InfuSystem Reports Third Quarter 2024 Financial Results
InfuSystem Holdings reported strong Q3 2024 financial results with record net revenues of $35.3 million, up 11% year-over-year. Net income increased 162% to $1.8 million ($0.08 per diluted share). Patient Services revenue grew 8% to $20.8 million, while Device Solutions revenue rose 15% to $14.5 million. The company's gross margin improved to 53.9%, up 5.0%. Adjusted EBITDA reached $7.9 million, increasing 27% with margin expansion to 22.3%. Operating cash flow surged 91% to $12.5 million. The company entered new strategic partnerships with Smith+Nephew for wound therapy and became exclusive distributor of Chemo Mouthpiece® through SI Healthcare Technologies joint venture.
InfuSystem Holdings ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con entrate nette record di 35,3 milioni di dollari, in aumento dell'11% rispetto all'anno precedente. L'utile netto è aumentato del 162% a 1,8 milioni di dollari (0,08 dollari per azione diluita). I ricavi dei Servizi per Pazienti sono cresciuti dell'8% a 20,8 milioni di dollari, mentre i ricavi delle Soluzioni per Dispositivi sono aumentati del 15% a 14,5 milioni di dollari. Il margine lordo dell'azienda è migliorato al 53,9%, con un incremento del 5,0%. L'EBITDA rettificato ha raggiunto 7,9 milioni di dollari, aumentando del 27% con un'espansione del margine al 22,3%. Il flusso di cassa operativo è aumentato del 91% a 12,5 milioni di dollari. L'azienda ha avviato nuove partnership strategiche con Smith+Nephew per la terapia delle ferite ed è diventata distributore esclusivo del Chemo Mouthpiece® attraverso una joint venture con SI Healthcare Technologies.
InfuSystem Holdings reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos netos récord de 35.3 millones de dólares, un aumento del 11% en comparación con el año anterior. La utilidad neta creció un 162% hasta 1.8 millones de dólares (0.08 dólares por acción diluida). Los ingresos de Servicios para Pacientes crecieron un 8% a 20.8 millones de dólares, mientras que los ingresos de Soluciones para Dispositivos aumentaron un 15% a 14.5 millones de dólares. El margen bruto de la empresa mejoró al 53.9%, un aumento del 5.0%. El EBITDA ajustado alcanzó los 7.9 millones de dólares, con un incremento del 27% y una expansión del margen al 22.3%. El flujo de efectivo operativo se disparó un 91% hasta 12.5 millones de dólares. La empresa estableció nuevas asociaciones estratégicas con Smith+Nephew para la terapia de heridas y se convirtió en distribuidor exclusivo del Chemo Mouthpiece® a través de una empresa conjunta con SI Healthcare Technologies.
인퓨시스템 홀딩스는 2024년 3분기 강력한 재무 결과를 발표하며 기록적인 순매출 3530만 달러를 올렸고, 이는 전년 대비 11% 증가한 수치입니다. 순이익은 162% 증가하여 180만 달러(희석 주당 0.08 달러)에 이르렀습니다. 환자 서비스 매출은 8% 증가해 2080만 달러에 도달했고, 장치 솔루션 매출은 15% 증가하여 1450만 달러에 이릅니다. 회사의 총매출 마진은 53.9%로 5% 개선되었습니다. 조정된 EBITDA는 790만 달러에 이르며, 27% 증가하고 마진은 22.3%로 확대되었습니다. 운영 현금 흐름은 91% 급증해 1250만 달러를 기록했습니다. 회사는 Smith+Nephew와 함께 상처 치료를 위한 새로운 전략적 파트너십을 체결하고, SI Healthcare Technologies와의 합작 투자를 통해 Chemo Mouthpiece®의 독점 유통업체가 되었습니다.
InfuSystem Holdings a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires net record de 35,3 millions de dollars, en hausse de 11 % par rapport à l'année précédente. Le bénéfice net a augmenté de 162 %, atteignant 1,8 million de dollars (0,08 $ par action diluée). Les revenus des Services aux Patients ont augmenté de 8 % pour atteindre 20,8 millions de dollars, tandis que les revenus des Solutions Dispositives ont grimpé de 15 % pour atteindre 14,5 millions de dollars. La marge brute de l'entreprise s'est améliorée à 53,9 %, en hausse de 5,0 %. Le EBITDA ajusté a atteint 7,9 millions de dollars, avec une augmentation de 27 % et une expansion de la marge à 22,3 %. Le flux de trésorerie d'exploitation a bondi de 91 % à 12,5 millions de dollars. L'entreprise a établi de nouveaux partenariats stratégiques avec Smith+Nephew pour la thérapie des plaies et est devenue le distributeur exclusif du Chemo Mouthpiece® grâce à une coentreprise avec SI Healthcare Technologies.
