Posts Revenue Growth of 38% and Adjusted EBITDA Growth of 31%

Reiterates Outlook for Calendar Year End 2022

CINCINNATI, May 16, 2022 (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 second quarter fiscal 2022 financial results and operational highlights. These results pertain to the three-month period ended March 31, 2022 and are reported in U.S. Dollars.

Financial Highlights :

• Revenue for Q2 2022 was $33.6 million compared to $24.2 million for Q2 2021, representing a 38% increase in revenue year-over-year. Compared to Q1 2022, the Company experienced sequential organic growth of 2%.
  
  
  • As of March 31, 2022, the Company’s backlog decreased to approximately 6,500 patients in the queue to be set up on sleep devices. At the start of Fiscal Q3 2022, the Company had the highest CPAP inventory level since the recall began and is continuing to drive patient set-ups to ease the backlog. The Company remains cautiously optimistic that sleep device allocations will increase in the second half of 2022, which will continue to relieve some of the backlog, generating a lift in revenue from this impacted segment of the business.
    
    
  • The sleep segment revenue impact was approximately $1.0 million to $1.5 million in Q2 2022.
    

• Recurring Revenue as of Q2 2022 was 77% of total revenue.
  
  
• Revenue for the six months ended March 31, 2022 of $63 million, a 34.2% increase from the prior year period.
  
  
• Adjusted EBITDA for Q2 2022 was $7.0 million (21% margin), compared to Adjusted EBITDA for Q2 2021 of $5.4 million, representing a 31% increase year-over-year.
  
  
• Adjusted EBITDA for the six months ended March 31, 2022 of $13.1 million, a 24% increase from the prior year period, and represented 20.7% of revenue.
  
  
• Net income for Q2 2022 was $5 million or $0.14 per fully diluted share, compared to a loss of $12.5 million for Q2 2021 or $(0.43) per fully diluted share.
  
  
• Cash flow from continuing operations was $12.2 million for the six months ended March 31, 2022 compared to $6.6 million in the corresponding period.
  
  
• The Company reported $17.4 million of cash on hand as at March 31, 2022.
  
  
• The Company has an undrawn credit facility of $20 million as at March 31, 2022.
  

Operational Highlights :

• Through the Company’s continued use of technology and centralized intake processes, respiratory resupply set-ups and/or deliveries increased to 50,713 for the three months ended March 31, 2022, compared to 35,702 for the same period ended March 31, 2021, an increase of 42%.
  
  
• The Company’s customer base increased 37% year over year from 56,972 unique patients served in Q2 2021 to 78,273 unique patients in Q2 2022.
  
  
• Compared to 118,878 unique set-ups/deliveries in Q2 2022, the Company completed 83,606 unique set-ups/deliveries in Q2 2021, an increase of 42%.
  
  
• The Company has recently accelerated its hiring of experienced sales personnel to expand its sales reach across the United States.
  
  
• The Company continues to experience robust demand for respiratory equipment, such as Oxygen Concentrators, Ventilators, as well as the CPAP resupply and other supplies business.
  
  
• The Company operates out of 87 locations in eighteen states across the United States, completing hundreds of thousands of deliveries each year to more than 180,000 active patients, with over 19,000 referring physicians.
  

Acquisition Related Updates :

• Completed four acquisitions during the six months ended March 31, 2022 and one subsequent to March 31, 2022.
  
  
• On January 1, 2022, the Company acquired At Home Health Equipment, Inc., a business with operations in Indiana, reporting unaudited trailing 12-month annual revenues of approximately $13 million ‎and $1.6 million in net income with anticipated Adjusted EBITDA of $2.9 million (22% margin) post integration. The acquisition added over 15,000 active patients. Integration is near completion.

Subsequent Events to the Three Months Ended March 31, 2021 :

• On April 19, 2022, the Company announced the acquisition of Good Night Medical, LLC, a business with operations across seven U.S. states, reporting unaudited trailing 12-month annual revenues of approximately $7.5 million ‎and with anticipated Adjusted EBITDA of $1.5 million (20% margin) post integration. The acquisition added 10,000 active patients, and encompassed locations across seven U.S. states including Arkansas, Georgia, Massachusetts, North Carolina, Ohio, Texas and California. The acquisition provides Quipt an expansionary opportunity into Massachusetts, North Carolina and Texas, which are new U.S. states for Quipt’s coverage sphere including important new commercial insurance contracts. Integration is well underway.
• On April 26, 2022, the Company announced the execution of a national insurance contract with a top five health insurer in the United States, which will expand patient accessibility across the country.

Reiteration of Outlook for Calendar End 2022 (Fiscal Year Q1 2023) :

Based on the current operations, market trends and completed and prospective acquisitions, the Company is reiterating its outlook for its annual run-rate revenue by the end of calendar 2022 (Fiscal Q1 2023) to be $180-$190 million with $38-$43 million in run-rate Adjusted EBITDA.

