Quipt Home Medical Acquires Missouri-Based Medical Equipment Company with $5.5 Million Annual Revenue - Yahoo Finance

Quipt Home Medical (NASDAQ: QIPT) is a U.S.-based leader in the home medical equipment industry focusing on end-to-end respiratory care and providing in-home monitoring medical equipment, supplies and services to patients.

Quipt offers a variety of medical products and services, including daily and ambulatory aides, oxygen therapy, sleep apnea treatment, home ventilation and respiratory equipment rental.

Now, Quipt has announced a new phase of expansion. It recently closed on a strategic acquisition of business with operations in Missouri. The business has a diverse payor mix and a wide range of traditional durable medical equipment products. Most significantly, this business has reported unaudited 12-month annual revenues of approximately $5.5 million.

This development is incredibly significant for Quipt, and represents new opportunities for the healthcare company. This acquisition will give Quipt access to 3 locations, 15,000 new active patients, 1,500 additional referring physicians, important insurance contracts and decades of operating experience.

According to the definitive purchase agreement, Quipt acquired this business for approximately $2.25 million in cash. Quipt's estimates this acquisition will increase its annual revenues by an additional $5.5 million.

Quipt's managerial team is especially enthusiastic about the recent acquisition. Greg Crawford, chairman and CEO of Quipt, remarked how the move "significantly strengthens our overall interconnected healthcare network and the fast-paced expansion in Missouri, while serving as a foundation for other new states, and can grow through economical bolt-on acquisitions that provide us important insurance contracts."

Crawford added, "Our continued dedication to superior patient care is helping us build market share across our geographies and we are excited to continue filling in the map. As we look at the last 90 days, not only have we accomplished a major milestone of listing on the Nasdaq, but we have also completed four acquisitions with combined revenue of over $11 million, expanding us into four new states."

Chief Financial Officer Hardik Mehta commented, "We are able to add a metro hub to our operating footprint and $5.5 million in revenue, providing us additional meaningful infrastructure in Missouri. As we continue to work through our acquisition pipeline, we are enthused to have the opportunity to penetrate existing and new states building scale both organically and through strategic bolt-on opportunities."

"While we accelerate our pace on acquisitions, we will continue our disciplined approach that has been very successful in growing shareholder value," Mehta emphasized.

Learn more about Quipt Home Medical and its investor information here.

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