Quipt Home Medical Corp. (QIPT): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the mechanics of Quipt Home Medical Corp.'s growth, and honestly, it's a textbook example of consolidating a fragmented market. As someone who's spent over two decades in the trenches, I can tell you their model hinges on sticky, recurring revenue-they hit about 81% recurring revenue in Q3 2025, which is what we analysts love to see. This is all powered by a national network of over 160 branches serving more than 146,000 unique patients, all while executing smart deals like the Hart JV that pushes their annualized run-rate past $300 million. Dive into the nine building blocks below to see exactly how they link clinical excellence with payer reimbursement to make this work.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Quipt Home Medical Corp. (QIPT) is building to secure patient flow and scale, which is a critical move in this sector. The focus has clearly shifted from just buying small providers to deep integration with health systems. Here are the hard numbers defining those key partnerships as of late 2025.

Joint Venture with Hart Medical Equipment (60% Ownership)

The August 2025 joint venture with Hart Medical Equipment is a prime example of Quipt Home Medical Corp. (QIPT)'s evolving strategy, moving beyond simple acquisitions to embedded partnerships. Quipt acquired a controlling 60% ownership interest in Hart Medical Equipment.

Here's the quick math on the transaction and the acquired entity's scale:

This deal immediately lifted Quipt Home Medical Corp. (QIPT)'s expected annualized run-rate revenue to in excess of $300 million, with Adjusted EBITDA anticipated to be in excess of $65 million upon successful integration over the next 6-9 months. The remaining 40% non-controlling equity interest is collectively held by the partnering health systems.

Health Systems and Preferred Provider Agreements

The health systems involved in the Hart Medical Equipment joint venture are significant anchors for this new Midwest presence. These relationships are designed to embed Quipt Home Medical Corp. (QIPT) directly into the hospital discharge process, which is definitely a more sustainable growth avenue.

The key health systems holding the minority stake in the Hart JV include:

• Henry Ford Health
• McLaren Health Care
• Blanchard Valley Health System
• Wood County Hospital
• The Bellevue Hospital

Quipt Home Medical Corp. (QIPT) also executed a major system-wide partnership with Ballad Health in July 2025. This involved acquiring a wholly-owned DME provider from them and signing a Preferred Provider Agreement. The acquired Ballad Health-owned business generated $6.6 million in unaudited revenue for fiscal year 2025 and served more than 12,500 active patients.

The Preferred Provider Agreement with Ballad Health is structured to provide immediate referral access from 20 hospitals across four states, solidifying a template for future system-wide partnerships.

Physician and Healthcare Provider Referral Networks

While specific financial data on the breadth of all physician referral networks isn't always public, the structure of these system deals implies a massive, formalized referral base. The Hart Medical Equipment network already provided access to the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network prior to the JV closing. Overall, as of Q2 2025, Quipt Home Medical Corp. (QIPT) serviced approximately 157,000 unique patients across 160 locations in 27 states.

Suppliers of Durable Medical Equipment (DME) and Respiratory Technology

The Key Partnership block also covers the supply chain, which is crucial for a company where respiratory care comprises 75% of its product mix (based on Q2 2025 data). The Hart Medical Equipment acquisition brings a comprehensive portfolio of respiratory, oxygen, mobility, and home medical products, which strengthens Quipt Home Medical Corp. (QIPT)'s sourcing power. The Ballad Health acquisition also brought a highly synergistic operation with a comprehensive portfolio of respiratory, oxygen, mobility, and home medical products, helping to diversify the payer mix.

Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Quipt Home Medical Corp.'s strategy as of late 2025. The Key Activities section of the Business Model Canvas is all about the critical things the company must do well to deliver its value proposition. For Quipt Home Medical Corp., this centers on service delivery, growth through acquisition, and building strong referral ties.

Providing end-to-end respiratory care and DME services

This is the bread and butter, the daily grind of Quipt Home Medical Corp.'s operations. They focus on in-home monitoring and disease management, especially for chronic conditions like pulmonary disease and sleep disorders. You see the scale of this activity in their recent financial reporting. For the second quarter of fiscal 2025, revenue hit $57.4 million, with the six months ended March 31, 2025, totaling $118.8 million. The recurring nature of this business is key; Recurring Revenue for Q2 2025 was a strong 81% of total revenue, which equates to $46.3 million derived from equipment rentals and respiratory resupplies. Still, patient volumes have seen some pressure; as of March 31, 2025, the customer base stood at 146,000 unique patients, a 2% year-over-year decline. Operationally, they completed 203,000 unique set-ups/deliveries in Q2 2025. Honestly, maintaining profitability while managing this volume is the tightrope walk, evidenced by an Adjusted EBITDA margin of 23.3% ($13.4 million) in Q2 2025.

