Q3 2024 Quipt Home Medical Corp Earnings Call Transcript
Key Points
- Quipt Home Medical Corp (QIPT) reported a 6.1% year-over-year increase in revenue for fiscal Q3 2024, reaching $64 million.
- The company's customer base grew by 9% year-over-year, serving 153,223 unique patients in Q3 2024.
- Adjusted EBITDA for fiscal Q3 2024 was $14.2 million, representing a 22.3% margin, showing a year-over-year growth of 2.7%.
- Recurring revenues remain strong, accounting for approximately 82.1% of total revenue.
- The company maintains a conservative balance sheet with a net debt to adjusted EBITDA leverage of 1.5x, providing financial flexibility for future growth.
- The end of the Medicare 75/25 relief as of January 1 negatively impacted revenue, contributing to flat sequential organic revenue growth.
- Bad debt expenses increased to 5% from 4% due to the Change Healthcare cybersecurity incident, affecting normal collection efforts.
- Operating expenses for the three months ended June 30, 2024, increased to 47.8% from 45.4% in the same period last year.
- The company faced challenges from the withdrawal of Medicare Advantage members due to a capitated agreement with other providers.
- The ongoing civil investigative demand (CID) has incurred additional professional fees and remains unresolved, although no wrongdoing has been concluded by the government.
Thank you for standing by. This is the conference operator. Welcome to the fiscal third-quarter 2024 results conference call for equipped Quipt Home Corp. (Operator Instructions) The conference is being recorded. (Operator Instructions)
We remind you that the remarks today will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the Reader Advisory at the bottom of the company's results news release. The company's actual performance could differ materially from these statements.
At this point, I'd like to turn the call over to Chairman and Chief Executive Officer, Greg Crawford.
Thank you, operator, and thank you all for joining us today on the call. My name is Greg Crawford, and I'm the Chairman and Chief Executive Officer of Quipt Home Medical. Joining me today is Hardik Mehta, our Chief Financial Officer. Quipt Home Medical is a diversified healthcare
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