Quipt Home Medical (QIPT) Company Report

Quipt Home Medical Corp. (QIPT) has scheduled a special meeting for March 3, 2026, for shareholders to vote on a plan of arrangement.
Affiliates of Kingswood Capital Management, L.P. and Forager Capital Management, LLC will acquire all outstanding shares for US$3.65 per Share in cash. This represents a 54% premium to Quipt's 30-day VWAP as of December 12, 2025.
The Board of Directors unanimously recommends that shareholders vote FOR the Arrangement Resolution.
The resolution requires approval from at least 66⅔% of votes cast by shareholders and a simple majority excluding interested parties.

2 days ago

Press Release

Quipt Home Medical Corp. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

QIPT

Earnings

Revenue Acceleration/Inflection

Quipt Home Medical Corp. reported a strong fourth quarter for 2025, with revenue increasing by 11% to $68.3 million and Adjusted EBITDA also rising by 11% to $14.9 million compared to Q4 2024.
For the full fiscal year 2025, revenue was $245.4 million, a slight decrease from $245.9 million in fiscal year 2024, while Adjusted EBITDA decreased by 3% to $55.9 million.
The company's net loss for Q4 2025 was ($3.6) million, or ($0.08) per diluted share, and for fiscal year 2025, it was ($10.7) million, or ($0.24) per diluted share.
Operational growth included a 10% increase in the unique patient base to 346,000 and a 7% increase in unique set-ups/deliveries to 917,000 for fiscal year 2025.
Quipt Home Medical Corp. maintained a conservative balance sheet with a Net Debt to Adjusted EBITDA Leverage Ratio of 1.8x as of September 30, 2025, and reported $12.9 million in cash on hand.

Dec 15, 2025, 12:51 PM

8-K

Quipt Home Medical Enters Definitive Agreement for Acquisition

QIPT

M&A

Takeover Bid

Quipt Home Medical Corp. has entered into a definitive agreement to be acquired by a special purpose acquisition vehicle funded by affiliates of Kingswood Capital Management, L.P. and Forager Capital Management, LLC.
Quipt shareholders are set to receive US$3.65 per share in cash for all issued and outstanding common shares.
The transaction values Quipt at approximately US$260 million, including existing outstanding debt.
The per share purchase price represents a 162% premium to Quipt’s unaffected stock price on May 19, 2025, and a 54% premium to Quipt’s 30-day volume-weighted average price (VWAP) as of December 12, 2025.
Following the completion of the transaction, Quipt will become a privately held company and cease to report in the U.S. and Canada.

Dec 15, 2025, 12:35 PM

8-K

Quipt Home Medical Reports Q4 and Fiscal Year 2025 Financial Results

QIPT

Earnings

Revenue Acceleration/Inflection

Quipt Home Medical Corp. reported Q4 2025 revenue of $68.3 million, an 11% increase compared to Q4 2024, with strong sequential organic revenue growth of 5% from Q3 2025. Adjusted EBITDA for Q4 2025 also increased by 11% to $14.9 million.
For the full fiscal year 2025, revenue was $245.4 million, a slight decrease from $245.9 million in fiscal year 2024, and Adjusted EBITDA was $55.9 million, a 3% decrease from $57.7 million in fiscal year 2024.
The company recorded a net loss of ($3.6) million, or ($0.08) per diluted share, for Q4 2025, and a net loss of ($10.7) million, or ($0.24) per diluted share, for fiscal year 2025.
Operationally, the customer base increased 10% year over year to 346,000 unique patients served in fiscal year 2025, and unique set-ups/deliveries increased 7% to 917,000.

Dec 15, 2025, 12:30 PM

Press Release

Quipt Home Medical to be Acquired by Kingswood Capital Management and Forager Capital Management Affiliates

QIPT

M&A

Takeover Bid

Delisting/Listing Issues

Quipt Home Medical Corp. has entered into a definitive agreement to be acquired by a special purpose acquisition vehicle funded by affiliates of Kingswood Capital Management, L.P. and Forager Capital Management, LLC.
Shareholders will receive US$3.65 per share in cash, representing a 162% premium to the unaffected stock price on May 19, 2025, and a 54% premium to the 30-day VWAP as of December 12, 2025.
The all-cash transaction values Quipt at approximately US$260 million, including existing outstanding debt.
The acquisition is anticipated to close in the first half of 2026, after which Quipt will become a privately held company and cease public reporting.
The Board unanimously recommends the transaction, with key shareholders representing approximately 20.9% of outstanding shares having committed to vote in favor.

Dec 15, 2025, 12:30 PM

Press Release

Forager Capital Management Comments on Quipt Home Medical Acquisition Efforts

QIPT

M&A

Takeover Bid

Legal Proceedings

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.