Quipt Home Medical Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Executive Summary

• Quipt Home Medical Corp. reported its fourth quarter and full fiscal year 2025 financial results, showing strong sequential growth in Q4 despite a slight decline in full-year revenue.
• Q4 2025 revenue increased 11% year-over-year to $68.3 million, driven by an 11% increase in recurring revenue which now constitutes 80% of total revenue.
• The company reported a net loss of $3.6 million for Q4 2025 and $10.7 million for the full fiscal year, while maintaining a conservative balance sheet with a Net Debt to Adjusted EBITDA leverage ratio of 1.8x.

Key Details

• Q4 2025 Financials:
  • Revenue: $68.3 million (vs. $61.3 million in Q4 2024, +11% YoY).
  • Sequential organic revenue growth: 5% from Q3 2025.
  • Recurring Revenue: $54.7 million (80% of total revenue), comprising $28.0 million in equipment rentals and $26.7 million in respiratory resupply sales.
  • Adjusted EBITDA: $14.9 million (21.8% margin, vs. $13.4 million or 21.9% in Q4 2024, +11% YoY).
  • Net Loss: ($3.6) million, or ($0.08) per diluted share (vs. ($2.9) million or ($0.07) per diluted share in Q4 2024).
• Fiscal Year 2025 Financials:
  • Revenue: $245.4 million (vs. $245.9 million in FY 2024, slight decrease).
  • Adjusted EBITDA: $55.9 million (22.8% margin, vs. $57.7 million or 23.5% in FY 2024, -3% YoY).
  • Net Loss: ($10.7) million, or ($0.24) per diluted share (vs. ($6.8) million or ($0.16) per diluted share in FY 2024).
  • Cash Flow from Operating Activities: $37.7 million (vs. $35.4 million in FY 2024).
• Balance Sheet & Liquidity:
  • Cash on hand: $12.9 million as of September 30, 2025 (vs. $11.3 million as of June 30, 2025).
  • Total credit availability: $12.7 million, consisting of $9.1 million available on the revolving credit facility and $3.6 million on the delayed-draw term loan facility.
  • Net Debt to Adjusted EBITDA Leverage Ratio: 1.8x.
  • Net Debt: $106.8 million (Senior credit facility principal $87.6M, Equipment loans $12.2M, Lease liabilities $19.9M, less Cash $12.9M).
• Operational Metrics:
  • Unique Patients Served: 346,000 in FY 2025 (vs. 314,000 in FY 2024, +10% YoY).
  • Unique Set-ups/Deliveries: 917,000 in FY 2025 (vs. 854,000 in FY 2024, +7% YoY).
  • Respiratory Resupply Set-ups/Deliveries: 486,000 in FY 2025 (vs. 480,000 in FY 2024, +1% YoY).

Notable Quotes

• Gregory Crawford, Chairman and CEO: “Our fiscal 2025 performance underscores both the durability of our model and the accelerating momentum we generated through the back half of the year... In the fourth quarter, we delivered strong sequential organic growth, effectively managed industry-wide pressures, and continued scaling our platform.”
• Hardik Mehta, Chief Financial Officer: “Our results highlight the strength of our core operations and the renewed momentum across the business... We anticipate consistent organic growth going forward, driven by our scalable operating platform, disciplined expense management, and the continued expansion of our diversified product offering.”