Quipt Home Medical Corp. announced its financial results for the fourth quarter and fiscal year ended September 30, 2024, reporting record revenue for fiscal year 2024. The company achieved $245.9 million in revenue for the full fiscal year, marking a 16% increase from fiscal year 2023.
For the fourth quarter of fiscal 2024, revenue reached $61.3 million, and the company returned to positive sequential organic revenue growth. Adjusted EBITDA for fiscal year 2024 stood at $57.9 million, resulting in a strong Adjusted EBITDA margin of 23.5%.
The company also disclosed that it no longer qualifies as a "foreign private issuer" as of October 1, 2024, and is now required to comply with U.S. domestic issuer periodic disclosure requirements, including preparing financial statements in accordance with U.S. GAAP. This transition necessitates restating interim financial reports for the fiscal year ended September 30, 2024, in U.S. GAAP.
Management expressed confidence in returning to consistent, historical organic growth levels in calendar 2025 and beyond. This outlook is supported by strengthening trends across major product categories, solid referral activity, and steady demand for its end-to-end respiratory care solutions.
The company's net debt to Adjusted EBITDA leverage ratio was 1.5 times as of September 30, 2024, indicating a conservative balance sheet. This financial stability supports the company's strategic investments in organic growth and disciplined inorganic growth.
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