Here's a quick look at the service delivery metrics from the first half of 2025:

Executing strategic M&A and joint venture initiatives

Quipt Home Medical Corp. is clearly shifting its M&A focus toward system alignment. A major move was the July 7, 2025, acquisition of a DME provider wholly owned by Ballad Health. This acquired entity had unaudited revenue of $6.6 million for the fiscal year ended June 30, 2025, and the purchase price was $1.6 million plus inventory and receivables. This deal was strategic because it came with a Preferred Provider Agreement covering 20 hospitals. Even bigger was the September 3, 2025, joint venture closing for a 60% ownership stake in Hart Medical Equipment for $17.4 million. Hart generated about $60 million in annual revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025. The math here is compelling: post-Hart, Quipt Home Medical Corp.'s expected annualized run-rate revenue is now in excess of $300 million, with anticipated Adjusted EBITDA exceeding $65 million after integration.

The M&A and JV activity in 2025:

• Acquired Ballad Health DME for $1.6 million consideration.
• Acquired 60% of Hart Medical for $17.4 million.
• Hart Medical's T12M revenue (June 2025) was $60 million.
• Projected post-integration Adjusted EBITDA is over $65 million.

Deepening and managing physician/hospital referral pipelines

The M&A strategy directly feeds into this activity. By acquiring providers already tied to health systems, Quipt Home Medical Corp. immediately deepens its referral pipelines. The Ballad Health deal, for instance, secured a Preferred Provider Agreement covering 20 hospitals across 4 states. Similarly, the Hart JV brought in longstanding ties with Henry Ford Health, McLaren Health Care, and Blanchard Valley Health System. This focus on system alignment is designed to drive patient acquisition more reliably than traditional outreach alone. The Q3 2025 revenue of $58.30 million, while below some estimates, shows the underlying business is being supported by these efforts, even amid industry-wide funding pressures.

Optimizing operational efficiencies and centralized intake processes

Quipt Home Medical Corp. is actively working to bring acquired operations up to its internal standard to protect margins. They credit their continued use of technology and centralized intake processes for a 1% increase in respiratory resupply set-ups/deliveries in Q1 2025 year-over-year. The goal is rapid margin alignment; for the Ballad Health acquisition, management expects the acquired entity's Adjusted EBITDA margin to align with Quipt's historical corporate average within two quarters. Analyst consensus suggests Quipt's historical corporate average EBITDA margin is about 23.9% over the last seven quarters. Furthermore, the company maintained a conservative balance sheet, reporting a Net Debt to Adjusted EBITDA Leverage Ratio of 1.5x as of March 31, 2025, which gives them the financial flexibility to pursue these efficiency-driving integrations.

Expanding De Novo locations in high-value, strategic markets

Organic growth is being supplemented by targeted physical expansion. During Q2 2025, Quipt Home Medical Corp. launched two new De Novo sites, specifically in Florida and Alabama. This is part of a broader 2025 commitment to expand its footprint into markets deemed high-value and strategic. This disciplined, small-scale expansion complements the larger, system-aligned M&A activity. Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Key Resources

You're looking at the core assets Quipt Home Medical Corp. uses to deliver its in-home respiratory care and chronic disease management. These aren't just line items; they are the physical and financial engines driving their service delivery model.

The physical network is substantial, built through organic growth and strategic acquisitions. As of early 2025, Quipt Home Medical Corp. already had a presence in 26 states with over 140 locations. By August 2025, a definitive agreement to acquire a 60% interest in Hart Medical Equipment added 29 branch locations across Michigan and Ohio, formally establishing a presence in Michigan and strengthening the Midwest footprint. This means the national footprint, post-acquisition closing expected by the end of Fiscal Q4 2025, is approaching or exceeding 169 locations across at least 27 states.

