Revenue growth remains volatile, swinging from a 55.9% expansion in 2023Q4 to a 6.3% contraction by 2025Q2, while operating margins have failed to stabilize, oscillating between 2.9% and -3.5% over the last ten quarters.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Sales/Revenue | 286.56M | 245.36M | 245.91M | 211.68M | 139.86M | 102.35M | 73.17M | 61.16M | 54.58M | 61.56M | 96.33M | 53.41M | 18.99M | 3.85M | 3.96M | 1.39M | 38K | 1.57M | 2.21M | 5.89M | 5.61M | 4.6M | 5.97M | 4.21M | 3.22M | 1.95M | 390.62K | 0 |
| Revenue Growth % | 19.78% | -0.23% | 16.17% | 51.35% | 36.65% | 39.88% | 19.63% | 12.07% | -11.35% | -36.09% | 80.35% | 181.32% | 392.63% | -2.75% | 184.9% | 3560.53% | -97.57% | -29.23% | -62.46% | 5.04% | 21.98% | -23.03% | 41.86% | 30.73% | 65.66% | 397.93% | - | - |
| Cost of Goods Sold | 24.16M | 6.05M | 68.92M | 57.9M | 33.21M | 28.17M | 34.73M | 17.06M | 21.74M | 17.94M | 24.2M | 17.85M | 6.81M | 1.33M | 1.3M | 563.4K | 40.67K | 1.56M | 2.15M | 5.13M | 4.77M | 4.11M | 2.88M | 1.95M | 1.52M | 808.63K | 0 | 0 |
| COGS % of Revenue | - | 2.47% | 28.03% | 27.35% | 23.75% | 27.52% | 47.46% | 27.89% | 39.83% | 29.14% | 25.12% | 33.42% | 35.85% | 34.54% | 32.7% | 40.5% | 107.03% | 99.82% | 97.33% | 86.97% | 84.96% | 89.28% | 48.28% | 46.37% | 47.14% | 41.57% | - | - |
| Gross Profit | 242.06M | 239.31M | 176.99M | 153.78M | 106.65M | 74.18M | 38.45M | 44.1M | 37.75M | 43.62M | 49.07M | 35.56M | 12.18M | 2.52M | 2.67M | 827.86K | -2.67K | 2.77K | 58.95K | 768.44K | 844.85K | 492.91K | 3.09M | 2.26M | 1.7M | 1.14M | 390.62K | 0 |
| Gross Margin % | 84.47% | 97.53% | 71.97% | 72.65% | 76.25% | 72.48% | 52.54% | 72.11% | 69.17% | 70.86% | 50.94% | 66.58% | 64.15% | 65.46% | 67.32% | 59.52% | -7.03% | 0.18% | 2.66% | 13.04% | 15.06% | 10.72% | 51.73% | 53.63% | 52.86% | 58.41% | 100% | - |
| Gross Profit Growth % | - | 35.21% | 15.09% | 44.19% | 43.77% | 92.94% | -12.82% | 16.82% | -13.45% | -11.1% | 37.98% | 191.96% | 382.76% | -5.43% | 222.28% | 31105.99% | -196.39% | -95.3% | -92.33% | -9.04% | 71.4% | -84.05% | 36.83% | 32.65% | 49.91% | 190.82% | - | - |
| Operating Expenses | 206.69M | 181M | 175.88M | 150.93M | 101.92M | 75.64M | 39.08M | 44.1M | 40.53M | 56.51M | 83.19M | 28.35M | 9.49M | 2.31M | 3.22M | 1.45M | 1.69M | 819.59K | 555.88K | 738.11K | 811.41K | 825.96K | 3.46M | 2.35M | 1.82M | 1.48M | 702.27K | 0 |
| OpEx % of Revenue | - | 73.77% | 71.52% | 71.3% | 72.87% | 73.9% | 53.41% | 72.11% | 74.26% | 91.8% | 86.37% | 53.08% | 49.97% | 59.82% | 81.15% | 104.03% | 4443.28% | 52.35% | 25.13% | 12.53% | 14.46% | 17.96% | 57.84% | 55.89% | 56.64% | 76.09% | 179.79% | - |
| Selling, General & Admin | 74.28M | 97.48M | 94.69M | 82.37M | 53.82M | 49.76M | 25.04M | 22.46M | 29.5M | 28.77M | 61.02M | 45.23M | 5.84M | 1.75M | 2.08M | 1.48M | 1.53M | 241.45K | 508.37K | 506.01K | 598.34K | 653.11K | 760.11K | 2.19M | 1.69M | 1.35M | 99.73K | 35.9K |
| SG&A % of Revenue | - | 39.73% | 38.51% | 38.91% | 38.48% | 48.61% | 34.23% | 36.72% | 54.04% | 46.74% | 63.34% | 84.68% | 30.78% | 45.36% | 52.46% | 106.33% | 4038.96% | 15.42% | 22.98% | 8.59% | 10.67% | 14.2% | 12.72% | 51.92% | 52.45% | 69.41% | 25.53% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 83.52M | 81.18M | 68.56M | 48.09M | 25.88M | 14.04M | 21.64M | 11.03M | 27.74M | 22.18M | -1.45M | 3.64M | 493 | 1.14M | -32K | 153.64K | 578.14K | 47.51K | 232.11K | 213.07K | 172.85K | 2.7M | 167K | 135K | 130K | 602.54K | -35.9K |
