{"id":874441,"date":"2025-08-12T07:37:51","date_gmt":"2025-08-12T11:37:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/quipt-home-medical-partners-with-three-major-health-systems-to-form-strategic-joint-venture\/"},"modified":"2025-08-12T07:37:51","modified_gmt":"2025-08-12T11:37:51","slug":"quipt-home-medical-partners-with-three-major-health-systems-to-form-strategic-joint-venture","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/quipt-home-medical-partners-with-three-major-health-systems-to-form-strategic-joint-venture\/","title":{"rendered":"Quipt Home Medical Partners With Three Major Health Systems to Form Strategic Joint Venture"},"content":{"rendered":"<h2>\nTransaction Adds $60 Million in Revenue, 29 Locations, Deep Health System Relationships, and Marks Entry Into Michigan Market<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p>CINCINNATI, Aug.  12, 2025  (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. (\u201c<strong>Quipt<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced it has signed a definitive agreement with three major health systems and hospitals to form a joint venture. Pursuant to the definitive agreement, Quipt will acquire a 60% ownership interest in Hart Medical Equipment (\u201c<strong>Hart<\/strong>\u201d), with the remaining 40% interest collectively held by major health systems, Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital. This strategic transaction is expected to enhance Quipt\u2019s presence in the Midwest, add deep healthcare system partnerships, and provide the Company with immediate entry into Michigan, a large and strategically important market, and new territories in Ohio.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Transaction Highlights<\/u><br \/>\n        <\/strong><br \/>\n        <strong>:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Hart, headquartered in Michigan, is a leading nationally accredited durable medical equipment supplier with over 20 years of experience. It generated approximately $60 million in revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025. With 29 branch locations across Michigan and Ohio, this transaction formally establishes Quipt\u2019s presence in Michigan and northern Ohio and strengthens its existing Midwest footprint.<\/li>\n<li style=\"text-align:justify\">For reporting purposes, Quipt expects to consolidate the financial results of Hart and hence upon completion of the transaction, Quipt\u2019s expected annualized run-rate revenue will be approximately $300 million. As the primary beneficiary of the joint venture it is expected that the 40% non-controlling equity interest will be reported as a separate component on the Company\u2019s Consolidated Statements of Financial Position.<\/li>\n<li style=\"text-align:justify\">Hart maintains longstanding strategic relationships with leading integrated health systems, including Henry Ford Health, McLaren Health Care and Blanchard Valley Health as well as freestanding community based hospitals, embedding the business into the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network. These relationships provide direct access to a large, consistent patient base, with Hart serving over 67,000 patients monthly.<\/li>\n<li style=\"text-align:justify\">The joint venture is expected to strengthen Quipt\u2019s strategy of expanding relationships with healthcare systems and building scalable integration models that embed Quipt into discharge planning and care coordination. The joint venture positions Quipt in the evolving healthcare reimbursement environment, working alongside health systems heavily invested in value-based care.<\/li>\n<li style=\"text-align:justify\">Management expects Adjusted EBITDA margin to align with historical corporate averages within three quarters post-closing. Synergies are anticipated through operational efficiencies and cross-market integration.<\/li>\n<li style=\"text-align:justify\">Quipt\u2019s expected total consideration for its 60% ownership interest is in the range of $17-18 million.<\/li>\n<li style=\"text-align:justify\">The transaction is expected to close by the end of Fiscal Q4, 2025, subject to customary closing conditions, including approval by the lender to Quipt\u2019s existing credit facility.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Statement from Barton P. Buxton, Ed.D., Board Chair, Hart Medical<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\u201cThe Hart Medical board was very focused on finding the right strategic partner to align with our mission of not only caring for patients at home following their discharge but also supporting their ongoing transitional care needs. As healthcare systems continue to explore innovative ways to manage critically ill populations in a payer environment that increasingly drives us toward managing risk, we carefully evaluated our options. Of all the potential partners, Quipt Home Medical demonstrated the strongest platform and shared commitment to continue and expand the important work Hart Medical has begun.<\/p>\n<p align=\"justify\">We are excited about the opportunities this partnership creates\u2014not only to elevate our transitional care services to the next level, but to set a new standard of care for health systems and DME collaborations. Hart Medical has always striven to meet and exceed the expectations of our health system partners, and we are confident that our alliance with Quipt Home Medical will strengthen our ability to deliver exceptional patient outcomes and innovative solutions.