# EDGAR Filing Document

**Accession Number:** 0001540013
**File Stem:** 0001558370-23-001233
**Filing Date:** 2023-2
**Character Count:** 136768
**Document Hash:** 505341d8900b62ccd21fb59cb066fe4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-001233.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001558370-23-001233

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20230214

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Quipt Home Medical Corp.
- **CENTRAL INDEX KEY:** 0001540013
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40413
- **FILM NUMBER:** 23622696

**BUSINESS ADDRESS:**
- **STREET 1:** 1019 TOWN DRIVE
- **CITY:** WILDER
- **STATE:** KY
- **ZIP:** 41076
- **BUSINESS PHONE:** 859-878-2220

**MAIL ADDRESS:**
- **STREET 1:** 1019 TOWN DRIVE
- **CITY:** WILDER
- **STATE:** KY
- **ZIP:** 41076

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Protech Home Medical Corp.
- **DATE OF NAME CHANGE:** 20200714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Patient Home Monitoring Corp.
- **DATE OF NAME CHANGE:** 20120119

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 6-K**

------

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of February 2023**

**Commission File Number: 001-40413**

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**Quipt Home Medical Corp.**

**(Translation of registrant's name into English)**

------

**1019 Town Drive**

**Wilder, Kentucky 41076**

**(Address of principal executive office)**

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Condensed Consolidated Interim Financial Statements and notes thereto as at and for the three months ended December 31, 2022 and 202](tmb-20230214xex99d1.htm)1 |
| 99.2 | [Management's Discussion and Analysis for the three months ended December 31, 202](tmb-20230214xex99d2.htm)2 |
| 99.3 | [Form 52-109F2 - Certification of Interim Filings (CEO) dated February 13, 2023](tmb-20230214xex99d3.htm) |
| 99.4 | [Form 52-109F2 - Certification of Interim Filings (CFO) dated February 13, 2023](tmb-20230214xex99d4.htm) |
| 99.5 | [News Release dated February 13, 2023](tmb-20230214xex99d5.htm) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **Quipt Home Medical Corp.** |
| Date: February 14, 2023 | /s/ *Gregory Crawford* |
|  | Chief Executive Officer |

---

------

## Exhibit 99.1

[**Table of Contents**](#TOC)

**Exhibit 99.1**

![Graphic](tmb-20230214xex99d1001.jpg)

**Quipt Home Medical Corp.**

**Condensed Consolidated Interim Financial Statements**

**2023 First Quarter**

For the three months ended

December 31, 2022 and 2021

(UNAUDITED)

(Expressed in US Dollars)

------

[**Table of Contents**](#TOC)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Condensed Consolidated Interim Statements of Financial Position](#STATEMENTSOFFINANCIALPOSITION_338436) | Page 1 |
| [Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)](#COMPREHENSIVEINCOMELOSS_827125) | Page 2 |
| [Condensed Consolidated Interim Statements of Changes in Shareholders' Equity](#CHANGESINSHAREHOLDERS_408757) | Page 3 |
| [Condensed Consolidated Interim Statements of Cash Flows](#STATEMENTSOFCASHFLOWS_269848) | Page 4 |
| [Notes to the Condensed Consolidated Interim Financial Statements](#Notes_240851) | Pages 5-15 |

---

------

[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.**

#### CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)

(Expressed in thousands of US Dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **As at** <br>**December 31,** <br>**2022** | **As at** <br>**September 30,** <br>**2022** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;Cash |  | $3656 | $8516 |
| &nbsp;&nbsp;Accounts receivable, net | 4 | 17178 | 16383 |
| &nbsp;&nbsp;Inventory | 5 | 16866 | 15585 |
| &nbsp;&nbsp;Prepaid and other current assets |  | 1255 | 1052 |
| &nbsp;&nbsp;**Total current assets** |  | **38955** | **41536** |
| &nbsp;&nbsp;**Long-term assets** |  |  |  |
| &nbsp;&nbsp;Property, equipment, and right of use assets, net | 6 | 36393 | 33497 |
| &nbsp;&nbsp;Goodwill | 7 | 28208 | 28208 |
| &nbsp;&nbsp;Intangible assets, net | 7 | 28086 | 28887 |
| &nbsp;&nbsp;Other assets | 10 | 83 | 86 |
| &nbsp;&nbsp;**Total long-term assets** |  | **92770** | **90678** |
| &nbsp;&nbsp;**TOTAL ASSETS** |  | $**131725** | $**132214** |
| &nbsp;&nbsp;**LIABILITIES** |  |  |  |
| &nbsp;&nbsp;**Current Liabilities** |  |  |  |
| &nbsp;&nbsp;Accounts payable |  | $14128 | $13841 |
| &nbsp;&nbsp;Accrued liabilities |  | 2427 | 3451 |
| &nbsp;&nbsp;Current portion of equipment loans | 10 | 6388 | 5473 |
| &nbsp;&nbsp;Current portion of lease liabilities | 10 | 3461 | 3304 |
| &nbsp;&nbsp;Current portion of senior credit facility | 10 | 2639 | 6857 |
| &nbsp;&nbsp;Deferred revenue | 9 | 3073 | 3036 |
| &nbsp;&nbsp;Purchase price payable | 3 | 4984 | 5778 |
| &nbsp;&nbsp;**Total current liabilities** |  | **37100** | **41740** |
| &nbsp;&nbsp;**Long-term Liabilities** |  |  |  |
| &nbsp;&nbsp;Equipment loans | 10 | 171 | 234 |
| &nbsp;&nbsp;Lease liabilities | 10 | 10199 | 7195 |
| &nbsp;&nbsp;Senior credit facility | 10 | 3692 | 3378 |
| &nbsp;&nbsp;SBA Loan | 10 | 120 | 120 |
| &nbsp;&nbsp;**TOTAL LIABILITIES** |  | **51282** | **52667** |
| &nbsp;&nbsp;**SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;Capital stock | 11 | 214254 | 214254 |
| &nbsp;&nbsp;Contributed surplus |  | 26888 | 26317 |
| &nbsp;&nbsp;Accumulated deficit |  | (160699) | (161024) |
| &nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** |  | **80443** | **79547** |
| &nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** |  | $**131725** | $**132214** |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Page<sub>1</sub>

------

[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND

#### COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

(Expressed in thousands of US Dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **Three Months** <br>**Ended December 31,** <br>**2022** | **Three Months** <br>**Ended December 31,** <br>**2021** |
| **Revenue** |  |  |  |
| Rentals of medical equipment |  | $18425 | $14982 |
| Sales of medical equipment and supplies |  | 22390 | 14543 |
| **Total revenues** |  | 40815 | 29525 |
| Cost of inventory sold |  | 10075 | 7659 |
| Operating expenses | 13 | 19462 | 13414 |
| Bad debt expense |  | 2283 | 2412 |
| Depreciation | 6 | 5992 | 4566 |
| Amortization of intangible assets | 7 | 801 | 447 |
| Stock-based compensation | 11 | 571 | 2110 |
| Acquisition-related costs | 3 | 257 | 62 |
| Loss on disposal of property and equipment |  |  | 35 |
| **Operating income (loss) from continuing operations** |  | 1374 | (1180) |
| **Financing expenses** |  |  |  |
| Interest expense, net |  | 712 | 501 |
| Loss on foreign currency transactions |  | 4 | 41 |
| Change in fair value of debentures | 10 |  | 261 |
| **Income (loss) before taxes from continuing operations** |  | 658 | (1983) |
| Provision for income taxes |  | 333 | 148 |
| **Net income (loss)** |  | $325 | $(2131) |
| **Net income (loss) per share (Note 14)** |  |  |  |
| Basic earnings (loss) per share |  | $0.01 | $(0.06) |
| Diluted earnings (loss) per share |  | $0.01 | $(0.06) |
| **Weighted average number of common shares outstanding:** |  |  |  |
| Basic |  | 35605 | 33346 |
| Diluted |  | 38148 | 33346 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Page<sub>2</sub>

------

[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS'

#### EQUITY (UNAUDITED)
(Expressed in thousands of US Dollars, except per share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Notes** | **Number of**<br>**Shares** <br>**(000's)** | <br>**Capital**<br> **stock** | <br>**Contributed** <br>**surplus** | <br>**Shares to** <br>**be Issued** | <br>**Accumulated** <br>**Deficit** | **Total** <br>**shareholders'**<br> **equity** |
| Balance September 30, 2021 |  | 33350 | $202827 | $21001 | $657 | $(165863) | $58622 |
| Net loss |  |  |  |  |  | (2132) | (2132) |
| Stock options exercised | 11 | 4 | 2 |  |  |  | 2 |
| Stock-based compensation | 11 |  |  | 2110 |  |  | 2110 |
| Balance December 31, 2021 |  | 33354 | $202829 | $23111 | $657 | $(167995) | $58602 |
| Balance September 30, 2022 |  | 35605 | $214254 | $26317 | $— | $(161024) | $79547 |
| Net income |  |  |  |  |  | 325 | 325 |
| Stock-based compensation | 11 |  |  | 571 |  |  | 571 |
| Balance December 31, 2022 |  | 35605 | $214254 | $26888 | $— | $(160699) | $80443 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Page<sub>3</sub>

------

[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)
(Expressed in thousands of US Dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **Three months** <br>**ended December 31,** <br>**2022** | **Three months** <br>**ended December 31,** <br>**2021** |
| **Operating activities** |  |  |  |
| Net income (loss) |  | $325 | (2131) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| Depreciation and amortization | 6, 7 | 6793 | 5013 |
| Amortization of financing costs and accretion of purchase price payable | 3, 10 | 118 | 47 |
| Interest expense, net of amortization and accretion | 10 | 594 | 454 |
| Cash paid for interest |  | (595) | (635) |
| Loss on foreign currency transactions |  | 4 | 41 |
| Loss on fair value of convertible debentures | 10 |  | 261 |
| (Gain) loss on disposal of property and equipment |  |  | 35 |
| Stock-based compensation | 11 | 571 | 2110 |
| Provision for income taxes |  | 333 | 148 |
| Cash refunded for income taxes |  |  | 126 |
| Change in working capital (net of acquisitions): |  |  |  |
| &nbsp;&nbsp;Net increase in accounts receivable |  | (795) | (498) |
| &nbsp;&nbsp;Net decrease (increase) in inventory |  | (1283) | 1 |
| &nbsp;&nbsp;Net increase in prepaid and other current assets |  | (223) | (886) |
| &nbsp;&nbsp;Net (decrease) increase in deferred revenue |  | 38 | (132) |
| &nbsp;&nbsp;Net (decrease) increase in accounts payables and accrued liabilities |  | (1048) | 1169 |
| **Net cash flow provided by operating activities** |  | 4832 | 5123 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | 6 | (1301) | (973) |
| &nbsp;&nbsp;Cash proceeds from sale of property and equipment |  |  | 140 |
| &nbsp;&nbsp;Cash paid for acquisitions |  |  | (4507) |
| **Net cash flow used in investing activities** |  | (1301) | (5340) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;Repayments of loans | 10 | (2722) | (3254) |
| &nbsp;&nbsp;Repayments of leases | 10 | (849) | (828) |
| &nbsp;&nbsp;Repayments on revolving credit facility, net |  | (3900) |  |
| &nbsp;&nbsp;Repayments of term credit facility |  | (63) |  |
| &nbsp;&nbsp;Issuance costs related to credit facility |  | (31) |  |
| &nbsp;&nbsp;Payments of purchase price payable | 3 | (823) | (241) |
| &nbsp;&nbsp;Proceeds from exercise of options | 11 |  | 2 |
| **Net cash flow used in financing activities** |  | (8388) | (4321) |
| **Net decrease in cash** |  | (4857) | (4538) |
| Effect of exchange rate changes on cash held in foreign currencies |  | (3) | 15 |
| **Cash, beginning of period** |  | 8516 | 34612 |
| **Cash, end of period** |  | $3656 | $30089 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Page<sub>4</sub>

------

[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

&nbsp;&nbsp;&nbsp;&nbsp;1. **Nature of operations** 

#### Reporting entity
Quipt Home Medical Corp. ("Quipt" or the "Company") was incorporated under the Business Corporations Act (Alberta) on March 5, 1993. On December 30, 2013, the Company was continued into British Columbia, Canada. The address of the registered office is 666 Burrard St, Vancouver, British Columbia, V6C 2Z7. The head office is located at 1019 Town Drive, Wilder, Kentucky, United States. The Company is a participating Medicare provider that provides i) nebulizers, oxygen concentrators, and CPAP and BiPAP units; ii) traditional and non-traditional durable medical respiratory equipment and services; and iii) non-invasive ventilation equipment, supplies and services. The Company has embarked on an acquisition strategy for additional revenue and profit growth.

