Quipt Home Medical Corp. completed the acquisition of At Home Health Equipment, Inc. for approximately $13.1 million.
January 01, 2022
Share
Quipt Home Medical Corp. (TSXV:QIPT) executed a non-binding letter of intent to acquire At Home Health Equipment, Inc. on November 16, 2021. As part of the proposed acquisition, Quipt would not assume any long term debt of At Home Health Equipment. At Home Health Equipment, Inc. reported unaudited trailing 12-month annual revenues of approximately $13 million ?and $1.6 million in net income. The acquisition adds to Quipt's active patient count by over 15,000, bringing Quipt's total to approximately 170,000 active patients. Closing of the acquisition is subject to final due diligence, final negotiation and execution of a definitive purchase agreement, all closing conditions being satisfied or waived and all necessary approvals and is expected to occur within the next 60 days of entering into the letter of intent. It is expected the acquisition will increase Quipt's post integration, adjusted EBITDA by $2.9 million (22% margin). The acquisition would be immediately accretive to Quipt's Adjusted EBITDA, overall profitability and would add approximately $13 million to the top-line and $1.6 million in net income.
Quipt Home Medical Corp. (TSXV:QIPT) completed the acquisition of At Home Health Equipment, Inc. for approximately $13.1 million on January 1, 2022. Under the terms of the definitive purchase agreement, Quipt acquired the At Home Health Equipment business in cash.
Quipt Home Medical Corp. is a home medical equipment provider. The Company specializes in improving the home management of chronic illness through the application of telehealth systems and automated distribution. It provides in-home monitoring and disease management services, including end-to-end respiratory solutions for patients in the United States. It offers nebulizers, oxygen concentrators, continuous positive airway pressure (CPAP) and Bilevel Positive Airway Pressure (BiPAP) units; traditional and non-traditional medical respiratory equipment and services, and non-invasive ventilation equipment, supplies, and services. The Company's product offerings 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. Its products and services consist of sleep apnea and pap treatment, home ventilation, daily and ambulatory aides, and respiratory equipment rental.