1. Amazon for home medical equipment and ongoing respiratory care.

2. A specialized CVS or Walgreens that delivers and services medical equipment directly to patients' homes.

• Sleep Therapy Equipment & Services: Provides CPAP, BiPAP machines, masks, and accessories to treat sleep apnea, complemented by clinical support and compliance monitoring.
• Oxygen Therapy Equipment & Services: Offers various oxygen delivery systems, including concentrators and portable devices, along with related supplies and setup for patients with respiratory conditions.
• Ventilation Equipment & Services: Supplies advanced respiratory ventilators and tracheostomy care products for individuals requiring complex breathing support in their homes.
• Mobility Aids & Equipment: Provides durable medical equipment such as wheelchairs, walkers, and scooters to enhance patient mobility and independence.
• General Home Medical Equipment (HME): Offers a broad range of other in-home medical supplies and equipment, including hospital beds, bath safety items, and patient lifts.

Quipt Home Medical (QIPT) primarily sells its durable medical equipment (DME) and services directly to individuals, often referred by physicians and with reimbursement from various insurance providers. Based on their focus on the respiratory market, the company serves the following categories of individual customers:

• Individuals with Sleep-Disordered Breathing: Patients diagnosed with conditions such as obstructive sleep apnea who require continuous positive airway pressure (CPAP) or bi-level positive airway pressure (BiPAP) therapy.
• Individuals with Chronic Respiratory Conditions: Patients suffering from chronic obstructive pulmonary disease (COPD), emphysema, chronic bronchitis, or other chronic lung diseases who require supplemental oxygen therapy, nebulizers, or other respiratory support devices.
• Individuals Requiring Advanced Ventilatory Support: Patients with neuromuscular diseases (e.g., ALS, muscular dystrophy), spinal cord injuries, or other complex conditions necessitating non-invasive or invasive mechanical ventilation at home.

Greg Crawford, Chairman of the Board / CEO

Greg Crawford is a seasoned healthcare executive with over 30 years of experience, specializing in the durable medical equipment (DME) industry, with expertise in operations, integration, and mergers & acquisitions. He joined Quipt Home Medical in 2017 as CEO and Chairman, leading a transformative restructuring that grew the company from $50 million to a multi-hundred-million-dollar revenue business through strategic acquisitions and operational improvements. Prior to Quipt, he owned Patient-Aids, Inc., which he grew at an annual rate of 25% and more than doubled revenue and quadrupled earnings between 2013 and 2015 by acquiring and integrating home medical equipment businesses. Patient-Aids, Inc. was sold to Patient Home Monitoring Corp. (Quipt's predecessor) for $33.9 million in 2015.

Hardik Mehta, Chief Financial Officer

Hardik Mehta is an astute finance professional with significant experience in acquisition, transaction finance, accounting, and negotiation. Before joining Quipt Home Medical, he spent nearly ten years as an investment banker and finance advisor at Silverstone Capital Advisors. Mr. Mehta has advised on over 30 M&A and funding transactions across various industries, overseeing due diligence, quality of earnings analysis, and post-transaction integration planning. He possesses a deep understanding of the financial and operational aspects of the HME/DME industry and has been instrumental in Quipt's acquisition and funding strategies.

Will Childers, Vice President of Business Development

Will Childers has extensive experience in the durable medical equipment industry, having worked in the field since the age of 15.

Jerry Kirn, Vice President of Operations

Jerry Kirn is a veteran in the Home Medical Equipment (HME) industry with over 20 years of experience. He focuses on providing support, training, and enhancing operational efficiencies within the company. Most recently, he was a partner in a start-up that achieved over $1 million in sales in less than ten months.

Key Risks to Quipt Home Medical (QIPT)

Quipt Home Medical (QIPT) faces several significant risks, primarily stemming from its financial health, the highly regulated healthcare environment, and operational challenges.

The most significant risk to Quipt Home Medical is its financial health, characterized by high leverage and persistent profitability challenges. The company has received a poor financial strength rating due to its substantial debt-to-equity ratio of 0.9, which indicates a relatively high level of leverage. This is further underscored by an Altman Z-Score of 0.49, placing the company in a distress zone and signaling a potential risk of bankruptcy within the next two years. Quipt has consistently reported negative GAAP EPS, with a trailing twelve months EPS of -$0.24 and a net margin of -4.22%, highlighting ongoing challenges in achieving sustainable profitability despite strong revenue growth.

