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- **Return to Growth**: Q3 2025 marks return to organic growth with 1.6% QoQ increase, driven by core therapies and strategic partnerships.
- **Strategic Acquisitions**: $17M-$18M joint venture with Hart Medical adds $60M annualized revenue, embedding into 3 major health systems.
- **Operational Resilience**: 23.5% EBITDA margin maintained despite 4.1% YoY revenue decline, supported by recurring revenue (81% of total).
- **Expansion into Michigan**: New market entry with 29 locations and 67,000 monthly patients, aligning with aging population and chronic disease trends.
- **Margin Improvement Plan**: Targeting EBITDA margin expansion through operational integration and cost efficiency in acquisitions.

**【CEO Opening Remarks】**
- **Revenue Stabilization**: Q3 2025 revenue stabilized at $58.3 million, with a 1.6% QoQ organic growth, driven by core therapies and sleep resupply recovery.
- **Strategic Partnerships**: Announced a joint venture with Hart Medical Equipment, adding $60 million in annualized revenue and embedding into 3 major health systems' discharge pathways.
- **Operational Efficiency**: Adjusted EBITDA margin of 23.5%, consistent with prior quarters, reflecting structural improvements since late 2024.
- **Market Expansion**: Entered Michigan and Ohio, expanding to 160 locations across 27 states, serving 325,000 active patients.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 2025 revenue decreased 4.1% YoY to $58.3 million, but 81% of revenue was recurring, showing resilience.
- **Profitability**: Adjusted EBITDA of $13.7 million (23.5% margin), with a 7.7% YoY decline in 9-month EBITDA due to higher CapEx for ventilator replacements.
- **Liquidity**: $11.3 million cash on hand, with $35.3 million credit availability, supporting $6.6 million annualized revenue from the Ballad Health acquisition.
- **Cost Management**: Operating expenses as a percentage of revenue rose to 53.3% (from 50.4% YoY), driven by patient care CapEx increases.

**【CEO Continued Remarks】**
- **Product Innovation**: Introduced a new Medicare-approved respiratory device for high-acuity patients, aligning with aging population trends.
- **Sales Growth**: Launched the Quipt Sales Academy to accelerate onboarding and improve referral conversion rates.
- **Sleep Business Momentum**: GLP-1 drug use linked to 300-500 basis point increases in CPAP resupply adherence, supporting sleep care demand.

**【Q&A Highlights】**
- **EBITDA Margin Target**: Hardik Mehta emphasized maintaining or expanding EBITDA margins through expense stabilization and revenue growth.
- **JV Integration**: Greg Crawford stated Hart Medical's EBITDA margin will align with Quipt's average within 3 quarters via operational best practices.
- **M&A Pipeline**: CEO noted a strong pipeline of health system-aligned acquisitions, with a focus on scalable partnerships.
- **Policy Impact**: No anticipated impact from the One Big Beautiful Bill on current operations.


Quipt Home Medical Corp. (QIPT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

QIPT

QIPT fundamentals

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