US Market News
1月前
InfuSystem Announces Financial Results for First Quarter 2026May 7, 2026 6:30 AM
Business Wire Net Revenues of $33.7 million Representing a 3% Reduction from the Prior Year
Net income of $1.0 million
Adjusted EBITDA (non-GAAP) of $6.4 million
Adjusted EBITDA (non-GAAP) margin expanded by 1% to 19%
Reaffirms Full-Year 2026 Guidance InfuSystem Holdings, Inc. (NYSE American:INFU) (“InfuSystem” or the “Company”), a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, today reported financial results for the first quarter ended March 31, 2026. 2026 First Quarter Overview: Net revenues totaled $33.7 million, a decrease of 3% vs. prior year. Patient Services net revenue was $22.1 million, an increase of 6% vs. prior year. Device Solutions net revenue was $11.6 million, a decrease of 17% vs. prior year. Gross profit was $19.7 million, an increase of 3% vs. prior year. Gross margin was 58%, an increase of 3% vs. prior year. Net income was $1.0 million, or $0.05 per diluted share vs. prior year net loss of $0.3 million, or $0.01 per diluted share. Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was $6.4 million, even with the prior year. Adjusted EBITDA margin was 18.9% an increase of 0.7% vs. prior year. Stock Repurchases totaled $856 thousand for the quarter. Company liquidity totaled $57.1 million, as of March 31, 2026. Management Discussion Carrie Lachance, Chief Executive Officer of InfuSystem commented, “Overall, we delivered a solid quarter that reflects both disciplined execution and meaningful strategic progress. While GAAP revenue declined modestly year over year to $33.7 million, that decline was expected and resulted from the strategic decision to restructure our GE Healthcare biomedical services contract. On a pro-forma basis, net revenue grew 1.7%, and just as importantly, profitability held strong. We delivered $6.4 million of Adjusted EBITDA, essentially flat year over year, due to margins improving to 18.9%. As previously discussed, reducing revenue to improve our overall profitability was a deliberate and, we believe, value-accretive decision. The restructuring reduced first-quarter revenue by $1.6 million, but it enabled a significantly larger reduction in direct contract expenses. While GAAP revenue is lower, the economics of the business are better, and that’s clearly showing up in our Adjusted EBITDA performance.” “Wound care continues to be an exciting growth engine for InfuSystem. First-quarter net revenue reached $2.1 million, more than doubling year-over-year. While currently just 6% of total revenue, we believe the growth rate indicative of the new therapy’s potential. Roughly 60% of the year-over-year growth came from compression devices, which we began rolling out last year and expanded further this quarter. We initially introduced Pneumatic Compression Devices, which are highly effective at treating even the most high risk, chronic patient conditions. This quarter, we added Adjustable Compression Wraps, which are less complex and suitable for a much broader group of lymphedema patients. This significantly expands our addressable market and positions us well for sustained growth in the wound care category.” “On March 1, 2026, after nearly two years of intense preparation, we successfully went live on our new ERP system. I would call this transformational. While implementations of this scale always come with early-stage adjustments, the hardest part is behind us. This system completely changes how we operate. Our data is now integrated, workflows are connected, and processes are standardized across the business. The benefits span the entire organization. We expect improved productivity, better cost and margin visibility, stronger pricing insights, more efficient utilization of our medical device fleet, and improved working capital management. Just as important, the ERP gives us a scalable platform to support future growth. We’re already identifying enhancements that offer fast payback and high returns,” concluded Ms. Lachance. 2026 First Quarter Financial Review Net revenues for the quarter ended March 31, 2026 (“2026 First Quarter”) were $33.7 million, a decrease of $1.0 million, or 3%, compared to $34.7 million for the quarter ended March 31, 2025 (“2025 First Quarter”). As we announced during our review of the 2025 third quarter, we restructured our largest biomedical services contract and, consequently, we started 2026 at a reduced revenue volume of $1.6 million, or 4.6%, for the 2026 First Quarter and $7.1 million, or 5.5% for the full year. This was a necessary change that has had an immediate favorable impact on our reported earnings and cash flows since we also achieved an even larger reduction in our expenses. After adjusting for this decrease, our pro-forma growth rate was 1.7% during the 2026 First Quarter as compared with the prior year period. Patient Services net revenue of $22.1 million increased $1.3 million, or 6%, during the 2026 First Quarter compared to the 2025 First Quarter. This increase was primarily attributable to additional treatment volume in Oncology and Wound Care which were partially offset by a lower amount in Pain Management. The improved volume and collections benefited Oncology revenue by $0.4 million or 2.4%, and Wound Care treatment revenue by $1.1 million, or 116.0%. Pain Management revenue decreased by $0.2 million, or 15.1%. The Wound Care net revenues included sales of compression therapy devices stemming from two new supplier relationships which were added after the end of the three-month period of 2025. Sales for the first of these new supplier relationships, which include Pneumatic Compression Devices (PCD’s), started during the third quarter of 2025 and the second supplier relationship, which is a manufacturer of Adjustable Compression Wraps (ACW’s), began during the current period. On a combined basis, compression therapy devices represented over 60% of the growth in Wound Care. Device Solutions net revenue of $11.6 million decreased $2.4 million, or 17%, during the 2026 First Quarter compared to the 2025 First Quarter. This decrease included a reduction in biomedical services revenue of $1.3 million, equipment rentals of $0.4 million and equipment sales of $1.0 million. These decreases were partially offset by an increase in disposable medical supplies of $0.3 million. A portion of the decrease in biomedical services revenue totaling $1.6 million reflected a reduction in the volume and service level of devices on contract with GE Healthcare which, as mentioned above, was restructured during the third quarter of 2025. These decreases were partially offset by additional volume with other customers. The decrease in rental revenue and the decreased equipment sales are both related to a large customer rental buyout that began in the 2025 First Quarter. The buyout elevated the amount of equipment sales in the prior year and reduced quarterly rental revenues during the subsequent quarters including the current quarter. Gross profit of $19.7 million for the 2026 First Quarter increased $0.5 million, or 3%, from $19.2 million for the 2025 First Quarter. This increase was due to the increase in gross margin partially offset by the lower net revenues. Gross margin increased to 58.4% during the three-month period of 2026 compared to 55.2% during the same prior year period. Gross profit was higher in the Patient Services segment and lower in the Devices Solutions segments. Gross margin was higher for both segments. Patient Services gross profit was $14.3 million during the 2026 First Quarter, representing an increase of $1.1 million, or 9%, compared to the 2025 First Quarter. The improvement reflected increased net revenue and a higher gross margin, which increased from the prior year by 1.3% to 64.8%. The increase in gross margin reflected lower pump disposal and maintenance expenses offset partially by unfavorable product mix favoring lower gross margin revenue categories. Pump disposal expenses include retirements of damaged pumps and reserves for missing pumps. Pump maintenance expenses include annual preventative maintenance certification and repairs and are performed by the Device Solutions segment. On a combined basis pump disposal and maintenance expenses decreased by $0.3 million during the 2026 First Quarter compared to the prior year period. The unfavorable gross margin mix was mainly related to the increase in revenue related to wound care treatments, which have lower average gross margin than other Patient Services revenue categories. Device Solutions gross profit during the 2026 First Quarter was $5.4 million, representing an decrease of $0.6 million, or 10%, compared to the 2025 First Quarter. The decrease was due to the reduction in net revenue offset partially by an increase in gross margin. The Device Solutions gross margin was 46.3% during the current period, which was 3.4% higher than the same prior year period. This increase in gross margin was primarily due to the aforementioned restructuring of the biomedical services contract with GE Healthcare which resulted in reduced expenses greater than the related reduction in net revenue. Reduced contract expenses included a reduction in biomedical personnel, a reduced amount of medical device replacement parts and lower travel expenses. These impacts improved the gross margin for the device solutions segment by 7.2%. Additional gross margin improvements totaling 0.6% were achieved though ongoing initiatives focused on improved procurement costs of materials and increased biomedical productivity. These benefits in gross margin were partially offset by cost inflation impacts from increased employee wage rates and higher healthcare expenses, which on a combined basis, reduced the Device Solutions segment gross margin by 2.5%, and unfavorable product mix impacts disfavoring higher gross margin revenues, such as rental revenue and sales of used equipment, which reduced gross margin by 1.9%. Higher wages were the result of typical annual merit and cost of living increases, however, the increase in the cost of health care benefits were significantly higher than amounts experience in prior years. Selling and marketing expenses for the 2026 First Quarter were $3.1 million, representing an increase of $0.1 million, or 3%, compared to selling and marketing expenses for the 2025 First Quarter. Selling and marketing expenses as a percentage of net revenues was 9.1% representing a increase from the prior year period amount of 8.6%. This increase reflected an increase in sales team headcount, increased travel expenses and inflationary impacts including an increase in employee healthcare expenses. These amounts were partially offset by a reduction in commission expenses. General and administrative (“G&A”) expenses for the 2026 First Quarter were $14.8 million, a decrease of $0.5 million, or 3%, from the 2025 First Quarter. The amount for the three-month period of 2025 included a one-time accrued severance expense of $1.0 million for the Company's outgoing CEO. Additional reductions included a $0.3 million reduction in the accrual for management bonuses, lower accounting fees totaling $0.2 million and $0.1 million in reduced travel expenses. These decreases were partially offset by increases in other expenses including; $0.4 million in increased expenses related to information technology and business applications upgrades including the replacement of the Company’s enterprise resource planning system (ERP), additional personnel directly related to the increased Patient Services net revenue including revenue cycle personnel