Quipt Home Medical Corp T.QIPT

Quipt organic growth questioned per Breakout Investor....

[Whynottoday]

es, thanks for the questions today. Hardik, maybe if you could just go over the organic growth numbers for the fourth quarter and for fiscal ‘23 to begin with here.

Hardik Mehta

Sure. Thanks for that question, Richard. **I mean, if we go back and look our fiscal ‘23, our organic growth rate year over year came around 6.7 to 7% from a organic perspective.** And it gets a little tricky because, you know, you have companies that are part of the year in both periods. So there is a little bit of art to science, but that's, something that 6.7 to 7% is what we believe our organic growth was for fiscal 2023. If we look at our, where organic growth and break that down a little bit further. The first half of fiscal 2023 had a lower organic growth rate. We know we were still recovering from some of the product issues and stuff like that. And then the second half of the fiscal ‘23 had a little bit, had larger than, you know, the 7% growth rate. So if you, if you break that down into two halves, then they both had a little bit different, but the average is, is around that. And then for the quarter, you know, we are kind of strong at about 3%."

Kevin Crawford

BI

1/3/24, 7:53 PM

although going back through transcripts, that 7% number is a bit confusing given the sequential numbers they quote.

Kevin Crawford

BI

1/3/24, 7:54 PM

Q1 -- "Organic growth increased by 2% sequentially compared to fiscal Q4 2022."
Q2 -- "Thus, we are excited to have experienced 2.5% sequential organic growth in the second fiscal quarter"
Q3 -- "During fiscal Q3 2023, we surpassed our expectations, reporting record sequential organic growth of 4% compared to fiscal Q2 2023 ahead of our baseline expectations of 2% sequential organic growth."
Q4 -- "And then for the quarter, you know, we are kind of strong at about 3%."

Aaron Warwick

BI

1/4/24, 12:45 PM

Kevin, thanks for pointing that out. I'll inquire about it because I agree it makes absolutely no sense given the sequential numbers they reported. I don't know if Hardik misspoke or if the transcript is wrong. He has a heavy accent and can be hard to understand at times, so it's possible the transcript is wrong.