InfuSystem Holdings hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit rekordmäßigen Nettoerlösen von 35,3 Millionen Dollar, was einem Anstieg von 11 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn stieg um 162 % auf 1,8 Millionen Dollar (0,08 Dollar pro verwässerter Aktie). Die Einnahmen aus Patientenservices wuchsen um 8 % auf 20,8 Millionen Dollar, während die Einnahmen aus Geräte-Lösungen um 15 % auf 14,5 Millionen Dollar stiegen. Die Bruttomarge des Unternehmens verbesserte sich auf 53,9 %, was einem Anstieg von 5,0 % entspricht. Das bereinigte EBITDA erreichte 7,9 Millionen Dollar, was einem Anstieg von 27 % mit einer Margenausweitung auf 22,3 % entspricht. Der operative Cashflow stieg um 91 % auf 12,5 Millionen Dollar. Das Unternehmen ging neue strategische Partnerschaften mit Smith+Nephew für die Wundtherapie ein und wurde exklusiver Vertriebspartner des Chemo Mouthpiece® durch ein Joint Venture mit SI Healthcare Technologies.
- Record quarterly revenue of $35.3 million, up 11% YoY
- Net income surge of 162% to $1.8 million
- Gross margin improvement of 5.0% to 53.9%
- Operating cash flow increased 91% to $12.5 million
- Adjusted EBITDA grew 27% to $7.9 million with margin expansion to 22.3%
- G&A expenses increased 16.8% to $12.8 million
- G&A expenses as percentage of revenue increased to 36.2% from 34.3%
Insights
InfuSystem delivered strong Q3 2024 results with several notable achievements. Net revenues reached a record
Key performance indicators show healthy business fundamentals:
- Patient Services revenue grew
8% with improved margins - Device Solutions revenue increased
15% - Operating cash flow jumped
91% to$12.5 million - Available liquidity of
$46.9 million provides strong financial flexibility
The company's strategic partnerships with Smith+Nephew and SI Healthcare Technologies position it well for future growth. The debt-to-EBITDA ratio of 1.15x indicates a healthy balance sheet, supporting continued expansion and operational investments.
InfuSystem's performance in medical equipment services shows strategic diversification and market penetration. The
The improved gross margins in both Patient Services (
Record Net Revenues of
Net income of
Adjusted EBITDA (non-GAAP) margin expanded by
Reaffirms Full-Year 2024 Guidance
2024 Third Quarter Overview:
-
Net revenues totaled
, an increase of$35.3 million 11% vs. prior year.-
Patient Services net revenue was
, an increase of$20.8 million 8% vs. prior year. -
Device Solutions net revenue was
, an increase of$14.5 million 15% vs. prior year.
-
Patient Services net revenue was
-
Gross profit was
, an increase of$19.0 million 22% vs. prior year. -
Gross margin was
53.9% , an increase of5.0% vs. prior year.-
Patient Services gross margin was
66.0% , an increase of4.6% vs. prior year. -
Device Solutions gross margin was
36.7% , an increase of6.7% vs. prior year.
-
Patient Services gross margin was
-
Net income increased
162.3% to , or$1.8 million per diluted share vs. prior year net income of$0.08 , or$0.7 million per diluted share.$0.03 -
Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was
, an increase of$7.9 million 27% vs. prior year. -
Adjusted EBITDA (non-GAAP) margin increased
2.8% to22.3% vs.19.5% prior year. -
Net operating cash flow was up
91% to , as of September 30, 2024.$12.5 million -
Company liquidity totaled
, as of September 30, 2024.$46.9 million
Management Discussion
Richard DiIorio, Chief Executive Officer of InfuSystem, said, “Our third quarter financial results reflect the forecasted acceleration in our business in the second half of the year. We saw significant growth in both our top- and bottom-line results, accompanied by strong cash flow. The record revenue of
“During the quarter, we entered into two new strategic partnerships. In August, we issued a press release announcing the new distribution agreement with Smith+Nephew for negative pressure wound therapy. In September, we announced that SI Healthcare Technologies, our joint venture with Sanara MedTech, became the exclusive distributor of the Chemo Mouthpiece®, an oral cryotherapy device with FDA 510(k) clearance, that will be marketed to approximately 3,000 cancer centers in
“Our core businesses, oncology and equipment rentals and sales, continue to grow and deliver strong operating returns as we pursue and ramp our major strategic initiatives in wound care and biomedical services. Our momentum is strong and we are excited about the future of InfuSystem. I am immensely proud of our team, as these results are a testament to their dedication, execution, and unwavering commitment to our patients and the inherent strength of our business,” concluded Mr. DiIorio.