totaling $0.3 million, a $0.1 million increase in stock-based compensation expenses and cost inflation impacts from increased employee wage rates and higher healthcare expenses totaling $0.4 million. The ERP system upgrade project expenses were higher during the current period due to a higher intensity of activities related to the go-live phase of the project which occurred on March 1, 2026. While additional costs are expected to be incurred during the post go-live phase to support system stabilization and enhancement activities, project expenses are expected to begin to taper down during future quarterly periods. Higher wages were the result of typical annual merit and cost of living increases, however, the increase in the cost of health care benefits were significantly higher than amounts experience in prior years. General and Administrative expenses as a percentage of net revenues for the three-month period of 2026 decreased to 43.9% compared to 44.1% for the same prior year period. Net income for the 2026 First Quarter was $1.0 million, or $0.05 per diluted share, compared to a net loss of $0.3 million, or $0.01 per diluted share for the 2025 First Quarter. Adjusted EBITDA, a non-GAAP measure, for the 2026 First Quarter was $6.4 million, or 18.9% of net revenue, and increased by $32 thousand compared to Adjusted EBITDA for the 2025 First Quarter of $6.3 million, or 18.2% of prior period net revenue. Balance sheet, cash flows and liquidity During the three-month period ended March 31, 2026, operating cash flow provided cash totaling $1.0 million compared with $1.8 million during the same period in 2025. The decrease reflected a higher increase in working capital during 2026. Capital expenditures, which include purchases of medical devices, totaled $1.8 million during the three-month period of 2026 which was $1.6 million, or 46%, lower than the amount purchased during the same prior year period reflecting revenue growth in business lines that are less capital intensive such as wound care and sales of disposable medical supplies. Also during the three-month period ended March 31, 2026, the Company repurchased $0.8 million of its Common Stock. As of March 31, 2026, available liquidity totaled $57.1 million and consisted of $55.0 million in available borrowing capacity under the Company's revolving line of credit plus cash and cash equivalents of $2.1 million. Net debt, a non-GAAP measure (calculated as total debt of $19.6 million less cash and cash equivalents of $2.1 million) as of March 31, 2026 was $17.5 million representing an increase of $1.1 million as compared to net debt of $16.4 million as of December 31, 2025 (calculated as total debt of $19.6 million less cash and cash equivalents of $3.2 million). Our ratio of Adjusted EBITDA to net debt (non-GAAP) for the last four quarters was 0.56 to 1.00 (calculated as net debt of $17.5 million divided by Adjusted EBITDA of $31.5 million). Full Year 2026 Guidance InfuSystem is reaffirming annual net revenue guidance for the full year 2026. After adjusting for the impact of the reduced revenue related to the GE Healthcare contract restructuring, pro-forma net revenue growth is estimated to be between 6% to 8% for 2026. We also are continuing to forecast Adjusted EBITDA margin (non-GAAP) to be in the mid to low 20%'s. This includes the implementation expenses for the Company's upgraded information technology systems which went on-line on March 1, 2026. The Company intends to continue to update its annual guidance throughout the year. The full year 2026 guidance reflects management’s current expectations for operational performance, given the current market conditions. This includes our best estimate of revenue and Adjusted EBITDA. The Company and its businesses are subject to certain risks, including those risk factors discussed in our most recent Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Conference Call The Company will conduct a conference call for all interested investors on Thursday, May 7, 2026, at 9:00 a.m. Eastern Time to discuss its first quarter 2026 financial results. The call will include discussion of Company developments, forward-looking statements and other material information about business and financial matters. To participate in this call, please dial (833) 366-1127 or (412) 902-6773, or listen via a live webcast, which is available in the Investors section of the Company’s website at https://ir.infusystem.com/. A replay of the call will be available by visiting https://ir.infusystem.com/ or by calling (855) 669-9658 or (412) 317-0088, replay access code 1097864, through August 7, 2026. Non-GAAP Measures This press release contains information prepared in conformity with GAAP as well as non-GAAP financial information. Non-GAAP financial measures presented in this press release include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, net debt and Adjusted EBITDA to net debt ratio. The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the Company’s management, investors and other interested parties about the Company’s operating performance because they allow them to understand and compare the Company’s operating results during the current periods to the prior year periods in a more consistent manner. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP, and similarly titled non-GAAP measures may be calculated differently by other companies. The Company calculates those non-GAAP measures by adjusting for non-recurring or non-core items that are not part of the normal course of business. A reconciliation of those measures to the most directly comparable GAAP measures is provided in the accompanying schedule, titled “GAAP to Non-GAAP Reconciliation” below. Future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the accompanying schedule below. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as non-core, nonrecurring, unusual or unanticipated changes, expenses or gains or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP guidance to the most comparable GAAP measures and, therefore, such comparable GAAP measures and reconciliations are excluded from this release in reliance upon applicable SEC staff guidance. About InfuSystem Holdings, Inc. InfuSystem Holdings, Inc. (NYSE American:INFU), is a leading national healthcare service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers. INFU services are provided under a two-platform model. The first platform is Patient Services, providing last-mile solutions for clinic-to-home healthcare where the continuing treatment involves complex durable medical equipment and services. The Patient Services segment is comprised of Oncology, Pain Management and Wound Therapy businesses. The second platform, Device Solutions, supports the Patient Services platform and leverages strong service orientation to win incremental business from its direct payer clients. The Device Solutions segment is comprised of direct payer rentals, pump and consumable sales, and biomedical services and repair. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Massachusetts, Texas and Ontario, Canada. Forward-Looking Statements The financial results in this press release reflect preliminary results, which are not final until the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2026 is filed. In addition, certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to future actions, our share repurchase program and capital allocation strategy, business plans, strategic partnerships, growth initiatives, objectives and prospects, future operating or financial performance, guidance and expected new business relationships and the terms thereof (including estimated potential revenue under new or existing contracts). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “goal,” “expect,” “strategy,” “future,” “likely,” variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Forward-looking statements are subject to factors, risks and uncertainties that could cause actual results to differ materially, including, but not limited to, our ability to successfully execute on our growth initiatives and strategic partnerships, our ability to enter into definitive agreements for the new business relationships on expected terms or at all, our ability to generate estimated potential revenue amounts under new or existing contracts, the uncertain impact of disruptions caused by public health emergencies or extreme weather or other climate change-related events, our dependence on estimates of collectible revenue, potential litigation, changes in third-party reimbursement processes, changes in law, global financial conditions and recessionary risks, rising inflation and interest rates, supply chain disruptions, systemic pressures in the banking sector, including disruptions to credit markets, the Company's ability to remediate any material weaknesses in internal control over financial reporting, contributions from acquired businesses or new business lines, products or services and other risk factors disclosed in the Company’s most recent Annual Report on Form 10-K and, to the extent applicable, quarterly reports on Form 10-Q. Our strategic partnerships are subject to similar factors, risks and uncertainties. All forward-looking statements made in this press release speak only as of the date hereof. We do not undertake any obligation to update any forward-looking statements to reflect future events or circumstances, except as required by law. Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com. FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended
March 31, (in thousands, except share and per share data) 2026 2025 Net revenues $ 33,684 $ 34,716 Cost of revenues 14,002 15,549 Gross profit 19,682 19,167 Selling, general and administrative expenses: Amortization of intangibles 209 248 Selling and marketing 3,080 2,985 General and administrative 14,803 15,316 Total selling, general and administrative 18,092 18,549 Operating income 1,590 618 Other expense: Interest expense (255 ) (336 ) Other income (expense) 82 (29 ) Income before income taxes 1,417 253 Provision for income taxes (400 ) (520 ) Net income (loss) $ 1,017 $ (267 ) Net income (loss) per share: Basic $ 0.05 $ (0.01 ) Diluted $ 0.05 $ (0.01 ) Weighted average shares outstanding: Basic 20,211,045 21,125,019 Diluted 20,893,767 21,125,019 INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SEGMENT REPORTING
(UNAUDITED) Three Months Ended
March 31, Better/ (Worse) (in thousands) 2026 2025 Net revenues: Patient Services $ 22,105 $ 20,774 $ 1,331 Device Solutions 13,221 15,824 (2,603 ) Less: elimination of inter-segment revenues (a) (1,642 ) (1,882 ) 240 Total Device Solutions 11,579 13,942 (2,363 ) Total 33,684 34,716 (1,032 ) Gross profit: Patient Services 14,323 13,185 1,138 Device Solutions 5,359 5,982 (623 ) Total $ 19,682 $ 19,167 $ 515 (a) Inter-segment allocations are for cleaning and repair services performed on medical equipment. INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(UNAUDITED) NET INCOME TO EBITDA, ADJUSTED EBITDA, NET INCOME MARGIN, ADJUSTED EBITDA MARGIN AND NET REVENUE GROWTH RATE TO PRO FORMA REVENUE GROWTH RATE: Three Months Ended