Management Commentary :

“We are extremely proud of the robust results we experienced in our fiscal second quarter which showed accelerating momentum across our heavily weighted respiratory product mix as the quarter progressed. Looking to the beginning of the fiscal third quarter, we are pleased to report we had the highest level of CPAP inventory since the recall began and have seen a positive inventory trend continue in real time,” said CEO and Chairman Greg Crawford. “Moreover, demand remains very strong for at home respiratory care which will continue to foster consistent financial performance. This strong demand coupled with an extremely bullish regulatory environment, provides us the ability to drive our organic and inorganic initiatives over the near term, and we are working diligently to progress on our plan of becoming a leader in clinical respiratory care throughout the United States. On the acquisition front, our pipeline remains very strong with many strategic opportunities ranging in size, and we look forward to progressing on attractive targets to leverage the unparalleled scalable platform we have created. Our strategy is allowing us to grow market share in new and existing markets and we are also excited to accelerate the hiring of experienced sales professionals as we exit the pandemic environment, which we expect to be a drive of future organic growth. We are extremely encouraged about the growth path we are on, carving out a special segment of the homecare industry and we are well positioned to seize the growth opportunity ahead of us.”

Chief Financial Officer Hardik Mehta added, “Our record fiscal second quarter results demonstrate our ability to successfully navigate a challenging operating environment, with revenue reaching $33.6 million, experiencing improving organic growth over fiscal Q1 2022, strong operating cash flow and seeing our Adjusted EBITDA margin accelerate to 21%. The strong performance was driven through elevated demand for oxygen, ventilation therapy and our other supplies business, leading to larger volumes, and continuing to support the business with lower operating costs. We are also very pleased with the integration process of our recent acquisitions, as we continue to drive meaningful cost and revenue synergies. Integration is the key to our ongoing financial and operating success as it positions us to continue working towards potential future strategic acquisitions. We continue to add attractive targets to our already deep acquisition pipeline that fit our stringent criteria including potential expansionary opportunities into synergistic verticals of service that would enhance our end-to-end product and service offering. Our goal is to be very active over the near term and look forward to updating investors on our progress.”

The financial statements of the Company for the three and six months ended March 31, 2022 and 2021 and accompanying Management Discussion & Analysis (MD&A) are available at www.sedar.com .

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services focused on end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services, and making life easier for the patient.

Reader Advisories

Readers are cautioned that the financial information regarding recent acquisitions disclosed herein is unaudited and derived as a result of the Company’s due diligence, including a review of the acquisition’s bank statements and tax returns.

There can be no assurance that any of the potential acquisitions in the Company’s pipeline or in negotiations will be completed as proposed or at all and no definitive agreements have been executed. Completion of any transaction will be subject to applicable director, shareholder and regulatory approvals.

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including: sleep device allocations increasing in the second half of 2022, which will relieve some of the backlog, generating a lift in revenue from this impacted segment of the business; anticipated Adjusted EBITDA of acquisitions post integration; and the Company’s outlook for calendar 2022‎; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the Company’s ability to maintain/slightly increase its collections ratios; the Company maintaining its gross margins and maintaining its revenue growth; the Company maintaining its selling, general and administrative expenses; acquisitions achieving results at least as good as historical performances; the financial ‎information regarding ‎acquisitions being verified when included in the Company’s consolidated financial ‎statements prepared in ‎accordance with generally accepted accounting principles in Canada as set out in the ‎CPA Canada ‎Handbook - ‎Accounting under Part I, which incorporates International Financial ‎Reporting ‎Standards as issued by the ‎International Accounting Standards Board‎; the Company successfully identified, ‎negotiating and completing ‎additional acquisitions, including accretive acquisitions; and the Company organically ‎growing at a rate of 10% and ‎completing ‎acquisitions that add at least $39 to 49 million in new revenue at approximately 20% Adjusted EBITDA in order to ‎‎meet 2022 outlook. ‎Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock-based compensation. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company, including interest expense, income taxes, depreciation, amortization, stock-based compensation, goodwill impairment and change in fair value of debentures and financial derivatives. The following table shows our Non-IFRS measure (Adjusted EBITDA) reconciled to our net income for the indicated periods:

Management uses this non- IFRS measure as a key metric in the evaluation of the Company’s performance and the consolidated financial results. The Company believes this non- IFRS measure is useful to investors in their assessment of the operating performance and the valuation of the Company. In addition, this non- IFRS measure addresses questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non- IFRS financial measures are not prepared in accordance with IFRS, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS.

For further information please visit our website at www.Quipthomemedical.com, or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

CINCINNATI, May 03, 2022 (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 that it will host its Fiscal Q2 2022 earnings conference call and audio webcast on Tuesday, May 17, 2022 at 10:00 a.m. (EST).

Conference Call Details:

Tuesday, May 17, 2022 at 10:00 a.m. (EST).

Canada/US Toll Free: 1 (800) 319 4610
International: 1 (604) 638 5340

Audio Webcast Details:

The live audio webcast can be found on the investor section of the Company’s website through the following link: www.quipthomemedical.com

ABOUT QUIPT HOME MEDICAL

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please visit our website at www.quipthomemedical.com , or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

CINCINNATI, April 26, 2022 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“ Quipt ” or the “ Company ”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce the execution of a national insurance contract with a top five health insurer in the United States ¹ .

Management Commentary

“The execution of this national insurance contract with the largest commercial payer in the United States is a major milestone for Quipt and serves as a further accelerant to our ambitious long term growth plans. The national contract is expected to be meaningful as we continue to expand into new states, broadening our operating footprint over a much wider geography. When we make an acquisition, we will be able to immediately leverage the national contract, which is extremely powerful in terms of capturing as many eligible patients as possible,” said Greg Crawford, Chairman and CEO of Quipt. “Moreover, we feel there's still a lot of opportunity for us to go after more national contracts, which would provide the opportunity to add additional payers, and we will continue to work with other large commercial payers to help them better understand our strong patient centric model and the benefits to patients and payors alike. The new national insurance contract, extremely favorable demographics, and our robust operating platform, put us in an industry leading position to provide high touch at home clinical respiratory services throughout the country.”

