Protech Home Medical

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CINCINNATI – Strategic acquisitions are a key driver for growth for Patient Home Monitoring, company executives said during a recent earnings call.

PHM is beefing up its M&A team and has “dozens” of deals under non-disclosure agreements, says CEO Greg Craword.

“We are focused on acquisition targets that fit strict parameters for our long-term goals,” he said. “All of our targets are located in the Midwest or East Coast region. The ideal targets are between $4 million to $12 million in revenue.”

PHM currently operates in in 13 states, providing primarily respiratory services, medical supplies, power mobility and Coumadin home monitoring.

PHM is “aggressively” pursuing lending and financing relationships for growth capital and acquisitions, said CFO Hardik Mehta.

“We are in discussions with several U.S. healthcare specialty lenders to secure debt term and expect to be able to secure a line of credit in conjunction with our first acquisition,” he said.

PHM entered the HME market several years ago, with an eye toward rolling up HME companies. It was hit hard in 2016 by reimbursement cuts of about 33% for non-invasive ventilators and in December 2017 it completed a spin-off of Viemed Healthcare.

PHM reported revenues of more than $18.5 million for its first fiscal quarter, which ended Dec. 31, 2017, down slightly from $18.7 million during same period the previous year.

Cash on hand was just more than $3 million, currents assets were more than $23 million and total assets were $49 million, compared to just under $28 million in current and long-term liability. All figures are in Canadian.

  Posted by: Theresa Flaherty |