Private company
Quipt Home Medical Corp.
Canadian misc health and allied services company1
In its 2025 annual report the company says: “Quipt Home Medical Corp. and its subsidiaries, is a provider of durable medical equipment / home medical equipment in the United States. The Company specializes in delivering effective in-home treatments for managing various chronic conditions, with a primary focus on respiratory diseases.”4 It is headquartered in Wilder, Kentucky.1
Last updated Oct 21, 2026.
Overview
- IndustryServices-Misc Health & Allied Services, NEC1
- HeadquartersWilder, Kentucky1
- Incorporated inBritish Columbia, Canada2
- Business address1019 Town Drive, Wilder, Ky 410762
- Filer category, Emerging growth company2
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Quipt Home Medical Corp. and its subsidiaries (“Quipt” or the “Company”), is a provider of durable medical equipment (“DME”) / home medical equipment (“HME”) in the United States (“US”). The Company specializes in delivering effective in-home treatments for managing various chronic conditions, with a primary focus on respiratory diseases. The Company’s comprehensive solutions support patients dealing with heart and pulmonary diseases, sleep apnea, reduced mobility, and other chronic health challenges. Currently, the Company serves patients across 27 states in the US.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue47¢$68.2M
- Other costs53¢$76.8M
- Income tax0¢$241.0K
Out of $145.3M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending33¢$12.4M
- Share buybacks0¢$130.0K
- Kept or used elsewhere67¢$25.2M
Out of $37.7M of cash from operations.5
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $72.6M6 | $102.4M7 | $139.9M8 | $125.5M9 | $151.6M5 | $145.3M5 | |
| Cost of revenue | $57.9M9 | $68.9M5 | $68.2M5 | ||||
| Operating income | $658.0K6 | -$1.5M7 | $4.7M8 | $2.9M9 | $1.1M5 | -$3.8M5 | |
| Interest | $1.8M7 | ||||||
| Income before tax | $2.9M8 | -$2.7M9 | -$6.7M5 | -$10.3M5 | |||
| Income tax | -$1.9M8 | $85.0K9 | $109.0K5 | $241.0K5 | |||
| Net income | -$4.6M6 | -$6.2M7 | $4.8M8 | -$2.8M9 | -$6.8M5 | -$10.7M5 | |
| Earnings per share | -$0.206 | -$0.207 | $0.148 | -$0.079 | -$0.165 | -$0.245 | |
| Earnings per share (diluted) | -$0.206 | -$0.207 | $0.138 | -$0.079 | -$0.165 | -$0.245 | |
| Shares (weighted, basic) | 33.6M shares8 | 38.6K shares9 | 42.5K shares5 | 43.3K shares5 | |||
| Shares (weighted, diluted) | 36.3M shares8 | 38.6K shares9 | 42.5K shares5 | 43.3K shares5 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $9.7M6 | $29.2M7 | $34.6M8 | $8.5M9 | $17.2M9 | $16.2M5 | $12.9M5 |
| Receivables | $26.0M5 | $29.1M5 | $34.7M5 | ||||
| Inventory | $15.6M8 | $18.4M9 | $20.9M5 | $25.6M5 | |||
| Current assets | $41.5M8 | $65.4M9 | $73.1M5 | $78.3M5 | |||
| Property, plant and equipment | $33.5M7 | $35.5M9 | $37.4M5 | $46.1M5 | |||
| Goodwill | $28.2M9 | $52.8M5 | $50.7M5 | $61.6M5 | |||
| Intangible assets | $28.9M8 | $74.0M9 | $68.0M5 | $77.6M5 | |||
| Total assets | $41.7M6 | $72.1M6 | $108.6M7 | $132.2M8 | $247.4M9 | $247.2M5 | $283.3M5 |
| Accounts payable | $24.7M9 | $29.3M5 | $38.4M5 | ||||
| Short-term debt | $6.9M8 | $3.4M8 | |||||
| Current liabilities | $41.7M8 | $60.6M9 | $60.9M5 | $74.7M5 | |||
| Long-term debt | $76.1M9 | $87.6M5 | |||||
| Total liabilities | $28.6M6 | $43.8M6 | $50.0M7 | $52.7M8 | $136.3M9 | $140.1M5 | $171.2M5 |
