Quipt Home Medical Corp.

For fiscal Q3 2025, revenue was $58.3 million, down 4.1% from $60.8 million in Q3 2024, but up 1.6% sequentially from $57.4 million in Q2 2025. Adjusted EBITDA was $13.7 million, or 23.5% of revenue, versus $14.2 million, or 23.4%, a year ago. Net loss was $3 million, or $0.07 per diluted share, versus a $1.6 million loss, or $0.04 per diluted share, in Q3 2024. For the first 9 months, revenue was $177 million versus $184.6 million, and adjusted EBITDA was $41 million, or 23.2% of revenue, versus $44 million, or 24.0%. Cash flow from operations for the 9 months was $27.9 million versus $25.4 million a year ago. Cash on hand was $11.3 million at June 30, 2025, with total credit availability of $35.3 million and net debt to adjusted EBITDA leverage of 1.5x. Management did not provide formal next-quarter or full-year guidance, but said the Hart JV is expected to close by the end of fiscal Q4 2025, with Quipt expecting about $300 million in annualized run-rate revenue company-wide after closing and Hart's EBITDA margin to move toward corporate averages within 3 quarters.

Greg Crawford said the quarter showed revenue stabilization, better referral patterns and a return to organic growth, and he argued the most difficult period is behind the company. He emphasized a strategy built around health-system integration, noting the Ballad Health deal and the new Michigan JV as examples of Quipt embedding into discharge pathways. His tone was upbeat and confident, stressing that the company’s operating engine is positioned to scale again.

Hardik Mehta focused on the financial recovery and margin durability, highlighting Q3 revenue of $58.3 million, adjusted EBITDA of $13.7 million, and a 23.5% margin. He noted recurring revenue remained 81% of total revenue, operating cash flow for 9 months was $27.9 million, and leverage was 1.5x, which he said is within the target range. He also said roughly $5 million of quarter-over-quarter cash usage went to pay down the line of credit, and tied higher patient CapEx to ventilator replacements from the Philips recall. On capital allocation, he said the Hart transaction will cost $17 million to $18 million for a 60% stake and is designed to preserve balance sheet flexibility.

Analysts pressed management on how Quipt plans to improve EBITDA less patient CapEx margins and whether the Hart JV can lift its EBITDA from about $7 million toward Quipt’s historical average; management said that should happen over the next few quarters through integration and better cost structures. Management also explained that the JV is a true equity investment alongside the health systems, not just an operating agreement, and said the M&A pipeline remains strong with inbound interest increasing. In response to questions about remaining efficiency opportunities and the One Big Beautiful Bill, management said there is still upside from integrating acquired assets and that they do not anticipate any operational impact from the legislation.