| Operating Income | -2.43M | -3.82M | 1.11M | 5.76M | 4.73M | -1.46M | -634.63K | -4.63M | -5.31M | -12.89M | -40.61M | 7.21M | 2.69M | 287.78K | -548K | -651.5K | -1.69M | -816.82K | -497K | 30.32K | -201K | -333K | -360K | -94.35K | -122K | -344K | -66.06K | 0 |
| Operating Margin % | -0.85% | -1.56% | 0.45% | 2.72% | 3.38% | -1.43% | -0.87% | -7.56% | -9.73% | -20.94% | -42.16% | 13.5% | 14.18% | 7.47% | -13.83% | -46.84% | -4450.31% | -52.18% | -22.47% | 0.51% | -3.58% | -7.24% | -6.03% | -2.24% | -3.79% | -17.69% | -16.91% | - |
| Operating Income Growth % | - | -442.87% | -80.63% | 21.68% | 424.04% | -130.06% | 86.28% | 12.9% | 58.8% | 68.25% | -663.06% | 167.81% | 835.79% | 152.51% | 15.89% | 61.48% | -107.04% | -64.35% | -1739.07% | 115.09% | 39.64% | 7.5% | -281.57% | 22.67% | 64.53% | -420.76% | - | - |
| EBITDA | 46.49M | 41.83M | 51.67M | 45.92M | 27.77M | 16.33M | 13.9M | 5.92M | 6.37M | -438K | -30.02M | 15.88M | 4.9M | 661.98K | -250.16K | -534.68K | -1.68M | -783.09K | -449.49K | 266.82K | 16.27K | -155.91K | -173.04K | 72.57K | 13.54K | -213.11K | 11.81K | 263 |
| EBITDA Margin % | 16.22% | 17.05% | 21.01% | 21.69% | 19.86% | 15.95% | 19% | 9.69% | 11.68% | -0.71% | -31.16% | 29.74% | 25.8% | 17.18% | -6.31% | -38.44% | -4430.78% | -50.02% | -20.32% | 4.53% | 0.29% | -3.39% | -2.9% | 1.72% | 0.42% | -10.96% | 3.02% | - |
| EBITDA Growth % | -8.48% | -19.04% | 12.52% | 65.35% | 70.1% | 17.42% | 134.66% | -7.02% | 1554.79% | 98.54% | -289.01% | 224.21% | 640.05% | 364.62% | 53.21% | 68.24% | -115.01% | -74.22% | -268.46% | 1540.24% | 110.43% | 9.9% | -338.46% | 435.8% | 106.36% | -1904.02% | 4399.84% | - |
| D&A (Non-Cash Add-back) | 48.92M | 45.66M | 50.55M | 40.16M | 23.04M | 17.79M | 14.54M | 10.55M | 11.68M | 12.45M | 10.59M | 8.67M | 2.21M | 374.21K | 297.84K | 116.82K | 7.42K | 33.73K | 47.51K | 236.5K | 217.27K | 177.09K | 186.96K | 166.92K | 135.54K | 130.89K | 77.87K | 263 |
| EBIT | -2.57M | -3.6M | 514K | 4.93M | 5.01M | -7.34M | -1.74M | -4.78M | -4.97M | -20.36M | -34.96M | -15.91M | -1.21M | 296.87K | -421.36K | -1.58M | -1.69M | -272.41K | -497K | 30.32K | -201.33K | -333K | -360K | -94.35K | -121.74K | -344K | -66.06K | 0 |
| Net Interest Income | -8.26M | -6.28M | -8.55M | -7.24M | -1.92M | -1.99M | -1.86M | -3.22M | -1.48M | -1.13M | -847K | -1.12M | -292.88K | -200.44K | -127K | 0 | 0 | -36.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 376.21K | -467K | 791.49K | 366.31K | 0 | 0 | 0 | 25.68K | 1.55K | 0 | 281.42K | 0 | 0 | 0 | 0 | 0 | 0 | 5.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.64M | 6.74M | 9.34M | 7.61M | 1.92M | 1.99M | 1.86M | 3.25M | 1.48M | 1.13M | 1.13M | 1.12M | 292.88K | 200.44K | 127.01K | 0 | 0 | 41.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.01M | -6.52M | -7.77M | 0 | -1.8M | -7.87M | -2.94M | -4.25M | -1.13M | -8.59M | 4.8M | -24.24M | -4.19M | -2.77M | 28 | -929.89K | 96.13K | 812.89K | -998K | -78.71K | 66.08K | -51.73K | -176K | -43.47K | 4.12K | 42.21K | 18.15K | 3.82K |
| Pretax Income | -9.97M | -10.34M | -6.65M | -2.7M | 2.94M | -9.33M | -3.58M | -8.87M | -6.45M | -21.49M | -35.81M | -17.03M | -1.5M | -2.47M | -548K | -1.58M | -1.59M | -3.93K | -1.5M | -48.39K | -135K | -385K | -536K | -138K | -118K | -302K | -47.91K | 0 |
| Pretax Margin % | -3.48% | -4.21% | -2.71% | -1.28% | 2.1% | -9.11% | -4.89% | -14.51% | -11.81% | -34.9% | -37.17% | -31.88% | -7.9% | -64.04% | -13.83% | -113.69% | -4197.33% | -0.25% | -67.59% | -0.82% | -2.41% | -8.37% | -8.97% | -3.28% | -3.66% | -15.53% | -12.26% | - |
