{"id":458507,"date":"2021-03-16T08:03:19","date_gmt":"2021-03-16T12:03:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=458507"},"modified":"2021-03-16T08:03:19","modified_gmt":"2021-03-16T12:03:19","slug":"protech-continues-rapid-expansion-with-opening-of-two-new-locations-focused-on-respiratory-therapy-products-and-services","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-continues-rapid-expansion-with-opening-of-two-new-locations-focused-on-respiratory-therapy-products-and-services\/","title":{"rendered":"Protech Continues Rapid Expansion with Opening of Two New Locations Focused on Respiratory Therapy Products and Services"},"content":{"rendered":"<h2>\nAccelerating Scale by Expanding Geographical Operating Footprint with New Location in Florida and New Hampshire<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">CINCINNATI, March  16, 2021  (GLOBE NEWSWIRE) &#8212; Protech Home Medical Corp. (\u201c<strong>Protech<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that it has accelerated its organic growth initiatives with the opening of a new location in Daytona Beach, Florida and Concord, New Hampshire.<\/p>\n<p align=\"justify\">\n        <strong>Location Details<\/strong>\n      <\/p>\n<p align=\"justify\">The Company has opened a new location in Daytona Beach, Florida, which is expected to boost its ongoing early expansion efforts in the State. The new location in Daytona Beach will have a heavily respiratory weighted product mix which is expected to help the Company reach surrounding areas at an accelerated pace, as well as cut down on logistical costs. On February 2, 2021, the Company acquired Mayhugh\u2019s Medical Equipment (\u201c<strong>MME<\/strong>\u201d) in Jacksonville, Florida to begin building a foundation poised for growth in the new State. MME added 10,000 active patients to Protech\u2019s patient population, and the Company is well into the integration process. The Company\u2019s plan continues to be to utilize its existing highly scalable infrastructure to grow the patient base and anticipates adding additional locations either through organic opportunities such as Daytona Beach or through inorganic opportunities that may present themselves.<\/p>\n<p align=\"justify\">The Company has also opened a new location in Concord, New Hampshire. Concord is the Capital of New Hampshire and allows Protech to further penetrate the State and surrounding regions. The location will have a heavily weighted respiratory product mix and leverage the infrastructure on the ground in New Hampshire to quickly scale.<\/p>\n<p align=\"justify\">Protech expects to derive strong revenue synergies from the initiative of opening new locations organically and will continue to implement its high touch service model in both new locations.<\/p>\n<p align=\"justify\">The Company is pleased to share the following current financial and operating metrics. Please note these metrics do not include potential future acquisitions or ongoing organic growth initiatives:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Run-Rate Revenue of USD$100-$105 million<\/li>\n<li style=\"text-align:justify\">120,000 current active patients<\/li>\n<li style=\"text-align:justify\">17,000 unique referrals<\/li>\n<li style=\"text-align:justify\">51 locations across 11 U.S. States<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Management Commentary<\/strong>\n      <\/p>\n<p align=\"justify\">\u201cWith the addition of new locations in Florida and New Hampshire we continue our aggressive path of scaling our business. We believe coupling organic initiatives such as strategically opening new locations, combined with our robust acquisition plans has significantly widened our aperture of opportunity for our business,\u201d said Greg Crawford, Chairman and CEO of Protech. \u201cOur patient centric model leveraging our interconnected healthcare platform is providing us much opportunity to gain market share and this is just the beginning for us. We have additional plans to increase our footprint in current markets as well as adding new markets in our pursuit of becoming a leading national provider of respiratory therapy products and services in the home. Moreover, we must ensure our brand aligns with our mission, ensuring we are building strong brand equity to further accelerate organic growth opportunities, and we expect to have more to share on this front in the near future. Finally, we are incredibly excited about our deep pipeline of potential acquisition targets, which we expect to be very busy in the near term and look forward to updating shareholders when appropriate.\u201d<\/p>\n<p align=\"justify\">\n        <strong>ABOUT PROTECH HOME MEDICAL CORP.<\/strong>\n      <\/p>\n<p align=\"justify\">The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company\u2019s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient\u2019s services and making life easier for the patient.