| Retained earnings | -$161.0M8 | -$163.8M9 | -$170.6M5 | -$181.3M5 | |||
| Shareholders’ equity | $13.0M6 | $28.2M7 | $58.6M8 | $79.5M9 | $111.1M9 | $107.2M9 | $112.1M5 |
| Shares outstanding | 35.6M shares7 | 35.6M shares13 | 43.1M shares9 | 44.0M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $14.0M6 | $17.8M7 | $26.3M8 | $37.0M9 | $35.4M5 | $37.7M5 | |
| Depreciation and amortization | $36.1M9 | $44.6M5 | $45.5M5 | ||||
| Stock-based compensation | $5.3M9 | $2.5M5 | $4.0M5 | ||||
| Capital spending | $91.0K6 | $5.0M7 | $9.2M8 | $6.9M9 | $10.3M5 | $12.4M5 | |
| Free cash flow | $13.9M | $12.7M | $17.2M | $30.1M | $25.1M | $25.3M | |
| Cash from investing | -$42.5M8 | -$82.8M9 | -$10.3M5 | -$32.9M5 | |||
| Share buybacks | $1.1M8 | $130.0K5 | |||||
| Cash from financing | -$9.9M8 | $54.4M9 | -$26.1M5 | -$7.8M5 |
Corporate structure
Quipt Home Medical Corp. sits at the top of its group. 61 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Quipt Home Medical Corp.
- GLAZER CAPITAL, LLC Filed SCHEDULE 13G/A on Quipt Home Medical Corp., latest May 14, 2026 (2 filings since Jan 15, 2026)
- Forager Fund, L.P. Filed SCHEDULE 13D/A on Quipt Home Medical Corp., latest Mar 16, 2026 (9 filings since Dec 11, 2024)
- Claret Asset Management Corp Filed SCHEDULE 13G/A on Quipt Home Medical Corp., latest Feb 10, 2026 (5 filings since Jan 20, 2022)
- Lakeview Opportunity Fund LLC Filed SCHEDULE 13D on Quipt Home Medical Corp., latest Nov 7, 2025
- Philotimo Fund, LP Filed SCHEDULE 13D/A on Quipt Home Medical Corp., latest May 28, 2025 (4 filings since Jan 10, 2025)
- BlackRock Filed SC 13G/A on Quipt Home Medical Corp., latest Feb 7, 2024 (2 filings since Feb 2, 2024)
- Quipt Home Medical Corp. Wilder, Kentucky
- 100 W. Commercial Street, LLC Subsidiary · Missouri, United States
- Acadia Medical Supply, Inc. Subsidiary · Maine, United States
- Access Respiratory Home Care, L.L.C. Subsidiary · Louisiana, United States
- Advanced Medical DME, LLC Subsidiary · Kansas, United States
- Alliance Homecare & Mobile Diagnostics, L.L.C. Subsidiary · Arizona, United States
- At Home Health Equipment, LLC Subsidiary · Indiana, United States
- Black Bear Medical Group, Inc. Subsidiary · Maine, United States
- Black Bear Medical NH, Inc. Subsidiary · New Hampshire, United States
- Black Bear Medical, Inc. Subsidiary · Maine, United States
- Care Medical Atlanta, LLC Subsidiary · Georgia, United States
- Care Medical of Athens, Inc. Subsidiary · Georgia, United States
- Care Medical of Augusta, LLC Subsidiary · Georgia, United States
- Care Medical of Gainesville, LLC Subsidiary · Georgia, United States
- Care Medical Partners LLC Subsidiary · Georgia, United States
- Care Medical Savannah, LLC Subsidiary · Georgia, United States
- Central Oxygen, Inc. Subsidiary · Indiana, United States
- Coastal Med-Tech Corp. Subsidiary · Maine, United States
- Cooley Medical Equipment, Incorporated Subsidiary · Kentucky, United States
- Focus Respiratory, LLC Subsidiary · Arizona, United States
- Good Night Medical of Ohio, LLC Subsidiary · Ohio, United States
- Good Night Medical of Texas, Inc Subsidiary · Texas, United States
- Good Night Medical, LLC Subsidiary · Ohio, United States
- Great Elm Healthcare, LLC Subsidiary · Delaware, United States
- Health Technology Resources, LLC Subsidiary · Illinois, United States
- Heartland Health Therapy, LLC Subsidiary · Arizona, United States