\u201d<\/p>\n<p>\n        <strong><br \/>\n          <u>Management Commentary<\/u><br \/>\n        <\/strong><br \/>\n        <strong>:<\/strong>\n      <\/p>\n<p align=\"justify\">\u201cHart\u2019s impressive footprint across Michigan and Ohio and its relationship with world-class health systems like Henry Ford Health, McLaren Health, and Blanchard Valley, bring a new level of depth and reach to our platform,\u201d said Greg Crawford, CEO and Chairman of Quipt. \u201cThis transaction expands our service network to more than 19 hospitals and affiliated care facilities, dramatically increasing our ability to serve patients at critical points of care transition. Importantly, the joint venture structure allows us to collaborate closely with Hart\u2019s leadership team while maintaining operational alignment across the broader Quipt platform. This move is consistent with our strategy to expand our business with strategic relationships with leading health systems, work with hospitals in providing post discharge durable medical equipment products and services and create a scalable template for future growth nationwide. Hart\u2019s reputation for clinical excellence and strong health system alignment fits perfectly with our mission and platform.\u201d<\/p>\n<p align=\"justify\">Chief Financial Officer, Hardik Mehta, added, \u201cThis joint venture marks a significant step forward in expanding our platform in a disciplined and strategic manner. We anticipate funding this transaction using cash on hand and our existing credit facility. As we integrate operations, we see clear opportunities to align operating systems and share best practices that will enhance operational efficiency, support sustainable growth and optimize financial performance. This is exactly the type of health system-aligned expansion we have been targeting, and we are confident that the Hart joint venture will serve as a repeatable model for future joint ventures, as we continue to build a diversified, national platform capable of delivering strong patient outcomes and long-term shareholder value.\u201d<\/p>\n<p>\n        <strong>ABOUT QUIPT HOME MEDICAL<\/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        <em>Reader Advisories<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Readers are cautioned that the financial information regarding the Hart disclosed herein is unaudited and derived as a result of the Company\u2019s due diligence, including a review of Hart\u2019s bank statements and tax returns.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Closing of the joint venture <\/em><br \/>\n        <em>contemplated by the Definitive Agreement is subject to a customary financing condition in favor of Quipt, and <\/em><br \/>\n        <em>there can be no assurance that the transaction w<\/em><br \/>\n        <em>ill close<\/em><br \/>\n        <em>.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. \u200edollars.\u200e<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Forward-Looking Statements<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Certain statements contained in this press release constitute \u201cforward-looking statements\u201d within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or \u201cforward-looking information\u201d as such term is \u200e\u200e\u200e\u200e\u200e\u200edefined in applicable Canadian securities legislation (collectively, \u201cforward-looking statements\u201d). The words \u201cmay\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201cshould\u201d, &#8220;potential\u201d, \u200e\u200e\u200e\u200e\u200e\u200e\u200e&#8221;will\u201d, &#8220;seek\u201d, &#8220;intend\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201coutlook\u201d, or the negatives thereof or variations of such words, and similar expressions \u200e\u200e\u200e\u200e\u200eas \u200ethey relate to the Company are intended to \u200eidentify forward-looking statements, including: timing of and closing of the transaction; management\u2019s expectations for Quipt\u2019s post-closing annualized run rate; management\u2019s expectations for post-closing Adjusted EBITDA for the joint venture and the timing of such results; the Company anticipating strong margin performance throughout the year and a return to historical organic growth levels in calendar 2025; the Company\u2019s expectations regarding the impact of the acquisition of the joint venture; opportunities to increase long-term shareholder value. All statements \u200eother \u200ethan \u200estatements of \u200e\u200ehistorical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-\u200elooking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the \u200eCompany&#8217;s \u200ecurrent \u200eviews and \u200e\u200eintentions with respect to future \u200eevents, and current information available to the \u200eCompany, and \u200eare \u200esubject to \u200e\u200ecertain risks, uncertainties and \u200eassumptions, including, without limitation: the \u200eCompany successfully identifying, \u200e\u200e\u200enegotiating and \u200ecompleting additional acquisitions; operating