll expenses.
Quipt Home Medical Corp. reported an Adjusted EBITDA of $14.0 million, compared to $15.3 million in the previous year. Adjusted EBITDA is a non-GAAP financial measure that excludes certain items such as stock-based compensation and acquisition-related costs.
The company ended the quarter with $15.5 million in cash and $11.4 million in revolving credit availability. The total assets were reported at $242.8 million, with total liabilities at $136.5 million.
The filing also notes that the company is subject to an ongoing investigation by the Department of Justice regarding potential false claims submitted to government healthcare programs. The company is cooperating with the investigation.
Quipt Home Medical Corp. continues to focus on expanding its presence in existing and new markets, optimizing its organizational structure, and exploring opportunities to drive shareholder value.
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. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.