#### Basis of measurement
These consolidated financial statements have been prepared on a going concern basis that assumes that the Company will continue its operations for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of operations.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Summary of significant accounting policies** 

#### Unreserved statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting", using accounting policies consistent with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. These condensed consolidated interim financial statements do not include all the disclosures required in annual consolidated financial statements and should be read in conjunction with the Company's audited consolidated financial statements for the years ended September 30, 2022 and 2021.

The Company has followed the same basis of presentation, accounting policies and method of computation for these condensed consolidated interim financial statements as disclosed in the annual audited consolidated financial statements for the years ended September 30, 2022 and 2021.

The unaudited consolidated financial statements were approved and authorized for issue by the Board of Directors on February 13, 2023.

Page<sub>5</sub>

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[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

&nbsp;&nbsp;&nbsp;&nbsp;3. **Purchase Price Payable** 

The purchase price payable included on the statements of financial position consists of amounts related to prior period acquisitions. Below is the movement in purchase price payable for the three months ended December 31, 2022 and 2021, respectively:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance September 30, 2021 (current $2,383 plus long-term $133) | $2516 |
| Addition from acquisitions | 795 |
| Accretion of interest | 12 |
| Payments  | (241) |
| Balance December 31, 2021 (current $2,949 plus long-term $133) | $3082 |
| Balance September 30, 2022 (current $5,778) | $5778 |
| Accretion of interest | 29 |
| Payments  | (823) |
| Balance December 31, 2022 (current $4,984) | $4984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. **Accounts Receivable** 

Accounts receivable represents amounts due from insurance companies and patients. As of December 31, 2022, the Company has approximately 9% of the Company's receivables due from Medicare:

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December 31, 2022** | **As at** <br>**September 30, 2022** |
| Gross receivable | $27788 | $27122 |
| Reserve for expected credit losses | (10610) | (10739) |
| Total | $17178 | $16383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. **Inventory** 

The expense for slow-moving inventory is included within cost of inventory sold in the condensed consolidated statement of income (loss) and comprehensive income (loss).

---

| | | |
|:---|:---|:---|
|  | **As at December 31,** <br>**2022** | **As at September 30,** <br>**2022** |
| Serialized | $7132 | $5814 |
| Non-serialized | 9817 | 9854 |
| Reserve for shrink and slow-moving | (83) | (83) |
| Total Inventory | $16866 | $15585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Property and equipment and right of use assets** 

As of December 31, 2022, property and equipment and right of use assets was comprised of the following:

Page<sub>6</sub>

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[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

---

| | | |
|:---|:---|:---|
| <br>**Cost** | **As at** <br>**December 31, 2022** | **As at** <br>**September 31, 2022** |
| Property and equipment, net | $23533 | $22750 |
| Right of use assets, net | 12860 | 10747 |
| Total | $36393 | $33497 |

---

Rental equipment transferred from inventory during the three months ended December 31, 2022 and 2021 was $4,559,000 and $3,457,000. For the three months ended December 31, 2022 and 2021, the Company obtained equipment loans (Note 10) of $3,574,000 and $2,485,000, respectively, with the balance of $985,000 and $972,000 paid in cash. respectively.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Goodwill and Intangible Assets** 

The following is the activity in goodwill and intangible assets for the three months ended December 31, 2022 and 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Cost** | <br>**Goodwill** | <br>**Customer**<br>**relationships** | <br>**Other**<br>**Intangibles** | **Sub-total**<br>**intangibles**<br>**with finite**<br>**lives** | <br>**Total** |
| Balance September 30, 2021 | $12456 | $20690 | $8109 | $28799 | $41255 |
| Acquisitions | 3198 |  |  |  | 3198 |
| Disposals |  | (2) |  | (2) | (2) |
| Balance December 31, 2021 | $15654 | $20688 | $8109 | $28797 | $44451 |
| Balance September 30, 2022 | $28208 | $34898 | $10499 | $45397 | $73605 |
| Balance December 31, 2022 | $28208 | $34898 | $10499 | $45397 | $73605 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Accumulation amortization** | <br>**Goodwill** | <br>**Customer**<br>**relationships** | <br>**Other**<br>**Intangibles** | **Sub-total**<br>**intangibles**<br>**with finite**<br>**lives** | <br>**Total** |
| Balance September 30, 2021 | $— | $8267 | $5658 | $13925 | $13925 |
| Amortization |  | 354 | 93 | 447 | 447 |
| Disposals |  | (2) |  | (2) | (2) |
| Balance December 31, 2021 | $— | $8619 | $5751 | $14370 | $14370 |
| Balance September 30, 2022 | $— | $10345 | $6165 | $16510 | $16510 |
| Amortization |  | 645 | 156 | 801 | 801 |
| Balance December 31, 2022 | $— | $10990 | $6321 | $17311 | $17311 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Net carrying amount** | <br>**Goodwill** | <br>**Customer**<br>**relationships** | <br>**Other**<br>**Intangibles** | **Sub-total**<br>**intangibles**<br>**with finite**<br>**lives** | <br>**Total** |
| Balance September 30, 2021 | $12456 | $12423 | $2451 | $14874 | $27330 |
| Balance December 31, 2021 | $15654 | $12069 | $2358 | $14427 | $30081 |
| Balance September 30, 2022 | $28208 | $24553 | $4334 | $28887 | $57095 |
| Balance December 31, 2022 | $28208 | $23908 | $4178 | $28086 | $56294 |

---

Page<sub>7</sub>

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[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

&nbsp;&nbsp;&nbsp;&nbsp;8. **Government Grant** 

During the year ended September 30, 2020, the Company received payments related to the two separate provisions of the US CARES Act.

#### Payroll Protection Plan ("PPP')
On April 16, 2020, the Company received $4,254,000 related to the PPP, which was to assist companies in maintaining their workforce. The loans and accrued interest were forgivable if the borrower uses the loan proceeds for eligible purposes. On March 23, 2022, the loan was forgiven. No reduction was recorded in the three months ended December 31, 2022 or 2021, and no balance remained on the balance sheet as of December 31, 2022 and September 30, 2022.

#### Public Health and Social Services Emergency Fund ("Relief Fund")
During the year ended September 30, 2020, the Company received $1,797,000 from the Relief Fund, which was established to support healthcare providers to prevent, prepare for, and respond to coronavirus, including health care related expenses or lost revenues, subject to certain terms and conditions. If those terms and conditions are met, payments do not need to be repaid. No expenses related to the PPP can be used to meet the terms and conditions for the Relief Fund.

In September 2021, the Company submitted its filing with the Health and Human Services ("HHS") supporting the use of the funds under the terms and conditions of the Relief Fund. The HHS has not indicated whether any formal notification of acceptance will be provided. The original proceeds were recognized as a liability, which was reduced based on certain related costs incurred. No reduction was recorded in the three months ended December 31, 2022 or 2021, and no balance remained on the balance sheet as of December 31, 2022 and September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Deferred Revenue** 

Activity for deferred revenue for the three months ended December 31, 2022 and 2021 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three**<br>**months ended**<br>**December 31, 2022** | **For the three**<br>**months ended**<br>**December 31, 2021** |
| Beginning Balance | $3036 | $2452 |
| Acquisitions |  | 67 |
| Net change | 37 | (132) |
| Ending Balance | $3073 | $2387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. **Long-term Debt** 

#### Senior Credit Facility
In September 2022, the Company entered into a five-year, $110,000,000 senior credit facility ("Facility") with a group of US banks. The facility consists of a delayed draw term loan facility of $85,000,000, a term loan of $5,000,000 that was drawn at closing, and a $20,000,000 revolving credit facility. The facility amends the $20,000,000 revolving credit facility that was entered into in September 2020. The Facility is secured by substantially all assets of the Company and is subject to certain financial covenants.

Page<sub>8</sub>

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[**Table of Contents**](#TOC)

**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

The Facility bears interest at variable rates ranging in length from daily to three months and has fees for unused balances. As of December 31, 2022, the outstanding balances under the Facility totaled $8,037,500, comprised of $4,937,500 on the term loan and $3,100,000 on the revolving credit facility.

As of December 31, 2022, the term loan bears interest at an annual rate of 6.8% and is repayable in quarterly installments of $62,500, with the balance due at maturity. The revolving credit facility bears interest at an annual rate of 8.6% and is payable at maturity. It is classified as a current liability as it is expected to be repaid during the next twelve months.

Interest expense on the Facility was $213,000 for the three months ended December 31, 2022. The fair value of the facility approximates the carrying value as of December 31, 2022.

The Company has incurred $1,810,000 in financing costs to obtain the Facility, which is reflected as a reduction of the outstanding balance and will be amortized as interest expense using the effective interest method over the life of the Facility. During the three months ended December 31, 2022, $89,000 of amortization of deferred financing costs was recorded.

A summary of the balances related to the Facility as of December 31, 2022 and September 30, 2022 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2022** | **As of**<br>**September 30, 2022** |
| Delayed-draw term loan | $— | $— |
| Term loan | 4938 | 5000 |
| Revolving credit facility | 3100 | 7000 |
| Total principal | 8038 | 12000 |
| Deferred financing costs | (1706) | (1765) |
| Net carrying value | $6332 | $10235 |
| Current portion | 2639 | 6857 |
| Long-term portion | 3692 | 3378 |
| Net carrying value | $6331 | $10235 |

---

The revolving credit facility that was replaced with the Facility incurred interest expense of $13,000 for the three months ended December 31, 2021. Issuance costs were being amortized on a straight-line over the four-year term of the facility for a total of $35,000 for the three months ended December 31, 2021.

#### Debentures
On March 7, 2019, the Company issued C$15,000,000 in 8.0% Convertible Unsecured Debentures due March 7, 2024, with interest payable semi-annually on June 30 and December 31. Each C$1,000 (US$807) debenture was convertible at the option of the holder into 192.31 common shares. Beginning March 9, 2022, the Company could force conversion of the outstanding principal at a conversion price of C$5.20 per share, if the daily volume weighted average price of the common shares exceeds C$6.48 per share for twenty consecutive trading days. The Company exercised this option during the year ended September 30, 2022. No debentures remain outstanding as of December 31, 2022 or September 30, 2022.

The debentures contained multiple embedded derivatives including conversion right, forced conversion option and payment in lieu of common shares. Since the Company was unable to measure the fair value of embedded derivatives reliably, it had chosen to designate the convertible debentures in their entirety (including conversion right, forced

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**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

conversion option and payment in lieu of common shares) to be subsequently measured at fair value through profit or loss (FVTPL). The debentures were valued at fair value using the current trading price, and a gain of $261,000 was recorded for the three months ended December 31, 2021.

#### Equipment Loans
The Company is offered financing arrangements from the Company's suppliers and the suppliers' designated financial institutions, under which payments for certain invoices or products can be financed and paid over an extended period. The financial institution pays the supplier when the original invoice becomes due, and the Company pays the third-party financial institution over a period of time. In most cases, the supplier accepts a discounted amount from the financial institution and the Company repays the financial institution the face amount of the invoice with no stated interest, in twelve equal monthly installments. The Company used an incremental borrowing rate of 6% - 7% to impute interest on these arrangements. There are no covenants with the loans and the carrying value of the equipment that is pledged as security against the loans is $8,693,000 and $14,949,000 as of December 31, 2022 and September 30, 2022, respectively.