March 31, (in thousands) 2026 2025 GAAP net income (loss) $ 1,017 $ (267 ) Adjustments: Interest expense 255 336 Income tax provision 400 520 Depreciation 3,045 3,072 Amortization 209 248 Non-GAAP EBITDA $ 4,926 $ 3,909 Stock compensation costs 1,233 1,108 Medical equipment reserve and disposals (1) 187 222 Management reorganization/transition costs (2) — 1,028 Certain other non-recurring costs 9 56 Non-GAAP Adjusted EBITDA $ 6,355 $ 6,323 GAAP Net Revenues $ 33,684 $ 34,716 Net Revenue Growth from Prior Year (3.0 )% Pro-Forma Net Revenue Adjustment (3) $ — $ (1,605 ) Non-GAAP Pro-Forma Net Revenue $ 33,684 $ 33,111 Non-GAAP Pro-Forma Net Revenue Growth from Prior Year 1.7 % Net Income Margin (4) 3.0 % (0.8 )% Non-GAAP Adjusted EBITDA Margin (5) 18.9 % 18.2 % Business Application (“ERP”) Upgrade Investment (6) $ 883 $ 466 (1) Amounts represent a non-cash (benefit) expense recorded to adjust the reserve for missing medical equipment and is being added back due to its similarity to depreciation. (2) Includes severance compensation for the outgoing CEO totaling $1.0 million. (3) Amount represents effect on net revenue related to a restructuring of a Biomedical Services Contract which took effect on January 1, 2026. Net revenue adjustment amount for 2025 presents the impact as though the change in the contract had occurred on January 1, 2025. (4) Net Income Margin is defined as GAAP Net Income as a percentage of GAAP Net Revenues. (5) Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues. (6) Represents expenses associated with a project to upgrade the Company’s information technology and business applications including a replacement of our main enterprise resource planning (“ERP”) application. The project was launched during the second quarter of 2024 and was completed during the first quarter of 2026. Amounts are included in GAAP net income and have not been added back in the measurement of Non-GAAP Adjusted EBITDA. INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) As of (in thousands, except par value and share data) March 31,
2026 December 31,
2025 ASSETS Current assets: Cash and cash equivalents $ 2,106 $ 3,186 Accounts receivable, net 23,980 22,901 Inventories, net 5,832 5,391 Other current assets 4,744 4,858 Total current assets 36,662 36,336 Medical equipment for sale or rental 3,669 4,589 Medical equipment in rental service, net of accumulated depreciation 34,255 34,456 Property & equipment, net of accumulated depreciation 3,217 3,359 Goodwill 3,710 3,710 Intangible assets, net 6,656 6,866 Operating lease right of use assets 3,844 4,178 Deferred income taxes 4,232 4,640 Derivative financial instruments 766 748 Other assets 1,646 1,678 Total assets $ 98,657 $ 100,560 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 9,632 $ 10,821 Other current liabilities 7,510 9,361 Total current liabilities 17,142 20,182 Long-term debt 19,646 19,625 Operating lease liabilities, net of current portion 3,120 3,427 Total liabilities 39,908 43,234 Stockholders’ equity: Preferred stock, $0.0001 par value: authorized 1,000,000 shares; none issued — — Common stock, $0.0001 par value: authorized 200,000,000 shares; 20,178,890 issued and outstanding as of March 31, 2026 and 20,209,636 issued and outstanding as of December 31, 2025 2 2 Additional paid-in capital 118,713 117,461 Accumulated other comprehensive income 575 565 Retained deficit (60,541 ) (60,702 ) Total stockholders’ equity 58,749 57,326 Total liabilities and stockholders’ equity $ 98,657 $ 100,560 INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Three Months Ended March
31, (in thousands) 2026 2025 OPERATING ACTIVITIES Net income (loss) $ 1,017 $ (267 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for doubtful accounts 69 45 Depreciation 3,044 3,072 Loss on disposal of and reserve adjustments for medical equipment 202 257 Loss (gain) on sale of medical equipment 123 (838 ) Amortization of intangible assets 209 248 Amortization of deferred debt issuance costs 21 19 Stock-based compensation 1,233 1,108 Deferred income taxes 400 520 Changes in assets - (increase)/decrease: Accounts receivable (2,250 ) (2,095 ) Inventories (203 ) 433 Other current assets (130 ) 126 Other assets 563 729 Changes in liabilities - (decrease)/increase: Accounts payable and other liabilities (3,328 ) (1,577 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 970 1,780 INVESTING ACTIVITIES Purchase of medical equipment (1,680 ) (3,284 ) Purchase of property and equipment (157 ) (131 ) Proceeds from sale of medical equipment, property and equipment 577 754 NET CASH USED IN INVESTING ACTIVITIES (1,260 ) (2,661 ) FINANCING ACTIVITIES Principal payments on long-term debt (6,145 ) (14,407 ) Cash proceeds from long-term debt 6,145 19,231 Common stock repurchased as part of share repurchase program (809 ) (2,895 ) Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans (165 ) (228 ) Cash proceeds from exercise of options and ESPP 184 159 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (790 ) 1,860 Net change in cash and cash equivalents (1,080 ) 979 Cash and cash equivalents, beginning of period 3,186 527 Cash and cash equivalents, end of period $ 2,106 $ 1,506 View source version on businesswire.com: https://www.businesswire.com/news/home/20260507062705/en/ Barry Steele
Chief Financial Officer
(248) 260-2211 Original: InfuSystem Announces Financial Results for First Quarter 2026
US Market News
3月前
InfuSystem Announces Financial Results for Fourth Quarter and Full Year 2025February 24, 2026 6:30 AM
Business Wire
Full Year 2025 vs. Full Year 2024:
Seventh Consecutive Year of Record Net Revenues: $143.4 million, Up 6%
Net Income Increased to: $6.6 million, Up 183%
Record Adjusted EBITDA (non-GAAP): $31.5 million, Up 24%
Record Operating Cash Flow of $24.4 million, Up 19%:
InfuSystem Holdings, Inc. (NYSE American: INFU), (“InfuSystem” or the “Company”), a leading national healthcare service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Overview:
Net revenues totaled $36.2 million, an increase of 7% vs. prior year.
Patient Services net revenue was $21.9 million, an increase of 5% vs. prior year.
Device Solutions net revenue was $14.4 million, an increase of 10% vs. prior year.
Gross profit was $20.4 million, an increase of 12% vs. prior year.
Gross margin was 56.4%, an increase of 2.6% vs. prior year.
Operating income was $3.7 million, an increase of 42% vs. prior year.
Net income of $2.0 million, an increase of 118% vs prior year.
Earnings per diluted share of $0.10, an increase of 150% vs prior year.
Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was $8.8 million, an increase of 17% vs. prior year.
Adjusted EBITDA margin was 24.3%, an increase of 2.1% vs. prior year.
Net cash provided by operations was $7.1 million, a decrease of 10% vs. prior year.
Full Year Overview:
Net revenues totaled $143.4 million, an increase of 6% vs. prior year.
Patient Services net revenue was $86.5 million, an increase of 8% vs. prior year.
Device Solutions net revenue was $56.9 million, an increase of 4% vs. prior year.
Gross profit was $80.3 million, an increase of 14% vs. prior year.
Gross margin was 56.0%, an increase of 3.8% vs. prior year.
Operating income was $11.9 million, an increase of 73% vs. prior year.
Net income of $6.6 million, an increase of 183% vs. prior year.
Earnings per diluted share of $0.31, an increase of 182% vs. prior year.
Adjusted EBITDA was $31.5 million, an increase of 24% vs. prior year.
Adjusted EBITDA margin was 21.9%, an increase of 3.2% vs. prior year.
Net cash provided by operations was $24.4 million, an increase of 19% vs. prior year.
Company liquidity totaled $58.2 million, as of December 31, 2025.
Management Discussion
Carrie Lachance, Chief Executive Officer of InfuSystem, said, "During the fourth quarter, we closed out the 2025 reporting period by delivering solid top line growth of 7.0%, with full-year Adjusted EBITDA expanding 24% to $31.5 million and strong operating cash flow of $7.1 million. We further strengthened our balance sheet, with net debt declining 30% year-over-year, while returning capital to our shareholders through our share repurchase program, retiring 137 thousand shares in the fourth quarter and 1.3 million shares for the full year."
"During the fourth quarter we continued to make advances on key initiatives that are expected to deliver on our clear mandate to execute with discipline, deliver profitable growth and drive long-term value creation for our shareholders. We made significant progress on our new revenue cycle management platform, which is already lowering claims processing costs and improving billing efficiency, and on our enterprise technology upgrade, which is expected to go live at the end of the first quarter of 2026. We also established new relationships with home healthcare durable medical equipment ("DME") manufacturers. I’m confident that our focus and progress on these initiatives will help us build on the margin expansion and cash flow improvements we delivered in 2025."
"As we announced during our review of the 2025 third quarter, we restructured our largest biomedical services contract and, consequently, we are starting 2026 at a reduced revenue volume of $7.1 million, or 5.5% annually. This was a necessary change that will have an immediate favorable impact on our reported earnings and cash flows since we also expect an even larger reduction in our expenses. This decision reflects our focus on the quality and profitability of our revenue, not just revenue growth. After adjusting for this decrease on a pro-forma basis, we are still expecting annual revenue growth of 6% to 8%. Additionally, we anticipate that our Adjusted EBITDA margin will continue in the mid to low 20% range carrying forward the significant improvements we made over the last two years. This is inclusive of the impact of costs related to our ongoing information technology systems upgrade which are expected to decrease significantly after the first quarter. Our diversified revenue base, strong market position in oncology infusion and growing presence across additional therapy areas, including Wound Care, which delivered over 160% revenue growth in the fourth quarter, provide a strong foundation to accelerate revenue growth in 2026 and beyond. We will look to update and refine our guidance as we move throughout the year,” concluded Ms. Lachance.
2025 Fourth Quarter Financial Review
Net revenues for the quarter ended December 31, 2025 were $36.2 million, an increase of $2.4 million, or 7.0%, compared to $33.8 million for the quarter ended December 31, 2024. The increase was attributable to both the Patient Services and Device Solutions Segments.
Patient Services net revenue of $21.9 million increased $1.1 million, or 5.4%, during the fourth quarter of 2025 as compared to the same prior year period. This increase was primarily attributable to additional treatment volume totaling $1.2 million offset partially by lower revenue from sales-type leases of NPWT pumps. The improved volume increases benefited the Oncology revenue by $0.5 million, or 2.8% and Wound Care treatment revenue by $0.9 million, or 160%, compared to the same prior year period. These increases were partially offset by a lower Pain Management revenue which decreased by $0.2 million, or 11.4%. The Wound Care net revenues included first time sales of Pneumatic Compression Devices ("PCD") stemming from a new supplier relationship.
Device Solutions net revenue of $14.4 million increased $1.3 million, or 9.7%, during the fourth quarter of 2025 as compared to the prior year period. This increase included higher sales of medical equipment totaling $1.0 million and higher biomedical services revenue, which increased by $0.6 million, or 17.4%. These increases were partially offset by a decrease in medical equipment rental revenue of $0.4 million, or 7.2%. The higher sales of medical equipment and lower amount of rental revenue was attributable to customer rental buyouts. The higher Biomedical services reflected volume from new customers and project timing.