and other financial metrics maintaining their \u200e\u200ecurrent trajectories, the Company not being impacted by any further external and unique events like the Medicare \u200e\u200e75\/25 rate cut and the Change Healthcare cybersecurity incident for the remainder of 2025; and the \u200eCompany not being subject to a material change to it cost structure. Many \u200efactors could cause the actual \u200eresults, \u200e\u200eperformance or achievements that may be \u200eexpressed \u200eor implied by such \u200eforward-looking statements to \u200evary from \u200e\u200ethose described herein should one or more \u200eof these \u200erisks or \u200euncertainties materialize. Examples of such \u200erisk \u200efactors \u200einclude, without limitation: risks related \u200eto credit, market \u200e\u200e\u200e(including equity, commodity, foreign exchange \u200eand interest \u200erate), \u200eliquidity, operational \u200e\u200e(including technology \u200eand \u200einfrastructure), reputational, insurance, \u200estrategic, \u200eregulatory, legal, \u200eenvironmental, and \u200ecapital adequacy; the \u200e\u200egeneral business and economic conditions in \u200ethe regions \u200ein which the \u200eCompany operates; \u200ethe ability of the \u200e\u200eCompany to execute on key priorities, including the \u200esuccessful \u200ecompletion of \u200eacquisitions, \u200ebusiness retention, and \u200e\u200estrategic plans and to attract, develop and retain \u200ekey \u200eexecutives; difficulty \u200eintegrating \u200enewly acquired businesses; \u200e\u200ethe ability to implement business strategies and \u200e\u200epursue business opportunities; low \u200eprofit \u200emarket segments; \u200e\u200edisruptions in or attacks (including cyber-attacks) on \u200e\u200ethe Company&#8217;s information \u200etechnology, \u200einternet, network \u200e\u200eaccess or other voice or data communications systems or \u200e\u200eservices; the evolution of \u200evarious types \u200eof fraud or other \u200e\u200ecriminal behavior to which the Company is exposed; the \u200e\u200efailure of third parties to \u200ecomply with \u200etheir obligations to \u200e\u200ethe Company or its affiliates; the impact of new and \u200e\u200echanges to, or application of, \u200ecurrent \u200elaws and regulations; \u200e\u200edecline of reimbursement rates; dependence on few \u200e\u200epayors; possible new drug \u200ediscoveries; a \u200enovel business \u200emodel; \u200edependence on key suppliers; granting of permits \u200e\u200eand licenses in a highly \u200eregulated \u200ebusiness; legal proceedings and litigation, including as it relates to the civil \u200e\u200einvestigative demand (\u201cCID\u201d) \u200ereceived from the Department of Justice; \u200eincreased competition; \u200echanges in \u200eforeign currency rates;<\/em><br \/>\n        <em>the imposition of trade restrictions such as tariffs and retaliatory counter measures; increased \u200e\u200efunding costs and market volatility due to \u200emarket illiquidity and \u200ecompetition for \u200efunding; the \u200eavailability of funds \u200e\u200eand resources to pursue operations; \u200ecritical accounting \u200eestimates and changes \u200eto accounting \u200estandards, policies, \u200e\u200eand methods used by the Company; the Company\u2019s status as an emerging growth company and a smaller reporting company; the occurrence of \u200enatural and unnatural \u200ecatastrophic \u200eevents or health epidemics or concerns; as well as those risk factors \u200ediscussed or \u200e\u200ereferred to \u200ein the Company\u2019s disclosure \u200edocuments filed with \u200eUnited States Securities and Exchange \u200eCommission \u200e and \u200eavailable at www.sec.gov, including the Company\u2019s most recent Annual Report on Form 10-K<\/em><br \/>\n        <em>and subsequent Quarterly Reports on Form 10-Q, and with \u200ethe securities \u200eregulatory authorities in certain provinces of \u200eCanada and \u200e\u200e\u200eavailable at www.sedarplus.com. Should any \u200efactor affect \u200ethe Company in an unexpected manner, or \u200eshould \u200e\u200e\u200eassumptions underlying the forward-looking \u200estatement prove \u200eincorrect, the actual results or events may \u200ediffer \u200e\u200e\u200ematerially from the results or events predicted. \u200eAny such forward-\u200elooking statements are expressly qualified \u200ein their \u200e\u200e\u200eentirety by this cautionary statement. Moreover, \u200ethe Company \u200edoes not assume responsibility for the \u200eaccuracy or \u200e\u200e\u200ecompleteness of such forward-looking \u200estatements. The \u200eforward-looking statements included in this \u200epress release are made as of the date of this press \u200erelease and the \u200eCompany undertakes no obligation to publicly \u200eupdate or revise \u200e\u200e\u200eany forward-looking statements, \u200eother than as \u200erequired by applicable law\u200e.\u200e<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Non-GAAP Financial Measures<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>This press release refers to \u201cAdjusted EBITDA which is a non-GAAP financial measures that does not have standardized meaning prescribed by generally accepted accounting principles in the United States (\u201cGAAP\u201d). The \u200eCompany\u2019s presentation of this financial measure may not be comparable to similarly titled measures used by \u200eother companies. This financial measure is intended to provide additional information to investors concerning \u200ethe Company\u2019s performance.