Quipt's Record-Breaking Growth Propels the Home Medical Company to NASDAQ Listing

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Kentucky-based Quipt Home Medical Corp. QIPT uplisted to NASDAQ this May as its innovative subscription-based home medical equipment platform saw record-breaking revenue growth in 2021. Investors can now buy shares in the rapidly growing home medical equipment company under the ticker QIPT. Here are some of the key drivers of the company’s growth that helped it join one of the largest stock exchanges in the world.

A High-Growth Industry in Need of Tech-Driven Solutions

The core of Quipt’s business is the delivery and implementation of home medical equipment — like sleep apnea machines, wheelchairs and ventilators — to more than 130,000 patients across the country. Using the innovative Quipt platform and a vast network of suppliers, the company can offer a simplified, patient-first service. 

Patients can connect with their healthcare providers using Quipt’s telehealth services, get help with setting up their equipment and easily reorder supplies. Meanwhile, healthcare providers can monitor patients’ health, improve the effectiveness of treatment plans and implement early interventions — all via remote patient monitoring. 

The market for at-home medical equipment is already large and is expected to exceed $84 billion by 2028. Even with this high-growth potential, there’s been a lack of innovation in the industry. The process of delivering and installing home medical equipment as well as the process of monitoring treatment plans and ensuring patients are able to get the best possible health outcomes has been slow and inefficient. 

Quipt’s combination of technological innovation and aggressive national expansion addresses many of these pain points and offers one of the best solutions for the growing population of patients who rely on home medical equipment to assist with daily functions like breathing, sleeping and getting around.

Strong Revenue Growth Driven by Subscription Model

This unique and streamlined platform has already yielded record-breaking returns. Quipt’s 2nd-quarter report revealed quarterly revenue of $24.2 million, up from $17.9 million from the 2nd quarter of 2020, with more than 75% of that coming from recurring revenue sources — namely, its subscription-based platform. The strong revenue growth is driven by a growing customer base and continued expansion into new states to reach even more customers. 

Aggressive National Expansion via Strategic Acquisitions

That expansion into new states will continue into the 2nd half of 2021 as Quipt finalizes 3 strategic acquisitions that will allow it to gain access to 4 new states. Quipt’s acquisition strategy is driven by a combination of regional expansion and product diversification. 

The 3 acquisitions this year cost a combined total of about $4.2 million in cash and will give Quipt exposure to markets in California, Missouri, Arkansas, and Mississippi. In total, the acquisitions add 6 new locations, more than 10,000 patients and new insurance contracts to Quipt’s growing portfolio. Quipt has over $37 million in cash and an undrawn credit facility for $20 million which gives the Company extraordinary flexibility in its acquisition approach. 

As the company continues to expand its geographical reach, centralize its delivery network and add new products to its growing range of medical equipment, investors can look forward to continued rapid growth in the coming years from this new addition to the NASDAQ exchange.

See also: BEST HEALTH INSURANCE

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.