Quipt Home Medical (QIPT) Company Report

Forager Capital Management, a shareholder with 9.7% beneficial ownership in Quipt Home Medical Corp., states that Quipt's Board is motivated by self-serving tactics rather than shareholders' best interests.
Forager reiterates its $3.10 per share offer, which it claims represents a 120% premium to the unaffected trading price and a 19x multiple of FCF.
The offer was reduced from an initial $3.90 per share due to a material decline in Quipt's trailing twelve-month free cash flow from $13.1 million to $10.8 million, and the Board's "massively dilutive, self-serving equity grants".
Forager asserts that the Board has avoided constructive engagement, failing to respond to multiple acquisition proposals and phone calls, and instead sued Forager over an expired confidentiality agreement.
Forager believes Quipt's limited float, inability to grow organically, and high public company costs prevent it from succeeding as a standalone public company.

Sep 3, 2025, 12:30 PM

Press Release

Quipt Home Medical Completes Acquisition of Hart Medical

QIPT

M&A

Revenue Acceleration/Inflection

Quipt Home Medical Corp. (QIPT) has closed its joint venture transaction to acquire a 60% ownership interest in Hart Medical Equipment for $17.4 million, funded by senior credit facilities.
Hart Medical Equipment generated approximately $60 million in annual revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025, with expectations to generate over $10 million in annual Adjusted EBITDA over the next 6-9 months.
As a result of the acquisition, Quipt's expected annualized run-rate revenue is now in excess of $300 million, and its Adjusted EBITDA is anticipated to exceed $65 million upon successful integration of Hart over the next 6-9 months.

Sep 3, 2025, 11:30 AM

Press Release

Quipt Home Medical Corp. Addresses Forager Capital Management's Acquisition Proposal

QIPT

M&A

Takeover Bid

New Projects/Investments

Quipt Home Medical Corp. (QIPT) acknowledged an unsolicited, non-binding proposal from Forager Capital Management, LLC (FCM) on August 25, 2025, to acquire all outstanding common shares for US$3.10 per share.
This August Proposal is lower than FCM's earlier January 2025 offer of US$3.90 per share, which Quipt's Board declined, stating it undervalued the Company.
Since the January Proposal, Quipt has acquired a full-service durable medical equipment provider, adding $6.6 million in unaudited revenue, and entered a joint venture for a 60% ownership in Hart Medical Equipment, adding $60 million in unaudited revenue and $7 million in Adjusted EBITDA.
The Board expressed concerns about FCM's credibility due to the reduced offer price and its failure to publicly report the January Proposal in an amended Schedule 13D filing.

Aug 27, 2025, 11:30 AM

Press Release

Quipt Home Medical Receives Acquisition Proposal from Forager Capital Management

QIPT

Takeover Bid

M&A

Forager Capital Management, a significant shareholder with 9.7% beneficial ownership, has submitted an Acquisition Proposal to acquire all outstanding shares of Quipt Home Medical Corp. for $3.10 per share in cash.
The offer is fully financed and not subject to any due diligence or financing conditions, making it capable of immediate execution.
This proposal represents a 120% premium to Quipt’s unaffected share price of $1.41 at close on May 19, 2025.
Forager Capital Management is prepared to improve its offer if the Board engages in constructive discussions, and the proposal includes a go-shop provision.

Aug 25, 2025, 12:30 PM

Press Release

Quipt Home Medical acquires Ballad Health-owned medical equipment provider and signs preferred provider agreement

QIPT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Quipt Home Medical Corp. acquired a full-service durable medical equipment provider from Ballad Health on July 7, 2025.
The acquired provider reported unaudited revenue of $6.6 million for the fiscal year ended June 30, 2025, serving over 12,500 patients annually.
The purchase price for the acquisition was $1.6 million plus the value of accounts receivable and inventory at closing, funded by cash on hand.
A Preferred Provider Agreement was signed with Ballad Health, an integrated health system operating 20 hospitals across Tennessee, Virginia, North Carolina, and Kentucky.

Jul 7, 2025, 12:00 AM

8-K

Quipt Home Medical Confirms Unsolicited Acquisition Proposal

QIPT

M&A

Quipt Home Medical Corp. confirmed receipt of an unsolicited, non-binding, conditional and indicative acquisition proposal from Forager Capital Management at a proposed price of $3.10 per share.
The proposal is subject to conditions, including a six-month standstill period under the terms of a prior non-disclosure and standstill agreement, and the company did not provide prior written approval for any waiver of these provisions.

May 21, 2025, 12:00 AM

8-K

Quipt Home Medical Q2 2025 Earnings Summary

QIPT

Earnings

Revenue Acceleration/Inflection

Demand Weakening

Revenue declined to $57.4 million in Q2 2025 (a 6% decrease YoY) due to patient attrition from the Medicare Advantage shift and the non-renewal of a long-standing disposable supply contract.
The company maintained resilient margins with an adjusted EBITDA margin of 23.3%, reflecting effective cost discipline and operational efficiencies despite the soft revenue performance.
Management is focused on restoring organic growth by expanding strategic partnerships with health care systems and addressing supply chain issues, including challenges from the Philips recall.

May 13, 2025, 2:01 PM

Transcript

Quipt Home Medical Announces 2025 Strategy and AGM Voting Results

QIPT

M&A

Share Buyback

Proxy Vote Outcomes

Strategic priorities for 2025 were unveiled, including plans to accelerate organic growth through the expansion of de novo locations, deepening referral networks, and improving operational efficiencies, along with an aggressive capital allocation strategy featuring a planned share repurchase program and potential strategic M&A initiatives.
The annual general meeting voting results demonstrated shareholder support for governance changes, with director elections showing strong majorities (e.g., 80.62% for Gregory Crawford), reinforcing confidence in the company's management and strategy.

Mar 25, 2025, 12:00 AM

8-K