| Income Tax | 236.38K | 241K | 109K | 85K | -1.9M | -3.15M | 128K | 203.2K | 100.62K | 354.69K | -8.33M | 961.69K | -97.65K | 200.44K | 127.01K | 913.21K | 0 | 0 | 56.1K | -205K | 156.61K | 86.28K | 18K | -96.28K | 38.75K | 34.66K | 193.35K | 37.88K |
| Effective Tax Rate % | -2.37% | -2.33% | -1.64% | -3.15% | -64.87% | 33.82% | -3.58% | -2.29% | -1.56% | -1.65% | 23.26% | -5.65% | 6.51% | -8.12% | -23.18% | -57.75% | 0% | 0% | -3.75% | 423.62% | -116.01% | -22.41% | -3.36% | 69.77% | -32.84% | -11.48% | -403.6% | - |
| Net Income | -10.74M | -10.7M | -6.76M | -2.78M | 4.84M | -6.17M | -4.57M | -5.58M | 14.51M | -19.15M | -57.37M | -18.32M | -1.4M | -2.55M | -548K | -1.58M | -1.59M | 1.26M | -1.79M | 715.84K | -292K | -710K | -624K | -41.54K | -156K | -336K | -241.26K | -34.05K |
| Net Margin % | -3.75% | -4.36% | -2.75% | -1.32% | 3.46% | -6.03% | -6.25% | -9.12% | 26.59% | -31.11% | -59.56% | -34.31% | -7.38% | -66.07% | -13.83% | -113.66% | -4197.33% | 80.68% | -81.06% | 12.15% | -5.21% | -15.44% | -10.44% | -0.99% | -4.84% | -17.28% | -61.76% | - |
| Net Income Growth % | -61.83% | -58.23% | -142.92% | -157.53% | 178.38% | -35.04% | 18.05% | -138.45% | 175.76% | 66.62% | -213.09% | -1206.99% | 44.94% | -364.67% | 65.34% | 0.88% | -226.28% | 170.44% | -350.48% | 345.15% | 58.87% | -13.78% | -1402.17% | 73.37% | 53.57% | -39.27% | -608.49% | - |
| Net Income (Continuing) | -10.22M | -10.58M | -6.76M | -2.78M | 4.84M | -6.17M | -3.7M | -6.91M | -6.55M | -21.84M | -27.48M | -17.99M | -1.4M | -2.55M | -548.37K | -1.58M | -1.69M | -3.93K | -1.55M | 156.59K | -208.27K | -471.07K | -554K | -41.54K | -156.37K | -336.47K | -241.26K | -34.05K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -869K | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.04M | 11.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 210.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.25 | -0.16 | -0.07 | 0.13 | -0.20 | -0.20 | -0.27 | 0.72 | -1.02 | -3.23 | -1.60 | -0.22 | -0.72 | -0.17 | -0.51 | -0.74 | 23.08 | -28.78 | 11.28 | -4.16 | -8.88 | -18.94 | -3.57 | -19.78 | -66.08 | -60.76 | -13.57 |
| EPS Growth % | -56.12% | -56.25% | -128.57% | -153.85% | 165% | 0% | 25.93% | -137.5% | 170.59% | 68.42% | -101.88% | -627.27% | 69.44% | -323.53% | 66.67% | 31.08% | -103.21% | 180.19% | -355.14% | 371.15% | 53.15% | 53.12% | -430.53% | 81.95% | 70.07% | -8.76% | -347.75% | - |
| EPS (Basic) | - | -0.25 | -0.16 | -0.07 | 0.14 | -0.20 | -0.17 | -0.27 | 0.72 | -1.02 | -3.23 | -1.60 | -0.22 | -0.72 | -0.17 | -0.51 | -0.74 | 23.08 | -55.02 | 12.47 | -5.09 | -8.88 | -18.94 | -3.57 | -19.78 | -66.08 | -60.76 | -13.57 |
| Diluted Shares Outstanding | 43.61M | 43.29M | 42.5M | 39.77M | 37.22M | 30.44M | 22.72M | 20.71M | 20.19M | 18.85M | 17.76M | 11.49M | 6.47M | 3.43M | 3.21M | 3.01M | 2.15M | 54.71K | 62.3K | 63.47K | 70.21K | 79.96K | 66.23K | 11.62K | 7.91K | 5.09K | 3.97K | 2.51K |
| Basic Shares Outstanding | 43.61M | 43.29M | 42.5M | 39.77M | 34.56M | 30.44M | 28.05M | 20.71M | 20.19M | 18.85M | 17.76M | 11.49M | 6.47M | 3.43M | 3.21M | 3.01M | 2.15M | 54.71K | 32.58K | 57.39K | 57.39K | 79.96K | 66.23K | 11.62K | 7.91K | 5.09K | 3.97K | 2.51K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement and integration
According to the provided quarterly financial data, QIPT's revenue growth has exhibited significant volatility, swinging from a 55.9% expansion in 2023Q4 to a 6.3% contraction by 2025Q2, suggesting that the company's reliance on inorganic acquisition-led growth may be struggling to maintain consistent organic momentum.