- and 35 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Quipt Home Medical Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $86.8M5 Sep 30, 2025 | $72.8M5 Sep 30, 2024 | +19.2% |
| Accumulated depreciation | $40.8M5 Sep 30, 2025 | $35.5M5 Sep 30, 2024 | +14.9% |
| Property and equipment, net | $46.1M5 Sep 30, 2025 | $37.4M5 Sep 30, 2024 | +23.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $12.9M5 Sep 30, 2025 | $16.2M5 Sep 30, 2024 | −20.1% |
| Stakes in other companies (equity method) | $987.0K5 Sep 30, 2025 | $1.3M5 Sep 30, 2024 | −24.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $61.6M5 Sep 30, 2025 | $50.7M5 Sep 30, 2024 | +21.3% |
| Finite-lived intangibles, gross | $110.9M5 Sep 30, 2025 | $95.2M5 Sep 30, 2024 | +16.4% |
| Accumulated amortization | $33.3M5 Sep 30, 2025 | $27.3M5 Sep 30, 2024 | +22.2% |
| Finite-lived intangibles, net | $77.6M5 Sep 30, 2025 | $68.0M5 Sep 30, 2024 | +14.1% |
Inventory
Properties, in its own words
The Company’s total space is approximately 750,000 square feet, and consists of warehouse, retail, and administrative offices. The Company leases all but one of its over 175 facilities. The following is a summary of the Company’s largest facilities by location:
Square
The rest of Item 2
Location · Owned / Leased · Footage · Primary Usage
Wilder, KY · Leased · 25,000 · Corporate headquarters, warehouse, administrative
Mesa, AZ · Leased · 24,300 · Warehouse, administrative
Flint, MI · Leased · 21,500 · Warehouse
Southfield, MI · Leased · 21,400 · Warehouse, administrative
Indianapolis, IN · Leased · 19,100 · Warehouse, administrative
Indianapolis, IN · Leased · 15,000 · Warehouse, retail
Essexville. MI · Leased · 13,100 · Warehouse, retail, administrative
Paducah, KY · Leased · 11,500 · Warehouse, retail
Cheboygan. MI · Leased · 10,800 · Warehouse
Lexington. KY · Leased · 10,700 · Warehouse, retail
Grand Blanc, MI · Leased · 10,700 · Administrative
Waterville, ME · Leased · 10,400 · Warehouse, retail
Lincoln, NE · Leased · 10,000 · Warehouse, retail
Management believes that the Company’s sites are adequate to support the business and that the properties and equipment have been well maintained.
Item 2 of the 10-K filed Dec 15, 2025.4
Leadership
Who has led Quipt Home Medical Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerGregory John Crawford Oct 1, 2024 to now14
- PresidentGregory John Crawford Oct 1, 2024 to now14
- Chief financial officerHardik Mehta Oct 1, 2024 to now15
Board members and other officers (8)
- Exec VP OperationsDavid Bachelder Oct 1, 2024 to now16
- Chief Compliance OfficerMark Alan Miles Oct 1, 2024 to now17
- Exec VP OperationsPatrick Dennis Gamble Oct 1, 2024 to now18
- Chief Accounting OfficerThomas Roehrig Oct 7, 2024 to now19
- Board memberBrian Joseph Wessel Oct 1, 2024 to now20
- Board memberGregory John Crawford Oct 1, 2024 to now14
- Board memberKevin A. Carter Oct 1, 2024 to now21
- Board memberMark Alan Greenberg Oct 1, 2024 to now22
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 100 W. Commercial Street, LLC Missouri3
- Acadia Medical Supply, Inc. Maine3
- Access Respiratory Home Care, L.L.C. Louisiana3
- Advanced Medical DME, LLC Kansas3
- Alliance Homecare & Mobile Diagnostics, L.L.C. Arizona3
- At Home Health Equipment, LLC Indiana3
- Black Bear Medical Group, Inc. Maine3
- Black Bear Medical NH, Inc. New Hampshire3
- Black Bear Medical, Inc. Maine3
- Care Medical Atlanta, LLC Georgia3
- Care Medical Partners LLC Georgia3