Gross profit for the fourth quarter of 2025 of $20.4 million increased $2.2 million, or 12.2%, from $18.2 million for the fourth quarter of 2024. The increase was driven by the increase in net revenues and by a higher gross profit as a percentage of net revenue (i.e., gross margin). Gross margin was 56.4% during the fourth quarter of 2025 as compared to 53.8% during the same prior year period, an increase of 2.6%. Gross profit increased in both the Patient Services and Device Solutions segments. Gross margin increased in the Device Solutions segment, but was lower in the Patient Services segment.
Patient Services gross profit was $13.9 million during the fourth quarter of 2025, representing an increase of $0.5 million compared to the same prior year period. The improvement reflected an increase in net revenues offset partially by a lower gross margin, which decreased from the same prior year period by 1.1% to 63.6%. The lower gross margin was the result of a change in product mix favoring lower margin therapies offset partially by lower device maintenance expenses.
Device Solutions gross profit during the fourth quarter of 2025 was $6.5 million, representing an increase of $1.7 million, or 36.0%, compared to the same prior year period. This increase was due to higher net revenue and higher gross margin. The Device Solutions gross margin was 45.5% during the current quarter, which was 8.8% higher than the prior year. This increase was attributable to improved procurement costs for materials, increased biomedical productivity and favorable product mix favoring higher gross margin revenues, such as sales of used equipment.
Selling and marketing expenses for the fourth quarter of 2025 were $2.4 million, representing an increase of $0.3 million, or 13.7%, as compared to the fourth quarter of 2024. Selling and marketing expenses as a percentage of net revenues during 2025 was 6.7% representing an increase of 0.4% compared to the prior year period. This increase was mainly attributable to year-end sales commissions true-ups, which resulted in reductions in both periods but a smaller reduction in 2025.
General and administrative (“G&A”) expenses for the fourth quarter of 2025 were $14.1 million, an increase of 6.5% from $13.2 million for the fourth quarter of 2024. The increase of $0.9 million included $0.2 million increase in expenses related to a project to upgrade the Company's information technology and business applications that began in the third quarter of 2024. Additional expenses above 2024 levels included personnel directly related to the increased net revenue including revenue cycle personnel, general business expenses, including inflationary increases, totaling $1.0 million and a $0.1 million increase in the company's bad debt reserve accrual which was a benefit in the prior year but an expense amount during 2025. These increases were partially offset by a decrease in the management short-term incentive bonus expense of $0.5 million, during the fourth quarter of 2025, which was fully earned and capped during the current year as of the end of the third quarter. General and administrative expenses as a percentage of net revenues decreased by 0.2% to 38.9% compared to 39.0% in the prior year period.
Net income for the fourth quarter of 2025 was $2.0 million, or $0.10 per diluted share, compared to $0.9 million, or $0.04 per diluted share for the fourth quarter of 2024.
Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of 2025 was $8.8 million, or 24.3% of net revenue, and increased by $1.3 million, or 17.2%, compared to Adjusted EBITDA for the same prior year quarter of $7.5 million, or 22.2% of prior period net revenue.
Balance sheet, cash flows and liquidity
During the year ended December 31, 2025, operating cash flow increased to $24.4 million, a $3.9 million or 19.3% increase as compared to operating cash flow during the same prior year period. The increase was primarily due to higher net revenue and improved operating margins during the period.
Capital expenditures, which include purchases of medical devices, totaled $8.7 million during the year ended December 31, 2025, which was $9.1 million, or 51.3%, lower than the amount purchased during 2024. This decrease reflected the revenue growth during 2025, which favored products, such as Wound Care, that do not require the purchase of medical devices. Offsetting capital expenditures were proceeds from the sale of medical equipment totaling $3.3 million during 2025 and $4.6 million during 2024.
As of December 31, 2025, available liquidity for the Company totaled $58.2 million and consisted of $55.0 million in available borrowing capacity under the new revolving line of credit plus cash and cash equivalents of $3.2 million. Net debt, a non-GAAP measure (calculated as total debt of $19.6 million less cash and cash equivalents of $3.2 million) as of December 31, 2025 was $16.4 million representing a decrease of $6.9 million as compared to net debt of $23.3 million as of December 31, 2024 (calculated as total debt of $23.9 million less cash and cash equivalents of $0.5 million). Our ratio of Adjusted EBITDA to net debt (non-GAAP) for the last four quarters was 0.52 to 1.00 (calculated as net debt of $16.4 million divided by Adjusted EBITDA of $31.5 million).
Fiscal Year 2026 Guidance
Our strategic focus on profitable growth has led us to restructure the contract with our largest biomedical services customer. The changes, which included a crucial price increase, resulted in a significant reduction in the number and service levels of devices on contract. These changes effectively started in January 2026 and have reduced our annual revenue under the contract in 2026 by $7.1 million. We anticipate the ability to significantly improve the margin of the continuing business as was intended by the restructuring. During the fourth quarter of 2025, we reduced and relocated our service teams to conform with the amended scope of services.
InfuSystem is providing annual net revenue guidance for the full year 2026 in two parts by providing the impact of the biomedical services contract restructuring, which will reduce our net revenues by $7.1 million, or 5.5%, separately from the pro-forma growth rate for the unaffected business. This pro-forma net revenue growth is estimated to be between 6% to 8% for 2026. We are also forecasting Adjusted EBITDA margin (non-GAAP) to be in the mid to low 20%'s. This includes the planned reduction in the implementation expenses for the Company's upgraded information technology systems which are expected to go on-line at the end of the first quarter of 2026. The Company intends to update its annual guidance throughout the year.
The full year 2026 guidance reflects management’s current expectation for operational performance, given the current market conditions. This includes our best estimate of revenue and Adjusted EBITDA. The Company and its businesses are subject to certain risks, including those risk factors discussed in our most recent Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 11, 2025. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
Conference Call
The Company will conduct a conference call for all interested investors on February 24, 2026, at 9:00 a.m. Eastern Time to discuss its fourth quarter and full year 2025 financial results. The call will include discussion of Company developments, forward-looking statements and other material information about business and financial matters.
To participate in this call, please dial (833) 366-1127 or (412) 902-6773, or listen via a live webcast, which is available in the Investors section of the Company’s website at https://ir.infusystem.com/. A replay of the call will be available by visiting https://ir.infusystem.com/ or by calling (855) 669-9658 or (412) 317-0088, replay access code 5092611, through Tuesday, March 3, 2026.
Non-GAAP Measures
This press release contains information prepared in conformity with GAAP as well as non-GAAP financial information. Non-GAAP financial measures presented in this press release include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, net debt and Adjusted EBITDA to net debt ratio. The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the Company’s management, investors and other interested parties about the Company’s operating performance because they allow them to understand and compare the Company’s operating results during the current periods to the prior year periods in a more consistent manner. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP, and similarly titled non-GAAP measures may be calculated differently by other companies. The Company calculates those non-GAAP measures by adjusting for non-recurring or non-core items that are not part of the normal course of business. A reconciliation of those measures to the most directly comparable GAAP measures is provided in the accompanying schedule, titled "GAAP to Non-GAAP Reconciliation" below. Future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the accompanying schedule below. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as non-core, nonrecurring, unusual or unanticipated changes, expenses or gains or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP guidance to the most comparable GAAP measures and, therefore, such comparable GAAP measures and reconciliations are excluded from this release in reliance upon applicable SEC staff guidance.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. (NYSE American:INFU), is a leading national healthcare service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers. INFU services are provided under a two-platform model. The first platform is Patient Services, providing last-mile solutions for clinic-to-home healthcare where the continuing treatment involves complex durable medical equipment and services. The Patient Services segment is comprised of Oncology, Pain Management and Wound Therapy businesses. The second platform, Device Solutions, supports the Patient Services platform and leverages strong service orientation to win incremental business from its direct payer clients. The Device Solutions segment is comprised of direct payer rentals, pump and consumable sales, and biomedical services and repair. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Massachusetts, Texas and Ontario, Canada.
Forward-Looking Statements
The financial results in this press release reflect preliminary results, which are not final until the Company’s annual report on Form 10-K for the year ended December 31, 2025 is filed. In addition, certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to future actions, our share repurchase program and capital allocation strategy, business plans, strategic partnerships, growth initiatives, objectives and prospects, future operating or financial performance, guidance and expected new business relationships and the terms thereof (including estimated potential revenue under new or existing contracts). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “goal,” “expect,” “strategy,” “future,” “likely,” variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Forward-looking statements are subject to factors, risks and uncertainties that could cause actual results to differ materially, including, but not limited to, our ability to successfully execute on our growth initiatives and strategic partnerships, our ability to enter into definitive agreements for the new business relationships on expected terms or at all, our ability to generate estimated potential revenue amounts under new or existing contracts, the uncertain impact of disruptions caused by public health emergencies or extreme weather or other climate change-related events, our dependence on estimates of collectible revenue, potential litigation, changes in third-party reimbursement processes, changes in law, global financial conditions and recessionary risks, rising inflation and interest rates, supply chain disruptions, systemic pressures in the banking sector, including disruptions to credit markets, the Company's ability to remediate any material weaknesses in internal control over financial reporting, contributions from acquired businesses or new business lines, products or services and other risk factors disclosed in the Company’s most recent Annual Report on Form 10-K and, to the extent applicable, quarterly reports on Form 10-Q. Our strategic partnerships are subject to similar factors, risks and uncertainties. All forward-looking statements made in this press release speak only as of the date hereof. We do not undertake any obligation to update any forward-looking statements to reflect future events or circumstances, except as required by law.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
December 31,
Years Ended
December 31,
(in thousands, except share and per share data)
2025
2024
2025
2024
Net revenues
$
36,230
$
33,848
$
143,436
$
134,861
Cost of revenues
15,795
15,632
63,140
64,458
Gross profit
20,435
18,216
80,296
70,403
Selling, general and administrative expenses:
Amortization of intangibles
211
248
920
991
Selling and marketing
2,432
2,139
10,487
11,312
General and administrative
14,078
13,213
56,969
51,209
Total selling, general and administrative
16,721
15,600
68,376
63,512
Operating income
3,714
2,616
11,920
6,891
Other expense:
Interest expense
(260
)
(361
)
(1,299
)
(1,777
)
Other income (expense)
43
9
2
(55
)
Income before income taxes
3,497
2,264
10,623
5,059
Provision for income taxes
(1,461
)
(1,331
)
(3,996
)
(2,714
)
Net income
$
2,036
$
933
$
6,627
$
2,345
Net income per share
Basic
$
0.10
$
0.04
$
0.32
$
0.11
Diluted
$
0.10
$
0.04
$
0.31
$
0.11
Weighted average shares outstanding:
Basic
20,297,663
21,270,864
20,657,877
21,271,608
Diluted
21,065,938
21,736,178
21,097,323
21,707,151
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SEGMENT REPORTING
(UNAUDITED)
Three Months Ended
December 31,
Better/
(Worse)
(in thousands)
2025
2024
Net revenues:
Patient Services
$
21,877
$
20,761
$
1,116
Device Solutions (inclusive of inter-segment revenues)
15,948
14,894
1,054
Less: elimination of inter-segment revenues
(1,595
)
(1,807
)
212
Total
36,230
33,848
2,382
Gross profit (inclusive of certain inter-segment allocations) (a):
Patient Services
13,903
13,414
489
Device Solutions
6,532
4,802
1,730
Total
$
20,435
$
18,216
$
2,219
(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.
