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      After Financial Results, Quipt (QIPT) Stock Climbed Upwards

      By Fahim Awan

      Published on

      December 19, 2023

      1:17 PM UTC

      After Financial Results, Quipt (QIPT) Stock Climbed Upwards

      Quipt Home Medical Corp. (NASDAQ: QIPT) shares exhibited a positive trajectory on Monday, demonstrating a 6.45% increase to reach $4.62. This surge in Quipt stock value closely follows the disclosure of its quarterly performance results made public yesterday.

      Quipt (QIPT) reported its financial outcomes for the fourth quarter and fiscal year 2023, along with notable operational achievements. These outcomes are relevant to the three-month and year-long periods concluding on September 30, 2023. Concurrently, Quipt is scheduled to conduct its Earnings Conference Call today at 10:00 a.m. (Eastern Time).

      In the financial period ending in 2023, the total revenue reached $221.7 million, showcasing a noteworthy surge of 59% in comparison to the preceding fiscal year, which recorded revenue at $139.9 million. Examining the quarterly figures, the revenue for Q4 2023 amounted to $62.5 million, marking a substantial 56% augmentation from the Q4 2022 revenue of $40.1 million.

      Turning attention to the net income (loss), the fiscal year 2023 concluded with a net loss of ($2.8) million, translating to ($0.07) per diluted share. In the final quarter of 2023, a negative financial outcome of ($1.3) million emerged, equating to a loss of ($0.03) per share when diluted. In contrast, the equivalent period in 2022 reflected a positive financial standing with an income of $1.8 million, translating to $0.05 per diluted share.

      Throughout the fiscal year 2023, the client base of QIPT expanded significantly, exhibiting a robust 65% year-on-year increase. The count of distinctive patients served reached 285,819, a notable surge from the 173,203 unique patients attended to in the fiscal year 2022. In comparison to the 516,328 unique set-ups/deliveries recorded in fiscal year 2022, Quipt accomplished 754,414 unique set-ups/deliveries in fiscal year 2023, marking a noteworthy 46% increase.

      This encompasses 395,618 respiratory resupply set-ups/deliveries for the year ending on September 30, 2023, compared to 231,495 for the corresponding period in 2022—an impressive surge of 71%. Quipt continues to witness robust demand for respiratory equipment, including CPAPs, BiPAPs, oxygen concentrators, ventilators, as well as its CPAP resupply and other supplies business.

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