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services, and making life easier for the patient.

Reader Advisories

There can be no assurance that any of the potential acquisitions in the Company’s pipeline or in negotiations will ‎be completed as proposed or at all and no definitive agreements have been executed. Completion of any ‎transaction will be subject to applicable director, shareholder, and regulatory approvals.‎

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of ‎the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎as ‎they relate to the Company, including: the national contract being meaningful as Quipt expands into new states, and broadens its operating footprint; Quipt expanding into new states and broadening its operating footprint over a much wider geography; and Quipt completing additional acquisitions; ‎are ‎intended to identify forward-looking information. All statements other than statements of ‎historical fact may be ‎forward-looking information. Such statements reflect the Company's current views and ‎intentions with respect to ‎future events, and current information available to the Company, and are subject to ‎certain risks, uncertainties ‎and assumptions. Many factors could cause the actual results, ‎performance or achievements that may be ‎expressed or implied by such forward-looking information to vary from ‎those described herein should one or more ‎of these risks or uncertainties materialize. Examples of such risk factors ‎include, without limitation: credit; market ‎‎(including equity, commodity, foreign exchange and interest rate); ‎liquidity; operational (including technology ‎and infrastructure); reputational; insurance; strategic; regulatory; legal; ‎environmental; capital adequacy; the ‎general business and economic conditions in the regions in which the ‎Company operates; the ability of the ‎Company to execute on key priorities, including the successful completion of ‎acquisitions, business retention, and ‎strategic plans and to attract, develop and retain key executives; difficulty ‎integrating newly acquired businesses; ‎the ability to implement business strategies and pursue business opportunities; low profit ‎market segments; ‎disruptions in or attacks (including cyber-attacks) on the Company's information technology, ‎internet, network ‎access or other voice or data communications systems or services; the evolution of various types ‎of fraud or other ‎criminal behavior to which the Company is exposed; the failure of third parties to comply with ‎their obligations to ‎the Company or its affiliates; the impact of new and changes to, or application of, current ‎laws and regulations; ‎decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a ‎novel business model; ‎dependence on key suppliers; granting of permits and licenses in a highly regulated ‎business; the overall difficult ‎litigation environment, including in the U.S.; increased competition; changes in ‎foreign currency rates; increased ‎funding costs and market volatility due to market illiquidity and competition for ‎funding; the availability of funds ‎and resources to pursue operations; critical accounting estimates and changes ‎to accounting standards, policies, ‎and methods used by the Company; the occurrence of natural and unnatural ‎catastrophic events and claims ‎resulting from such events; and risks related to COVID-19 including various ‎recommendations, orders and ‎measures of governmental authorities to try to limit the pandemic, including travel ‎restrictions, border closures, ‎non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, ‎disruptions ‎to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general ‎economic ‎conditions including a possible national or global recession; as well as those risk factors discussed or ‎referred to ‎in the Company’s disclosure documents filed with United States Securities and Exchange Commission ‎and ‎available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and ‎‎available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should ‎‎assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ ‎‎materially from the results or events predicted. Any such forward-looking information is expressly qualified in its ‎‎entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or ‎‎completeness of such forward-looking information. The forward-looking information included in this press release ‎‎is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise ‎‎any forward-looking information, other than as required by applicable law‎.‎

For further information please visit our website at www. Quipthomemedical .com, or contact:‎

Cole Stevens
VP of Corporate Development ‎
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

¹ https://healthpayerintelligence.com/news/top-5-largest-health-insurers-in-the-us-by-national-market-share

CINCINNATI, April 19, 2022 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“ Quipt ” or the “ Company ”) (NASDAQ:QIPT; TSXV:QIPT), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce that it has acquired Good Night Medical, LLC (“ Good Night Medical ”), a business with operations across seven U.S. states, reporting unaudited trailing 12-month annual revenues of approximately $7.5 million ‎and with anticipated Adjusted EBITDA (defined below) of $1.5 million (20% margin) post integration. As a reminder all figures stated are in USD.

Acquisition Details

The acquisition encompasses locations across seven U.S. states including Arkansas, Georgia, Massachusetts, North Carolina, Ohio, Texas and California. The acquisition provides Quipt an expansionary opportunity into Massachusetts, North Carolina and Texas, which are new U.S. states for Quipt’s coverage sphere including important new commercial insurance contracts. The other four U.S. states are current areas of service for Quipt, which provide for actionable revenue and cost synergy opportunities as further scale is created in each operating region. The expansionary operating footprint aligns closely with regions that have a high prevalence of Chronic Obstructive Pulmonary Disease (“ COPD ”), a key target patient group; cumulatively the seven states Good Night Medical operates in contain some of the highest prevalence U.S. states. According to the National Institutes of Health (NIH), about 5 million people between the seven states have COPD ¹ . The favorable demographics, additional insurance contracts, and infrastructure provides Quipt with the right set of circumstances to further accelerate its national expansion efforts as a leader in clinical respiratory care.

The integration process will include Quipt applying its proven subscription-based resupply program to each acquired business unit, as well as the highly intensive service model Quipt is known for. Consistent with the transactions Quipt has completed to date, Good Night Medical brings an experienced operational team.