Years Ended
December 31,
Better/
(Worse)
(in thousands)
2025
2024
Net revenues:
Patient Services
$
86,532
$
80,378
$
6,154
Device Solutions (inclusive of inter-segment revenues)
64,096
61,737
2,359
Less: elimination of inter-segment revenues
(7,192
)
(7,254
)
62
Total
143,436
134,861
8,575
Gross profit (inclusive of certain inter-segment allocations) (a):
Patient Services
55,373
52,842
2,531
Device Solutions
24,923
17,561
7,362
Total
$
80,296
$
70,403
$
9,893
(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(UNAUDITED)
NET INCOME TO EBITDA, ADJUSTED EBITDA, NET INCOME MARGIN AND ADJUSTED EBITDA MARGIN:
Three Months Ended
December 31,
Years Ended
December 31,
(in thousands)
2025
2024
2025
2024
GAAP net income
$
2,036
$
933
$
6,627
$
2,345
Adjustments:
Interest expense
260
361
1,299
1,777
Income tax provision
1,461
1,331
3,996
2,714
Depreciation
3,138
3,173
12,374
11,508
Amortization
211
248
920
991
Non-GAAP EBITDA
$
7,106
$
6,046
$
25,216
$
19,335
Stock compensation costs
1,272
1,184
4,363
4,460
Medical equipment reserve (1)
169
205
400
573
Management reorganization/transition costs
239
—
1,321
108
Cooperation Agreement payment and associated legal expenses
—
—
—
649
Certain other non-recurring costs
8
66
157
175
Non-GAAP Adjusted EBITDA
$
8,794
$
7,501
$
31,457
$
25,300
GAAP Net Revenues
$
36,230
$
33,848
$
143,436
$
134,861
Net Income Margin (2)
5.6
%
2.8
%
4.6
%
1.7
%
Non-GAAP Adjusted EBITDA Margin (3)
24.3
%
22.2
%
21.9
%
18.8
%
Business Application ("ERP") Upgrade Investment (4)
$
689
$
493
$
2,560
$
738
(1)
Amounts represent a non-cash expense recorded to adjust the reserve for missing medical equipment and is being added back due to its similarity to depreciation.
(2)
Net Income Margin is defined as GAAP Net Income as a percentage of GAAP Net Revenues.
(3)
Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues.
(4)
Represents expenses associated with a project to upgrade the Company's information technology and business applications including a replacement of our main enterprise resource planning ("ERP") application. The project was launched during the second quarter of 2024 and is expected to be completed during the first quarter of 2026. Amounts are included in GAAP net income and have not been added back in the measurement of Non-GAAP Adjusted EBITDA.
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
(in thousands, except par value and share data)
December 31,
2025
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
$
3,186
$
527
Accounts receivable, net
22,901
21,155
Inventories, net
5,391
6,528
Other current assets
4,858
3,955
Total current assets
36,336
32,165
Medical equipment for sale or rental
4,589
3,157
Medical equipment in rental service, net of accumulated depreciation
34,456
39,175
Property & equipment, net of accumulated depreciation
3,359
4,030
Goodwill
3,710
3,710
Intangible assets, net
6,866
6,456
Operating lease right of use assets
4,178
5,374
Deferred income taxes
4,640
7,188
Derivative financial instruments
748
1,481
Other assets
1,678
878
Total assets
$
100,560
$
103,614
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
10,821
$
9,848
Other current liabilities
9,361
7,813
Total current liabilities
20,182
17,661
Long-term debt, net of current portion
19,625
23,864
Operating lease liabilities, net of current portion
3,427
4,560
Total liabilities
43,234
46,085
Stockholders’ equity:
Preferred stock, $0.0001 par value: authorized 1,000,000 shares; none issued
—
—
Common stock, $0.0001 par value: authorized 200,000,000 shares; 20,209,636 shares issued and outstanding as of December 31, 2025, and 21,272,351 shares issued and outstanding as of December 31, 2024
2
2
Additional paid-in capital
117,461
113,868
Accumulated other comprehensive income
565
1,119
Retained deficit
(60,702
)
(57,460
)
Total stockholders’ equity
57,326
57,529
Total liabilities and stockholders’ equity
$
100,560
$
103,614
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Years Ended December 31,
(in thousands)
2025
2024
OPERATING ACTIVITIES
Net income
$
6,627
$
2,345
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts
200
(167
)
Depreciation
12,374
11,508
Loss on disposal of and reserve adjustments for medical equipment
519
942
Gain on sale of medical equipment
(3,308
)
(2,268
)
Amortization of intangible assets
920
991
Amortization of deferred debt issuance costs
81
78
Stock-based compensation
4,363
4,460
Deferred income taxes
2,726
1,918
Changes in assets - (increase)/decrease:
Accounts receivable
263
(701
)
Inventories
1,140
(126
)
Other current assets
(903
)
202
Other assets
114
1,953
Changes in liabilities - (decrease)/increase:
Accounts payable and other liabilities
(708
)
(676
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
24,408
20,459
INVESTING ACTIVITIES
Acquisition of business
(1,412
)
—
Purchase of medical equipment
(8,126
)
(16,741
)
Purchase of property and equipment
(560
)
(1,092
)
Proceeds from sale of medical equipment, property and equipment
3,308
4,594
NET CASH USED IN INVESTING ACTIVITIES
(6,790
)
(13,239
)
FINANCING ACTIVITIES
Principal payments on long-term debt
(52,349
)
(56,113
)
Cash proceeds from long-term debt
48,226
50,798
Debt issuance costs
(197
)
—
Common stock repurchased as part of share repurchase program
(9,869
)
(1,180
)
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans
(1,105
)
(816
)
Cash proceeds from exercise of options and ESPP
335
387
NET CASH USED IN FINANCING ACTIVITIES
(14,959
)
(6,924
)
Net change in cash and cash equivalents
2,659
296
Cash and cash equivalents, beginning of period
527
231
Cash and cash equivalents, end of period
$
3,186
$
527
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224445533/en/
Barry Steele
Chief Financial Officer
(248) 260-2211
Original: InfuSystem Announces Financial Results for Fourth Quarter and Full Year 2025
10 bagger
15年前
INFU.. $1.64.. earnings..
InfuSystem Holdings, Inc. Reports $13.1 Million of Revenues and $3.8 Million of Adjusted EBITDA for the Second Quarter of 2011
Revenues for the quarter increased 25% year over year
Adjusted EBITDA for the quarter increased to $3.8 million
Fifteenth straight quarter of year over year growth
MADISON HEIGHTS, Mich., Aug. 11, 2011 (GLOBE NEWSWIRE) -- InfuSystem Holdings, Inc. (NYSE Amex:INFU), the leading provider of infusion pumps and related services, today reported results for the second quarter ended June 30, 2011.
Revenues for the second quarter of fiscal 2011 were $13.1 million compared with $10.5 million for the prior year, up 25 percent. Adjusted EBITDA for the second quarter of fiscal 2011 was $3.8 million, versus $3.2 million a year ago.
Asset impairment charges 43,668 (This put all goodwill ill's behind them and profits $821K pre tax are from continued clean assets and operation's during this period..)
Mr. Sean McDevitt, Chief Executive Officer and Chairman, commented, "We performed well against many of our internal business metrics this past quarter to achieve our growth of 25% year over year. On a quarter over quarter basis, we were slightly below our targeted growth due to the unanticipated impact of the nationwide generic oncology drug shortage. Specifically, we experienced lower growth this past quarter primarily due to the prolonged shortage of Leucovorin which meaningfully limited oncologists' ability to prescribe our pumps. Drug shortages that affect InfuSystem are not uncommon, and are typically brief and minor in nature. It has been more than ten years since a shortage has had a meaningful impact on our business and, based on manufacturers' estimates of when supplies will become widely available, we expect the impacts of the current shortages on InfuSystem to work themselves out by late Q3/early Q4. If not for the Leucovorin shortage, we believe that we would have exceeded our internal revenue growth targets."
Mr. McDevitt continued, "I am very encouraged that in every respect, our aggressive growth in the number of significant new account wins has helped to offset the impact of the Leucovorin at individual oncology practice sites. Looking at the number of practices and the volume of pumps we have deployed to generate revenue, we remain very optimistic about our future prospects."
"Also, while sharing with our stockholders frustration with the headwinds in the markets and our stock price," Mr. McDevitt continued, "InfuSystem remains committed to its core vision of becoming a significant leader in the infusion and pre-owned medical equipment markets, increasing revenue, maintaining attractive EBITDA margins, generating substantial free cash flow, paying down debt, and thus improving our overall financial profile."
