08:48 AM EDT, 09/03/2025 (MT Newswires) -- Quipt Home Medical ( QIPT ) has lost earlier gains and was at last look slightly lower in US premarket trade on Wednesday after saying it has completed the acquisition of a 60% interest in Hart Medical Equipment for US$17.4 million. The remaining 40% interest is held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital, and The Bellevue Hospital through a joint venture with Quipt.

The acquisition marks Quipt's entry into Michigan, where Hart is headquartered.

Hart generated US$60 million in annual revenue and $7 million in Adjusted EBITDA for the year ended June 2025 and expects to generate $10+ million in annual Adjusted EBITDA over the next six to nine months. It serves more than 67,000 patients monthly.

"The successful closing of Hart underscores our disciplined approach to acquisitions and highlights the strength of our healthcare system-focused growth strategy," said Hardik Mehta, chief financial officer. t. "We funded this transaction with our existing credit facility, while maintaining a conservative leverage ratio. Importantly, we will look to increase the size of our senior credit facilities, which would provide us with additional flexibility to execute on our robust pipeline, while maintaining a modest long-term leverage profile consistent with our historical financial discipline."

Quipt closed down $0.08, to $3.52, on the Toronto Stock Exchange yesterday.