The patient base represents the recurring revenue engine. As of June 30, 2025, Quipt Home Medical Corp. was serving 151,000 unique patients. This is up from the 146,000 unique patients served as of March 31, 2025. This large base supports a very consistent recurring revenue stream, which stood at 81% of total revenue in Q2 2025.

The financial capacity ensures operational flexibility and supports growth initiatives like acquisitions. As of June 30, 2025, Quipt Home Medical Corp. reported $35.3 million in total credit availability. This was broken down into $14.3 million available on a revolving credit facility and $21.0 million available via a delayed-draw term loan facility. For context, as of March 31, 2025, this total availability was $30.7 million, with $17.1 million in cash on hand at that date. The company maintained a conservative Net Debt to Adjusted EBITDA Leverage Ratio of 1.5x as of both March 31, 2025 and June 30, 2025.

Quipt Home Medical Corp. relies on its operational backbone to manage this scale:

• Technology Platform: The company invests in technology to improve operational efficiency and patient outcomes. The use of technology and centralized intake processes is credited with helping manage setup and delivery volumes.
• Centralized Model: The operational framework includes centralized intake processes and a strategy to use joint ventures as a scalable model for future national expansion.

The final physical resource is the necessary stock to support patient care:

The company's strategy focuses on increasing annual revenue per patient by offering multiple services to the same patient, effectively consolidating services under their existing physical and technological infrastructure.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Value Propositions

You're looking at the core value Quipt Home Medical Corp. delivers to its customers and partners as of late 2025. It's all about providing comprehensive, high-quality care outside the hospital walls, which translates directly into financial and operational benefits for the healthcare ecosystem.

End-to-end respiratory solutions and chronic disease management

Quipt Home Medical Corp. focuses on delivering end-to-end respiratory solutions, while actively seeking to expand into managing several chronic disease states. This comprehensive approach is supported by a highly stable revenue base.

The stability is clear in the third quarter of fiscal 2025 figures:

The company served 151,000 unique patients as of June 30, 2025, showing a quarter-over-quarter patient growth of 3.4% from Q2 2025.

Seamless post-acute care coordination for health systems

A key value proposition involves integrating home-based care directly with health systems to streamline patient transitions. This is being actively pursued through strategic growth and partnerships.

The July 2025 acquisition of a durable medical equipment provider from Ballad Health exemplifies this, adding a Preferred Provider Agreement with access to 20 hospitals. The company is building a scalable playbook for these partnerships, aiming to combine its operational expertise with the health systems' localized patient flow knowledge.

The scale of their existing network supports this coordination:

• Operations across 140+ locations (as of Q1 2025).
• Relationships with approximately 36,000 referring physicians (as of Q1 2025).

Consolidating patient services to simplify care at home

Quipt Home Medical Corp.'s organic growth strategy centers on increasing annual revenue per patient by consolidating services. This simplifies the care experience for the patient by having one provider manage multiple needs, such as respiratory support alongside management for heart or pulmonary disease and sleep disorders.

The focus on recurring revenue demonstrates the success of this consolidation strategy, as rentals and resupplies form the bulk of their income stream. The company achieved positive quarter-over-quarter organic growth of 1.6% in Q3 2025, moving from $57.4 million in Q2 2025 revenue.

High-quality clinical excellence and operational efficiency

The value proposition includes delivering high-quality clinical excellence alongside measurable operational efficiency, which is reflected in profitability metrics.

For the third quarter of fiscal 2025, the operational performance yielded a strong Adjusted EBITDA margin:

• Adjusted EBITDA for Q3 2025 was $13.7 million.
• This represents an Adjusted EBITDA margin of 23.5% of revenue.

The company is diligently working to enhance operational efficiencies to sustain strong and consistent margins, a core strategic priority for 2025.

Reduced hospital readmissions through in-home monitoring

The alignment with health systems is specifically targeted toward achieving outcomes like reducing hospital readmissions. While a direct, real-life statistical reduction percentage for hospital readmissions is not publicly detailed in the Q3 2025 reports, the strategic intent is clear through partnership structuring.

The July 2025 acquisition from Ballad Health specifically included a Preferred Provider Agreement, which is a mechanism to integrate services with the goal of improving post-acute care and reducing readmissions. The company's entire model of in-home monitoring and chronic disease management is positioned as the value-add to achieve this reduction for their system partners.

Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Customer Relationships

You're looking at how Quipt Home Medical Corp. keeps its patient base engaged, which is key since their organic growth strategy centers on increasing annual revenue per patient by offering multiple services to the same person. This focus on long-term patient value drives their relationship strategy.

Dedicated sales force focused on deepening referral networks

Quipt Home Medical Corp. is actively reinforcing relationships across the healthcare spectrum to secure patient acquisition and build lasting referral pipelines. As a strategic priority for 2025, the Company is focused on deepening these ties with physicians, hospitals, and health systems.

The effort includes tangible growth and training initiatives:

• Adding new sales representatives in targeted regions.
• Launching the Quipt Sales Accelerator program for advanced sales education.
• Maintaining contact with approximately 36,000 referring physicians.

This sales force acts as the frontline for relationship management, aiming to convert professional referrals into long-term service contracts. Honestly, this direct engagement is what keeps the referral engine turning.

High-touch, long-term relationships for chronic care patients

For chronic care patients, the relationship model shifts to one of continuous support, which is reflected in the company's revenue structure. The goal is to consolidate services, making life easier for the patient over the long haul.

Here are the key metrics showing the stickiness of these relationships as of early 2025:

The 81% Recurring Revenue figure for Q2 2025 is the financial proof of these long-term relationships, primarily driven by resupply services for chronic conditions like sleep disorders and pulmonary disease.

Embedded presence in hospital discharge planning processes

A significant move to embed Quipt Home Medical Corp. directly into the patient journey involves strategic partnerships with health systems. This is where the high-touch relationship starts right at the point of transition from acute to home care.

The most concrete example of this strategy is the recent partnership:

• Quipt Home Medical Corp. signed a Preferred Provider Agreement (PPA) with Ballad Health.
• This PPA embeds the Company directly into the discharge planning process for 20 hospitals across Tennessee, Virginia, North Carolina, and Kentucky.
• The acquired operation associated with this deal served over 12,500 patients annually for the fiscal year ended June 30, 2025.

This approach establishes a scalable health system partnership playbook, moving beyond simple vendor status to becoming an integrated part of the care continuum.

Technology-driven patient resupply and follow-up programs

Technology underpins the efficiency of maintaining relationships with a large, chronic patient base, especially for recurring revenue streams like disposable supplies. Quipt Home Medical Corp. credits its use of technology and centralized intake for driving resupply volumes.

The scale of the resupply relationship is significant:

These resupply numbers demonstrate the ongoing, automated nature of the customer relationship post-initial setup. If onboarding takes 14+ days, churn risk rises, so efficiency here is defintely critical.

Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Channels

You're looking at how Quipt Home Medical Corp. gets its value proposition-end-to-end respiratory care and chronic disease management-into the hands of patients. The channels are a mix of physical presence, direct logistics, and deep clinical integration.

Network of over 160 physical branch locations

The physical footprint remains a core channel for local service and equipment deployment. As of the fiscal first quarter 2025 (ending December 31, 2024), Quipt Home Medical Corp. operated approximately over 140 locations across the U.S.. This network was immediately enhanced by a strategic acquisition announced in August 2025, which added another 29 locations, strengthening their footprint and health system relationships. The company's strategy involves expanding this footprint through De Novo sites, which are new, self-started locations, in addition to growth via acquisition.

Direct-to-patient home delivery and set-up services

The logistics of getting equipment and supplies to the patient is a massive channel, evidenced by the sheer volume of activity reported. This channel handles both initial setup and ongoing resupply. For instance, in the fiscal second quarter of 2025 (ending March 31, 2025), Quipt Home Medical Corp. completed 203,000 unique set-ups/deliveries. That same quarter saw 111,000 respiratory resupply set-ups/deliveries. Momentum improved into the third quarter of fiscal 2025 (ending June 30, 2025), with total unique set-ups/deliveries reaching 210,000, and respiratory resupply set-ups/deliveries hitting 119,000. This direct service is critical for maintaining the 81% recurring revenue rate seen in Q2 and Q3 2025.

De Novo expansion sites (e.g., new sites in Florida and Alabama)

Organic growth through new site openings is a deliberate channel strategy to enter high-value markets. Quipt Home Medical Corp. successfully launched two new De Novo sites during the fiscal second quarter of 2025, specifically in Florida and Alabama. The company stated its 2025 priority was to plan for additional site launches in strategic markets to build out its national presence.