"Lastly, while we would have hoped to have announced another acquisition by this time, we remain extremely disciplined in our approach and have made considerable strides in acquisitions discussions that would leverage our penetration in our markets, are synergistic, diversify our revenue streams, and maintain our historical EBITDA margins. Our goal remains to achieve top line revenues of several hundred million dollars in our target markets over the next several years and additive, synergistic acquisitions will be a key part of that growth," Mr. McDevitt concluded.
Revenues for the second quarter ending June 30, 2011 were $13.1 million, up 25 percent from $10.5 million in the prior year period. The increase in revenues is related to obtaining business at new customer facilities and expansion into new product lines associated with our acquisitions.
Gross profit for the three months ending June 30, 2011 was $9.0 million, up 20 percent from $7.5 million in the prior year period. Gross margins were 68 percent of revenues for the latest year compared with 72 percent in the prior year period. The decrease in the gross margin percentage was primarily related to a higher mix of pump sales, services, and rentals as compared to third party billings.
Selling, general and administrative expenses (SG&A) for the second quarter of 2011 were $8.2 million, excluding a goodwill and intangible assets impairment charge of $43.7 million, 5 percent higher than the prior period's $7.8 million. The increase was due to the added expenses associated with the acquired businesses, investments made in the sales organization, and amortization of intangibles which was partially offset by the decreases in stock based compensation, acquisition related expenses, and bad debt expenses. As a percent of revenues, SG&A was 62 percent compared to 74 percent for the prior period.
As of June 30, 2011, the company determined that there may be market conditions relating to the stock price, elimination of warrants, and business forecasts to conclude that there may be impairment. Based upon the preliminary impairment analysis performed as of June 30, 2011, the company concluded there was an impairment of goodwill and intangible assets that resulted in a Non-Cash charge of $43.7 million. The majority of this goodwill impairment charge was related to the original purchase of InfuSystem in 2007. Although the analysis is preliminary and will need to be finalized, we do not anticipate further adjustments to this non-cash item.
Adjusted EBITDA was $3.8 million for the second quarter of 2011 versus $3.2 million in the prior period. The company utilizes Adjusted EBITDA as a means to measure its operating performance. A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.
Other loss for the second quarter of 2011 was $0.5 million versus $0.3 million other loss in the prior period, reflecting reduced interest expense and no gain on extinguishment of long term debt as incurred in the prior period. The provision for income taxes was a benefit of $15.8 million for the quarter compared to a benefit of $717 thousand in the prior period. As a result, the second quarter net loss was $27.6 million, equal to $1.31 per diluted share, versus a $144 thousand net income, equal to $0.01 per diluted share in the prior period.
Financial Condition
Net cash provided by operations for the six months ending June 30, 2011 was $2.9 million, compared to $3.4 million for the prior period. Principle and interest payments of $1.6 million were paid during the quarter and the company ended the quarter with a cash balance of $1.7 million with $25.1 million in long-term debt, net of current.
Conference Call
InfuSystem Holdings, Inc. will host a conference call to share the results of its second quarter fiscal 2011 results on Thursday, August 11, at 10:00 a.m. Eastern Time. Chairman and Chief Executive Officer Sean McDevitt and Jim Froisland, Chief Financial Officer, will discuss the company's financial performance and answer questions from the financial community.
The company invites interested investors to listen to the presentation, which will be carried live on the company's Web site: www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is 800-447-0521 with confirmation number 30085852. Those who wish to listen should either dial in or go to the web site several minutes prior to the call to register. A replay of the call can be accessed by dialing 888-843-7419, passcode 30085852#. An online archive of the conference call will remain on the company's website for the following 30 days.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is the leading provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers. Headquartered in Madison Heights, Michigan, the company delivers local, field-based customer support, and also operates Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada. The company's stock is traded on the NYSE Amex under the symbol INFU.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially form those predicted by such forward-looking statements. These risks and uncertainties include general economic conditions, as well as other risks, detailed from time to time in the company's publicly filed documents.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
(in thousands, except share data) 2011 2010
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 1,723 $ 5,014
Accounts receivable, less allowance for doubtful accounts of $1,812 and $1,796 at June 30, 2011 and December 31, 2010, respectively 6,727 6,679
Inventory 1,406 1,699
Prepaid expenses and other current assets 976 750
Deferred income taxes 1,209 1,147
Total Current Assets 12,041 15,289
Property & equipment, net 16,934 16,672
Deferred debt issuance costs, net 536 658
Goodwill 21,824 64,092
Intangible assets, net 31,469 33,252
Deferred income taxes 10,243 --
Other assets 851 401
Total Assets $ 93,898 $ 130,364
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,716 $ 2,016
Other current liabilities 2,579 4,631
Derivative liabilities 195 183
Current portion of long-term debt 6,419 5,551
Total Current Liabilities 10,909 12,381
Long-term debt, net of current portion 25,099 26,646
Deferred income taxes -- 5,788
Other liabilities 403 406
Total Liabilities $ 36,411 $ 45,221
Stockholders' Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued --
Common stock, $.0001 par value; authorized 200,000,000 shares; issued 21,185,028 and 21,163,337, respectively; outstanding 21,052,269 and 21,117,516, respectively 2 2
Additional paid-in capital 87,103 87,004
Accumulated other comprehensive loss (98) (64)
Retained deficit (29,520) (1,799)
Total Stockholders' Equity 57,487 85,143
Total Liabilities and Stockholders' Equity $ 93,898 $ 130,364
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
(in thousands, except share data) 2011 2010 2011 2010
Net revenues $ 13,133 $ 10,487 $ 26,090 $ 21,421
Cost of revenues:
Cost of revenues — Product, service and supply costs 2,174 1,719 4,316 3,394
Cost of revenues — Pump depreciation, sales and disposals 1,971 1,248 3,732 2,387
Gross profit 8,988 7,520 18,042 15,640
Selling, general and administrative expenses:
Provision for doubtful accounts 927 1,076 2,149 2,469
Amortization of intangibles 663 534 1,309 991
Asset impairment charges 43,668 -- 43,668 --
Selling and marketing 2,326 1,595 4,769 3,036
General and administrative 4,251 4,569 8,767 7,905
Total sales, general and administrative: 51,835 7,774 60,662 14,401
Operating (loss) income (42,847) (254) (42,620) 1,239
Other loss:
Gain (loss) on derivatives 83 (71) 83 (460)
Interest expense (564) (1,366) (1,105) (2,172)
Gain on extinguishment of long term debt -- 1,118 -- 1,118
Other income 2 -- -- --
Total other loss (479) (319) (1,022) (1,514)
(Loss) before income taxes (43,326) (573) (43,642) (275)
Income tax benefit 15,776 717 15,920 407
Net (loss) income $ (27,550) $ 144 $ (27,722) $ 132
Net (loss) income per share:
Basic $ (1.31) $ 0.01 $ (1.32) $ 0.01
Diluted $ (1.31) $ 0.01 $ (1.32) $ 0.01
Weighted average shares outstanding:
Basic 21,059,292 18,566,748 21,080,683 19,353,638
Diluted 21,059,292 18,943,962 21,080,683 19,922,468
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30
(in thousands) 2011 2010
OPERATING ACTIVITIES
Net (loss) income $ (27,722) $ 132
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
(Gain) loss on derivative liabilities (83) 460
Gain on extinguishment of long-term debt -- (1,118)
Provision for doubtful accounts 2,149 2,469
Depreciation 3,167 2,380
Loss on disposal of pumps 794 179
Amortization of intangible assets 1,309 991
Asset impairment charges 43,668 --
Amortization of deferred debt issuance costs 122 834
Stock-based compensation 502 997
Deferred income taxes (16,031) (814)
Changes in assets and liabilities, exclusive of effects of acquisitions:
(Increase) in accounts receivable, net of provision (2,197) (2,682)
Decrease (increase) in other current assets 67 (404)
(Increase) in other assets (166) (860)
(Decrease) increase in accounts payable and other liabilities (2,651) 1,165
Decrease in derivative liabilities from termination of interest rate swap -- (365)
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,928 3,364
INVESTING ACTIVITIES
Capital expenditures (2,383) (343)
Acquisition of intangible assets (942) (400)
Cash paid for acquisition, net of cash acquired -- (16,418)
NET CASH (USED IN) INVESTING ACTIVITIES (3,325) (17,161)
FINANCING ACTIVITIES
Principal payments on term loan (2,061) (20,568)
Cash proceeds from term loan -- 30,000
Common stock repurchased to satisfy statutory witholding on stock based compensation -- (38)
Treasury shares repurchased (248) --
Principal payments on capital lease obligations (585) (331)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (2,894) 9,063
Net change in cash and cash equivalents (3,291) (4,734)
Cash and cash equivalents, beginning of period 5,014 7,750
Cash and cash equivalents, end of period $ 1,723 $ 3,016
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP RECONCILIATION
(UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
(in thousands, except share data) 2011 2010 2011 2010
Net (loss) income $ (27,550) $ 135 $ (27,722) $ 123
Adjustments:
Interest expense 564 1,366 1,105 2,172
Income tax (benefit) expense (15,776) (708) (15,920) (398)
Depreciation 1,609 1,209 3,167 2,380
Amortization 663 534 1,309 991
EBITDA (40,490) 2,536 (38,061) 5,268
Adjustments:
Asset impairment charges 43,668 -- 43,668 --
(Gain) loss on derivatives (83) 71 (83) 460
Stock based compensation 254 897 502 997
Sales and other incentives 308 -- 699 --
Acquisition related expenses 62 785 247 785
Severance 65 -- 65 --
Gain on debt extinguishment -- (1,118) -- (1,118)
Adjusted EBITDA $ 3,784 $ 3,171 $ 7,037 $ 6,392
CONTACT: INVESTOR CONTACT:
Pat LaVecchia
Vice Chairman
Info@InfuSystem.com
800-962-9656
Source: InfuSystem, Inc.