Good Night Medical has been a leader in the respiratory home care services space for over 9 years and has several difficult to obtain insurance contracts that significantly enhance Quipt’s presence in each of Good Night Medical’s regions. Good Night Medical has 10,000 active patients, bringing Quipt’s total to approximately 180,000 active patients, and like Quipt, Good Night Medical offers high-quality service, equipment, and supplies.

Moreover, Good Night Medical has strong diversification amongst referral sources, and a payor base, with exposure to less than 30% from Medicare. Furthermore, Good Night Medical has no exposure to ventilation therapy, which provides Quipt an opportunity to grow as well as other complimentary clinical respiratory products and services. In addition, Good Night Medical provides Quipt the opportunity to add patients to Quipt’s existing subscription-based resupply program, and Quipt expects that it can derive strong revenue synergies from this initiative.

Under the terms of the definitive purchase agreement, Quipt acquired Good Night Medical for approximately $7 million in cash. It is expected the acquisition will increase Quipt’s annual revenues by approximately $7.5 million, and, post integration, Adjusted EBITDA by $1.5 million (20% margin).

Reiteration of Outlook for Calendar End 2022 (Fiscal Q1 2023)

Based on the current operations, market trends and completed and prospective acquisitions, the Company is reiterating its outlook for its annual run-rate revenue by the end of calendar 2022 (Fiscal Q1 2023) to be $180-$190 million with $38-$43 million in run-rate Adjusted EBITDA.

_____________________________________

¹ Source: https://www.nhlbi.nih.gov/health-topics/education-and-awareness/copd-learn-more-breathe-better/state-prevalence

Management Commentary

“This acquisition of Good Night Medical is a prime example of the quality respiratory businesses we have in our robust pipeline. Good Night Medical strengthens our healthcare network across multiple states, enhancing our national coverage sphere over an area that includes about 5 million COPD sufferers in the United States. Furthermore, I believe that this acquisition will help us achieve long term cost saving goals that will drive our future margin acceleration by giving us increased scale across the organization,” said Greg Crawford, Chairman and CEO of Quipt. “We see several actionable synergies and believe our strong sleep re-supply business presents us with significant upside as we deploy our technology therein. Integration is the key to our ongoing financial and operating success as it allows us to continue the strong pace of closing strategic acquisitions, alongside the stringent approach to our due-diligence process that provides us acquisition opportunities that work towards our long-term strategic objectives. We are extremely encouraged about the growth path we are on, carving out a special segment of the homecare industry and we are well positioned to seize the growth opportunity ahead of us.”

“Additionally, I want to take a moment to provide an update on our sleep therapy business unit. As noted in our fiscal Q1 2022 financial news release, we have seen significant backlog, with nearly 8,000 patients waiting for a sleep device. It is important to understand that this backlog is extremely sticky with the entire industry experiencing supply constraints, and we view the revenue impact as delayed not lost. Furthermore, I am pleased to share that we began the month of April with the largest on hand inventory of CPAP devices since the recall commenced and I am cautiously optimistic as we move through the second half of the year that the supply pressures will continue to alleviate.”

Chief Financial Officer, Hardik Mehta added, “This acquisition allows us to build out our operating footprint within existing and new markets as we reach approximately 180,000 active patients, add $7.5 million in revenue, a meaningful EBITDA contribution, as well as providing us significantly enhanced infrastructure across seven states. We are pleased with the consistent performance across our entire operation year to date and are very well positioned as we move through 2022 and beyond to grow into a leader in respiratory homecare across the United States. The bullish regulatory environment, industry tailwinds, and need for respiratory homecare, gives us an incredible runway in strategically gaining market share in favorable geographies. Looking at our current pipeline, it remains very exciting, and we expect to remain very active over the near term with exciting targets that meet our stringent criteria and are thrilled to continue to execute on our growth pillars over the course of the year.”

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services, and making life easier for the patient.

Reader Advisories

Readers are cautioned that the financial information regarding the acquisition disclosed herein is unaudited and derived as a result of the Company’s due diligence, including a review of the acquisition’s bank statements and tax returns.

There can be no assurance that any of the potential acquisitions in the Company’s pipeline or in negotiations will be completed as proposed or at all and no definitive agreements have been executed. Completion of any transaction will be subject to applicable director, shareholder, and regulatory approvals.

