A medical equipment company based in Wilder has applied to have its shares traded on the Nasdaq Capital Market stock exchange.
Protech Home Medical Corp. distributes home medical equipment, specializing in respiratory care. The company’s shares are currently publicly traded in Canada on the TSX Venture Exchange and on the OTC Markets.
“This marks a significant milestone in our company’s life cycle,” says Chairman and CEO Greg Crawford. “We are excited about substantially increasing our exposure and accessibility to the U.S. capital markets sphere and to U.S. based institutional and retail investors.”
Protech provides home delivery and set-up of equipment for chronic conditions. The company says it operates out of 48 locations in 10 states, and serves approximately 110,000 current, active patients.
Protech has been aggressively expanding in recent months. This week, it announced the acquisition of a Florida-based home respiratory care company called Mayhugh’s Medical Equipment, a company with annual revenue of approximately $7 million. Protech said it paid $5.8 million for the company, which it said will add 5,000 patients to its subscription-based resupply program.
And in October, it announced the acquisition of a Georgia-based sleep therapy company called Sleepwell LLC, one of two acquisitions it reported in 2020.
Crawford says Protech has a “deep pipeline of potential acquisition targets, which we expect to be very busy moving through the funnel in the months to come.”
The company said in November it expects its 2020 revenue to be in the range of $26.1 million to $25.5 million. Its final 2020 results have not been reported yet.
The company says it has more than $28 million in cash and a $20 million revolving credit facility with CIT Bank.
The Nasdaq Capital Market is one of three tiers of the Nasdaq Stock Market, and is designed for companies with relatively small levels of market capitalization.
Over the last 52 weeks, Protech shares have traded in the range of $1.85 to $2.28 per share.
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