- Care Medical Savannah, LLC Georgia3
- Care Medical of Athens, Inc. Georgia3
- Care Medical of Augusta, LLC Georgia3
- Care Medical of Gainesville, LLC Georgia3
- Central Oxygen, Inc. Indiana3
- Coastal Med-Tech Corp. Maine3
- Cooley Medical Equipment, Incorporated Kentucky3
- Focus Respiratory, LLC Arizona3
- Good Night Medical of Ohio, LLC Ohio3
- Good Night Medical of Texas, Inc Texas3
- Good Night Medical, LLC Ohio3
- Great Elm Healthcare, LLC Delaware3
- Health Technology Resources, LLC Illinois3
All 61 listed subsidiaries
- Heartland Health Therapy, LLC Arizona3
- Heckman Healthcare Service & Supplies Inc. Illinois3
- Hometown Medical LLC Mississippi3
- IRB Medical Equipment, LLC Michigan3
- Legacy Oxygen and Home Care Equipment, LLC Kentucky3
- Mayhugh Drugs, Inc. Florida3
- Med Supply Center, Inc. Mississippi3
- Medical West Healthcare Center, LLC Missouri3
- Mediserve Medical Equipment of Kingsport, Inc Tennessee3
- Metro-Med, Inc. California3
- Metro-Med, Inc. - Los Alamitos California3
- Metro-Med, Inc. - Ventura California3
- NorCal Respiratory, Inc. California3
- Northwest Medical, LLC Oregon3
- Oxygen Plus California3
- PM Sleep Lab, LLC Kansas3
- Patient Home Monitoring, Inc. Washington3
- Patient-Aids, Inc. Kentucky3
- QHM Holdings Inc. Delaware3
- QHM Investments I, LLC Delaware3
- Quipt Home Medical Inc. Delaware3
- RTA Homecare, LLC Arizona3
- Rejuvenight, LLC Arizona3
- Resource Medical Group of Charleston, LLC South Carolina3
- Resource Medical Group, LLC South Carolina3
- Resource Medical, Inc. South Carolina3
- Respicare, Inc. California3
- Riverside Medical, Inc. Tennessee3
- Semo Drugs-Care Plus of Mo., Inc. Missouri3
- Sleep Health Diagnostics, LLC Ohio3
- Sleepwell, LLC Georgia3
- Southeastern Biomedical Services, LLC Kentucky3
- Southern Pharmaceutical Corporation Mississippi3
- Thrift Home Care, Inc. Mississippi3
- Tuscan, Inc. Ohio3
- United Respiratory Services, LLC Arizona3
- West Home Health Care, Inc. Virginia3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Mar 16, 20268-K Entered a material agreement; Completed an acquisition or sale; Listing notice or transfer23
- Mar 6, 20268-K Other events24
- Mar 3, 20268-K Shareholder vote; Other events25
- Jan 26, 20268-K Other events26
- Jan 6, 20268-K Other events27
- Dec 15, 20258-K Entered a material agreement; Regulation FD disclosure28
- Dec 15, 20258-K Results of operations29
- Aug 27, 20258-K Regulation FD disclosure30
- Aug 12, 20258-K Entered a material agreement; Other events31
- Aug 11, 20258-K Results of operations32
- Jul 7, 20258-K Other events33
- May 21, 20258-K Regulation FD disclosure34
- Oct 1, 2024New chief executive Gregory John Crawford becomes CEO14
Calendar
When it reported results
- Dec 15, 2025Reported quarterly or annual results29
- Aug 11, 2025Reported quarterly or annual results32
- May 12, 2025Reported quarterly or annual results35
- Feb 10, 2025Reported quarterly or annual results36
- Dec 16, 2024Reported quarterly or annual results37
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
193 filings to the SEC since October 2021: 7 annual reports, 4 quarterly reports, 19 major events, 35 insider forms, 23 large holders, 105 other. The latest 20:
- May 14, 2026SCHEDULE 13G/A EDGAR
- Mar 26, 202615-12G EDGAR
- Mar 16, 2026SCHEDULE 13D/A EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 2026S-8 POS EDGAR
- Mar 16, 2026S-8 POS EDGAR
- Mar 16, 2026F-10POS EDGAR
