Globe & Mail 08:04 AM EDT, 07/11/2022 (MT Newswires) -- Quipt Home Medical Corp. (NASDAQ and TSXV:QIPT), a U.S.-based home medical equipment provider focused on respiratory care, on Monday said it has acquired Hometown Medical, LLC, a business with operations in Mississippi.
Quipt said the acquisition will increase its annual revenue by about US$7 million and adjusted EBITDA, post integration, by US$1.4 million. The acquisition purchase price is in line with historical multiples paid by the company, Quipt said, without specifying financial terms of the deal.
The company said the acquisition encompasses two locations in Mississippi, doubling Quipt's location count in the state. It also adds over 1,000 referring physicians, bringing Quipt's referring network base to over 21,600, and increases Quipt's active patient count by over 11,000 to more than 200,000 patients.
Quipt CFO Hardik Mehta said the company has closed four acquisitions since April 1. These are Good Night Medical, NorCal Respiratory in California, Access Respiratory in Louisiana and Hometown Medical. The four acquisitions have added 30,000 active patients, equate to over $25 million in revenue and $4.5 million of adjusted EBITDA, he said.
"We anticipate a very active second half of the year, with more exciting targets coming through the funnel," Mehta said.