Tag: Financial Results

AMSTERDAM – Royal Philips has announced that Exor, a diversified holding company based in the Netherlands, has bought a 15% shareholding in the company.  As a result, Exor, which has a net asset value of about EUR 33 billion, will nominate one member to the company's Supervisory Board.  “Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential,”...

CINCINNATI – Quipt Home Medical reported revenues were $60.3 million for the third quarter of fiscal year 2023, a 64% increase year over year and a 4% increase sequentially.  Adjusted EBITDA was $13.9 million (23% of revenues) vs. $7.7 million (21% of revenues), representing an 80% increase year over year.  “Throughout the year, our business has continued to strengthen, and we are experiencing the organic growth and margin expansion that we had been aiming for,”...

GOLETA, Calif. - Inogen reported total revenue of $83.6 million for the second quarter of 2023, a 19% decrease compared to the prior year, as higher rental revenue and domestic business-to-business sales were more than offset by declines in direct-to-consumer sales and international B2B sales.  It reported a net loss of $9.8 million vs. $3.4 million.  “While disappointed in our second quarter performance, we remain focused on driving execution behind our commercial strategy...

PLYMOUTH MEETING, Pa. – AdaptHealth reported net revenue of $793.3 million for the second quarter 2023, compared to $727.6 million during the same period in 2022, an increase of 9%.  Net income was $14 million and adjusted EBITDA was $171 million.  “We are pleased to report solid results in the second quarter driven by continued strength in our core sleep and respiratory product lines,” said Richard Barasch, chairman and interim CEO. “We have spent considerable...

AMSTERDAM – Philips has reported 6% comparable sales growth for its Connected Care division in the second quarter, with double-digit growth in Monitoring, partly offset by a decline in Sleep & Respiratory Care.  Overall, the company reported group sales of EUR 4.5 billion and comparable sales growth of 9%.  “We are progressing to plan on our three priorities to enhance patient safety and quality, strengthen supply chain reliability, and simplify how we work, and I am pleased...

LONDON and PLANO, Texas – Belluscura reported group revenue of $1.54 million for the year ended Dec. 31, 2022, compared to $420,000 the previous year. It reported adjusted losses from operations of $6.2 million vs. $4.2 million, and net cash of $2.04 million. Among its highlights for the year: built significant U.S. distribution and commenced international roll-out; established manufacturing facilities in both the U.S. and China; launched the next generation X-PLOR, with initial new standing...

CINCINNATI – Quipt Home Medical has reported revenues of $58.1 million for the second quarter of fiscal year 2023, a 73% increase compared to the same period last year. It reported adjusted EBITDA of $13. 1million (22.5% of revenues) vs. $7 million (21% of revenues), representing an 86% increase year over year. “We are thrilled to announce robust financial results that have come in ahead of expectations for the second quarter of fiscal 2023 and are delighted to report that we continue...

PLYMOUTH MEETING, Pa. – AdaptHealth CEO Stephen Griggs will step down effective June 30.  Griggs joined AdaptHealth in 2021 following its acquisition of AeroCare Holdings, which he founded in 2000 and led as president and CEO until the acquisition. Under his leadership, AdaptHealth added key vendors, launched cross-selling initiatives, integrated its cloud-based workstreams and pioneered e-prescribe, e-ordering and e-delivery services.  “On behalf of the board, I thank...

SAN DIEGO – ResMed reported revenue increased 29% to $1.1 billion and net income increased 30% to $232.5 million in the third quarter of fiscal year 2023.  It reported gross margin contracted 150 bps to 55.3% and non-GAAP GM contracted 200 bps to 56.1%, driven primarily by unfavorable product mix and higher component costs, partially offset by an increase in average selling prices.  “During the third quarter, we significantly ramped up production and delivery of our cloud-connected...

RICHMOND, Va. - Owens & Minor has initiated a companywide “operating model realignment program” to accelerate profit improvement and reduce costs.  The company expects the realignment to improve profitability and cash flow by about $30 million of adjusted operating income in 2023; $200 million of adjusted operating income by 2025; and $250 million to $400 million of working capital benefit by 2025.  “Fourth-quarter results showed that we need to move quickly to offset...