Following is the activity in equipment loans for the three months ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** <br>**December 31, 2022** | **Three months ended** <br>**December 31, 2021** |
| Beginning Balance | $5707 | $7384 |
| Additions | 3574 | 2485 |
| Repayments | (2722) | (3254) |
| Ending Balance | 6559 | 6615 |
| Current portion, less than 1 year | 6388 | 6303 |
| Long-term portion, due between 1 and 5 years | $171 | $312 |

---

#### Leases Liabilities
The Company enters into leases for real estate and vehicles. Real estate leases are valued at the net present value of the future lease payments at an 8% incremental borrowing rate. Vehicle leases are recorded at rate implicit in the lease based on the current value and the estimated residual value of the vehicle, equating to rates ranging from 3.0% to 11.3%.

Following is the activity in lease liabilities for the three months ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Vehicles** | **Real**<br>**estate** | <br>**Total** |
| Balance September 30, 2021 | $2414 | $5351 | $7765 |
| Additions: |  |  |  |
| &nbsp;&nbsp;Acquisitions | 35 | 912 | 947 |
| &nbsp;&nbsp;Operations | 143 | 102 | 245 |
| Lease terminations |  | (78) | (78) |
| Repayments | (330) | (498) | (828) |
| Balance December 31, 2021 | $2262 | $5789 | $8051 |
| Balance September 30, 2022 | $1993 | $8506 | $10499 |
| Additions |  | 4010 | 4010 |
| Repayments | (137) | (712) | (849) |
| Balance December 31, 2022 | $1856 | $11804 | $13660 |

---

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**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

Future payments pursuant to lease liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**December 31, 2022** | **As at**<br>**September 30, 2022** |
| Less than 1 year | $4385 | $3979 |
| Between 1 and 5 years | 9494 | 7443 |
| More than five years | 2786 | 1108 |
| Gross lease payments | 16665 | 12530 |
| Less: finance charges | (3005) | (2031) |
| Net lease liabilities | 13660 | 10499 |
| Current portion | 3461 | 3304 |
| Long-term portion | $10199 | $7195 |

---

#### SBA Loan
In conjunction with an acquisition, the Company assumed an SBA Loan. The face amount of the loan was $150,000 and bears interest at a stated interest rate of 3.75%. Due to the below-market interest rate, the Company valued the loan at the net present value of the payments using the incremental borrowing rate of 6%, resulting in a fair value on the acquisition date of $119,000. The loan is payable in monthly installments of $731 through May 2051 and is secured by substantially all the assets of acquired subsidiary.

Following is the activity in the SBA Loan for the three months ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** <br>**December 31, 2022** | **Three months ended** <br>**December 31, 2021** |
| Beginning Balance | $120 | $121 |
| Interest expense | 2 | 2 |
| Repayments | (2) | (2) |
| Ending Balance | $120 | $121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. **Share capital** 

The Company considers its capital to be shareholders' equity, which is comprised of capital stock, contributed surplus, shares to be issued, and accumulated deficit, in the amount of $80,443,000 and $79,547,000 as at December 31, 2022 and September 30, 2022, respectively.

#### Issued share capital
The Company has only one class of common stock outstanding. Effective May 13, 2021, the Company consolidated its issued and outstanding common shares based on one post-consolidation common share for every four pre-consolidation common shares. Unless otherwise stated, the share, options and warrants along with corresponding exercise prices and per-share amounts have been restated retrospectively to reflect this share consolidation.

Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a reduction of equity, net of any income tax effects.

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**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

Accumulated other comprehensive income represents items such as cumulative, foreign currency translation adjustments, the change in equity arising from unrealized gains and losses from financial instruments designated as available-for-sale, and changes in fair value of derivatives designated as cash flow hedges and is presented as a separate component of shareholders' equity on the consolidated statements of financial position.

#### Shares to be issued
The Company acquired a company during the year ended September 30, 2021, with a portion of the purchase price payable in shares. The fair value of the stock has been discounted by 25%, using the Black-Scholes pricing model for put options, to reflect the inability to sell the stock for a period and for the time between the date of the acquisition and the dates the stock is to be issued.

The shares that were scheduled to be issued in August 2022, were settled instead, upon mutual agreement of the parties, with a cash payment of $1,100,000 in the fourth quarter of fiscal year 2022.

#### Stock options and grants
The Company has a stock option plan, which it uses for grants to directors, officers, employees, and consultants. Options granted under the plan are non-assignable and may be granted for a term not exceeding ten years. Stock options having varying vesting periods and the options granted during the three months ended December 31, 2022 vest quarterly over eight or twelve quarters.

A summary of stock options is provided below:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Weighted** | **Weighted** |
|  | <br>**Number of options (000's)** | **average exercise price** | **average exercise price** |
| Balance September 30, 2021 | 3786 | C$ | 4.15 |
| Exercised | (2) |  | 1.50 |
| Expired | (10) |  | 4.91 |
| Forfeited | (31) |  | 8.48 |
| Balance December 31, 2021 | 3743 | C$ | 4.11 |
| Balance September 30, 2022 | 3751 | C$ | 4.24 |
| Expired | (19) |  | 5.88 |
| Forfeited | (43) |  | 6.97 |
| Balance December 31, 2022 | 3689 | C$ | 4.09 |

---

At December 31, 2022, the Company had 3,000,586 vested stock options with a weighted average exercise price of C$3.16.

#### Restricted stock units
On May 20, 2021, 953,750 restricted stock units were granted to officers and directors. Each unit represents the right to ‎receive one common share, and vests over a period of two years from the grant date at the rate of one-eighth every three months commencing three months after the grant date. After forfeitures, there are 848,750 restricted stock units outstanding at December 31, 2022 and September 30, 2022, of which 645,313 restricted stock units are vested as of December 31, 2022.

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**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

On February 1, 2022, 81,340 restricted stock units were granted to officers. Each unit represents the right to ‎receive one common share, and vested in four installments on the last day of each calendar quarter of 2022, resulting in all restricted stock units being vested as of December 31, 2022.

The fair value of the units on the date of grant are discounted to reflect the difference between the vesting dates and the issuance dates, resulting in cumulative compensation expense of C$7,586,000 ($6,285,000) and C$529,000 ($417,000) to be expensed over the vesting period with an increase to contributed surplus.

**Stock-based compensation**

The Company accounts for stock-based compensation using the fair value method as prescribed by IFRS 2. Under this method, the fair value of stock options and restricted stock units at the date of grant is expensed over the vesting period and the offsetting credit is recorded as an increase in contributed surplus. An estimate of the number of awards that are expected to be forfeited is also made at the time of grant and revised periodically if actual forfeitures differ from those estimates.

For the three months ended December 31, 2022 and 2021, the Company recorded stock-based compensation expense as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months**<br>**Ended December 31,** <br>**2022** | **Three Months**<br>**Ended December 31,** <br>**2021** |
| Restricted stock units | $345 | $1051 |
| Stock options | 226 | 1059 |
| Stock-based compensation expense | $571 | $2110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;12. **Commitments and contingencies** 

#### Commitments
The Company leases certain facilities with terms of less than a year that are classified as operating leases. Future payments pursuant to these leases are $75,000 as of December 31, 2022, which are all due in less than one year.

#### Contingencies
From time to time, the Company is involved in various legal proceedings arising from the ordinary course of business. None of the matters in which the Company is currently involved, either individually, or in the aggregate, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows.

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**Quipt Home Medical Corp.** 

#### NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

13. Operating expenses

---

| | | |
|:---|:---|:---|
|  | **Three months**<br>**ended December 31,** <br>**2022** | **Three months**<br>**ended December 31,** <br>**2021** |
| Payroll and employee benefits | $12359 | $8618 |
| Facilities | 1044 | 600 |
| Billing | 1879 | 1387 |
| Professional fees | 992 | 635 |
| Outbound freight | 665 | 433 |
| Vehicle fuel and maintenance | 784 | 403 |
| All other | 1739 | 1338 |
| Total operating expenses | $19462 | $13414 |

---

**14. Income taxes**

As of December 31, 2022 and September 30, 2022, the Company's deferred tax liability was zero. Cumulative deferred tax assets are fully reserved as there is not sufficient evidence to conclude it is more likely than not the deferred tax assets are realizable. There is no current liability for federal income taxes. A state and local income tax payable of $579,000 and $246,000 as of December 31, 2022 and September 30, 2022, respectively, has been included within "Accrued liabilities" in these condensed consolidated interim statements of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;15. **Income (loss) per share** 

Income (loss) per common share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share amounts are calculated giving effect to the potential dilution that would occur from the incremental shares issued if in-the-money securities or other contracts to issue common shares were exercised or converted to common shares by assuming the proceeds received from the exercise of stock options and warrants are used to purchase common shares at the prevailing market price. For periods with a net loss, the potential dilutive shares were excluded because their effect is anti-dilutive.

The following reflects the earnings and share data used in the basic and diluted income (loss) per share computations:

---

| | | |
|:---|:---|:---|
|  | **Three months**<br>**ended December 31,** <br>**2022** | **Three months**<br>**ended December 31,** <br>**2021** |
| Net income (loss) for continuing operations | $325 | $(2131) |
| Basic weighted average number of shares | 35605 | 33346 |
| Diluted weighted average number of shares | 38148 | 33346 |
| Basic earnings (loss) per share | $0.01 | $(0.06) |
| Diluted earnings (loss) per share | $0.01 | $(0.06) |

---

The effect of instruments exercisable or convertible to common shares for the three months ended December 31, 2021 were excluded from the calculation of diluted loss per share because their effect is anti-dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;16. **Related party transactions** 

The Company has six leases for office, warehouse, and retail space with a rental company affiliated with the Company's Chief Executive Officer, the majority of which were entered into in 2015. The leases have a combined area of 74,520 square feet. Lease payments under these leases were approximately $65,000 and $52,000 per month for the three months

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**Quipt Home Medical Corp.** 

(UNAUDITED) DECEMBER 31, 2022 AND 2021

(Tabular dollar amounts expressed in thousands of US Dollars, except per share amounts)

------

ended December 31, 2022 and 2021, respectively, with increases on October 1 of each year equal to the greater of (i) the Consumer Price Index for All Urban Consumers (CPI-U), and (ii) 3%. One lease expires in June 2026 and the remaining five leases expire on September 30, 2029.

Expense for Board of Directors' fees were $88,000 and $53,000 for the three months ended December 31, 2022 and 2021, respectively. Stock-based compensation for the Board of Directors was $107,000 and $578,000 for the three months ended December 31, 2022 and 2021, respectively.

Key management personnel also participate in the Company's share option program (see Note 1). The Company recorded compensation to key management personnel as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months**<br>**ended December 31,** <br>**2022** | **Three months**<br>**ended December 31,** <br>**2021** |
| Salaries and Benefits | $291 | $267 |
| Stock-based compensation | 237 | 1096 |
| Total | $528 | $1363 |

---

In addition to salaries and benefits above, bonuses of $519,000 and $485,000 were paid during the three months ended December 31, 2022 and 2021, respectively. The bonuses were expensed during the twelve months ended September 30, 2022 and 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;17. **Subsequent event** 

#### Acquisition of Great Elm Healthcare, LLC
On January 3, 2023, the Company, through one of its indirect wholly-owned subsidiaries, acquired Great Elm Healthcare, LLC ("Great Elm"). The purchase price was $80,000,000, which is comprised of approximately $73,000,000 in cash, $5,000,000 in assumed debt, and 431,996 Quipt common shares at a deemed price per share equal to $4.63. The cash was obtained from the delayed draw term loan and revolving credit facility components of the Facility.

Pro forma three-month revenues and net loss of Great Elm had the acquisition occurred on October 1, 2022 are approximately $15,000,000 and $(500,000), respectively. The Company is in the process of gathering the information required to allocate the purchase price to the acquired tangible and intangible assets and assumed liabilities as of the acquisition date.