2024 Third Quarter Financial Review
Net revenues for the quarter ended September 30, 2024 were
Patient Services net revenue of
Device Solutions net revenue of
Gross profit for the third quarter of 2024 of
Patient Services gross profit was
Device Solutions gross profit during the third quarter of 2024 was
Selling and marketing expenses were
General and administrative ("G&A") expenses for the third quarter of 2024 were
Net income for the third quarter of 2024 was
Adjusted EBITDA, a non-GAAP measure, for the third quarter of 2024 was
Balance sheet, cash flows and liquidity
During the nine-month period ended September 30, 2024, operating cash flow increased to
As of September 30, 2024, available liquidity for the Company totaled
Full Year 2024 Guidance
InfuSystem is reaffirming its annual guidance for the full year 2024 with net revenue growth estimated to be in the high-single-digit range and forecasting Adjusted EBITDA margin (non-GAAP) to be in the high-teens, exceeding the Company's margin of
The full year 2024 guidance reflects management’s current expectation for operational performance, given the current market conditions. This includes our best estimate of revenue and Adjusted EBITDA. These estimates include expected expenses related to planned upgrades of the Company's information technology and business applications. 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, 2023, filed on April 10, 2024.
Conference Call
The Company will conduct a conference call for all interested investors on Thursday, November 7, 2024, at 9:00 a.m. Eastern Time to discuss its third quarter 2024 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/ for the next 90 days or by calling (877) 344-7529 or (412) 317-0088, replay access code 7261158, through November 14, 2024.
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 health care 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 the last-mile solution 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
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 year ended September 30, 2024 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 its previously disclosed 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
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Net revenues |
$ |
35,320 |
|
|
$ |
31,909 |
|
|
$ |
101,013 |
|
|
$ |
94,014 |
|
Cost of revenues |
|
16,275 |
|
|
|
16,293 |
|
|
|
48,826 |
|
|
|
47,616 |
|
Gross profit |
|
19,045 |
|
|
|
15,616 |
|
|
|
52,187 |
|
|
|
46,398 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses: |
|
|
|
|
|
|
|
||||||||
Amortization of intangibles |
|
248 |
|
|
|
248 |
|
|
|
743 |
|
|
|
743 |
|
Selling and marketing |
|
2,755 |
|
|
|
2,728 |
|
|
|
9,173 |
|
|
|
8,937 |
|
General and administrative |
|
12,777 |
|
|
|
10,943 |
|
|
|
37,996 |
|
|
|
33,880 |
|
|
|
|
|
|
|
|
|
||||||||
Total selling, general and administrative |
|
15,780 |
|
|
|
13,919 |
|
|
|
47,912 |
|
|
|
43,560 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
3,265 |
|
|
|
1,697 |
|
|
|
4,275 |
|
|
|
2,838 |
|
Other expense: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(476 |
) |
|
|
(563 |
) |
|
|
(1,416 |
) |
|
|
(1,667 |
) |
Other expense |
|
(4 |
) |
|
|
(14 |
) |
|
|
(64 |
) |
|
|
(47 |
) |
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
2,785 |
|
|
|
1,120 |
|
|
|
2,795 |
|
|
|
1,124 |
|
Provision for income taxes |
|
(978 |
) |
|
|
(431 |
) |
|
|
(1,383 |
) |
|
|
(324 |
) |
Net income |
$ |
1,807 |
|
|
$ |
689 |
|
|
$ |
1,412 |
|
|
$ |
800 |
|
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
$ |
0.04 |
|
Diluted |
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
$ |
0.04 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
21,290,512 |
|
|
|
21,095,404 |
|
|
|