- Mar 16, 20268-K EDGAR
- Mar 6, 20268-K EDGAR
- Mar 3, 20268-K EDGAR
- Feb 10, 2026SCHEDULE 13G/A EDGAR
- Feb 9, 202610-Q EDGAR
The 193 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 26, 2024 | Gamble Patrick DennisExec. VP Operations | Buy | 17,000 | $2.45 | $41.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- GLAZER CAPITAL, LLCSCHEDULE 13G/A, 2 filings Jan 15, 2026 to May 14, 202638
- Forager Fund, L.P.SCHEDULE 13D/A, 9 filings Dec 11, 2024 to Mar 16, 202639
- Claret Asset Management CorpSCHEDULE 13G/A, 5 filings Jan 20, 2022 to Feb 10, 202640
- Lakeview Opportunity Fund LLCSCHEDULE 13D, 1 filing Nov 7, 202541
- Philotimo Fund, LPSCHEDULE 13D/A, 4 filings Jan 10, 2025 to May 28, 202542
- BlackRockSC 13G/A, 2 filings Feb 2, 2024 to Feb 7, 202443
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Thomas RoehrigChief Accounting Officer | $249.1K44 | ||
| 2023 | Gregory CrawfordChief Executive Officer | 51 | $976.7K44 | |
| 2023 | Hardik MehtaChief Financial Officer | $951.0K44 | ||
| 2023 | Thomas RoehrigChief Accounting Officer | $231.0K | $810.4K44 |
SEC filer profile
How Quipt Home Medical Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARQuipt Home Medical Corp.1
- CIK0001540013
- Employer ID (EIN)00-00000004
- Filer statusAccelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inBritish Columbia, Canada4
- Fiscal year endsSeptember 301
- Industry code (SIC)8090 Services-Misc Health & Allied Services, NEC1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address1019 Town Drive, Wilder, KY 410761
- Phone859-878-22201
- Shares outstanding44,464,972 as of Feb 6, 202612
- Public float$90.9M as of Mar 31, 20254
- AuditorBDO USA, P.C., Cincinnati, Ohio PCAOB ID 243; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJan 19, 20121
- Filings237 in all: 6-K (85), 4 (26), D (25), 8-K (19), DEFA14A (10), 3 (9), SCHEDULE 13D/A (9), 10-Q (4)1
All 38 form types
SC 13G/A (4), 40-F (3), F-10/A (3), F-X (3), S-8 (3), S-8 POS (3), SC 13G (3), SCHEDULE 13G/A (3), 10-K (2), F-10 (2), SCHEDULE 13D (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 40-F/A (1), 40FR12B (1), 40FR12B/A (1), 6-K/A (1), ARS (1), CERT (1), DEF 14A (1), DEFM14A (1), EFFECT (1), F-10POS (1), PREM14A (1), RW (1), SC 13D (1), SCHEDULE 13G (1), SEC STAFF ACTION (1), SUPPL (1)
- Latest filingsAnnual report (10-K) Dec 15, 2025
Quarterly report (10-Q) Feb 9, 2026
Proxy statement (DEF 14A) Jan 24, 2025
Latest 8-K (8-K) Mar 16, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares, without Par Value | QIPT | Nasdaq |
From the cover page of the 10-K filed Dec 15, 2025 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Quipt Home Medical Corp. names in Item 1A of its 10-K filed Dec 15, 2025: 48 risks under these headings, as written.4
- We operate in a rapidly changing environment that involves a number of risks. The following discussion highlights some of these risks and others are discussed elsewhere in this report. These and other risks could materially adversely affect our business, revenue, financial condition and results of operations. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. See also “Cautionary Note Regarding Forward-Looking Statements” in this Annual Report on Form 10-K.
- Risks Related to Our Business and Industry
- Reliance on relatively few suppliers for the majority of Quipt’s patient service equipment and supplies could adversely affect Quipt’s ability to operate.