---

| | |
|:---|:---|
| Page  | 15 |

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## Exhibit 99.2

[**Table of Contents**](#TOC)

**Exhibit 99.2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**'sDiscussion and Analysis**<br>|  |
| 1<sup>st</sup> Quarter 2023 | 1<sup>st</sup> Quarter 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Management's Discussion and Analysis**<br>For the Three months Ended December 31, 2022 | &nbsp;&nbsp;&nbsp;<br>**Quipt Home Medical Corp.**<br>|

---

![Graphic](tmb-20230214xex99d2001.jpg)

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[**Table of Contents**](#TOC)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

*The following Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations of Quipt Home Medical Corp. and its subsidiaries ("Quipt" or the "Company"), prepared as of February 13, 2023 and should be read in conjunction with the consolidated financial statements for the three months ended December 31, 2022, including the notes therein. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Unless otherwise specified, all financial data is presented in US dollars. The words "we", "our", "us", "Company", and "Quipt" refer to Quipt Home Medical Corp. and/or the management and employees of the Company.*

*Additional information relevant to the Company is available for review on SEDAR at www.sedar.com.*

#### **Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 2 | [Caution Regarding Forward-Looking Statements](#CAUTIONREGARDINGFORWARDLOOKINGSTATEMENTS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4 | [Selected Quarterly Information](#SELECTEDQUARTERLYINFORMATIONUNAUDITED_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 5 | [About Our Business and Operating Results](#ABOUTOURBUSINESS_652730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 9 | [Financial Position](#FINANCIALPOSITIONUNAUDITED_961895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 13 | [Accounting and Disclosure Matters](#ACCOUNTINGANDDISCLOSUREMATTERS_155585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 17 | [Financial Instruments and Risk Management](#FINANCIALINSTRUMENTSANDRISKMANAGEMENT_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 18 | [Risk Factors](#RISKFACTORS_457621) |

---

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

#### CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Management's Discussion and Analysis ("MD&A") contains certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking ‎statements" within the meaning of applicable securities legislation, including the United States Private Securities ‎Litigation Reform Act of 1995 (collectively, "forward-looking statements")‎. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are ‎based upon the current beliefs, expectations, and assumptions regarding the future of its business, ‎future plans and strategies, and other future conditions of Quipt Home Medical Corp. (the "Company" or "Quipt"). Forward-looking ‎statements can be identified by the words ‎such as "expect", "likely", "may", "will",, "would", "could", "should", "continue", "contemplate", "intend", or ‎‎"anticipate", "believe", "envision", "estimate", "expect", "plan", "predict", "project", "target", "potential", ‎‎"proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or ‎statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking ‎statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other ‎statements that are not statements of fact. Such forward-looking statements are made as of the date of this ‎MD&A.‎

Forward-looking statements in this MD&A therein include, but are not limited to, statements with respect to:‎ operating results; ‎profitability; ‎ financial condition and resources; ‎ anticipated needs for working capital; ‎ liquidity; ‎ capital resources; ‎capital expenditures;‎ milestones; ‎licensing milestones; ‎ information with respect to future growth and growth strategies; ‎ anticipated trends in the industry in with the Company operates; ‎ the Company's future financing plans; ‎ timelines; ‎ currency fluctuations; ‎ government regulation; ‎ unanticipated expenses; ‎ commercial disputes or claims; ‎limitations on insurance coverage; ‎ availability and expectations regarding of cash flow to fund capital requirements;‎ the product offerings of the Company;‎ the competitive conditions of the industry;‎ the competitive and business strategies of the Company;‎ on-going implications of the novel coronavirus ("COVID-19");‎ statements relating to the business and future activities of, and developments related to, the Company, ‎including such things as future business strategy, competitive strengths, goals, expansion and growth ‎of the Company's business, operations and plans; and ‎other events or conditions that may occur in the future.‎

Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of the ‎Company's management made in light of its experience and its perception of trends, current conditions and ‎expected developments, as well as other factors that management believes to be relevant and reasonable in the ‎circumstances at the date that such statements are made, but which may prove to be incorrect. The Company ‎believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. The ‎material factors and assumptions used to develop the forward-looking statements contained in this MD&A, ‎without limitation:‎ the Company's ability to successfully execute its growth strategies and business plan;‎ the ability to successfully identify strategic acquisitions;‎ the Company's ability to realize anticipated benefits, synergies or generate revenue, profits or value from ‎its recent acquisitions into existing operations;‎ management's perceptions of historical trends, current conditions and expected future developments;‎ the ability of the Company to take market share from competitors; ‎the Company's ability to attract and retain skill staff;‎ market conditions and competition;‎ the products, services and technology offered by the Company's competitors;‎ the Company's ability to generate cash flow from operations the Company's ability to keep pace with changing regulatory requirements;‎ ongoing ability to conduct business in the regulatory environments in which the Company operates and ‎may operate in the future;‎ that the Company's ability to maintain strong business relationships with its suppliers, service provides and ‎other third parties will be maintained; ‎COVID-19 and recall related supply chain issues will be resolved within the near future;‎ the Company's ability to fulfill prescriptions for services and products; ‎ the anticipated growth of the niche market of home equipment and monitoring; the anticipated increase in demand for various medical products and equipment;‎ demand and interest in the Company's products and services; ‎the ability to deploy up front capital to purchase monitoring and treatment equipment; ‎anticipated and unanticipated costs; ‎ the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses;‎ the general economic, financial market, regulatory and political conditions in which the Company operates ‎and the absence of material adverse changes in the Company's industry, regulatory

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

environmental or ‎the global economy; and other considerations that management believes to be appropriate in the circumstances.‎

Forward-looking statements speak only as at the date they are made and are based on information currently ‎available and on the then current expectations. Readers are cautioned that forward-‎looking statements are not based on historical facts but instead are based on ‎reasonable assumptions and estimates ‎of management of the Company at the time they were provided ‎or made and involve known and unknown risks, ‎uncertainties and other factors which may cause the ‎actual results, performance or achievements of the Company, ‎as applicable, to be materially different ‎from any future results, performance or achievements expressed or implied ‎by such forward-looking ‎statements, including, but not limited to, known and unknown risks, uncertainties, ‎assumptions and other factors, including those listed under "Risk Factors", which include: credit risks, market risks ‎‎(including those related to equity, commodity, foreign exchange and interest rate markets), liquidity risks, ‎operational risks (including those related to technology and infrastructure), and risks relating to reputation, ‎insurance, strategy, regulatory matters, legal matters, environmental matters and capital adequacy. Examples of ‎such risk factors include: the Company may be subject to significant capital requirements and operating risks; ‎changes in law, the ability to implement business strategies, growth strategies and pursue business opportunities; ‎state of the capital markets; the availability of funds and resources to pursue operations; decline of reimbursement ‎rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key ‎suppliers; granting of permits and licenses in a highly regulated business; competition; difficulty integrating newly ‎acquired businesses; low profit market segments; disruptions in or attacks (including cyber-attacks) on information ‎technology, internet, network access or other voice or data communications systems or services; the evolution of ‎various types of fraud or other criminal behavior; the failure of third parties to comply with their obligations; the ‎impact of new and changes to, or application of, current laws and regulations; the overall difficult litigation ‎environment, including in the United States; risks related to ‎infectious ‎diseases, including the impacts of COVID-19; ‎increased competition; changes in foreign currency rates; loss of foreign private issuer status; risks relating to the ‎deterioration of global economic conditions; increased funding costs and market volatility due to market illiquidity ‎and competition for funding; critical accounting estimates and changes to accounting standards, policies, and ‎methods; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events, ‎as well as other general economic, market and business conditions, amongst others, ‎as well as those risk factors ‎described under the heading "Risk Factors" and elsewhere in this MD&A and therein and as described from time to time in documents filed by ‎the Company with Canadian securities regulatory authorities including, without limitation, the Company's audited annual financial statements and the Company's Annual Information Form ("AIF"). Although the Company has attempted to identify ‎important factors that could cause actual actions, events or results to differ materially from those described in ‎forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, ‎estimated or intended. The Company provides no assurance that forward-looking statements will prove to be ‎accurate, as actual results and future events could differ materially from those anticipated in such statements.‎

Readers are cautioned that the above list of cautionary statements is not exhaustive. A number of factors could ‎cause actual events, performance or results to differ materially from what is projected in forward-looking ‎statements. The purpose of forward-looking statements is to provide the reader with a description of management's ‎expectations, and such forward-looking statements may not be appropriate for any other purpose. You should not ‎place undue reliance on forward-looking statements contained in this MD&A. Although the Company believes that the expectations ‎reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will ‎prove to have been correct. The Company undertakes no obligation to update or revise any forward-looking ‎statements, whether as a result of new information, future events or otherwise, except as required by applicable law. ‎The forward-looking statements contained in this MD&A are expressly qualified in their entirety by this cautionary statement. ‎

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

#### FIRST QUARTER 2023 HIGHLIGHTS
● Increased revenues for the three months ended December 31, 2022 to $40.8 million, or 38.2%, from the three months ended December 31, 2021.

● Increased the number of equipment set-ups to 146,350 for the three months ended December 31, 2022 from 118,100 in the prior year period, an increase of 23.9%.

● Increased the number of respiratory resupply set-ups to 69,482 for the three months ended December 31, 2022 from 51,137 in the prior year period, an increase of 35.9%.

● Generated Adjusted EBITDA of $9.0 million, a 49.8% increase from the prior year period, and represented 22.0% of revenue. Adjusted EBITDA is a non-IFRS measure and is reconciled to net income (loss) on page 7.

● Subsequent to quarter end, on January 3, 2023, closed on the acquisition of Great Elm Healthcare, LLC, which brings $60 million of annual revenue.

#### SELECTED QUARTERLY INFORMATION (UNAUDITED)

---

| |
|:---|
| Number of patients serviced |
| Number of equipment set-ups or deliveries |
| Respiratory resupply set-ups or deliveries |
| Adjusted EBITDA<sup>(1)</sup> |
| Total revenues |
| Net income (loss) |
| Basic earnings (loss) per share |
| Diluted earnings (loss) per share |
| Total assets |
| Total long-term liabilities |
| Shareholders' equity |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Refer to the definition of Adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") on the following pages.

The words "we", "our", "us", "Company", and "Quipt" refer to Quipt Home Medical Corp. and/or the management and employees of the Company.

#### Reporting entity
The Company's shares are traded on the TSX Venture Exchange and on NASDAQ in the United States, both under the symbol QIPT.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

#### ABOUT OUR BUSINESS

#### Quipt business objective
The growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians, and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. Quipt fills this need by delivering a growing number of specialized products and services to achieve these goals. Quipt seeks to provide an ever-expanding line of products and services over larger geographic regions within the United States using several growth strategies. With over 100 offices, Quipt employs more than 1,100 personnel in the United States.

#### Future outlook
Quipt expects to generate net profit and positive Adjusted EBITDA. Our top priority continues to be the generation of operational net profit, positive cash flow, and growth in EBITDA in fiscal year 2023 and beyond. As we continue to expand in our existing markets, we plan to leverage our business platforms to enter new markets. As we continue to grow and achieve scale, the increasing cash generated from operations will be used to market our products and services and to gain market share. Our continued integration and rationalization, and our acquisitions, have given us a focus and path towards profitability at each business unit.

Going forward, we seek to find ways to continue to grow our customer base and penetrate these markets, while continuing to streamline our operational platform and generate positive cash flow and operational profits. We will continue to improve on operational efficiencies and call center management as they are key execution points to maintaining our healthy gross margin while growing revenues by cross selling services to existing and acquired patients.

**COVID-19 Pandemic** 

In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic. The crisis related to COVID-19 is unprecedented and has had an impact on the Company's employees, customers, and suppliers in 2021 through 2023.

**Supply Chain** 

The Company closely monitors the changing global environment to enable immediate actions to be taken to ensure customer order fulfillment is achieved across the various markets. The shipment of goods from Asia continues to be impacted by COVID-19 disruptions to manufacturing. Global chip shortages continue to impact parts of our business as well.

**Demand** 

Consumer demand for Quipt products and services is strong in most major markets. Brick and mortar retail consumer traffic continues to be affected in some markets with government-imposed restrictions and consumer purchasing behavior. Online and e-commerce channels are active in the United States.

The demand for Quipt products and services were not adversely impacted by COVID-19. Demand for healthcare products and services increased during the pandemic as hospitals, physicians and pharmacies had an increased need to healthcare products and services, especially products and services relating to respiratory health and assistance.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

#### OPERATING RESULTS

#### Accounting policies and estimates
The consolidated financial statements for the three months ended December 31, 2022 are prepared under International Financial Reporting Standards ("IFRS") issued by the governing body of the International Accounting Standards Board ("IASB"). The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenues and expenses for the period of consolidated financial statements.