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions as ‎they relate to the Company, including: post integration financial results (revenue and Adjusted EBITDA) of Good Night Medical; Quipt accelerating its national expansion efforts as a leader in clinical respiratory care; Quipt’s growth opportunities as a result of the acquisition of Good Night Medical; Quipt adding patients to its subscription-based resupply program; Quipt expecting that it can derive strong revenue synergies; the Company’s outlook for calendar 2022; the acquisition helping Quipt achieve long term cost savings that will drive future margin acceleration; Quipt’s acquisition pipeline and pace of further acquisitions; Quipt believing that supply pressures will continue to alleviate; and Quipt remaining very active with acquisitions over the near term; ‎are intended to identify forward-looking information. All statements other than statements of ‎historical fact may be forward-looking information. Such statements reflect the Company's current views and ‎intentions with respect to future events, and current information available to the Company, and are subject to ‎certain risks, uncertainties and assumptions, including: the acquisition achieving results at least as good as ‎historical performances; the financial information regarding the acquisition being verified when included in the ‎Company’s consolidated financial statements prepared in accordance with generally accepted accounting ‎principles in Canada as set out in the CPA Canada ‎Handbook – Accounting under Part I, which incorporates ‎International Financial ‎Reporting Standards as issued by the International Accounting Standards Board‎; the ‎Company successfully identified, negotiating and completing additional acquisitions, including accretive ‎acquisitions; the Company organically growing at a rate of 10% and completing acquisitions that add at least ‎‎$25 million in new revenue in order to meet 2022 outlook. Many factors could cause the actual results, ‎performance or achievements that may be expressed or implied by such forward-looking information to vary from ‎those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors ‎include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); ‎liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; ‎environmental; capital adequacy; the general business and economic conditions in the regions in which the ‎Company operates; the ability of the Company to execute on key priorities, including the successful completion of ‎acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty ‎integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit ‎market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, ‎internet, network access or other voice or data communications systems or services; the evolution of various types ‎of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with ‎their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current ‎laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a ‎novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated ‎business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in ‎foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for ‎funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes ‎to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural ‎catastrophic events and claims resulting from such events; and risks related to COVID-19 including various ‎recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel ‎restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, ‎disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic ‎conditions including a possible national or global recession; as well as those risk factors discussed or referred to ‎in the Company’s disclosure documents filed with United States Securities and Exchange Commission and ‎available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and ‎available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should ‎assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ ‎materially from the results or events predicted. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law‎.

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock-based compensation. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company, as applicable, including interest expense, income taxes, depreciation, amortization, stock- based compensation, goodwill impairment and change in fair value of debentures and financial derivatives.

For further information please visit our website at www.Quipthomemedical.com , or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

• Presentation Times and Weblinks Released for Over 100 Presenting Companies
• Wednesday and Thursday, March 23^rd-24^th, 2022

NEW YORK, NY / ACCESSWIRE / March 22, 2022 / Sidoti & Company, LLC has released the presentation schedule and weblinks for its two-day March Small Cap Virtual Conference taking place Wednesday and Thursday, March 23^rd-24^th, 2022. The links can also be found at www.sidoticonference.com/events.

About Sidoti
For over two decades, Sidoti has been a premier provider of independent securities research focused specifically on Small Cap and Micro Cap companies and the institutions that invest their securities, with most of our coverage in the $50 million to $3 billion market cap range. Our approach affords companies and institutional clients a combination of high-quality research, a Small Cap and Micro Cap focused nationwide sales effort, and broad access to corporate management teams. We serve 500+ institutional clients in the U.S. and Canada, including many leading managers with portfolios with $200 million to $2 billion of AUM. Sidoti promotes meaningful interaction between issuers and investors in the Small Cap and Micro Cap space through a series of investor conferences (www.sidoti.com/events) we host each year.

CONTACT
Sidoti Events Team
212-453-7031
[email protected]

SOURCE: Sidoti & Company, LLC

CINCINNATI, March 15, 2022 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (the “ Company ” or “ Quipt ”) (NASDAQ: QIPT), (TSXV: QIPT) a U.S.-based leader in the home medical equipment industry, focused on end-to-end respiratory care, today announced that members of its management team will host a webcasted presentation and participate in 1x1 meetings with institutional investors at the upcoming Sidoti Virtual Investor Conference on March 23 ^rd – 24 ^th .

The live webcast of the presentation will be available by visiting the investors' section of the company's website at www.Quipthomemedical.com . The webcast will also be available for replay on the company's website following the event.

“We continue to execute on our core strategy focused on driving continued operational execution and integration of recently acquired assets and look forward to updating the investor community at the Sidoti conference later this month. With a full pipeline of acquisition targets that provide us the opportunity to continue to scale our operating footprint, we anticipate being very active over the short term, and are extremely bullish about the outlook for our company,” commented Greg Crawford, CEO, and Chairman of Quipt.

ABOUT QUIPT HOME MEDICAL

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.