10 bagger
15年前
DD May 23, 2011..
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31,
2011 December 31,
2010
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 3,176 $ 5,014
Accounts receivable, less allowance for doubtful accounts of $1,912 and $1,796 at March 31, 2011 and December 31, 2010, respectively
7,056 6,679
Inventory
1,555 1,699
Prepaid expenses and other current assets
699 750
Deferred income taxes
1,127 1,147
Total Current Assets
13,613 15,289
Property & equipment, net
16,663 16,672
Deferred debt issuance costs, net
596 658
Goodwill
64,092 64,092
Intangible assets, net
33,416 33,252
Other assets
552 401
Total Assets
$ 128,932 $ 130,364
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$ 1,808 $ 2,016
Other current liabilities
4,449 4,631
Derivative liabilities
116 183
Current portion of long-term debt
5,900 5,551
Total Current Liabilities
12,273 12,381
Long-term debt, net of current portion
25,628 26,646
Deferred income taxes
5,642 5,788
Other liabilities
407 406
Total Liabilities
$ 43,950 $ 45,221
Stockholders’ Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued
— —
Common stock, $.0001 par value; authorized 200,000,000 shares; issued 21,179,712 and 21,163,337, respectively; outstanding 21,055,953 and 21,117,516, respectively
2 2
Additional paid-in capital
86,967 87,004
Accumulated other comprehensive loss
(17 ) (64 )
Retained (deficit) earnings
(1,970 ) (1,799 )
Total Stockholders’ Equity
84,982 85,143
Total Liabilities and Stockholders’ Equity
$ 128,932 $ 130,364
See accompanying notes to consolidated financial statements.
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INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31
(in thousands, except share data)
2011 2010
Net revenues
$ 12,957 $ 10,934
Cost of revenues:
Cost of revenues — Product, service and supply costs
2,143 1,675
Cost of revenues — Pump depreciation, sales and disposals
1,761 1,139
Gross profit
9,053 8,120
Selling, general and administrative expenses:
Provision for doubtful accounts
1,222 1,393
Amortization of intangibles
645 487
Selling and marketing
2,442 1,442
General and administrative
4,517 3,306
Total sales, general and administrative:
8,826 6,628
Operating income
227 1,492
Other loss:
Loss on derivatives
— (389 )
Interest expense
(541 ) (805 )
Other expense
(3 ) —
Total other loss
(544 ) (1,194 )
(Loss) income before income taxes
(317 ) 298
Income tax benefit (expense)
146 (310 )
Net loss
$ (171 ) $ (12 )
Net loss per share:
Basic and diluted
$ (0.01 ) $ (0.00 )
Weighted average shares outstanding:
Basic and diluted
21,102,312 18,903,611
See accompanying notes to consolidated financial statements.
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INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31
(in thousands)
2011 2010
OPERATING ACTIVITIES
Net (loss)
$ (171 ) $ (12 )
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Loss on derivative liabilities
— 389
Provision for doubtful accounts
1,222 1,393
Depreciation
1,558 1,141
Loss on disposal of pumps
271 65
Amortization of intangible assets
645 487
Amortization of deferred debt issuance costs
62 107
Stock-based compensation
248 100
Deferred income taxes
(146 ) —
Changes in assets and liabilities, exclusive of effects of acquisitions:
(Increase) in accounts receivable, net of provision
(1,599 ) (2,392 )
Decrease in other current assets
195 60
(Increase) in other assets
(11 ) (7 )
(Decrease) increase in accounts payable and other liabilities
(152 ) 132
NET CASH PROVIDED BY OPERATING ACTIVITIES
2,122 1,463
INVESTING ACTIVITIES
Capital expenditures
(2,438 ) (537 )
NET CASH USED IN INVESTING ACTIVITIES
(2,438 ) (537 )
FINANCING ACTIVITIES
Principal payments on term loan
(1,030 ) (818 )
Treasury shares repurchased
(229 )
Principal payments on capital lease obligations
(263 ) (140 )
NET CASH USED IN FINANCING ACTIVITIES
(1,522 ) (958 )
Net change in cash and cash equivalents
(1,838 ) (32 )
Cash and cash equivalents, beginning of period
5,014 7,750
Cash and cash equivalents, end of period
$ 3,176 $ 7,718
SUPPLEMENTAL DISCLOSURES
Cash paid for interest (including swap payments)
$ 479 $ 686
Cash paid for income taxes
$ 31 $ 7
NON-CASH TRANSACTIONS
Additions to property (a)
$ 350 $ 84
Property acquired pursuant to a capital lease
$ 624 $ 576
Gross issuance of vested restricted shares (number of shares)
25 25
(a) Amounts consist of current liabilities for net property that have not been included in investing activities. These amounts have not been paid for as of March 31, but will be included as a cash outflow from investing activities for capital expenditures when paid.
See accompanying notes to consolidated financial statements.
5
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INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation and Nature of Operations
The information in this Quarterly Report on Form 10-Q includes the financial position of InfuSystem Holdings, Inc. and its consolidated subsidiaries (the “Company”) as of March 31, 2011 and December 31, 2010, the results of operations and cash flows for the three months ended March 31, 2011 and 2010. In the opinion of the Company, the consolidated statements for the all periods presented include all adjustments, consisting of normal recurring adjustments, necessary to present a fair statement of the results for such periods. The accompanying unaudited financial statements should be read in conjunction with the December 31, 2010 annual report 10-K.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated. Results of operations for the three months ended March 31, 2011 are not necessarily indicative of the results for an entire year.
The Company is the leading provider of infusion pumps and related services. The Company services hospitals, oncology practices and other alternate site healthcare providers. Headquartered in Madison Heights, Michigan, the Company delivers local, field-based customer support, and also operates pump repair Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada.
On June 15, 2010, the Company entered into a stock purchase agreement with the shareholders of First Biomedical, Inc., (First Biomedical) a Kansas corporation, to acquire all of the issued and outstanding stock of First Biomedical and completed the acquisition simultaneously. First Biomedical sells, rents, services and repairs new and pre-owned infusion pumps and other medical equipment. First Biomedical also sells a variety of primary and secondary tubing, cassettes, catheters and other disposable items that are utilized with infusion pumps. For more information, refer to the “Acquisition” discussion included in Note 3.
The Company supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology practices, infusion clinics and hospital outpatient chemotherapy clinics. These pumps and supplies are utilized primarily by colorectal cancer patients who receive a standard of care treatment that utilizes continuous chemotherapy infusions delivered via electronic ambulatory infusion pumps. The Company obtains an assignment of insurance benefits from the patient, bills the insurance company or patient accordingly, and collects payment. The Company provides pump management services for the pumps and associated disposable supply kits to over 1,300 oncology practices in the United States. The Company retains title to the pumps during this process.
In addition, the Company sells or rents new and pre-owned pole mounted and ambulatory infusion pumps to, and provides biomedical recertification, maintenance and repair services for oncology practices as well as other alternate site settings including home care and home infusion providers, skilled nursing facilities, pain centers and others. The Company also provides these products and services to customers in the small-hospital market.
The Company purchases new and pre-owned pole mounted and ambulatory infusion pumps from a variety of sources on a non-exclusive basis. The Company repairs, refurbishes and provides biomedical certification for the devices as needed. The pumps are then available for sale, rental or to be used within the Company’s ambulatory infusion pump management service.
2. Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and all wholly owned organizations. All intercompany transactions and account balances have been eliminated in consolidation.
Segments
The Company operates in one business segment based on management’s view of its business for purposes of evaluating performance and making operating decisions, representing the only reportable segment in accordance with Accounting Standard Codification (“ASC”) 280, “Segment Reporting.”
The Company utilizes shared services including but not limited to, human resources, payroll, finance, sales, pump repair and maintenance services, as well as certain shared assets and sales, general and administrative costs. The Company is in the process of transitioning more shared services and synergies since the acquisition of First Biomedical. The Company’s approach is to make operational decisions and assess performance based on delivering products and services that together provide solutions to our customer base, utilizing functional management structure and shared services where possible. Based upon this business model, the chief operating decision maker only reviews consolidated financial information.
6
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Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements, including the notes thereto. The Company considers critical accounting policies to be those that require more significant judgments and estimates in the preparation of its consolidated financial statements, including the following: revenue recognition, which includes contractual adjustments; accounts receivable and allowance for doubtful accounts; sales return allowances; inventory reserves; income taxes; and goodwill valuation. Management relies on historical experience and other assumptions believed to be reasonable in making its judgment and estimates. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents primarily with two financial institutions and is fully insured with the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program until December 31, 2012.
Accounts Receivable and Allowance for Doubtful Accounts
Accounts receivable are reported at the estimated net realizable amounts from patients, third-party payors and other direct pay customers for goods provided and services rendered. The Company performs periodic analyses to assess the accounts receivable balances. It records an allowance for doubtful accounts based on the estimated collectability of the accounts such that the recorded amounts reflect estimated net realizable value. Upon determination that an account is uncollectible, the account is written-off and charged to the allowance.
Accounts receivable are reduced by an allowance for amounts that could become uncollectible in the future. The Company’s estimate for its allowance for doubtful accounts is based upon management’s assessment of historical and expected net collections by payor. Due to continuing changes in the health care industry and third-party reimbursement it is possible that management’s estimates could change in the near term, which could have an impact on its financial position, results of operations, and cash flows.
Inventory
Our inventory consists of infusion pumps and related parts and supplies and is stated at the lower of cost, determined on a first in, first out basis, or market. The Company periodically performs an analysis of slow moving inventory and records a reserve based on estimated obsolete inventory.