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Forward-Looking Statements<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Certain statements contained in this press release constitute &#8220;forward-looking information&#8221; as such term is \u200e\u200e\u200edefined in applicable Canadian securities legislation. The words &#8220;may&#8221;, &#8220;would&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;potential&#8221;, \u200e\u200e\u200e\u200e&#8221;will&#8221;, &#8220;seek&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221; and similar expressions as they relate \u200e\u200e\u200eto the Company, including: the Company expecting its new Daytona Beach location to boost its ongoing early expansion efforts in Florida and helping the Company reach surrounding areas at an accelerated pace, as well as cut down on logistical costs; the Company anticipating to add additional locations either through organic opportunities or through inorganic opportunities; the Company expecting to derive strong revenue synergies from new locations organically; the Company\u2019s plans to increase its footprint in current markets as well as adding new markets; the Company expecting to have further news on organic growth opportunities in the near future; and the Company expecting to be busy with new acquisitions in the near term; are intended to identify \u200eforward-looking information. All statements other than \u200estatements of \u200ehistorical fact may be forward-looking \u200einformation. Such statements reflect the Company&#8217;s current \u200eviews and \u200eintentions with respect to future events, and \u200ecurrent information available to the Company, and are \u200esubject to \u200ecertain risks, uncertainties and assumptions<\/em>, <em>including: the Company successfully identified, negotiating and completing additional acquisitions, including accretive acquisitions.<\/em><em>Many factors \u200ecould \u200ecause the actual results, performance or achievements that may be expressed or \u200eimplied by such forward-\u200elooking \u200einformation to vary from those described herein should one or more of these risks \u200eor uncertainties \u200ematerialize. \u200eExamples of such risk factors include, without limitation: credit; market (including \u200eequity, commodity, \u200eforeign \u200eexchange and interest rate); liquidity; operational (including technology and \u200einfrastructure); \u200ereputational; \u200einsurance; strategic; regulatory; legal; environmental; capital adequacy; the \u200egeneral business and \u200eeconomic \u200econditions in the regions in which the Company operates; the ability of the \u200eCompany to execute on key \u200epriorities, \u200eincluding the successful completion of acquisitions, business retention, and \u200estrategic plans and to \u200eattract, develop \u200eand retain key executives; difficulty integrating newly acquired businesses; \u200ethe ability to \u200eimplement business \u200estrategies and pursue business opportunities; low profit market segments; \u200edisruptions in or \u200eattacks (including \u200ecyber-attacks) on the Company&#8217;s information technology, internet, network \u200eaccess or other \u200evoice or data \u200ecommunications systems or services; the evolution of various types of fraud or other \u200ecriminal \u200ebehavior to which \u200ethe Company is exposed; the failure of third parties to comply with their obligations to \u200ethe \u200eCompany or its \u200eaffiliates; the impact of new and changes to, or application of, current laws and regulations; \u200e\u200edecline of \u200ereimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; \u200e\u200e\u200edependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult \u200e\u200e\u200elitigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased \u200e\u200e\u200efunding costs and market volatility due to market illiquidity and competition for funding; the availability of funds \u200e\u200e\u200eand resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, \u200e\u200e\u200eand methods used by the Company; the occurrence of natural and unnatural catastrophic events \u200eand claims \u200e\u200e\u200eresulting from such events; and risks related to COVID-19 including various recommendations, orders \u200eand \u200e\u200emeasures of governmental \u200eauthorities \u200eto try to limit the pandemic, including travel restrictions, border closures, \u200e\u200e\u200enon-essential business \u200eclosures, \u200equarantines, self-isolations, shelters-in-place and social distancing, disruptions \u200e\u200eto \u200emarkets, economic \u200eactivity, \u200efinancing, supply chains and sales channels, and a deterioration of general \u200e\u200eeconomic \u200econditions \u200eincluding a \u200epossible national or global recession\u200e; as well as those risk factors discussed or \u200e\u200ereferred to in \u200ethe Company\u2019s disclosure \u200edocuments filed with the securities regulatory authorities in certain \u200e\u200eprovinces of Canada \u200eand available at \u200ewww.sedar.com. Should