Reader Advisories

There can be no assurance that any of the potential acquisitions in the Company’s pipeline or in negotiations will ‎be completed as proposed or at all and no definitive agreements have been executed. Completion of any ‎transaction will be subject to applicable director, shareholder and regulatory approvals.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of ‎the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate ‎‎‎to the Company, including: the Company’s acquisition plans and potentially completing acquisitions; are intended to identify ‎forward-looking information. All statements other than ‎statements of ‎historical fact may be forward-looking ‎information. Such statements reflect the Company's current ‎views and ‎intentions with respect to future events, and ‎current information available to the Company, and are ‎subject to ‎certain risks, uncertainties and assumptions, ‎including, without limitation: the Company successfully identifying, negotiating and completing one or more ‎acquisitions, including conditions precedent for such acquisitions being satisfied. Many factors ‎could ‎cause the actual results, performance or achievements that may be expressed or ‎implied by such forward-‎looking ‎information to vary from those described herein should one or more of these risks ‎or uncertainties ‎materialize. ‎Examples of such risk factors include, without limitation: credit; market (including ‎equity, commodity, ‎foreign ‎exchange and interest rate); liquidity; operational (including technology and ‎infrastructure); ‎reputational; ‎insurance; strategic; regulatory; legal; environmental; capital adequacy; the ‎general business and ‎economic ‎conditions in the regions in which the Company operates; the ability of the ‎Company to execute on key ‎priorities, ‎including the successful completion of acquisitions, business retention, and ‎strategic plans and to ‎attract, develop ‎and retain key executives; difficulty integrating newly acquired businesses; ‎the ability to ‎implement business ‎strategies and pursue business opportunities; low profit market segments; ‎disruptions in or ‎attacks (including ‎cyber-attacks) on the Company's information technology, internet, network ‎access or other ‎voice or data ‎communications systems or services; the evolution of various types of fraud or other ‎criminal ‎behavior to which ‎the Company is exposed; the failure of third parties to comply with their obligations to ‎the ‎Company or its ‎affiliates; the impact of new and changes to, or application of, current laws and regulations; ‎‎decline of ‎reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; ‎‎‎dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult ‎‎‎litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased ‎‎‎funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds ‎‎‎and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, ‎‎‎and methods used by the Company; the occurrence of natural and unnatural catastrophic events ‎and claims ‎‎‎resulting from such events; and risks related to COVID-19 including various recommendations, orders ‎and ‎‎measures of governmental ‎authorities ‎to try to limit the pandemic, including travel restrictions, border closures, ‎‎‎non-essential business ‎closures, ‎quarantines, self-isolations, shelters-in-place and social distancing, disruptions ‎‎to ‎markets, economic ‎activity, ‎financing, supply chains and sales channels, and a deterioration of general ‎‎economic ‎conditions ‎including a ‎possible national or global recession‎; as well as those risk factors discussed or ‎‎referred to in ‎the Company’s disclosure ‎documents filed with the securities regulatory authorities in certain ‎‎provinces of Canada ‎and available at ‎www.sedar.com. Should any factor affect the Company in an unexpected ‎‎manner, or should ‎assumptions ‎underlying the forward-looking information prove incorrect, the actual results or ‎‎events may differ ‎materially ‎from the results or events predicted. Any such forward-looking information is ‎‎expressly qualified in its ‎entirety by ‎this cautionary statement. Moreover, the Company does not assume ‎‎responsibility for the accuracy or ‎‎completeness of such forward-looking information. The forward-looking ‎‎information included in this press release ‎is ‎made as of the date of this press release and the Company undertakes ‎‎no obligation to publicly update or revise ‎any ‎forward-looking information, other than as required by applicable ‎‎law.‎‎

For further information please visit our website at www.Quipthomemedical.com , or contact:‎

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.‎
‎859-300-6455‎
[email protected]

Posts Revenue Growth of 30% and Adjusted EBITDA Growth of 16%

Reiterates Outlook for Calendar Year End 2022

CINCINNATI, Feb. 15, 2022 (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 first quarter fiscal 2022 financial results and operational highlights. These results pertain to the three-month period ended December 31, 2021 and are reported in U.S. Dollars.

Financial Highlights :

• Revenue for Q1 2022 was $29.5 million compared to $22.8 million for Q1 2021, representing a 30% increase in revenue year-over-year.
  
  
  • As of December 31, 2021, the Company’s backlog increased to approximately 8,000 patients in the queue to be set up on sleep devices, compared to a more typical 1,000 patients historically. The Company is cautiously optimistic that sleep device allocations will increase in the second half of 2022, which will relieve some of the backlog, generating a lift in revenue from this impacted segment of the business.
    
    
  • The sleep segment revenue impact was approximately $1 to $1.5 million in Q1 2022.
    
    
• Recurring Revenue as of Q1 2022 was 77% of total revenue.
  
  
• Adjusted EBITDA for Q1 2022 was $6 million (20.3% margin), compared to Adjusted EBITDA for Q1 2021 of $5.2 million, representing a 16% increase year-over-year.
  
  
• Cash flow from continuing operations was $5.3 million in Q1 2022 compared to $2.8 million in Q1 2021, an increase of 90%.
  
  
• The Company reported $30.1 million of cash on hand as at December 31, 2021, compared to $23.6 million as at December 31, 2020.
  
  
• The Company has an undrawn credit facility of $20 million as at December 31, 2021.
  

Operational Highlights :

• Through the Company’s continued use of technology and centralized intake processes, respiratory resupply set-ups and/or deliveries increased to 51,137 for the three months ended December 31, 2021, compared to 34,996 for the same period ended December 31, 2020, an increase of 46%.
  
  
• The Company’s customer base increased 45% year over year from 51,836 unique patients served in Q1 2021 to 75,309 unique patients in Q1 2022.
  
  
• Compared to 118,100 unique set-ups/deliveries in Q1 2022, the Company completed 76,691 unique set-ups/deliveries in Q1 2021, an increase of 54%.
  
  
• The Company continues to experience robust demand for respiratory equipment, such as Oxygen Concentrators, Ventilators, as well as the CPAP resupply and other supplies business.
  
  
• The Company operates out of 76 locations in fifteen states across the United States, concentrated in the Midwest, Southeast and East coast regions, completing in fiscal 2021 over 350,000 deliveries to more than 170,000 active patients, with over 19,000 referring physicians.
  

Acquisition Related Updates :

• Completed three acquisitions during the three months ended December 31, 2021.

• On October 1, 2021, the Company acquired a business with operations in Mississippi adding over 4,000 active patients, more than 10,000 unique orders, and 590 unique referring physicians. Moreover, the acquisition provides Quipt important insurance contracts and decades of operating experience, with an over 30-year operating track record in the markets served. The business has a diverse payor mix and full suite of products with a focus on respiratory care, representing over 65% of the mix.
• On November 1, 2021, the Company acquired a business with operations in Central Illinois. The acquisition has a heavily weighted respiratory product mix, and over 3,700 active patients. Moreover, the acquisition provides Quipt important insurance contracts and decades of operating experience, with an over 40-year operating track record in the markets served. The business has a diverse payor mix and full suite of products with a focus on respiratory care, representing over 85% of the mix.
• On November 9, 2021, the Company acquired a privately held biomedical services company, with operations in the Southeastern United States. The acquisition provides the Company a synergistic opportunity to expand into a brand-new service line of biomedical repair services for respiratory equipment including preventative maintenance.

