QIPT

• The company saw revenue stabilization and return to positive organic growth, driven by strength in core therapies, sleep resupply channel recovery, and balanced referral volumes. - Adjusted EBITDA margin was 23.5% in Q3 2025. - Strategic progress included a milestone transaction with Ballad Health and a joint venture with Henry Ford Health, McLaren Health, and Blanchard Valley Health, embedding Quipt into hospital discharge pathways. - Hart Medical Equipment, part of the joint venture, had $60 million in revenue and $7 million in adjusted EBITDA as of June 30, 2025, and is expected to align its margin with Quipt's averages within 3 quarters through integration. - Quipt operates over 160 locations across 27 states serving over 325,000 active patients, with a scalable infrastructure and focus on respiratory care.

• Once the joint venture with Hart Medical Equipment closes by the end of fiscal Q4 2025, Quipt anticipates an annualized run rate revenue of roughly $300 million. - Hart's adjusted EBITDA margin is expected to align with Quipt's historical averages within 3 quarters through operational integration, shared best practices, and cost efficiencies. - The company is confident in driving consistent growth through health care system partnerships, operational optimization, and a diversified product mix.

In fiscal Q3 2025, Quipt Home Medical's revenue was $58.3 million, a 4.1% decrease from $60.8 million in Q3 2024. Revenue for the 9 months ended June 30, 2025 was $177 million, a 4.1% decrease from $184.6 million in the prior year. Recurring revenue in Q3 2025 accounted for 81% of total revenue. Adjusted EBITDA in Q3 2025 was $13.7 million (23.5% of revenue), and for the 9 months it was $41 million (23.2% of revenue). Respiratory care comprises over 75% of the product mix.

• The current Philips recall on ventilators has contributed to an increase in rental equipment CapEx, which has been a drag on margins. - There may be risks associated with the operational integration of acquired assets and challenges in maintaining margin improvements amidst market dynamics.

Q: Doug Cooper asked about adjusted EBITDA margin excluding patient CapEx and targeted improvement.

A: Hardik Mehta responded that they expect to continue improving EBITDA margins, with patient CapEx being a drag due to ventilator replacements, and aim to keep or expand the margin.

Q: William Sutherland inquired about the JV's EBITDA margin and M&A pipeline.

A: Gregory J. Crawford said they expect the JV's EBITDA margin to align with Quipt's averages through integration, and the M&A pipeline remains strong with both strategic fits and partnerships being evaluated.

Q: William Sutherland also asked about the impact of the One Big Beautiful Bill, and A: Gregory J. Crawford stated there is no anticipated impact on operations from it.