Property and Equipment
Property and equipment is stated at acquired cost and depreciated using the straight-line method over the estimated useful lives of the related assets, ranging from three to seven years. Rental equipment, consisting primarily of infusion pumps that the Company acquires from third-parties, is depreciated over five years. Information Technology (IT) software and hardware are depreciated over three years. Leasehold improvements are amortized using the straight-line method over the life of the asset or the remaining term of the lease, whichever is shorter. Maintenance and minor repairs are charged to operations as incurred. When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is recorded in the current period.
Long-Lived Assets
The Company accounts for the impairment and disposition of long-lived assets in accordance with ASC 360, “Property, Plant and Equipment.” This standard addresses financial accounting and reporting for the impairment of long-lived assets and for the disposal of long-lived assets. In accordance with this standard, long-lived assets to be held are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. If an impairment indicator exists, the Company assesses the asset or asset group for recoverability. Recoverability of these assets is determined based upon the expected undiscounted future net cash flows from the operations to which the assets relate, utilizing management’s best estimates, appropriate assumptions and projections at the time. If the carrying value is determined not to be recoverable from future operating cash flows, the asset is deemed impaired and an impairment loss would be recognized to the extent the carrying value exceeded the estimated fair market value of the asset. The Company reviews the carrying value of long-lived assets if there is an indicator of impairment. The Company has determined that no impairment indicators existed as of March 31, 2011.
7
10 bagger
15年前
DD April 12, 2011..
InfuSystem Holdings, Inc. Reports $13.0 Million of Revenues and $3.3 Million of Adjusted EBITDA for the First Quarter of 2011
Revenues for the quarter increased 19%
Adjusted EBITDA for the quarter increased to $3.3 million
Cash from operations increased 47% from prior year
Fourteenth straight quarter of year over year growth
MADISON HEIGHTS, Mich., May 12, 2011 (GLOBE NEWSWIRE) -- InfuSystem Holdings, Inc. (NYSE Amex:INFU), the leading provider of infusion pumps and related services, today reported results for the first quarter ended March 31, 2011.
Revenues for the first quarter of fiscal 2011 were $13.0 million compared with $10.9 million for the prior year, up 19 percent. Adjusted EBITDA for the first quarter of fiscal 2011 was $3.3 million, versus $3.2 million a year ago.
Mr. Sean McDevitt, Chief Executive Officer and Chairman, commented, "I am extremely pleased with the first quarter 2011 results. It is clear that the strategic decisions we have made are producing tangible benefits. The increased focus on operational improvements and execution are generating positive results today and position us well for the future. Looking forward, we continue to evaluate additional growth opportunities that would leverage our penetration in the oncology and the infusion markets, our expertise in billing, as well as our strong reputation for customer service."
Revenues for the first quarter ending March 31, 2011 were $13.0 million, up 19 percent from $10.9 million in the prior year period. The increase in revenues is related to obtaining business at new customer facilities and expansion into new product lines associated with our acquisitions.
Gross profit for the three months ending March 31, 2011 was $9.1 million, up 11 percent from $8.1 million in the prior year period. It represented 70 percent of revenues for the latest year, compared with 74 percent in the prior year period. The decrease in the gross margin percentage was primarily related to higher pump depreciation and disposal costs with a higher mix of pump sales and services, as compared to third party billings.
Selling, general and administrative expenses (SG&A) for the first quarter of fiscal 2011 were $8.8 million, 33 percent higher than the prior period's $6.6 million. As a percent of revenues, SG&A was 68 percent compared to 61 percent for the prior period. The increases were primarily related to an increase in stock based compensation, increased investment in sales and marketing, and expenses associated with the acquired businesses.
Adjusted EBITDA was $3.3 million for the first quarter of 2011 versus $3.2 million in the prior period. The company utilizes Adjusted EBITDA as a means to measure its operating performance. A reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.
Other loss for the first quarter of 2011 was $0.5 million versus $1.2 million other loss in the prior period, reflecting reduced interest expense and no loss on derivatives. As a result, the first quarter net loss was $171 thousand, equal to $0.01 loss per diluted share, versus a $12 thousand net loss, equal to $0.00 income per diluted share in the prior period.
Financial Condition
Net cash provided by operations for the first quarter ending March 31, 2011 was $2.1 million, up 40 percent from $1.5 million for the prior period. The latest quarter's results reflected higher levels of stock based compensation, depreciation and amortization of intangibles. The company had capital expenditures of $2.4 million, an increase of $1.9 million compared to the prior period. The cash balance decreased by $1.8 million from the previous period and the company ended the quarter with a cash balance of $3.2 million with $25.6 million in long-term debt, net of current.
Conference Call
InfuSystem Holdings, Inc. will host a conference call to share the results of its first quarter fiscal 2011 results on Thursday, May 12, at 10:00 a.m. Eastern Time. Chairman and Chief Executive Officer Sean McDevitt and Jim Froisland, Chief Financial Officer, will discuss the company's financial performance and answer questions from the financial community.
The company invites interested investors to listen to the presentation, which will be carried live on the company's Web site: www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is 800-447-0521 with confirmation number 29553628. Those who wish to listen should either dial in or go to the web site several minutes prior to the call to register. A replay of the call can be accessed by dialing 888-843-7419, pass-code 29553628#. An online archive of the conference call will remain on the company's Web site for the following 30 days.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is the leading provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers. Headquartered in Madison Heights, Michigan, the company delivers local, field-based customer support, and also operates Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada. The company's stock is traded on the NYSE Amex under the symbol INFU.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially form those predicted by such forward-looking statements. These risks and uncertainties include general economic conditions, as well as other risks, detailed from time to time in the company's publicly filed documents.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
(in thousands, except share data) 2011 2010
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 3,176 $ 5,014
Accounts receivable, less allowance for doubtful accounts of $1,912 and $1,796 at March 31, 2011 and December 31, 2010, respectively 7,056 6,679
Inventory 1,555 1,699
Prepaid expenses and other current assets 699 750
Deferred income taxes 1,127 1,147
Total Current Assets 13,613 15,289
Property & equipment, net 16,663 16,672
Deferred debt issuance costs, net 596 658
Goodwill 64,092 64,092
Intangible assets, net 33,416 33,252
Other assets 552 401
Total Assets $ 128,932 $ 130,364
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,808 $ 2,016
Other current liabilities 4,449 4,631
Derivative liabilities 116 183
Current portion of long-term debt 5,900 5,551
Total Current Liabilities 12,273 12,381
Long-term debt, net of current portion 25,628 26,646
Deferred income taxes 5,642 5,788
Other liabilities 407 406
Total Liabilities $ 43,950 $ 45,221
Stockholders' Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued -- --
Common stock, $.0001 par value; authorized 200,000,000 shares; issued 21,179,712 and 21,163,337, respectively; outstanding 21,055,953 and 21,117,516, respectively 2 2
Additional paid-in capital 86,967 87,004
Accumulated other comprehensive loss (17) (64)
Retained (deficit) earnings (1,970) (1,799)
Total Stockholders' Equity 84,982 85,143
Total Liabilities and Stockholders' Equity $ 128,932 $ 130,364
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31
(in thousands, except share data) 2011 2010
Net revenues $ 12,957 $ 10,934
Cost of revenues:
Cost of revenues — Product, service and supply costs 2,143 1,675
Cost of revenues — Pump depreciation, sales and disposals 1,761 1,139
Gross profit 9,053 8,120
Sales, general and administrative expenses:
Provision for doubtful accounts 1,222 1,393
Amortization of intangibles 645 487
Selling and marketing 2,442 1,442
General and administrative 4,517 3,306
Total sales, general and administrative expenses 8,826 6,628
Operating income 227 1,492
Other loss:
Loss on derivatives -- (389)
Interest expense (541) (805)
Other expense (3) --
Total other loss (544) (1,194)
(Loss) income before income taxes (317) 298
Income tax benefit (expense) 146 (310)
Net loss $ (171) $ (12)
Net loss per share:
Basic and diluted $ (0.01) $ (0.00)
Weighted average shares outstanding:
Basic and diluted 21,102,312 19,903,611
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31
(in thousands) 2011 2010
OPERATING ACTIVITIES
Net (loss) $ (171) $ (12)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Loss on derivative liabilities -- 389
Provision for doubtful accounts 1,222 1,393
Depreciation 1,558 1,141
Loss on disposal of pumps 271 65
Amortization of intangible assets 645 487
Amortization of deferred debt issuance costs 62 107
Stock-based compensation 248 100
Deferred income taxes (146) --
Changes in assets and liabilities, exclusive of effects of acquisitions:
(Increase) in accounts receivable, net of provision (1,599) (2,392)
Decrease in other current assets 195 60
(Increase) in other assets (11) (7)
(Decrease) increase in accounts payable and other liabilities (152) 132
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,122 1,463
INVESTING ACTIVITIES
Capital expenditures (2,438) (537)
NET CASH USED IN INVESTING ACTIVITIES (2,438) (537)
FINANCING ACTIVITIES
Principal payments on term loan (1,030) (818)
Treasury shares repurchased (229)
Principal payments on capital lease obligations (263) (140)
NET CASH USED IN FINANCING ACTIVITIES (1,522) (958)
Net change in cash and cash equivalents (1,838) (32)
Cash and cash equivalents, beginning of period 5,014 7,750
Cash and cash equivalents, end of period $ 3,176 $ 7,718
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP RECONCILIATION
(UNAUDITED)
Three Months Ended
March 31
(in thousands, except share data) 2011 2010
Net loss $ (171) $ (12)
Adjustments:
Interest expense 541 805
Income tax (benefit) expense (146) 310
Depreciation 1,558 1,141
Amortization 645 487
EBITDA 2,427 2,731
Adjustments:
Loss on derivatives -- 389
Stock based compensation 248 100
Sales incentives and related expense 391 --
Acquisition related expenses 185 --
Adj. EBITDA $ 3,251 $ 3,220
CONTACT: INVESTOR CONTACT:
Pat LaVecchia
Vice Chairman
Info@InfuSystem.com
800-962-9656
Source: InfuSystem, Inc.
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