#### IFRS accounting treatment
Management does not rely upon non-cash IFRS accounting impact of certain items such as impairment of goodwill and intangible assets, changes in the fair value of financial derivatives, stock-based compensation and amortization of intangible assets when planning, monitoring, and evaluating the Company's performance or in making financial decisions.

#### Non-IFRS measures
Throughout this MD&A, references are made to several measures which are believed to be meaningful in the assessment of the Company's performance. These metrics are non-standard measures under IFRS and may not be identical to similar measures reported by other companies. Also, in the future, we may disclose different non- IFRS financial measures in order to help our investors more meaningfully evaluate and compare our future results of operations to our previously reported results of operations. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results as determined in accordance with IFRS. The primary purpose of these non-IFRS measures is to provide supplemental information that may prove useful to investors who wish to consider the impact of certain non-cash or uncontrollable items on the Company's operating performance.

#### EBITDA and Adjusted EBITDA
In calculating EBITDA and Adjusted EBITDA, certain items are excluded from net income (loss), including interest, income taxes, depreciation, amortization, change in fair value of derivative financial liabilities, and stock-based compensation. Set forth below are descriptions of the financial items that have been excluded from net income or loss to calculate EBITDA and Adjusted EBITDA and the material limitations associated with using these non-IFRS financial measures as compared to net income or loss.

● Depreciation and amortization expense may be useful for investors to consider because they generally represent the wear and tear on our property and equipment used in our operations and amortization of intangibles valued in acquisitions. However, we do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating costs.

● The amount of interest expense we incur or interest income we generate may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense to be a representative component of the day-to-day operating performance of our business.

● The change in fair value of derivative financial liabilities is the change in value of the debenture and these changes are non-cash until realized upon settlement of the instruments.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

● Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and may reduce the amount of funds otherwise available for use. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.

● Stock-based compensation may be useful for investors to consider because it is an estimate of the non-cash component of compensation received by the Company's directors, officers, employees, and consultants. However, stock-based compensation is being excluded from the Company's operating expenses because the decisions which gave rise to these expenses were not made to increase revenue in a particular period but were made for the Company's long-term benefit over multiple periods. While strategic decisions, such as those to issue stock-based awards are made to further the Company's long-term strategic objectives and impact the Company's earnings under IFRS, these items affect multiple periods and management is not able to change or affect these items within any period.

● Acquisition-related costs may be useful for the investors to consider because they are professional fees directly related to completing the various acquisitions. While the costs are expected to be recurring if the Company continues to make acquisitions, they are non-recurring as they relate to the specific acquisition and are incurred prior to the inclusion of such acquisitions in the consolidated revenues of the Company.

#### Management uses both IFRS and non-IFRS measures when planning, monitoring, and evaluating the Company's performance.
The following table shows the Company's IFRS measures reconciled to EBITDA and Adjusted EBITDA (non-IFRS measures) for the indicated periods.

---

| |
|:---|
| Net income (loss) |
| Add back: |
| Depreciation and amortization |
| Interest expense, net |
| Provision (benefit) for income taxes |
| EBITDA |
| Stock-based compensation |
| Acquisition-related costs |
| Gain (loss) on foreign currency transactions |
| Change in fair value of debentures and warrants |
| Adjusted EBITDA |

---

The following is a summary of the Company's unaudited operating results as recorded in accordance with IFRS.

---

| | | |
|:---|:---|:---|
|  | **(UNAUDITED)** | **(UNAUDITED)** |
|  | **Three months**<br>**ended December 31,**<br>**2022** | **Three months**<br>**ended December 31,**<br>**2021** |
| Revenues | $40815 | $29525 |
| Inventory sold | 10075 | 7659 |
| Operating expenses | 19462 | 13414 |
| Bad debt expense | 2283 | 2412 |

---

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

---

| | | |
|:---|:---|:---|
| Depreciation | 5992 | 4566 |
| Amortization of intangible assets | 801 | 447 |
| Stock-based compensation | 571 | 2110 |
| Acquisition related costs | 257 | 62 |
| Gain on disposals of property and equipment |  | 35 |
| Interest expense, net | 712 | 501 |
| Loss on foreign currency transactions | 4 | 41 |
| Change in fair value of debentures |  | 261 |
| Provision for income taxes | 333 | 148 |
| Net income (loss) | $325 | $(2131) |
| Income (loss) per share |  |  |
| &nbsp;&nbsp;Basic | $0.01 | $(0.06) |
| &nbsp;&nbsp;Diluted | $0.01 | $(0.06) |

---

#### Revenue
For the three months ended December 31, 2022, revenue totaled $40,815,000, an increase of $11,290,000, or 38.2%, from the three months ended December 31, 2021. This increase is primarily due to the acquisitions during the year ended September 30, 2022.

#### Inventory sold
For the three months ended December 31, 2022, inventory sold totaled $10,075,000 as compared to $7,659,000 for the three months ended December 31, 2021. The increase in dollars was due to the growth in revenues. The improvement as a percent of revenues was due to negotiating better pricing with vendors.

#### Operating expenses
For the three months ended December 31, 2022, operating expenses were $19,462,000, an increase of $6,048,000 from $13,414,000 for the three months ended December 31, 2021. Acquisitions contributed approximately $5,000,000 of the increase. Remaining increases related to payroll, professional fees, and inflation.

#### Bad debt expense
Bad debt expense decreased by $129,000 to $2,283,000 for the three months ended December 31, 2022. This decrease is primarily due to improved collections.

#### Depreciation expense
Depreciation expense increased by $1,426,000 to $5,992,000 for the three months ended December 31, 2022. This increase is primarily due to the acquisitions during the year ended September 30, 2022.

#### Stock-based compensation
Stock-based compensation decreased to approximately $571,000 for the three months ended December 31, 2022 from $2,110,000 for the three months ended December 31, 2021, due to fewer stock-based awards from prior years remaining to be vested.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

#### Interest expense
Interest expense for the three months ended December 31, 2022 increased to $712,000 from $501,000 for the three months ended December 31, 2021. This increase is due to higher borrowings on the Company's revolving credit facility, and higher interest from more real estate leases as a result of the acquisitions during the year ended September 30, 2022. These increases were partially offset by the decrease in interest expense related to the debentures that were converted to common shares in September 2022.

#### Change in fair value of debentures
Debentures issued during 2019 were valued at fair value using the current trading price. The change in fair value of debentures was a gain of $261,000 for the three months ended December 31, 2021. The debentures were converted to common stock during September 2022, so no debentures were outstanding during the three month ended December 31, 2022 to generate a change in fair value.

#### Provision for income taxes
For the three months ended December 31, 2022 and 2021, the provision for income taxes of $333,000 and $148,000, respectively, were for state and local taxes payable. There is no federal income tax provision due to the Company's net operating loss carryforwards.

#### FINANCIAL POSITION (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**December 31, 2022** | **As at**<br>**September 30, 2022** |
| Cash | $3656 | $34612 |
| Accounts receivable, inventory and prepaid assets | 35299 | 22621 |
| Property and equipment | 36393 | 23506 |
| Other assets | 56377 | 27834 |
| Total assets | $131725 | $108573 |
| Accounts payable and other current liabilities | $37100 | $32737 |
| Long-term debt and other long-term liabilities | 14182 | 17214 |
| Total liabilities | 51282 | 49951 |
| Shareholders' equity | 80443 | 58622 |
| Total liabilities and shareholders' equity | $131725 | $108573 |

---

#### Liquidity
The Company's primary source of liquidity is cash flow from operations and its line of credit availability.

Cash flows from operations could be negatively impacted by decreased demand for the Company's products, which may result from factors such as adverse economic conditions and changes in public and consumer preferences, the loss of confidence by the Company's principal customers in the Company and its product lines, or by increased costs associated with manufacturing and distribution of products. The Company expects that cash, future operating cash flows, and the amounts available to be drawn against the credit facilities will enable the Company to finance its capital investment program and fund its ongoing business requirements over the next twelve months, including working capital and financial obligations.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

As of December 31, 2022, the Company had cash on hand of $3,656,000 and line of credit availability of $16,900,000. The Company's approach in managing liquidity is to ensure, to the extent possible, that it will have enough liquidity to meet its liabilities when due. The Company will do so by continuously monitoring actual and expected cash flows and monitoring financial market conditions for signs of weakness.

As of September 30, 2022, the Company faces minimal liquidity risk in its current financial obligations as they become due and payable. The Company has $37,100,000 of liabilities that are due within one year, but has $38,955,000 of current assets plus revolver line of credit availability of $16,900,000 to meet those obligations.

#### Capital management
The Company considers its capital to be shareholders' equity, which is comprised of share capital, contributed surplus, and accumulated deficit, which totaled $80,443,000 at December 31, 2022, along with long-term debt, which totaled $14,182,000 at December 31, 2022.

The Company raises capital, as necessary, to meet its needs and take advantage of perceived opportunities and, therefore, does not have a numeric target for its capital structure. Funds are primarily obtained through the issuance of equity and debt instruments.

The Company maintains all capital that is surplus to its immediate operational needs in cash with major US and Canadian financial institutions.

The Company had the following equity instruments outstanding at December 31, 2022 and September 30, 2022:

(UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | |  | |
|  |  | **As at**<br>**December 31, 2022**<br>**(000's)** |  | **As at**<br>**September 30, 2022**<br>**(000's)** |
| Common shares |  | 35,605 |  | 35,605 |
| Options |  | 3,689 |  | 3,689 |
| Restricted stock units |  | 930 |  | 930 |

---

**The outstanding shares as of February 13, 2023 are 36,037,276 common shares. The increase in shares after December 31, 2022 is due to the acquisition of Great Elm Healthcare, LLC acquired in January 2023.**

#### Financing
Historically and currently, the Company has financed its operations primarily from cash flow from operations, equipment loans, leases, issuances of equity for cash, credit facilities, and through the issuance of shares to acquire businesses.

***Senior Credit Facility***

In September 2022, the Company entered into a five-year, $110,000,000 senior credit facility ("Facility") with a group of US banks. The facility consists of a delayed draw term loan facility of $85,000,000, a term loan of $5,000,000 that was drawn at closing, and a $20,000,000 revolving credit facility. The facility amends the $20,000,000 revolving credit facility that was entered into in September 2020. The Facility is secured by substantially all assets of the Company and is subject to certain financial covenants.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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The Facility bears interest at variable rates ranging in length from daily to three months and has fees for unused balances. As of December 31, 2022, the outstanding balances under the Facility totaled $8,037,500, comprised of $4,937,500 on the term loan and $3,100,000 on the revolving credit facility.

As of December 31, 2022, the term loan bears interest at an annual rate of 6.8% and is repayable in quarterly installments of $62,500, with the balance due at maturity. The revolving credit facility bears interest at an annual rate of 8.6% and is payable at maturity. It is classified as a current liability as it is expected to be repaid during the next twelve months. Interest expense on the Facility was $213,000 for the three months ended December 31, 2022. The fair value of the facility approximates the carrying value as of December 31, 2022.

The Company has incurred $1,810,000 in financing costs to obtain the Facility, which is reflected as a reduction of the outstanding balance and is being amortized as interest expense using the effective interest method over the life of the Facility. During the three months ended December 31, 2022, $89,000 of amortization of deferred financing costs was recorded.