Integrated referral channels from partner health systems

This is arguably the highest-quality channel, as it embeds Quipt Home Medical Corp. directly into the patient discharge workflow. As of the end of Q1 2025, the company already maintained relationships with approximately 36,000 referring physicians. The integration strategy accelerated significantly in mid-2025. A key development was signing a Preferred Provider Agreement (PPA) with Ballad Health, which embeds Quipt into the discharge planning process for 20 hospitals across Tennessee, Virginia, North Carolina, and Kentucky. Furthermore, a joint venture (JV) provides direct access to over 19 hospitals and approximately 67,000 monthly patients. These deep system partnerships are designed to drive high-quality, recurring patient volume.

Here's a quick look at the scale of these channel activities based on the latest reported periods:

The company is clearly prioritizing the integrated referral channel, which often results in a lower cost of acquisition and stickier patient relationships compared to direct sales efforts alone. Still, the physical branches are the engine for the direct-to-patient delivery channel, which underpins the 81% recurring revenue stream.

Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Customer Segments

You're looking at the core patient base Quipt Home Medical Corp. serves across the United States, which is heavily influenced by national demographic and healthcare trends. The company's focus is on providing in-home monitoring and disease management, especially for chronic conditions.

The overall market context shows a massive tailwind. The U.S. Home Medical Equipment Market size was valued at $8.29 billion in 2025, with projections to hit $14.25 billion by 2034, growing at a CAGR of 6.4%. Separately, the U.S. Homecare Medical Devices market was valued at $22.4 billion in 2025. This signals a large and expanding pool of potential customers.

Quipt Home Medical Corp. itself was serving 146,000 unique patients as of March 31, 2025. This segment is the lifeblood of their recurring revenue model.

The primary customer groups Quipt Home Medical Corp. targets include:

• Patients with chronic respiratory and pulmonary diseases
• Individuals with sleep disorders and reduced mobility
• US-based patients requiring in-home medical equipment (DME)
• Healthcare systems focused on value-based care models
• Rapidly growing senior population (65+ age cohort)

The company's organic growth strategy centers on increasing annual revenue per patient by offering multiple services to the same patient, essentially consolidating their in-home care needs.

Patients with chronic respiratory and pulmonary diseases

This group is central to Quipt Home Medical Corp.'s focus on end-to-end respiratory care. The demand is high, given that nearly 6 in 10 adults in the U.S. have a chronic disease, and 4 in 10 have two or more. The company's recurring revenue is heavily weighted here; for Q2 2025, rentals of medical equipment were $24.0 million and sales of respiratory resupplies were $22.3 million, totaling $46.3 million, which was 81% of total revenue for that quarter. For Q3 2025, recurring revenue also held strong at 81% of total revenue.

Individuals with sleep disorders and reduced mobility

Quipt Home Medical Corp. specifically targets solutions for patients dealing with sleep apnea and reduced mobility. The macro environment supports this focus. Disabilities that limit movement are projected to grow from 10 million households in 2015 to 17 million by 2035. The company's offerings extend beyond just respiratory gear to include home medical equipment like stair lifts, ramps, and bath safety equipment for mobility support.

US-based patients requiring in-home medical equipment (DME)

Quipt Home Medical Corp. operates exclusively within the United States healthcare market. The broader U.S. DME market reached $56.5 Billion in 2024. The company supports its patient base through over 140 locations and relationships with approximately 36,000 referring physicians as of early 2025.

Here's a look at the revenue composition that services these patients for the first half of fiscal year 2025:

Healthcare systems focused on value-based care models

While direct financial metrics for this segment aren't explicitly detailed, the focus on in-home monitoring and disease management directly aligns with value-based care goals, which prioritize keeping patients out of higher-cost settings like hospitals. The company's strategy to consolidate services per patient is a mechanism to improve patient adherence and outcomes, which are key performance indicators in value-based contracts.

Rapidly growing senior population (65+ age cohort)

The aging demographic is a primary market driver. Currently, there are about 62 million adults aged 65 and older in the U.S., making up 18% of the total population. By 2030, this is expected to climb to 73 million. The elderly patient segment dominated the U.S. DME market in 2024, accounting for approximately 40% of revenue by product type. This demographic shift creates a large, sustained customer base for Quipt Home Medical Corp.'s long-term care needs.

