PROTECH COMPANIES CONTINUES RAPID EXPANSION WITH OPENING OF TWO NEW LOCATIONS FOCUSED ON RESPIRATORY THERAPY PRODUCTS AND SERVICES
ACCELERATING SCALE BY EXPANDING GEOGRAPHICAL OPERATING FOOTPRINT WITH NEW LOCATION IN FLORIDA AND NEW HAMPSHIRE
CINCINNATI, March 16, 2021 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (“Protech” or the “Company”) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that it has accelerated its organic growth initiatives with the opening of a new location in Daytona Beach, Florida and Concord, New Hampshire.
The Company has opened a new location in Daytona Beach, Florida, which is expected to boost its ongoing early expansion efforts in the State. The new location in Daytona Beach will have a heavily respiratory weighted product mix which is expected to help the Company reach surrounding areas at an accelerated pace, as well as cut down on logistical costs. On February 2, 2021, the Company acquired Mayhugh’s Medical Equipment (“MME”) in Jacksonville, Florida to begin building a foundation poised for growth in the new State. MME added 10,000 active patients to Protech’s patient population, and the Company is well into the integration process. The Company’s plan continues to be to utilize its existing highly scalable infrastructure to grow the patient base and anticipates adding additional locations either through organic opportunities such as Daytona Beach or through inorganic opportunities that may present themselves.
The Company has also opened a new location in Concord, New Hampshire. Concord is the Capital of New Hampshire and allows Protech to further penetrate the State and surrounding regions. The location will have a heavily weighted respiratory product mix and leverage the infrastructure on the ground in New Hampshire to quickly scale.
Protech expects to derive strong revenue synergies from the initiative of opening new locations organically and will continue to implement its high touch service model in both new locations.The Company is pleased to share the following current financial and operating metrics. Please note these metrics do not include potential future acquisitions or ongoing organic growth initiatives:
• Run-Rate Revenue of USD$100-$105 million
• 120,000 current active patients
• 17,000 unique referrals
• 51 locations across 11 U.S. States
“With the addition of new locations in Florida and New Hampshire we continue our aggressive path of scaling our business. We believe coupling organic initiatives such as strategically opening new locations, combined with our robust acquisition plans has significantly widened our aperture of opportunity for our business,” said Greg Crawford, Chairman and CEO of Protech. “Our patient centric model leveraging our interconnected healthcare platform is providing us much opportunity to gain market share and this is just the beginning for us. We have additional plans to increase our footprint in current markets as well as adding new markets in our pursuit of becoming a leading national provider of respiratory therapy products and services in the home. Moreover, we must ensure our brand aligns with our mission, ensuring we are building strong brand equity to further accelerate organic growth opportunities, and we expect to have more to share on this front in the near future. Finally, we are incredibly excited about our deep pipeline of potential acquisition targets, which we expect to be very busy in the near term and look forward to updating shareholders when appropriate.”