- Supply chain disruptions and economy-wide labor shortages in the U.S. could negatively impact Quipt’s businesses.
- Quipt has been negatively impacted by inflation and rising interest rates.
- Quipt’s business depends on its information systems, including software licensed from or hosted by third parties, and any failure or significant disruption or effective cyber-attack on any of these systems, security breaches or improper disclosure of or loss of data could materially affect our business, results of operations and financial condition.
- Quipt’s financial performance is affected by continuing efforts by private third-party payors to control their costs, and if Quipt agrees to lower its reimbursement rates due to pricing pressures from such private third-party payors, Quipt’s financial condition and results of operations would likely deteriorate.
- Quipt’s payor contracts are subject to renegotiation or termination, which could result in a decrease in Quipt’s revenue or profits.
- Changes made by payors to the way they cover products supplied by Quipt could have an adverse impact on Quipt’s revenue and operations.
- Changes in governmental or private payor supply replenishment schedules could adversely affect Quipt.
- If Quipt fails to manage the complex and lengthy reimbursement process, its revenue, financial condition and results of operations could suffer.
- Quipt may be adversely affected by consolidation among health insurers and other industry participants.
The other 37 risks
- Quipt may be adversely affected if it is unable to maintain current levels of collectability and by the deterioration of the financial condition of Quipt’s payors and disputes with third parties could have a significant negative impact on Quipt’s financial condition and results of operations.
- If Quipt is unable to maintain or develop relationships with patient referral sources, its growth and profitability could be adversely affected.
- Quipt experiences competition from numerous other sleep therapy equipment, home respiratory, and mobility equipment providers, and this competition could adversely affect its revenues and its business.
- Changes in medical equipment technology and development of new treatments may cause Quipt’s current equipment or services to become obsolete.
- Quipt’s operations involve the transport of compressed and liquid oxygen, which carries an inherent risk of rupture or other accidents with the potential to cause substantial loss, and have involved the operation of medical gas facilities that are subject to federal and state regulations, which requires significant compliance oversight and expenses.
- Quipt currently outsources, and from time to time in the future may outsource, a portion of its internal business functions to third-party providers, which has significant risks, and Quipt’s failure to manage these risks successfully could materially adversely affect its business, results of operations, and financial condition.
- Quipt’s ability to successfully operate its business is largely dependent upon the efforts of key personnel of Quipt, including senior management, the loss of any of whom could negatively impact Quipt’s operations and financial results.
- Quipt’s strategic growth plan, which has historically involved the acquisition of other companies, may not succeed.
- Political and economic conditions, including significant global or regional developments such as economic and political events, including the implementation of tariffs, natural disasters, and public health crises that are out of Quipt’s control, could adversely affect its revenue, financial condition, and results of operations.
- Quipt’s current insurance program is expensive to maintain and may expose it to unexpected costs and negatively affect its business, financial condition and results of operations, particularly if it incurs losses not covered by its insurance or if claims or losses differ from its estimates.
- Potential conflicts of interest may arise.
- Quipt conducts all of its operations through foreign subsidiaries in the US.
- Quipt’s revenue is generated from operations in the US and is exposed to foreign exchange risk, which may negatively affect Quipt’s results of operations.
- Risks Related to Regulation
- Quipt’s revenue could be impacted by federal and state changes to reimbursement and other Medicaid and Medicare policies.
- Quipt is subject to US federal and state healthcare fraud and abuse and false claims laws and regulations, under which prosecutions have increased in recent years and Quipt may become subject to such litigation, and if Quipt is unable to comply or has not fully complied with such laws, it could face substantial penalties.
- Failure by Quipt to successfully design, modify and implement technology-based and other process changes to maximize productivity and ensure compliance could ultimately have a significant negative impact on Quipt’s financial condition, reputation and results of operations.
- If CMS requires prior authorization or implements changes in documentation necessary for Quipt’s products, Quipt’s revenue, financial condition and results of operations could be negatively impacted.
- Reimbursement claims are subject to audits by various governmental and private payor entities from time to time and such audits may negatively affect Quipt’s revenue, financial condition and results of operations.
