Q2 2024 Quipt Home Medical Corp Earnings Call Transcript
Key Points
- Quipt Home Medical Corp (QIPT) reported a revenue of $64 million in fiscal Q2 2024, marking a 10% year-over-year increase, with a robust margin of 23.3%.
- Adjusted EBITDA for fiscal Q2 2024 was $14.9 million, representing a 14% increase year-over-year, demonstrating effective cost management and economies of scale.
- The company has initiated a share repurchase program, reflecting confidence in the business model and commitment to creating shareholder value.
- Quipt Home Medical Corp (QIPT) continues to see strong equipment setups and stable referral patterns, indicating a recovery path for the remainder of the year.
- The company is expanding into the diabetes market, enhancing its product offerings and leveraging existing relationships to drive growth.
- The end of the Medicare 75-25 relief as of January 1 negatively impacted the financial performance in the quarter.
- A cyberattack on Change Healthcare hindered the ability to process and build claims, creating a short-term drag on cash flow.
- Withdrawal of Medicare Advantage members in certain regions due to capitated agreements with other providers impacted revenue.
- The company experienced a decline in cash on hand from EUR18.3 million as of December 31, 2023, to $14.6 million on March 31, 2024, due to seasonality in collections and the cyberattack.
- Quipt Home Medical Corp (QIPT) is facing challenges with the ongoing civil investigative demand (CID), although no wrongdoing has been concluded yet.
Thank you for standing by. This is the conference operator. Welcome to the Fiscal Second Quarter 2024 earnings results conference call for quick Home Medical Corp. (Operator Instructions) And do 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 company's actual performance could differ materially from these statements.
At this point, I would like to turn the call over to Chairman and Chief Executive Officer, Greg Crawford. Please go ahead.
Thank you, operator, and thank you all for joining us on the call. My name is Greg Crawford, and I'm the Chairman and Chief Executive Officer of klickTel Medical's joining me today is Hardik Mehta, our Chief Financial Officer, crypto Medical as a diversified healthcare services company, providing a
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
