Quipt Home Medical Corp. Files Q3 2024 10-Q

TL;DR

Quipt Home Medical Corp. filed its 10-Q for 12/31/24. Financials and operations update.

AI Summary

Quipt Home Medical Corp. filed its 10-Q for the period ending December 31, 2024. The filing details financial performance and operational updates for the company, which was formerly known as Protech Home Medical Corp. and Patient Home Monitoring Corp. The company's principal executive offices are located at 1019 Town Drive, Wilder, KY 41076.

Why It Matters

This 10-Q filing provides investors and stakeholders with a crucial update on Quipt Home Medical Corp.'s financial health and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant risks or opportunities, requiring careful analysis.

Key Numbers

• 2024-12-31 — Period End Date (The 10-Q covers financial information up to this date.)
• 2025-02-10 — Filing Date (This is when the report was officially submitted to the SEC.)

Key Players & Entities

• Quipt Home Medical Corp. (company) — Filer
• Protech Home Medical Corp. (company) — Former company name
• Patient Home Monitoring Corp. (company) — Former company name
• 2024-12-31 (date) — Period end date
• 2025-02-10 (date) — Filing date
• 1019 Town Drive, Wilder, KY 41076 (address) — Business address

FAQ

Filing Documents

• qipt-20241231x10q.htm (10-Q) — 1253KB
• qipt-20241231xex31d1.htm (EX-31.1) — 14KB
• qipt-20241231xex31d2.htm (EX-31.2) — 18KB
• qipt-20241231xex32.htm (EX-32) — 19KB
• qipt-20241231x10q004.jpg (GRAPHIC) — 7KB
• 0001558370-25-000755.txt ( ) — 5710KB
• qipt-20241231.xsd (EX-101.SCH) — 42KB
• qipt-20241231_cal.xml (EX-101.CAL) — 69KB
• qipt-20241231_def.xml (EX-101.DEF) — 83KB
• qipt-20241231_lab.xml (EX-101.LAB) — 379KB
• qipt-20241231_pre.xml (EX-101.PRE) — 271KB
• qipt-20241231x10q_htm.xml (XML) — 921KB

Financial Statements

Financial Statements 3 Condensed Consolidated Interim Statements of Financial Position as of December 31, 2024 and September 30, 2024 (Unaudited) 3 Condensed Consolidated Interim Statements of Income (Loss) for the three months ended December 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Interim Statements of Changes in Shareholders' Equity for the three months ended December 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Interim Statements of Cash Flows for the three months ended December 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Interim Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25 Part II Other Information 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27 Exhibit Index

Signatures

Signatures Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") in Item 2, contains certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of applicable US securities regulations, including the US Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based upon the current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, and other future conditions of the Company. Forward-looking statements can be identified by the words such as "expect", "likely", "may", "will", "would", "could", "should", "continue", "contemplate", "intend", or "anticipate", "believe", "envision", "estimate", "expect", "plan", "predict", "project", "target", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Such forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q. Forward-looking statements include, but are not limited to, statements with respect to: operating results; profitability; financial condition and resources; anticipated needs for working capital; liquidity; capital resources; capital expenditures; milestones; licensing milestones; potential acquisitions; information with respect to future growth and growth strategies; anticipated trends in the industry in which

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Quipt Home Medical Corp. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Amounts in thousands of US Dollars) As of As of December 31, September 30, 2024 2024 ASSETS Current assets Cash $ 15,451 $ 16,174 Accounts receivable, net 27,638 29,116 Inventory 20,067 20,853 Prepaid and other current assets 6,503 6,911 Total current assets 69,659 73,054 Long-term assets Property and equipment, net 36,751 37,385 Right-of-use assets, net 17,659 16,475 Goodwill 50,733 50,733 Intangible assets, net 66,435 67,953 Equity method investment 1,234 1,311 Other assets 345 337 Total long-term assets 173,157 174,194 TOTAL ASSETS $ 242,816 $ 247,248 LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 31,959 $ 35,363 Current portion of equipment loans 12,351 12,804 Current portion of lease liabilities 6,014 5,867 Current portion of senior credit facility 3,228 3,248 Deferred revenue 3,530 3,568 Total current liabilities 57,082 60,850 Long-term liabilities Equipment loans 35 55 Lease liabilities 12,989 13,283 Senior credit facility 66,108 64,545 Derivative liability - interest rate swaps 84 1,122 Deferred income taxes 204 202 TOTAL LIABILITIES 136,502 140,057 COMMITMENTS AND CONTINGENCIES (Note 7) SHAREHOLDERS' EQUITY Common shares, no par value, unlimited shares authorized; 43,091,273 issued and outstanding as of December 31, 2024 and September 30, 2024 — — Preferred Shares, no par value, unlimited shares authorized, none issued and outstanding as of December 31, 2024 and September 30, 2024 — — Additional paid-in capital 277,969 277,762 Accumulated deficit ( 171,655 ) ( 170,571 ) TOTAL SHAREHOLDERS' EQUITY 106,314 107,191 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 242,816 $ 247,248 The accompanying notes are

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