The erratic revenue trajectory indicates that the company's roll-up strategy is not currently yielding the predictable scale benefits typically expected in the DME sector. Investors should monitor whether the recent return to 34% growth in 2026Q1 represents a sustainable turnaround or merely the lumpy impact of recent M&A activity.
As reported in the company's income statements, gross margins have fluctuated wildly, reaching an extreme 119.5% in 2025Q4 before normalizing to 56.4% in 2026Q1, which raises significant questions regarding the consistency of cost allocation and the underlying unit economics of the respiratory equipment business.
Such extreme variance in gross margin suggests that the company may be inconsistently classifying operational costs, potentially masking the true cost of service delivery. This lack of stability makes it difficult to assess the company's actual pricing power or its ability to defend margins against inflationary pressures in clinical labor.
Based on the reported figures, QIPT has failed to demonstrate consistent operating leverage, with operating margins oscillating between a high of 2.9% and a low of -3.5% over the last ten quarters, indicating that administrative overhead continues to scale in lockstep with or faster than revenue.
The inability to consistently generate positive operating income despite significant revenue scale suggests that the company's 'hub-and-spoke' logistics model may be more capital-intensive than the market appreciates. Without a clear path to operating margin expansion, the business remains vulnerable to any further stagnation in top-line growth.
As evidenced by the ten-quarter financial history, QIPT has consistently reported negative net income, with losses reaching as deep as $3.5 million in 2025Q4, a trend that persists despite the company's ongoing efforts to integrate regional acquisitions into a unified national platform.
The recurring nature of these net losses, coupled with ongoing stock-based compensation expenses, suggests that the company is currently prioritizing growth over profitability. Investors should be wary of the potential for continued shareholder dilution if the company remains unable to achieve a sustainable bottom-line inflection point.
Based on an analysis of the provided data, short-sellers would likely focus on the company's inability to convert high gross margins into positive net income, as well as the potential for future write-downs related to the aggressive accounting of doubtful accounts in the complex DME billing environment.
The reliance on M&A to drive growth, combined with a negative net margin profile, suggests that the company's current business model may be fundamentally over-leveraged. Any regulatory shift in CMS reimbursement rates could exacerbate these existing profitability challenges, potentially leading to a rapid deterioration in the company's liquidity position.
Quick answers to the most common questions about buying QIPT stock.
For fiscal year 2025, Quipt Home Medical Corp. (QIPT) reported total revenue of $245.4M.
Quipt Home Medical Corp. (QIPT) reported a net loss of $10.7M for the fiscal year ending 2025.
Quipt Home Medical Corp. (QIPT) reported an operating income of $-3.8M, resulting in an operating profit margin of -1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Quipt Home Medical Corp. (QIPT) generated $239.3M in gross profit for the year, representing a gross profit margin of 97.5%. This demonstrates the company's core pricing power and production efficiency.