any factor affect the Company in an unexpected \u200e\u200emanner, or should \u200eassumptions \u200eunderlying the forward-looking information prove incorrect, the actual results or \u200e\u200eevents may differ \u200ematerially \u200efrom the results or events predicted. Any such forward-looking information is \u200e\u200eexpressly qualified in its \u200eentirety by \u200ethis cautionary statement. Moreover, the Company does not assume \u200e\u200eresponsibility for the accuracy or \u200e\u200ecompleteness of such forward-looking information. The forward-looking \u200e\u200einformation included in this press release \u200eis \u200emade as of the date of this press release and the Company undertakes \u200e\u200eno obligation to publicly update or revise \u200eany \u200eforward-looking information, other than as required by applicable \u200e\u200elaw.\u200e\u200e<\/em><\/p>\n<p align=\"justify\">\n        <em>Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of \u200ethe \u200eTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\u200e<\/em>\n      <\/p>\n<p align=\"justify\">For further information please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=mQm5O3PgzLA4gCqrY0Wm6U0-YCcWILD-gPQDapET0CoboNlyme9lP5pieiAPniwvweW7ZTlbRdZiIRwZbgUIvN-y7EkAnt03C1bUeBmUqxh3USP5PAnCcpmeBtEI-a8o\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.protechhomemedical.com<\/u>, <\/a>or contact:<\/p>\n<p align=\"justify\">Cole Stevens<br \/>VP of Corporate Development <br \/>Protech Home Medical Corp.<br \/>859-300-6455<br \/>cole.stevens@myphm.com<\/p>\n<p align=\"justify\">Gregory Crawford<br \/>Chief Executive Officer<br \/>Protech Home Medical Corp.<br \/>859-300-6455<br \/>investorinfo@myphm.com<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE5MDUxNiM0MDY1NTgyIzIwODgwMDI=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/5ab6a979-2063-4021-a874-42351d70d9a2\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Accelerating Scale by Expanding Geographical Operating Footprint with New Location in Florida and New Hampshire CINCINNATI, March 16, 2021 (GLOBE NEWSWIRE) &#8212; Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that it has accelerated its organic growth initiatives with the opening of a new location in Daytona Beach, Florida and Concord, New Hampshire. Location Details The Company has opened a new location in Daytona Beach, Florida, which is expected to boost its ongoing early expansion efforts in the State. The new location in Daytona Beach will have a heavily respiratory weighted product mix which is expected to help the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/protech-continues-rapid-expansion-with-opening-of-two-new-locations-focused-on-respiratory-therapy-products-and-services\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Protech Continues Rapid Expansion with Opening of Two New Locations Focused on Respiratory Therapy Products and Services&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-458507","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Protech Continues Rapid Expansion with Opening of Two New Locations Focused on Respiratory Therapy Products and Services - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/protech-continues-rapid-expansion-with-opening-of-two-new-locations-focused-on-respiratory-therapy-products-and-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Protech Continues Rapid Expansion with Opening of Two New Locations Focused on Respiratory Therapy Products and Services - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Accelerating Scale by Expanding Geographical Operating Footprint with New Location in Florida and New Hampshire CINCINNATI, March 16, 2021 (GLOBE NEWSWIRE) &#8212; Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that it has accelerated its organic growth initiatives with the opening of a new location in Daytona Beach, Florida and Concord, New Hampshire. Location Details The Company has opened a new location in Daytona Beach, Florida, which is expected to boost its ongoing early expansion efforts in the State. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-continues-rapid-expansion-with-opening-of-two-new-locations-focused-on-respiratory-therapy-products-and-services\/","og_locale":"en_US","og_type":"article","og_title":"Protech Continues Rapid Expansion with Opening of Two New Locations Focused on Respiratory Therapy Products and Services - Market Newsdesk","og_description":"Accelerating Scale by Expanding Geographical Operating Footprint with New Location in Florida and New Hampshire CINCINNATI, March 16, 2021 (GLOBE NEWSWIRE) &#8212; Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that it has accelerated its organic growth initiatives with the opening of a new location in Daytona Beach, Florida and Concord, New Hampshire. Location Details The Company has opened a new location in Daytona Beach, Florida, which is expected to boost its ongoing early expansion efforts in the State. 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