A summary of the balances related to the Facility as of December 31, 2022 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2022** | **As of**<br>**September 30, 2022** |
| Delayed-draw term loan | $— | $— |
| Term loan | 4938 | 5000 |
| Revolving credit facility | 3100 | 7000 |
| Total principal | 8038 | 12000 |
| Deferred financing costs | (1706) | (1765) |
| Net carrying value | $6332 | $10235 |
| Current portion | 2639 | 6857 |
| Long-term portion | 3692 | 3378 |
| Net carrying value | $6331 | $10235 |

---

#### Equipment Loans
The Company is offered financing arrangements from the Company's suppliers and the suppliers' designated financial institutions, under which payments for certain invoices or products can be financed and paid over an extended period. The financial institution pays the supplier when the original invoice becomes due, and the Company pays the third-party financial institution over a period of time. In most cases, the supplier accepts a discounted amount from the financial institution and the Company repays the financial institution the face amount of the invoice with no stated interest, in twelve equal monthly installments. The Company used an incremental borrowing rate of 6% - 7% to impute interest on these arrangements. Future payments on these liabilities as of December 31, 2022 are as follows:

---

| | |
|:---|:---|
| Less than 1 year | $6404 |
| Between 1 and 5 years | 307 |
| Total | $6711 |
| Less: finance charges | (152) |
| Net lease liabilities | 6559 |
| Current portion | 6388 |
| Long-term portion | $171 |

---

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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#### Lease Liabilities
The Company enters into leases for real estate and vehicles. Real estate leases are valued at the net present value of the future lease payments at an 8% incremental borrowing rate. Vehicle leases are recorded at rate implicit in the lease based on the current value and the estimated residual value of the vehicle, equating to rates ranging from 3.0% to 11.3%. Future payments on these liabilities are as follows:

---

| | |
|:---|:---|
| Less than 1 year | $4385 |
| Between 1 and 5 years | 9494 |
| More than 5 years | 2786 |
| Total | 16665 |
| Less: finance charges | (3005) |
| Lease liabilities | 13660 |
| Current portion | 3461 |
| Long-term portion | $10199 |

---

#### Contingencies
From time to time, the Company is involved in various legal proceedings arising from the ordinary course of business. None of the matters in which the Company is currently involved, either individually, or in the aggregate, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows.

#### Quarterly operating results

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter ended**<br>**Dec. 31, 2022** | **Quarter ended**<br>**Sep. 30, 2022** | **Quarter ended**<br>**Jun. 30, 2022** | **Quarter ended**<br>**Mar. 31, 2022** |
| Revenue | $40815 | $40092 | $36692 | $33553 |
| Net income (loss) | 325 | 1770 | 163 | 5037 |
| Net income (loss) per share - basic | 0.01 | 0.05 | 0.00 | 0.15 |
| Net income (loss) per share - diluted | 0.01 | 0.05 | 0.00 | 0.14 |
| Total assets | $131725 | $132214 | $130478 | $110526 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter ended**<br>**Dec. 31, 2021** | **Quarter ended**<br>**Sep. 30, 2021** | **Quarter ended**<br>**Jun. 30, 2021** | **Quarter ended**<br>**Mar. 31, 2021** |
| Revenue | $29525 | $29118 | $26238 | $24240 |
| Net income (loss) | (2131) | (1379) | 6329 | (12490) |
| Net income (loss) per share - basic | (0.06) | (0.04) | 0.23 | (0.43) |
| Net income (loss) per share - diluted | (0.06) | (0.04) | 0.23 | (0.43) |
| Total assets | $107376 | $108573 | $106542 | $89728 |

---

Results of operations for the healthcare services market in which the Company operates show little seasonality from quarter to quarter. The increase in revenues from the past year is primarily due to the Company's acquisitions during the year ended September 30, 2022. The volatility of the net income (loss) is primarily due to the change in fair value of debentures and warrants. In the three months ended March 31, 2022 and September 30, 2022, there was also income from the government grant.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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#### Related party transactions
The Company has six leases for office, warehouse, and retail space with a rental company affiliated with the Company's Chief Executive Officer, the majority of which were entered into in 2015. The leases have a combined area of 74,520 square feet. Lease payments under these leases were approximately $65,000 and $52,000 per month for the three months ended December 31, 2022 and 2021, respectively, with increases on October 1 of each year equal to the greater of (i) the Consumer Price Index for All Urban Consumers (CPI-U), and (ii) 3%. One lease expires in June 2026 and the remaining five leases expire on September 30, 2029.

Expense for Board of Directors' fees were $88,000 and $53,000 for the three months ended December 31, 2022 and 2021, respectively. Stock-based compensation for the Board of Directors was $107,000 and $578,000 for the three months ended December 31, 2022 and 2021, respectively.

Key management personnel also participate in the Company's share option program (see Note 1 to the unaudited condensed consolidated interim financial statements). The Company recorded compensation to key management personnel the following:

---

| | | |
|:---|:---|:---|
|  | **Three months**<br>**ended**<br>**December 31, 2022** | **Three months**<br>**ended**<br>**December 31, 2021** |
| Salaries and benefits | $291 | $267 |
| Stock-based compensation | 237 | 1096 |
| Total | $528 | $1363 |

---

**In addition to salaries and benefits above, bonuses of $519,000 and $485,000 for the years ended September 30, 2022 and 2021, respectively. These bonuses were recorded as payroll expense in the three months ended December 31, 2022 and 2021, respectively.**

#### Off balance sheet arrangements
The Company has no material undisclosed off-balance sheet arrangements that have or are reasonably likely to have, a current or future effect on its results of operations or financial condition.

#### ACCOUNTING AND DISCLOSURE MATTERS

#### Financial reporting controls
**Internal control over financial reporting**

**Evaluation of disclosure controls and procedures**

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") as of the end of the period covered by this Quarterly Report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were not effective due to the material weaknesses in our internal control over financial reporting as reported in Form 40-F for the year ended September 30, 2022, as described below. However, after considering such material weaknesses, and the additional analyses and other procedures that we performed to ensure that our condensed consolidated financial statements included in this Quarterly Report were prepared in accordance with IFRS, our management has concluded that our consolidated financial statements

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[**Table of Contents**](#TOC)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

------

present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods disclosed, in conformity with IFRS.

**Management's report on internal control over financial reporting**

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). The Company's management, under the supervision of the Chief Executive Officer and Chief Financial Officer, and effected by the Company's board of directors, evaluated the effectiveness of ICFR. Management has concluded that as of September 30, 2022 and reported in Form 40-F internal control over financial reporting was not effective. Management concluded that the following material weaknesses existed as of December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;● Management did not maintain appropriately designed entity-level controls impacting the control environment, risk assessment procedures, and effective monitoring activities. These deficiencies were attributed to: (i) management has not finalized the design and implementation, or retained appropriate documentation, of formal accounting policies, procedures, and controls across substantially all of the Company's business processes, (ii) ineffective identification and formal assessment of overall business risks, and (iii) ineffective evaluation and determination as to whether the components of internal control were present and functioning.

&nbsp;&nbsp;&nbsp;&nbsp;● Management did not maintain effective information technology general controls in the areas of user access management and segregation of duties within its systems supporting the Company's accounting and financial reporting processes. Many of the Company's manual controls dependent upon the information derived from these information technology systems were also ineffective, as management did not design and implement controls to validate the completeness and accuracy of underlying data utilized in the operation of those manual controls.

&nbsp;&nbsp;&nbsp;&nbsp;● Management did not design and maintain effective controls over certain aspects of its revenue recognition process and related accounts, including controls around the classification of certain contracts as operating leases under IFRS 16.

&nbsp;&nbsp;&nbsp;&nbsp;● Management did not appropriately design and implement management review controls at a sufficient level of precision around complex accounting areas and disclosure including business combinations and forecasts associated with intangible assets.

**Remediation Efforts**

We have begun the process of, and we are focused on, designing and implementing effective internal controls measures to improve our internal control over financial reporting and remediate the material weaknesses. Our internal control remediation efforts include the following:

● We engaged an outside firm to assist management with (i) reviewing our current processes, procedures, and systems and assessing the design of controls to identify opportunities to enhance the design of controls that would address relevant risks identified by management, and (ii) enhancing and implementing protocols to retain sufficient documentary evidence of operating effectiveness of such controls. This internal control project is anchored in the framework and criteria established in Internal Control - Integrated Framework, issued by the 2013 Committee of Sponsoring Organizations of the Treadway Commission.

● Continuing to enhance and formalize our accounting, business operations, and information technology policies, procedures, and controls to achieve complete, accurate, and timely financial accounting, reporting and disclosures.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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● Designing and implementing controls that address the completeness and accuracy of underlying data used in the performance of controls over accounting transactions and disclosures.

● Enhancing policies and procedures to retain adequate documentary evidence for certain management review controls over certain business processes including precision of review and evidence of review procedures performed to demonstrate effective operation of such controls.

● Finalizing the implementation of entity level controls which are expected to be implemented prior to the end of the year ending September 30, 2023.

**Changes in Internal Control over Financial Reporting**

As described above, we are in the process of implementing changes to our internal control over financial reporting to remediate the material weaknesses described herein. There have been no other changes in our internal control over financial reporting, during the quarter ended December 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Critical accounting estimates
The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, related disclosures and the reported amounts of revenues and expenses during the periods covered by the financial statements. The Company's management reviews these estimates, judgments, and assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised.

Estimates where management has made subjective judgments and where there is significant risk of material adjustments to assets and liabilities in future accounting periods include fair value measurements for financial instruments and share-based transactions, useful lives and impairment of non-financial assets (property and equipment and intangible assets), provision for expected credit losses, fair value measurements for assets and liabilities acquired in business acquisition, and calculation of deferred taxes.

The Company has identified the following accounting policies under which significant judgments, estimates and assumptions are made, where actual results may differ from these estimates under different assumptions and conditions, which may materially affect financial results or the financial position in future periods.

#### Revenue recognition
Revenues are billed to, and collections are received from both third-party insurers, the largest of which is Medicare, and patients. Because of continuing changes in the health care industry and third-party reimbursement, the consideration receivable from these insurance companies is variable as these billings can be challenged by the payor. Therefore, the amount billed by the Company is reduced by an estimate of the amount that the Company believes is an allowable charge to be ultimately allowed by the insurance contract. The above estimate involves significant judgment including an analysis of past collections and historical modification rates. Management regularly reviews the actual claims approved by the insurance companies, adjusting estimated revenue as required.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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#### Valuation of accounts receivable
The measurement of expected credit losses considers information about past events and current conditions. Forward looking macro-economic factors are incorporated into the risk parameters, such as unemployment rates, inflation, and interest rates. Significant judgments are made in order to incorporate forward-looking information into the estimation of reserves and may result in changes to the provision from period to period which may significantly affect our results of operations.

The Company estimates that a certain portion of receivables from customers may not be collected and maintains reserve for expected credit losses. The Company evaluates the net realizable value of accounts receivable as of the date of the consolidated statements of financial position. Specifically, the Company considers historical realization data, including current and historical cash collections, accounts receivable aging trends, other operating trends, and relevant business conditions. If circumstances related to certain customers change or actual results differ from expectations, our estimate of the recoverability of receivables could fluctuate from that provided for in our consolidated financial statements. A change in estimate could impact bad debt expense and accounts receivable.

#### Lease liabilities

#### Estimate of lease term
When the Company recognizes a lease, it assesses the lease term based on the conditions of the lease and determines whether it will extend the lease at the end of the lease contract or exercise an early termination option. As it is not reasonably certain that the extension or early termination options will be exercised, the Company determined that the term of its leases are the lesser of the original lease term or the life of the leased asset. This significant estimate could affect future results if the Company extends the lease or exercises an early termination option.

#### Incremental borrowing rate
When the Company recognizes a lease, the future lease payments are discounted using the Company's incremental borrowing rate. This significant estimate impacts the carrying amount of the lease liabilities and the interest expense recorded on the consolidated statement of loss and comprehensive loss.

#### Critical accounting judgments
The following are the critical judgments, apart from those involving estimations, that have been made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements.

#### Business combinations
In accordance with IFRS 3 – Business Combination ("IFRS 3"), a transaction is recorded as a business combination if the significant assets, liabilities, or activities in addition to property and related mortgage debt assumed constitute a business. A business is defined as an integrated set of activities and assets, capable of being conducted and managed for the purpose of providing a return, lower costs, or other economic benefits. Where there are no such integrated activities, the transaction is treated as an asset acquisition. The estimation of the fair value of the assets and liabilities acquired in an acquisition is subject to judgement concerning estimating market values and predicting future events. These values are uncertain and can materially impact the carrying value of the acquired assets, acquired liabilities, and the amount allocated to goodwill. These estimates and assumptions may change in the future due to uncertain competitive and economic market ‎conditions or changes in business strategies.‎

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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The process of determining these fair values requires the Company to make estimates and assumptions of a long-term nature regarding discount rates, projected revenues, royalty rates and margins derived from experience, actual operating results, and budgets. These estimates and assumptions may change in the future due to uncertain competitive and economic market conditions or changes in business strategies.

**TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS**

The following table summarizes the Company's contractual commitments and obligations as of December 31, 2022 (in thousands), which are primarily for debt, leasing of offices and other obligations. The leases have been entered into with terms of between one and ten years, including optional extensions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Total** | **Less than**<br>**1 year** | **1-3**<br>**Years** | **4-5**<br>**Years** | **After 5**<br>**Years** |
| Debt | $15738 | $9762 | $1074 | $4705 | $197 |
| Finance lease obligations | 16669 | 4386 | 6204 | 3293 | 2786 |
| Operating leases | 75 | 75 |  |  |  |
| Purchase obligations |  |  |  |  |  |
| Other obligations | 19112 | 19112 |  |  |  |
| Total contractual obligations | $51594 | $33335 | $7278 | $7998 | $2983 |

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#### FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

#### Financial instrument risk exposure
The Company's activities expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), and credit risk. These risks arise from the normal course of operations and all transactions are undertaken to support the Company's ability to continue as a going concern. Risk management is carried out by management under policies approved by the Board of Directors. Management identifies and evaluates the financial risks in co-operation with the Company's operating units. The Company's overall risk management program seeks to minimize potential adverse effects on the Company's financial performance.

#### Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk are primarily cash and accounts receivable. Each subsidiary places its cash with one major financial institution. At times, the cash in the financial institution is temporarily in excess of the amount insured by the Federal Deposit Insurance Corporation. Substantially all accounts receivables are due under fee-for-service contracts from third party payors, such as insurance companies and government-sponsored healthcare programs, directly from patients or for rebates due from manufacturers. Receivables generally are collected within industry norms for third-party payors and from manufacturers. The Company continuously monitors collections from its clients and maintains a reserve for credit losses based upon any specific payor collection issues that are identified and historical experience.

The Company recorded bad debt expense of $2,283,000 and $2,412,000 for the three months ended December 31, 2022, and 2021, respectively. As of December 31, 2022, no one customer represented more than 10% of outstanding accounts receivable. The Company does have more than x% of receivables due from Medicare. As this is a federal health insurance program in the United States, there is nominal credit risk associated with these balances.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**December 31, 2022 and 2021**

**(Tabular dollar amounts expressed in thousands, except per share amounts)**

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#### Currency risk
Currency risk is the risk that the Company will be subject to foreign currency fluctuations in satisfying obligations denominated in foreign currencies. All of the Company's sales and inventory sold and most all of the Company's operating expenses are in US dollars. The Company's purchase price payables in shares and common shares are denominated in Canadian dollars. Cash is maintained in both US dollars and Canadian dollars. Consequently, the Company is exposed to foreign currency exchange fluctuations.

The Company's objective in managing its foreign currency risk is to minimize its net exposures to foreign currency cash flows by holding most of its cash in US dollars. The Company monitors foreign currency exposures and from time to time could authorize the use of derivative financial instruments such as forward foreign exchange contracts to economically hedge a portion of foreign currency fluctuations.

Based on the above net exposure at the three months ended December 31, 2022, depreciation, or appreciation of the US dollar against the Canadian dollar could result in a significant effect on net income or loss. The Company has not employed any foreign currency hedging programs.

#### Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's Facility, which an outstanding principal balance of $8,038,000 as of December 31, 2022, bears interest at variable rates ranging in length from daily to three months.

#### RISK FACTORS
We have disclosed the risk factors affecting our business, financial condition, and operating results in the section entitled "Risk Factors" in our Annual Report for the year ended September 30, 2022. There have been no material changes from the risk factors previously disclosed.

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## Exhibit 99.3

**Exhibit 99.3**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, Gregory Crawford, as Chief Executive Officer of Quipt Home Medical Corp., certify the following:

1. **Review**: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Quipt Home Medical Corp. (the "issuer") for the interim period ended December 31, 2022.

2. **No misrepresentations:** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. **Fair presentation**: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. **Responsibility**: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. **Design**: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 **Control framework**: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is COSO Internal Control Integrated Framework.

5.2 **N/A**

5.3 **Limitation on scope of design**: The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. **Reporting changes in ICFR**: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2022 and ended on December 31, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: February 13, 2023

*/s/Gregory Crawford*

Gregory Crawford

Chief Executive Officer

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## Exhibit 99.4

**Exhibit 99.4**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, Hardik Mehta, as Chief Financial Officer of Quipt ‎Home Medical Corp., certify the following:

1. **Review**: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Quipt Home Medical Corp. (the "issuer") for the interim period ended December 31, 2022.

2. **No misrepresentations**: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. **Fair presentation**: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. **Responsibility**: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. **Design**: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 **Control framework**: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is COSO Internal Control Integrated Framework.

5.2 **N/A**

5.3 **Limitation on scope of design**: The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer(s) and I have limited the scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer's financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. **Reporting changes in ICFR**: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2022 and ended on December 31, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Dated: February 13, 2023

<u>*(signed) "Hardik Mehta"*</u> <br> Hardik Mehta <br> Chief Financial Officer

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## Exhibit 99.5

**Exhibit 99.5**

**QUIPT HOME MEDICAL REPORTS RECORD FIRST QUARTER FISCAL 2023 FINANCIAL RESULTS POSTING POSITIVE NET INCOME, REVENUE GROWTH OF 38% AND ADJUSTED EBITDA GROWTH OF 50%** 

**POSTS STRONG ADJUSTED EBITDA MARGIN OF 22% AND SEQUENTIAL ORGANIC GROWTH OF 2%** 

Cincinnati, Ohio – February 13, 2023 – Quipt Home Medical Corp. (the "**Company**") (NASDAQ:QIPT; TSXV:QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced its first quarter fiscal 2023 financial results and operational highlights. These results pertain to the three months ended December 31, 2022 and are reported in U.S. Dollars.

Quipt will host its Earnings Conference Call on Tuesday, February 14, 2023 at 10:00 a.m. (ET). The dial-in number is 1 (800) 319-4610 or 1 (604) 638-5340. The live audio webcast can be found on the investor section of the Company's website through the following link: www.quipthomemedical.com.

**Financial Highlights:**

● Revenue for fiscal Q1 2023 was $40.8 million compared to $29.5 million for fiscal Q1 2022, representing a 38% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Organic growth increased by 2% sequentially compared to fiscal Q4 2022. The Company anticipates organic growth meeting and surpassing historical levels of 8-10% as calendar 2023 progresses.

● Recurring Revenue (as defined below) for fiscal Q1 2023 continues to be strong and exceeded 77% of total revenue.

● Adjusted EBITDA (defined below) for fiscal Q1 2023 was $9.0 million (22.0% margin), compared to Adjusted EBITDA for fiscal Q1 2022 of $6.0 million (20.3% margin), representing a 50% increase year-over-year. The Company expects to continue seeing strong margin performance in fiscal 2023.

● Net income for fiscal Q1 2023 was $325,000 or $0.01 per fully diluted share, compared to a net loss for fiscal Q1 2022 of $2.1 million or ($0.06) per fully diluted share. The Company believes the recent consumer price index updates by the United States Centers for Medicare & Medicaid Services to the Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) fee schedule will have a positive impact on the Company's net income in calendar 2023.

● For fiscal Q1 2023, bad debt expense was at 5.6% of total revenues compared to 8.2% of total revenues in fiscal Q1 2022. This decrease is primarily due to improved collections and is an example of how the Company can scale and add more revenue through add-on acquisitions without compromising billing and collection capabilities.

● Cash flow from continuing operations was $4.8 million for fiscal Q1 2023, compared to $5.1 million for fiscal Q1 2022. The decrease was largely due to the increase in net working capital.

● The Company reported $3.7 million of cash on hand and total credit availability of $101.9 million as of December 31, 2022 with $16.9 million available towards a line of credit and $85.0 million available on a delayed draw term loan (DDTL). The Company paid down $3.9 million of its line of credit during fiscal Q1 2023.

**Operational Highlights:**

● The Company's customer base increased 32% year over year to 99,420 unique patients served in fiscal Q1 2023 from 75,309 unique patients served in fiscal Q1 2022.

● Compared to 118,100 unique set-ups/deliveries in fiscal Q1 2022, the Company completed 146,350 unique set-ups/deliveries in fiscal Q1 2023, an increase of 24%. There were 69,482 respiratory resupply set-ups/deliveries

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during fiscal Q1 2023 compared to 51,137 during fiscal Q1 2022, an increase of 36%, which the Company credits to its continued use of technology and centralized intake processes.

● The Company has seen the supply chain for sleep devices rapidly improve in real time with the expectation that supply levels will be back to pre-pandemic levels in the first half of calendar 2023. The team is actively driving set-ups across the organization to match the robust demand which we feel will continue for the foreseeable future.

● The Company continues to experience robust demand for respiratory equipment, such as oxygen concentrators, ventilators, as well as the CPAP resupply and other supplies business.

● The Company has expanded its sales reach, which now spans across 26 U.S. states with the addition of experienced sales personnel.

**Subsequent Highlights:**

● On January 3, 2023, the Company announced the completed acquisition of Great Elm Healthcare, LLC ()"**Great Elm** "), a clinical respiratory company with locations across eight states in the Midwest, Southwest and Pacific Northwest, for a total purchase price of $80 million (subject to customary adjustments of Great Elm's working capital, existing debt and expenses). Based on an independent quality of earnings report, Great Elm had unaudited revenues for the 12 months ended August 31, 2022 of $60 million ‎with an Adjusted EBITDA (defined below) of $13 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quipt has identified $2 million in cost savings and synergies, which it expects to capture during the first six months post-closing and would result in Great Elm's Anticipated Annualized Adjusted EBITDA (defined below) to be $15 million, representing a purchase price of 5.2x Adjusted EBITDA post cost savings and synergies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Post-acquisition , the Company anticipates Annualized Revenue (defined below) and Anticipated Annualized Adjusted EBITDA of $220 million and $49 million, inclusive of the $2 million of anticipated synergies and cost savings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Post-acquisition, Quipt's Recurring Revenue (defined below) is expected to increase from 77% for the fiscal year ended September 30, 2022, to 82%, on a pro forma basis.

● The Company has now reached 270,000 active patients, 32,500 referring physicians and 115 locations.

**Management Commentary:**

"We are pleased to announce another record quarter in the first quarter of our fiscal year 2023, and we are seeing considerable momentum throughout the business as calendar year 2023 gets underway. Organic growth has returned to historic levels, our Adjusted EBITDA margin has accelerated, supply chain concerns have subsided, and we just completed our largest acquisition to date. The strong performance during the first quarter of the fiscal year is evidence of the ongoing operational excellence in which we take great pride. We are thrilled that our Adjusted EBITDA margin has reached 22% as we get closer to critical scale, and we expect that margins will continue to increase in the future," said CEO and Chairman Greg Crawford.

"Our nationwide expansion of our patient centric ecosystem has been targeted on geographies with a high prevalence of chronic obstructive pulmonary disease (COPD) COPD and we have made tremendous progress reaching 26 states. As we can see from the current environment, a lot is being done to make sure that a patient is treated at home whenever it is practical. Therefore, we will continue to develop our healthcare network through the utilization of our clinical service model, which is based on technological applications like remote patient monitoring, to minimize the load that is being placed on the conventional healthcare system. Given the favorable regulatory environment, the ongoing strong demand for respiratory equipment, the positive demographic trends, and Quipt's continuous operational success across the board, the Company is in the best position it has ever been in as we start 2023."