Subsequent Events to the Three Months Ended December 31, 2021 :

• On January 1, 2022, the Company acquired At Home Health Equipment, Inc., a business with operations in Indiana, reporting unaudited trailing 12-month annual revenues of approximately $13 million ‎and $1.6 million in net income with anticipated Adjusted EBITDA of $2.9 million (22% margin) post integration. The acquisition adds over 15,000 active patients.
  
  • Quipt’s current revenue run-rate (unaudited), including At Home Health Equipment, Inc., is $135 million.
• On February 3, 2022, the Company announced that Mr. Brian J. Wessel has joined the Board of Directors of the Company as an Independent Director and Chair of the Audit Committee. Mr. Wessel is a senior business executive with over 34 years of global client service, operational and financial expertise. As a former senior partner at Ernst & Young, Mr. Wessel provided audit and advisory services to public, private, and private-equity-owned companies across multiple industry sectors. Additionally, Mr. Wessel led Ernst & Young’s Capital Markets practice group in Mexico overseeing various foreign private issuers listed on the U.S., European and Japanese stock exchanges. Mr. Wessel has a compelling executive track record of successfully leading through complex business transactions and advising companies on accounting, auditing and financial reporting matters. Mr. Wessel adds significant knowledge and practical experience in complex accounting and financial reporting matters, SEC registration statements, business combinations, audits of internal control over financial reporting and carve-out audits. Furthermore, Mr. Wessel has deep experience with various types of transactions including business acquisitions and divestitures.
• The Company is not hosting a Fiscal Q1, 2022 earnings conference call given the close proximity to the recent FY21 conference call which included up to date business commentary held on Tuesday, February 1, 2022. The Company will resume hosting quarterly earnings conference calls for Fiscal Q2, 2022 results. However, management anticipates it may host an investor update call prior to Fiscal Q2, 2022, if ‎appropriate, given the active nature of the current acquisition strategy and full acquisition pipeline.

Reiteration of Outlook for Calendar End 2022 (Fiscal Year Q1 2023) :

Based on the current operations (including sleep device impact), market trends and completed and prospective acquisitions, the Company is reiterating its outlook for its annual run-rate revenue by the end of calendar 2022 (Fiscal Q1 2023) to be $180-$190 million with $38-$43 million in Adjusted EBITDA.

Management Commentary :

“The continued momentum across the business shown through our record first quarter results exemplifies our ability to successfully navigate our operations through a challenging supply chain environment driving consistent business performance. Demand continues to remain at robust levels surpassing historical run-rates for respiratory equipment and services, evidenced by strength in our oxygen and ventilation therapy service lines. Inclusive of the sleep device supply constraints we remain on track for our calendar end 2022 financial outlook and anticipate a further lift as the sleep device patient backlog subsides in the second half of the year,” said CEO and Chairman Greg Crawford. “Moreover, we continue to operate in an extremely bullish regulatory environment, providing us the ability to aggressively approach our acquisition strategy with the goal of being a leader in clinical respiratory care throughout the United States. Our acquisition pipeline is exciting with a plethora of strategic opportunities ranging in size, and we look forward to moving targets through the funnel in the coming months. With the unparalleled scalable platform we have, driven by the patient centric ecosystem we have created, our strategy is allowing us to grow market share in new and existing markets, and provides us the ability to make sizeable acquisitions and integrate with great efficiency drawing meaningful synergies. Coupling this with our strong financial position, we have never been more excited as to what we can accomplish as a company and look forward to continuing to deliver record financial results.”

Chief Financial Officer Hardik Mehta added, “We are pleased to see our revenue run-rate near $120 million as of the end of our fiscal first quarter, as well as seeing a solid lift in our Adjusted EBITDA margin, returning to over 20% as we continue through the integration process of our recent acquisitions. The robust performance was driven through strong demand leading to larger volumes, higher cash collections and continuing to support the business with lower operating costs. The infrastructure we have in place today allows us to position ourselves as a market leader and gives us the flexibility to add locations organically to the platform, as well as efficiently integrate acquired assets. On the acquisition front, we have never been more excited with the targets we have in our pipeline. We are also looking at potential expansionary opportunities into synergistic verticals of service that would enhance our end-to-end product and service offering.”

The financial statements of the Company for the three months ended December 31, 2021 and 2020 and accompanying Management Discussion & Analysis (MD&A) are available at www.sedar.com .

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services focused on end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.

Reader Advisories

Readers are cautioned that the financial information regarding recent acquisitions disclosed herein is unaudited and derived as a result of the Company’s due diligence, including a review of the acquisition’s bank statements and tax returns.

There can be no assurance that any of the potential acquisitions in the Company’s pipeline or in negotiations will be completed as proposed or at all and no definitive agreements have been executed. Completion of any transaction will be subject to applicable director, shareholder and regulatory approvals.

Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including: sleep device allocations increasing in the second half of 2022, which will relieve some of the backlog, generating a lift in revenue from this impacted segment of the business; anticipated Adjusted EBITDA of acquisitions post integration; the Company’s outlook for calendar 2022‎; and the Company hosting an investor update call prior to Fiscal Q2, 2022‎; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the Company’s ability to maintain/slightly increase its collections ratios; the Company maintaining its gross margins and maintaining its revenue growth; the Company maintaining its selling, general and administrative expenses; acquisitions achieving results at least as good as historical performances; the financial ‎information regarding ‎acquisitions being verified when included in the Company’s consolidated financial ‎statements prepared in ‎accordance with generally accepted accounting principles in Canada as set out in the ‎CPA Canada ‎Handbook - ‎Accounting under Part I, which incorporates International Financial ‎Reporting ‎Standards as issued by the ‎International Accounting Standards Board‎; the Company successfully identified, ‎negotiating and completing ‎additional acquisitions, including accretive acquisitions; and the Company organically ‎growing at a rate of 10% and ‎completing acquisitions that add at least $32 million in new revenue in order to ‎meet 2022 outlook. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock-based compensation. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company, including interest expense, income taxes, depreciation, amortization, stock-based compensation, goodwill impairment and change in fair value of debentures and financial derivatives. The following table shows our Non-IFRS measure (Adjusted EBITDA) reconciled to our net income for the indicated periods:

Management uses this non- IFRS measure as a key metric in the evaluation of the Company’s performance and the consolidated financial results. The Company believes this non- IFRS measure is useful to investors in their assessment of the operating performance and the valuation of the Company. In addition, this non- IFRS measure addresses questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non- IFRS financial measures are not prepared in accordance with IFRS, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS.

For further information please visit our website at www.Quipthomemedical.com, or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]

CINCINNATI, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“ Quipt ” or the “ Company ”) (NASDAQ: QIPT; TSXV:QIPT), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, announced today that Mr. Brian J. Wessel has joined the Board of Directors of the Company as an Independent Director and Chair of the Audit Committee.

Mr. Wessel is a senior business executive with over 34 years of global client service, operational and financial expertise. As a former senior partner at Ernst & Young (“ EY ”), Mr. Wessel provided audit and advisory services to public, private, and private-equity-owned companies across multiple industry sectors. Additionally, Mr. Wessel led EY’s Capital Markets practice group in Mexico overseeing various foreign private issuers listed on the U.S., European and Japanese stock exchanges. Mr. Wessel has a compelling executive track record of successfully leading through complex business transactions and advising companies on accounting, auditing and financial reporting matters. Mr. Wessel adds significant knowledge and practical experience in complex accounting and financial reporting matters, SEC registration statements, business combinations, audits of internal control over financial reporting and carve-out audits. Furthermore, Mr. Wessel has deep experience with various types of transactions including business acquisitions and divestitures.

Prior to retiring from EY in 2021, Mr. Wessel served in a variety of leadership roles during the transformation and growth of EY into a $37 billion professional services firm that has been recognized on Fortune 100 Best Companies to Work For® list for over 20 years in a row. With extensive international experience working with various multinational corporations and living in the U.S., Latin America and Australia, Mr. Wessel has a deep understanding of cultural diversity and how to cultivate international business relationships and empower teams.

Mr. Wessel is a graduate of Bellarmine University in Louisville, Kentucky, receiving his BA in Accounting. Mr. Wessel holds his CPA certification in Kentucky, Texas and Tennessee.

“The board is excited to welcome Mr. Wessel to serve as an independent director, and serve as its Audit Committee Chair during a substantial period of growth for Quipt; Mr. Wessel’s vast global experience, combined with his financial and accounting expertise, immediately positions Mr. Wessel well to contribute to our strategic growth plan. Furthermore, Mr. Wessel will add significant value with his expertise in financial reporting oversight, adding clear, strategic, and thoughtful insights for the team to utilize. Mr. Wessel’s wealth of experience will be invaluable to us as we continue our aggressive expansion as an emerging leader in at home clinical respiratory care across the United States,” commented Greg Crawford, CEO and Chairman of Quipt. “This strategic appointment reflects our firm stance to building a robust and diverse board of directors to help the Company execute on its long-term growth strategy.”

Mr. Brian J. Wessel added, “The opportunity to join Quipt’s Board of Directors and serve as its Audit Committee Chair to provide oversight through the Company’s ambitious growth plans at a time where the importance for at home care is so vital in our country is extremely exciting and motivating. I look forward to providing my expertise and strategic direction on accounting, financial reporting, audit and internal control matters. I believe Quipt has the team, infrastructure, and vision to be an industry leader and I look forward to helping in every way possible to drive the vision forward.”

The appointment of Mr. Wessel expands the Company’s board of directors to four members, three of whom are independent.

In addition, the board of directors of the Company has approved the grant of 175,000 stock options and 81,340 restricted stock units under its 2021 Equity Incentive Plan to eligible officers, directors and employees of the Company, including, amongst others, Mr. Wessel. The options are exercisable at CAD$6.75 per share vest over a period of two to three years and expire in ten years. The restricted stock units vest over one year and will be settled in Common Shares. The options and underlying shares issued to officers and directors are subject to a TSX Venture Exchange four-month hold.

The Company also announces that it has received a letter from the Nasdaq Listing Qualifications department advising that as a result of filing its Form F-40 related to its fiscal year ended September 30, 2021, the Company has regained compliance with Nasdaq’s Listing Rules for continued listing.

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services, and making life easier for the patient.

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Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please visit our website at www.Quipthomemedical.com , or contact:

Cole Stevens
VP of Corporate Development
859-300-6455
[email protected]

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]