\u200e<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Adjusted EBITDA is calculated as net loss, and adding back depreciation and amortization, right-of-use operating lease amortization and interest, interest expense, net, provision for income taxes, certain professional fees, including those related to the CID, the loss of private issuer status, and proxy contests and other actions of activist shareholders, stock-based compensation, acquisition-related costs, change in fair value of derivative liability \u2013 interest rate swaps, loss (gain) on foreign currency transactions, and share of loss in equity method investment.<\/em>\n      <\/p>\n<p>For further information please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=M37D-Hqp7zZR8rQPYZ611qfTFL47CNk6poKa3OXztH8xlkHgaO-GWGSxkiWdHe8ZDRlwILQcjKlk-M7mOI1CHVoY3YauBrhXT4sjx0m69ZVzcpA3kTQ9g_RIM-BJKeilE3CwT7ulh_-vSuUMo0pFNLC3TqC649FoM0jmlbSYGQC_XHexm7i51BcKjq7yhZH3-oKX65q3W51-xLOdEEtSISECl3ErXnjQR5o6Lke5fYymsw8K-mHmgpvw_Yht90BfcZtOITgNOHfQfzLMhMvzUHerT7STEdKi6XrjJUusFmmgQG11jaCsp4AxrZpUBl805Th5lNilRpNBCoK452URv26mnkv3SjQFlj69fXiCHZGMD9KVNfiDqyI0DggRwz3_qyssF3MC3AO_DBL8vkhxqrEfhNmGXaFJSFfkNO_vT8M=\" rel=\"nofollow\" target=\"_blank\">www.quipthomemedical.com<\/a>, or contact:<\/p>\n<p>Cole Stevens<br \/>VP of Corporate Development<br \/>Quipt Home Medical Corp.<br \/>859-300-6455<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0ieBfdnF6CLy72urMPZtOq2jUVzKq8PXqeTLDnlHefWocok9FpY_9XI3ef7ErtCkCLbMM26b1yRL8WN8zfZaKSItjWdpv3byrLTcjIsmH-6eE6IocmvE4T72yw8v7j1S\" rel=\"nofollow\" target=\"_blank\">cole.stevens@myquipt.com<\/a><\/p>\n<p>Gregory Crawford<br \/>Chief Executive Officer<br \/>Quipt Home Medical Corp.<br \/>859-300-6455<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=IUVR7gHrbPPlf_OfCg0eFKteft9PzPG1vSqXOxJcBGWSjZzBTBdWlLvD9i4ghLWUGxkrgmmO-AMvC5IH-l9nRTCJkUwJVmjPyRHht8FZ2J9q2YMpcLIFHbCajslKQCr2\" rel=\"nofollow\" target=\"_blank\">investorinfo@myquipt.com<\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTUxMDgyOCM3MDk0ODc5IzIwODgwMDI=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/NzIyNjVkNDktNjQ3OC00M2RiLTllZTEtNDMxOWMwMTY3MGY1LTEwOTk1NzMtMjAyNS0wOC0xMi1lbg==\/tiny\/Quipt-Home-Medical-Corp-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Transaction Adds $60 Million in Revenue, 29 Locations, Deep Health System Relationships, and Marks Entry Into Michigan Market CINCINNATI, Aug. 12, 2025 (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. (\u201cQuipt\u201d or the \u201cCompany\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced it has signed a definitive agreement with three major health systems and hospitals to form a joint venture. Pursuant to the definitive agreement, Quipt will acquire a 60% ownership interest in Hart Medical Equipment (\u201cHart\u201d), with the remaining 40% interest collectively held by major health systems, Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital. This strategic transaction is expected to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/quipt-home-medical-partners-with-three-major-health-systems-to-form-strategic-joint-venture\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Quipt Home Medical Partners With Three Major Health Systems to Form Strategic Joint Venture&#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-874441","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quipt Home Medical Partners With Three Major Health Systems to Form Strategic Joint Venture - 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\/quipt-home-medical-partners-with-three-major-health-systems-to-form-strategic-joint-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quipt Home Medical Partners With Three Major Health Systems to Form Strategic Joint Venture - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Transaction Adds $60 Million in Revenue, 29 Locations, Deep Health System Relationships, and Marks Entry Into Michigan Market CINCINNATI, Aug. 12, 2025 (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. (\u201cQuipt\u201d or the \u201cCompany\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced it has signed a definitive agreement with three major health systems and hospitals to form a joint venture. Pursuant to the definitive agreement, Quipt will acquire a 60% ownership interest in Hart Medical Equipment (\u201cHart\u201d), with the remaining 40% interest collectively held by major health systems, Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital. 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(\u201cQuipt\u201d or the \u201cCompany\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced it has signed a definitive agreement with three major health systems and hospitals to form a joint venture. Pursuant to the definitive agreement, Quipt will acquire a 60% ownership interest in Hart Medical Equipment (\u201cHart\u201d), with the remaining 40% interest collectively held by major health systems, Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital. 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