Quipt To Buy 60% Of Hart Medical In Joint Venture With Major Health Systems Under $17M Deal, Expanding Into Michigan And Ohio

Quipt Home Medical Corp. ("Quipt" or the "Company") (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 ("Hart"), 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's 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.

Transaction Highlights:

• 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's presence in Michigan and northern Ohio and strengthens its existing Midwest footprint.
  
   
• For reporting purposes, Quipt expects to consolidate the financial results of Hart and hence upon completion of the transaction, Quipt's 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's Consolidated Statements of Financial Position.
  
   
• 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.
  
   
• The joint venture is expected to strengthen Quipt's 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.
  
   
• 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.
  
   
• Quipt's expected total consideration for its 60% ownership interest is in the range of $17-18 million.
  
   
• 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's existing credit facility.