Page 1

Quipt Home Medical Reports Record Third Quarter Fiscal 2021 Financial Results Posts Revenue Growth of 41 % and Adjusted Ebitda Growth of 21 % Strong Organic Growth Of 11 % YTD as Compared to 2020 CINCINNATI , Aug. 23 , 2021 ( GLOBE NEWSWIRE ) -- Quipt Home Medical Corp. ( the " Company " ) ( NASDAQ : QIPT ; TSXV : QIPT ) , a U.S. based leader in the home medical equipment industry , focused on end - to - end respiratory care , today announced its third quarter fiscal 2021 financial results and operational highlights . These results pertain to the three and six months ended June 30 , 2021 and are reported in U.S. Dollars . Quipt will host its Quarterly Earnings Conference Call on Tuesday , August 24 , 2021 at 10:00 a.m. ( ET ) . The dial - in number is 1 ( 800 ) 309-4610 or 1 ( 604 ) 638-5340 . Financial Highlights : ■ Revenue for Q3 2021 was $ 26.2 million compared to $ 18.6 million for Q3 2020 , representing a 41 % increase in revenue year - over - year . Compared to Q3 2020 , the Company experienced organic growth of 7 % . For YTD 2021 the Company experienced 11 % organic growth as compared to the corresponding period in 2020 . ■ Recurring revenue as of Q3 2021 continues to be strong and exceeds 75 % of total revenue . ■ Adjusted EBITDA ( defined below ) for Q3 2021 was $ 5.3 million ( 20.2 % margin ) , compared to Adjusted EBITDA for Q3 2020 of $ 4.4 million , representing a 21 % increase year - over - year . Adjusted EBITDA margin was impacted by one - time costs related to the Company's NASDAQ listing . On May 27 , 2021 , the Company commenced trading on NASDAQ . ■ Net income for Q3 2021 was $ 6.3 million or $ 0.19 per fully diluted share , compared to a loss of $ 2.5 million for Q3 2020 or $ ( 0.12 ) per fully diluted share . ■ Cash flow from continuing operations was $ 11.9 million for the nine months ended June 30 , 2021 compared to $ 9.7 million for the nine months ended June 30 , 2020 . ■ For the nine months ending June 2021 , bad debt expense was 8 % compared to 10 % for the corresponding period in 2020 , an improvement of 2 % . This exemplifies our ability to scale and add more revenue through add - on acquisitions without compromising our billing capabilities . ■ The Company reported $ 30.6 million of cash on hand as at June 30 , 2021 compared to $ 27.2 million as at March 31 , 2021 . ■ The Company has an undrawn credit facility of $ 20 million as at June 30 , 2021 . Operational Highlights : Through the Company's continued use of technology and centralized intake processes , respiratory resupply set- ups and / or deliveries increased to 40,580 for the three months ended June 30 , 2021 , compared to 14,436 for the same period ended June 30 , 2020 , an increase of 181 % . ■ The Company's customer base increased 74 % year over year to 64,578 unique patients served in Q3 2021 from 37,128 unique patients in Q3 2020 . ■ Compared to 57,551 unique set - ups / deliveries in Q3 2020 , the Company completed 95,192 unique set- ups / deliveries in Q3 2021 , an increase of 65 % . ■ The Company is expanding its sales reach across fifteen U.S. states by the addition of experienced sales personnel . ■ The Company changed its name from Protech Home Medical Corp. to Quipt Home Medical Corp. in May 2021 and is focused on expansion into a national homecare provider throughout the United States , with a patient centric model to meet the one - of - a - kind needs of every patient in its ecosystem . Acquisition Related Update :