21,271,858 |
|
|
|
20,968,711 |
|
Diluted |
|
21,652,457 |
|
|
|
21,719,404 |
|
|
|
21,707,835 |
|
|
|
21,615,706 |
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS SEGMENT REPORTING (UNAUDITED) |
||||||||||||
|
|
Three Months Ended
|
|
Better/ (Worse) |
||||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|||
|
|
|
|
|
|
|
||||||
Net revenues: |
|
|
|
|
|
|
||||||
Patient Services |
|
$ |
20,780 |
|
|
$ |
19,289 |
|
|
$ |
1,491 |
|
Device Solutions |
|
|
16,532 |
|
|
|
14,218 |
|
|
|
2,314 |
|
Less: elimination of inter-segment revenues (a) |
|
|
(1,992 |
) |
|
|
(1,598 |
) |
|
|
(394 |
) |
Total Device Solutions |
|
|
14,540 |
|
|
|
12,620 |
|
|
|
1,920 |
|
Total |
|
|
35,320 |
|
|
|
31,909 |
|
|
|
3,411 |
|
Gross profit: |
|
|
|
|
|
|
||||||
Patient Services |
|
|
13,710 |
|
|
|
11,837 |
|
|
|
1,873 |
|
Device Solutions |
|
|
5,335 |
|
|
|
3,779 |
|
|
|
1,556 |
|
Total |
|
$ |
19,045 |
|
|
$ |
15,616 |
|
|
$ |
3,429 |
|
(a) |
Inter-segment allocations are for cleaning and repair services performed on medical equipment. |
|
|
Nine Months Ended
|
|
Better/ (Worse) |
||||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|||
|
|
|
|
|
|
|
||||||
Net revenues: |
|
|
|
|
|
|
||||||
Patient Services |
|
$ |
59,617 |
|
|
$ |
57,382 |
|
|
$ |
2,235 |
|
Device Solutions |
|
|
46,843 |
|
|
|
41,541 |
|
|
|
5,302 |
|
Less: elimination of inter-segment revenues (a) |
|
|
(5,447 |
) |
|
|
(4,909 |
) |
|
|
(538 |
) |
Total Device Solutions |
|
|
41,396 |
|
|
|
36,632 |
|
|
|
4,764 |
|
Total |
|
|
101,013 |
|
|
|
94,014 |
|
|
|
6,999 |
|
Gross profit: |
|
|
|
|
|
|
||||||
Patient Services |
|
|
39,428 |
|
|
|
35,223 |
|
|
|
4,205 |
|
Device Solutions |
|
|
12,759 |
|
|
|
11,175 |
|
|
|
1,584 |
|
Total |
|
$ |
52,187 |
|
|
$ |
46,398 |
|
|
$ |
5,789 |
|
(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
|
|
Nine Months Ended
|
||||||||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP net income |
|
$ |
1,807 |
|
|
$ |
689 |
|
|
$ |
1,412 |
|
|
$ |
800 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
476 |
|
|
|
563 |
|
|
|
1,416 |
|
|
|
1,667 |
|
Income tax provision |
|
|
978 |
|
|
|
431 |
|
|
|
1,383 |
|
|
|
324 |
|
Depreciation |
|
|
2,897 |
|
|
|
2,820 |
|
|
|
8,335 |
|
|
|
8,621 |
|
Amortization |
|
|
248 |
|
|
|
248 |
|
|
|
743 |
|
|
|
743 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP EBITDA |
|
$ |
6,406 |
|
|
$ |
4,751 |
|
|
$ |
13,289 |
|
|
$ |
12,155 |
|
|
|
|
|
|
|
|
|
|
||||||||
Stock compensation costs |
|
|
1,221 |
|
|
|
1,063 |
|
|
|
3,276 |
|
|
|
2,799 |
|
Medical equipment reserve and disposals (1) |
|
|
241 |
|
|
|
307 |
|
|
|
368 |
|
|
|
1,073 |
|
Management reorganization/transition costs |
|
|
— |
|
|
|
— |
|
|
|
108 |
|
|
|
72 |
|
Cooperation Agreement payment and associated legal expenses |
|
|
— |
|
|
|
— |
|
|
|
649 |
|
|
|
— |
|
Certain other non-recurring costs |
|
|
— |
|
|
|
96 |
|
|
|
109 |
|
|
|
114 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Adjusted EBITDA |
|
$ |
7,868 |
|
|
$ |
6,217 |
|
|
$ |
17,799 |
|
|
$ |
16,213 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Net Revenues |
|
$ |
35,320 |
|
|
$ |
31,909 |
|
|
$ |
101,013 |
|
|
$ |
94,014 |
|
Net Income Margin (2) |
|
|
5.1 |
% |
|
|
2.2 |
% |
|
|
1.4 |
% |
|
|
0.9 |
% |
Non-GAAP Adjusted EBITDA Margin (3) |
|
|
22.3 |
% |
|
|
19.5 |
% |
|
|
17.6 |
% |
|
|
17.2 |
% |
(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. |
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||
|
|
As of |
||||||
(in thousands, except par value and share data) |
|
September 30,
|
|
December 31,
|
||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
380 |
|
|
$ |
231 |
|
Accounts receivable, net |
|
|
22,761 |
|
|
|
19,830 |
|
Inventories, net |
|
|
6,700 |
|
|
|