- Significant reimbursement reductions and/or exclusion from markets or product lines could adversely affect Quipt.
- Failure by Quipt to maintain required licenses, permits and accreditation could impact its operations.
- Legislative action or changes could adversely affect Quipt’s business, results of operations and financial condition.
- Healthcare reform legislation could have a material impact on Quipt’s business, results of operations and financial condition.
- Actual or perceived failures to comply with applicable data protection, privacy and security, and consumer protection laws, regulations, standards and other requirements could adversely affect Quipt’s business, results of operations and financial condition.
- Quipt may be adversely affected by global climate change or by legal, regulatory or market responses to such change.
- Risks Related to Our Financial Condition
- If Quipt were required to write down all or part of its goodwill, its net earnings and net worth could be materially adversely affected.
- Quipt may not be able to generate sufficient cash flow to cover required payments or comply with financial and operating covenants under its long-term debt and long-term operating leases.
- Quipt may need additional capital to fund its operating subsidiaries and finance its growth, and Quipt may not be able to obtain it on acceptable terms, or at all, which may limit its ability to grow.
- We will continue to incur significantly increased expenses and administrative burdens as a result of being a public company, which could have a material adverse effect on Quipt’s business, financial condition and results of operations.
- Risks Related to Our Securities
- We are subject to risks associated with proxy contests and other actions of activist shareholders.
- We may not be able to effectively maintain controls and procedures required by Section 404 of the Sarbanes-Oxley Act that are applicable to us.
- We are an “emerging growth company” and a “smaller reporting company,” and the reduced disclosure requirements applicable to emerging growth companies or smaller reporting companies may make our Common Shares less attractive to investors.
- Once we are no longer an “emerging growth company,” a “smaller reporting company” or otherwise no longer qualify for applicable exemptions, we will be subject to additional laws and regulations affecting public companies that will increase our costs and the demands on management and could harm our operating results and cash flows.
- Fluctuations in the price of Quipt’s securities could contribute to the loss of all or part of your investment.
- Because Quipt has no current plans to pay cash dividends on its Common Shares for the foreseeable future, you may not receive any return on investment unless you sell your Common Shares for a price greater than that which you paid for them.
- Quipt’s normal course issuer bid program expired, which may have potential impacts on share valuation, liquidity and capital allocation.
- Provisions in our constating documents and under British Columbia law could make an acquisition of us, which may be beneficial to our shareholders, more difficult and may prevent attempts by our shareholders to replace or remove our current management.
- Forward-looking statements may prove to be inaccurate, which could have a material adverse effect on Quipt’s business, financial condition and results of operations.
Legal proceedings
From time to time, the Company is involved in various legal proceedings and investigations arising in the ordinary course of business, including those relating to proxy contests and other actions of activist shareholders, employment matters, relationships with clients and contractors, intellectual property disputes and other business matters. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and if one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that period could be materially adversely affected.
The Company has received a civil investigative demand (“CID”) from the Department of Justice (“DOJ”) through the US Attorney’s Office for the Northern District of Georgia pursuant to the False Claims Act regarding an investigation concerning whether the Company may have caused the submission of false claims to government healthcare programs for CPAP equipment. The Company is cooperating with the investigation. No assurance can be given as to the timing or outcome of the DOJ’s investigation.
In April 2024, the Company received a subpoena from the SEC to provide certain documents related to the Company and the DOJ investigation, CID, and financial reporting and disclosure matters. The SEC concluded its investigation in November 2024 and, based on the information it had at such time, the SEC advised that it did not intend to recommend an enforcement action by it against the Company.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARDavid Bachelder, Exec VP Operations
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- 20SEC EDGARBrian Joseph Wessel, Board member
- 21SEC EDGARKevin A. Carter, Board member
- 22SEC EDGARMark Alan Greenberg, Board member
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- 24SEC EDGAROther events
- 25SEC EDGARShareholder vote; Other events
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- 29SEC EDGARResults of operations
- 30SEC EDGARRegulation FD disclosure
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- 32SEC EDGARResults of operations
- 33SEC EDGAROther events
- 34SEC EDGARRegulation FD disclosure
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