Finance: draft 13-week cash view by Friday.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Quipt Home Medical Corp. faces to keep its home medical equipment and respiratory care services running through late 2025. Honestly, for a company like this, the costs are heavily weighted toward service delivery and growth through acquisition.

Cost of Goods Sold (COGS) for equipment and resupplies

While the direct Cost of Goods Sold isn't itemized in the latest reports, the recurring revenue components give you a clear view of the goods and supplies driving that part of the cost base. For the three months ended March 31, 2025 (Q2 2025), recurring revenue totaled $46.3 million, which was 81% of total revenue. This recurring revenue is built from:

• Rental of medical equipment: $24.0 million in Q2 2025.
• Sales of respiratory resupplies: $22.3 million in Q2 2025.

For the three months ended December 31, 2024 (Q1 2025), the breakdown was slightly higher:

The non-renewal of a disposable supply contract in November 2024 contributed to an estimated annual revenue impact of approximately $8.0 million, which directly affects the cost structure related to resupplies.

Operating expenses for over 160 branch locations and logistics

Quipt Home Medical Corp. is expanding its physical footprint, which drives up fixed and variable operating costs like rent, utilities, and logistics. As of Q1 2025, Quipt operated across 140+ locations. They continued expansion, launching two new De Novo sites in Florida and Alabama during Q2 2025. A significant portion of overhead is captured in Other Operating Expenses:

• Annual Other Operating Expenses (Latest Annual Period): $43.061M.
• Annual Other Operating Expenses (2024): $38.061M.

Logistics costs are embedded here, supporting the 203,000 unique set-ups/deliveries completed in Q2 2025.

Personnel costs for clinical staff, sales, and administration

Personnel is a major variable cost in the home medical equipment sector, covering clinical staff for patient setup and ongoing care, plus the sales force driving new patient acquisition. Specific personnel cost line items are not explicitly detailed in the summary financial highlights, but they are a core component of the overall operating expenses that the company is trying to optimize. The CFO noted operational enhancements to optimize the cost structure, which defintely includes managing headcount efficiency across clinical and administrative roles.

Acquisition and integration costs for M&A/joint ventures

Quipt Home Medical Corp. actively uses M&A as a growth lever, which introduces upfront integration costs. You saw two notable transactions closing in 2025:

• Acquisition of Ballad Health DME provider (July 2025): Purchase price was $1.6 million plus A/R and inventory.
• Acquisition of 60% interest in Hart Medical Equipment (September 2025): Total consideration was $17.4 million, funded by senior credit facilities.

For context on integration costs, the Q1 2025 results reported Acquisition-related costs of $0.2 million.

Debt servicing costs on senior credit facilities

Servicing debt is a fixed cost, and Quipt Home Medical Corp. maintains a disciplined leverage profile. As of December 31, 2024, the principal on the Senior credit facility was $70.6 million. The company manages interest rate risk, as shown by the Change in fair value of derivative liability - interest rate swaps being ($1.0 million) for Q1 2025. The company's leverage remains conservative:

This 1.5x leverage ratio was maintained as of March 31, 2025, showing the debt load is managed relative to earnings.

Quipt Home Medical Corp. (QIPT) - Canvas Business Model: Revenue Streams

Quipt Home Medical Corp. generates revenue through several distinct streams, primarily centered around equipment provision and ongoing patient support.

The core of the recurring revenue base is clearly visible in the second quarter of fiscal year 2025 data. You can see the components that make up this stable base:

This recurring revenue stream was strong, representing approximately 81% of total revenues of $57.4 million in the second quarter of 2025. The third quarter of 2025 saw total revenue reported at $58.30 million.

The company has a clear path to scale its top line through strategic transactions. Post-Hart JV, Quipt Home Medical Corp. expects to reach an annualized run-rate revenue in excess of $300 million. For context on the scale of the Hart JV, that entity generated approximately $60 million in revenue as of June 30, 2025.

The underlying mechanism for collecting these revenues involves significant third-party payments. The revenue streams are heavily supported by reimbursement mechanisms, which include:

• Reimbursement from Medicare
• Reimbursement from Medicaid
• Reimbursement from private insurance payers

The impact of payer dynamics is evident, as the company noted headwinds from the withdrawal of Medicare Advantage members and the discontinuation of the Medicare 75/25 blended rate, which had provided rate relief in certain geographies.

Finance: draft 13-week cash view by Friday.