Chief Financial Officer Hardik Mehta added, "Our exceptional financial and operational success in the first quarter of the fiscal year 2023 has given us a lot to be proud of. It is a remarkable success for the team that we were able to improve our Adjusted EBITDA margin to 22%, recover to 2% sequential organic growth, and post positive net income. We expect our

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margins to remain strong as we progress through 2023 given the continued scaling of the business. In addition, at the beginning of the year, we announced the closing of our most significant acquisition to date, which was the purchase of Great Elm Healthcare. This acquisition encompassed eight states, seven of which had not previously been covered by Quipt. We have been successful in maintaining a conservative net leverage ratio of 1.96x, allowing us to have a significant amount of financial flexibility going ahead. We believe that we will be able to increase the amount of our senior credit facilities as soon as the ‎right opportunity presents itself to us. The combined Annualized Revenue and Anticipated Annualized Adjusted EBITDA for Quipt in real time is $220 million and $49 million, respectively. This figure considers the cost reductions and synergies that resulted from the transaction, which totaled $2 million, but does not include the recent increase in the consumer price index updates to the DMEPOS fee schedule. Given our solid financial position, improved supply chain, and favorable operating climate, we continue to concentrate our efforts on our strong organic growth initiatives, and strategic acquisition candidates that would allow us to expand our company into existing and new favorable geographic areas in the United States."

**ABOUT QUIPT HOME MEDICAL CORP.**

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services, and making life easier for the patient.

***Reader Advisories***

*Readers are cautioned that the financial information regarding Great Elm disclosed herein is unaudited and ‎derived as a result of an independent quality of earnings report as well as the Company's due diligence, including a review of Great Elm's bank statements and ‎tax returns.‎*

*There can be no assurance that any of the potential acquisitions in the Company's pipeline or in negotiations will ‎be completed as proposed or at all and no definitive agreements have been executed. Completion of any ‎transaction will be subject to applicable director, shareholder, and regulatory approvals.‎*

*Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. ‎dollars.‎*

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of ‎the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎*

***Forward-Looking Statements***

*Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions ‎‎as ‎they relate to the Company, including: post integration financial results (Anticipated Annualized Revenue and Anticipated Annualized Adjusted EBITDA); anticipated pro forma cost ‎savings and synergies and the timing of capturing them; the Company anticipating organic growth meeting and surpassing historical levels of 8-10% as calendar 2023 progresses; the Company expecting to continue seeing strong margin performance in fiscal 2023; the Company believing the recent consumer price index updates to the DMEPOS fee schedule will have a positive impact on the Company's net income in calendar 2023; the Company believing there will be robust demand for set-ups/deliveries for the foreseeable future; the Company expecting that margins will continue to increase in the future; the Company expecting margins to remain strong through 2023; and the Company being able to expand its senior credit facilities when opportunities arise; are intended to ‎identify forward-looking information. All statements ‎other than statements of ‎historical fact may be forward-‎looking information. Such statements reflect the ‎Company's current views and ‎intentions with respect to future ‎events, and current information available to the ‎Company, and are subject to ‎certain risks, uncertainties and ‎assumptions, including: the Acquisition achieving ‎results at least as good as ‎historical performances; the ‎financial information regarding the Acquisition being ‎verified when included in the ‎Company's consolidated ‎financial statements prepared in accordance with ‎generally accepted accounting ‎principles in Canada as set out ‎in the CPA Canada ‎Handbook – Accounting under ‎Part I, which incorporates ‎International Financial ‎Reporting ‎Standards as issued by the International Accounting ‎Standards Board‎;‎ $2* 

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*million of cost savings and synergies, with all other projected elements remaining the same based on ‎historical performance‎; and the ‎Company successfully identified, ‎negotiating and completing additional acquisitions, ‎including accretive ‎acquisitions. Many factors could cause the actual ‎results, ‎performance or achievements that may be expressed ‎or implied by such forward-looking information to ‎vary from ‎those described herein should one or more of these ‎risks or uncertainties materialize. Examples of such ‎risk factors ‎include, without limitation: credit; market ‎‎(including equity, commodity, foreign exchange and interest ‎rate); ‎liquidity; operational (including technology ‎and infrastructure); reputational; insurance; strategic; ‎regulatory; legal; ‎environmental; capital adequacy; the ‎general business and economic conditions in the regions ‎in which the ‎Company operates; the ability of the ‎Company to execute on key priorities, including the successful ‎completion of ‎acquisitions, business retention, and ‎strategic plans and to attract, develop and retain key ‎executives; difficulty ‎integrating newly acquired businesses; ‎the ability to implement business strategies and ‎pursue business opportunities; low profit ‎market segments; ‎disruptions in or attacks (including cyber-attacks) on ‎the Company's information technology, ‎internet, network ‎access or other voice or data communications systems or ‎services; the evolution of various types ‎of fraud or other ‎criminal behavior to which the Company is exposed; the ‎failure of third parties to comply with ‎their obligations to ‎the Company or its affiliates; the impact of new and ‎changes to, or application of, current ‎laws and regulations; ‎decline of reimbursement rates; dependence on few ‎payors; possible new drug discoveries; a ‎novel business model; ‎dependence on key suppliers; granting of permits ‎and licenses in a highly regulated ‎business; the overall difficult ‎litigation environment, including in the U.S.; ‎increased competition; changes in ‎foreign currency rates; increased ‎funding costs and market volatility due to ‎market illiquidity and competition for ‎funding; the availability of funds ‎and resources to pursue operations; ‎critical accounting estimates and changes ‎to accounting standards, policies, ‎and methods used by the Company; ‎the occurrence of natural and unnatural ‎catastrophic events and claims ‎resulting from such events; and risks ‎related to COVID-19 including various ‎recommendations, orders and ‎measures of governmental authorities to try ‎to limit the pandemic, including travel ‎restrictions, border closures, ‎non-essential business closures, quarantines, ‎self-isolations, shelters-in-place and social distancing, ‎disruptions ‎to markets, economic activity, financing, ‎supply chains and sales channels, and a deterioration of general ‎economic ‎conditions including a possible ‎national or global recession; as well as those risk factors discussed or ‎referred to ‎in the Company's disclosure ‎documents filed with United States Securities and Exchange Commission ‎and ‎available at www.sec.gov, and with ‎the securities regulatory authorities in certain provinces of Canada and ‎‎available at www.sedar.com. Should any ‎factor affect the Company in an unexpected manner, or should ‎‎assumptions underlying the forward-looking ‎information prove incorrect, the actual results or events may differ ‎‎materially from the results or events predicted. ‎Any such forward-looking information is expressly qualified in its ‎‎entirety by this cautionary statement. Moreover, ‎the Company does not assume responsibility for the accuracy or ‎‎completeness of such forward-looking ‎information. The forward-looking information included in this press release ‎‎is made as of the date of this press ‎release and the Company undertakes no obligation to publicly update or revise ‎‎any forward-looking information, ‎other than as required by applicable law‎.‎*

***Non-GAAP Measures***

*This press release refers to "Annualized Revenue", "Recurring Revenue", "Adjusted EBITDA", "Annualized Adjusted EBITDA" and "Anticipated Annualized Adjusted EBITDA", which are non-‎GAAP and non-IFRS financial measures that do not have standardized meanings prescribed by GAAP or IFRS. The ‎Company's presentation of these financial measures may not be comparable to similarly titled measures used by ‎other companies. These financial measures are intended to provide additional information to investors concerning ‎the Company's performance.‎*

*Annualized Revenue as used in this press release is calculated as Quipt's total revenues for the three months ended September 30, 2022 of $40 million multiplied by four, or $160 million, plus Great Elm revenue for the twelve months ended August 31, 2022 of $60 million, for a total of $220 million.*

*Recurring Revenue for Quipt for the three months ended December 31, 2022, as used in this press release is calculated as rentals of medical equipment of $18.4 million plus sales of respiratory resupplies of $13.0 million for a total of $31.4 million, divided by total revenues of $40.8 million, or 77%.*

*Recurring Revenue for Quipt post-acquisition, as used in this press release is calculated as pro forma rentals of medical equipment of $91 ‎million ($69 million from Quipt and $22 million from Great Elm) plus sales of respiratory resupplies of $72 million ‎‎($41 million from Quipt and $31 million from Great Elm) for a total of $163 million, divided by total pro forma ‎revenues of $200 million (Quipt reported $140 million for the year ended September 30, 2022, plus Great Elm of ‎‎$60 million for the twelve months ended August 31, 2022), or 82%.‎* 

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*EBITDA is defined as net income (loss), excluding interest, income taxes, depreciation, amortization.. Adjusted EBITDA is defined as net income (loss), excluding interest, income taxes, depreciation, amortization, ‎change in fair value of derivative financial liabilities, stock-based compensation, other income from government ‎grant, loss on extinguishment of debt, loss on settlement of shares to be issued, acquisition-related and other transaction costs, and change in fair value of derivatives. ‎EBITDA and Adjusted EBITDA are a non-IFRS measure the Company uses as an indicator of financial health and excludes ‎several items which may be useful in the consideration of the financial condition of the Company. The following table shows our Non-IFRS measure (Adjusted EBITDA) reconciled to our net income for the ‎following indicated periods‎ (in $millions)‎:‎*

*The following table shows the Company's IFRS measures reconciled to EBITDA and Adjusted EBITDA (non-IFRS measures) for the indicated periods (in $millions)*

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| |
|:---|
| Net income (loss) |
| Add back: |
| Depreciation and amortization |
| Interest expense, net |
| Provision (benefit) for income taxes |
| EBITDA |
| Stock-based compensation |
| Acquisition-related costs |
| Gain (loss) on foreign currency transactions |
| Change in fair value of debentures and warrants |
| Adjusted EBITDA |

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*Annualized Adjusted EBITDA as used in this press release is calculated as Quipt's Adjusted EBITDA for the three months ended September 30, 2022 of $8.4 million multiplied by four, or $33.2 million, plus Great Elm's Adjusted EBITDA of $13.4 million, for a total of $47 million.*

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Quipt<br>Three months ended<br>September 30, 2022<br>(audited) | &nbsp;&nbsp;Great Elm<br>Twelve months ended<br>August 31, 2022<br>(unaudited) |
| &nbsp;&nbsp;Net income (loss) from continuing operations | &nbsp;&nbsp; $1.8  | &nbsp;&nbsp; $(2.0) |
| &nbsp;&nbsp;Add back: | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp; 7.2  | &nbsp;&nbsp; 8.3  |
| &nbsp;&nbsp;Interest expense, net | &nbsp;&nbsp; 0.6  | &nbsp;&nbsp; 6.1  |
| &nbsp;&nbsp;(Recovery of) provision for income taxes | &nbsp;&nbsp; (2.4) | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;EBITDA | &nbsp;&nbsp; 7.2  | &nbsp;&nbsp; 12.4  |
| &nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp; 0.9  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;Acquisition-related and other transaction costs | &nbsp;&nbsp; 0.1  | &nbsp;&nbsp; 0.6  |
| &nbsp;&nbsp;Other income from government grant | &nbsp;&nbsp; (0.6) | &nbsp;&nbsp; (2.3) |
| &nbsp;&nbsp;Gain (loss) on foreign currency transactions | &nbsp;&nbsp; 0.1  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;Loss on extinguishment of debt | &nbsp;&nbsp; 0.3  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;Loss on settlement of shares to be issued | &nbsp;&nbsp; 0.4  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp;Change in fair value of derivatives | &nbsp;&nbsp; 0.1  | &nbsp;&nbsp; 2.1  |
| &nbsp;&nbsp;Parent company management fee | &nbsp;&nbsp; -  | &nbsp;&nbsp; 0.4  |
| &nbsp;&nbsp;Other  | &nbsp;&nbsp; (0.1) | &nbsp;&nbsp; 0.2  |
| &nbsp;&nbsp;Adjusted EBITDA | &nbsp;&nbsp; $8.4  | &nbsp;&nbsp; $13.4  |

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*Anticipated Annualized Adjusted EBITDA as used in this press release is calculated as Annualized Adjusted EBITDA, as defined above, of $13 million for Great Elm and $47 million for the combination of Quipt and Great Elm, plus $2 million of identified cost savings and synergies, for a total of $15 million for Great Elm and $49 million for the combination of Quipt and Great Elm.*

For further information please visit our website at www.Quipthomemedical.com, or contact:‎

Cole Stevens

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VP of Corporate Development

Quipt Home Medical Corp.‎

‎859-300-6455‎

cole.stevens@myquipt.com

Gregory Crawford

Chief Executive Officer

Quipt Home Medical Corp.‎

‎859-300-6455‎

investorinfo@myquipt.com

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