Secondly, Quipt Home Medical is significantly exposed to regulatory changes in healthcare and potential adjustments to reimbursement rates. The company's financial performance is directly influenced by the efforts of private third-party payors to control costs, which can lead to lower reimbursement rates and deteriorating financial conditions. Additionally, a substantial portion of its net revenue (approximately 27% for fiscal years 2023 and 2024) is derived from Medicare reimbursement, making it vulnerable to any slowdowns in payments or legislative actions that could adversely affect its business model and financial condition. The discontinuation of the Medicare 75/25 blended rate as of January 1, 2024, has already negatively impacted the company's revenue and operating results.

Finally, Quipt Home Medical faces considerable supply chain, operational, and cybersecurity risks. The company's reliance on a limited number of suppliers for patient service equipment and supplies makes it susceptible to supply chain disruptions, price increases, or changes in supplier terms. Labor shortages in the U.S. also pose a threat, potentially increasing costs and reducing revenues. Furthermore, Quipt's heavy reliance on information systems makes it vulnerable to cybersecurity incidents. The company has previously experienced cybersecurity breaches, such as one in February 2024 involving a third-party software provider, which can have ongoing adverse effects on operations, revenue, and cash flow.

Quipt Home Medical (symbol: QIPT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Partnerships: Quipt Home Medical has a history of pursuing strategic acquisitions to expand its geographic footprint, increase market density, and enhance its service offerings. Examples include the acquisition of a durable medical equipment (DME) provider from Ballad Health, which also included a Preferred Provider Agreement, and a joint venture with Hart Medical Equipment, significantly expanding its presence in the Midwest.
2. Organic Growth and Expansion of Customer Base: The company is focused on driving organic revenue growth by increasing its unique patient count and expanding its resupply program, particularly in respiratory care. Quipt has consistently stated an objective of achieving 8-10% annualized organic revenue growth.
3. Enhanced Product Portfolio and End-to-End Respiratory Solutions: Quipt is committed to offering a comprehensive range of home medical equipment and services, with a particular emphasis on end-to-end respiratory solutions. This strategy aims to increase the annual revenue generated per patient by providing multiple services and consolidating patient care.
4. Technological Advancements and Operational Efficiencies: Investment in technology, such as e-prescribing systems, centralized intake processes, and data-driven tools, is crucial for improving operational efficiency, enhancing the customer experience, and streamlining revenue cycle management. These advancements are expected to support higher margin revenue through improved resupply patient catchment rates.
5. Capitalizing on Industry Tailwinds: The growing demand for in-home healthcare solutions, propelled by an aging population and the increasing need for cost-effective healthcare delivery, serves as a fundamental driver for Quipt's growth. The company's diverse product portfolio and expanded service areas are well-aligned with these significant market trends.

Share Repurchases

• On May 6, 2024, Quipt Home Medical implemented a share repurchase program (Normal Course Issuer Bid or NCIB) authorizing the purchase for cancellation of up to 3,626,845 common shares, representing approximately 10% of its public float. This program automatically terminated on April 30, 2025.
• In March 2025, Quipt announced plans to execute its NCIB in the coming months, emphasizing an aggressive approach to enhance shareholder value through active share repurchases.

Share Issuance

• On April 17, 2023, Quipt Home Medical completed a bought deal public offering of 4,460,000 common shares at a price of $7.85 per share, generating aggregate gross proceeds of $35,011,000.
• Concurrent with the public offering in April 2023, the company also intended to complete a brokered private placement of common shares for approximately $2,000,000.
• The proceeds from these offerings were earmarked for debt repayment, potential future acquisitions, working capital, and general corporate purposes.

Outbound Investments

• On September 3, 2025, Quipt Home Medical acquired a 60% ownership interest in Hart Medical Equipment for a total consideration of $17.4 million, funded by senior credit facilities. Hart Medical Equipment generated approximately $60 million in annual revenue.
• On July 7, 2025, Quipt acquired a durable medical equipment provider owned by Ballad Health for $1.6 million plus the value of accounts receivable and inventory. This acquisition included a Preferred Provider Agreement with Ballad Health and the acquired entity generated $6.6 million in revenue for fiscal year 2025.
• In January 2023, Quipt Home Medical acquired Great Elm Healthcare, a provider of healthcare management services.

Capital Expenditures

• Quipt's strategic priorities for 2025 included the expansion of "De Novo" locations, indicating plans for capital expenditures related to new site launches in high-value, strategic markets.
• The company's 2025 strategic priorities also emphasized optimizing capital allocation and building a scalable healthcare ecosystem, which includes innovative M&A and potential joint venture initiatives.