6,402 |
|
Other current assets |
|
|
3,772 |
|
|
|
4,157 |
|
|
|
|
|
|
||||
Total current assets |
|
|
33,613 |
|
|
|
30,620 |
|
Medical equipment for sale or rental |
|
|
4,699 |
|
|
|
3,049 |
|
Medical equipment in rental service, net of accumulated depreciation |
|
|
37,001 |
|
|
|
34,928 |
|
Property & equipment, net of accumulated depreciation |
|
|
3,910 |
|
|
|
4,321 |
|
Goodwill |
|
|
3,710 |
|
|
|
3,710 |
|
Intangible assets, net |
|
|
6,704 |
|
|
|
7,446 |
|
Operating lease right of use assets |
|
|
5,735 |
|
|
|
6,703 |
|
Deferred income taxes |
|
|
7,815 |
|
|
|
9,115 |
|
Derivative financial instruments |
|
|
1,107 |
|
|
|
1,442 |
|
Other assets |
|
|
1,009 |
|
|
|
1,581 |
|
|
|
|
|
|
||||
Total assets |
|
$ |
105,303 |
|
|
$ |
102,915 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
8,908 |
|
|
$ |
8,009 |
|
Other current liabilities |
|
|
8,028 |
|
|
|
7,704 |
|
|
|
|
|
|
||||
Total current liabilities |
|
|
16,936 |
|
|
|
15,713 |
|
Long-term debt, net of current portion |
|
|
27,975 |
|
|
|
29,101 |
|
Operating lease liabilities, net of current portion |
|
|
4,879 |
|
|
|
5,799 |
|
|
|
|
|
|
||||
Total liabilities |
|
|
49,790 |
|
|
|
50,613 |
|
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
112,869 |
|
|
|
109,837 |
|
Accumulated other comprehensive income |
|
|
836 |
|
|
|
1,088 |
|
Retained deficit |
|
|
(58,194 |
) |
|
|
(58,625 |
) |
|
|
|
|
|
||||
Total stockholders’ equity |
|
|
55,513 |
|
|
|
52,302 |
|
|
|
|
|
|
||||
Total liabilities and stockholders’ equity |
|
$ |
105,303 |
|
|
$ |
102,915 |
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
|
|
Nine Months Ended
|
||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
||||
OPERATING ACTIVITIES |
|
|
|
|
||||
Net income |
|
$ |
1,412 |
|
|
$ |
800 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Provision for doubtful accounts |
|
|
(141 |
) |
|
|
(122 |
) |
Depreciation |
|
|
8,335 |
|
|
|
8,621 |
|
Loss on disposal of and reserve adjustments for medical equipment |
|
|
678 |
|
|
|
1,278 |
|
Gain on sale of medical equipment |
|
|
(1,863 |
) |
|
|
(1,990 |
) |
Amortization of intangible assets |
|
|
743 |
|
|
|
743 |
|
Amortization of deferred debt issuance costs |
|
|
58 |
|
|
|
99 |
|
Stock-based compensation |
|
|
3,276 |
|
|
|
2,799 |
|
Deferred income taxes |
|
|
1,383 |
|
|
|
325 |
|
Changes in assets - (increase)/decrease: |
|
|
|
|
||||
Accounts receivable |
|
|
(1,348 |
) |
|
|
(1,035 |
) |
Inventories |
|
|
(298 |
) |
|
|
(1,270 |
) |
Other current assets |
|
|
385 |
|
|
|
(1,090 |
) |
Other assets |
|
|
1,137 |
|
|
|
(2,304 |
) |
Changes in liabilities - (decrease)/increase: |
|
|
|
|
||||
Accounts payable and other liabilities |
|
|
(1,229 |
) |
|
|
(289 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
12,528 |
|
|
|
6,565 |
|
|
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
|
||||
Purchase of medical equipment |
|
|
(12,162 |
) |
|
|
(8,503 |
) |
Purchase of property and equipment |
|
|
(562 |
) |
|
|
(616 |
) |
Proceeds from sale of medical equipment, property and equipment |
|
|
2,754 |
|
|
|
3,429 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(9,970 |
) |
|
|
(5,690 |
) |
|
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
|
||||
Principal payments on long-term debt |
|
|
(40,415 |
) |
|
|
(43,160 |
) |
Cash proceeds from long-term debt |
|
|
39,231 |
|
|
|
42,788 |
|
Debt issuance costs |
|
|
— |
|
|
|
(229 |
) |
Common stock repurchased as part of share repurchase program |
|
|
(981 |
) |
|
|
(153 |
) |
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans |
|
|
(625 |
) |
|
|
(1,157 |
) |
Cash proceeds from exercise of options and ESPP |
|
|
381 |
|
|
|
1,032 |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(2,409 |
) |
|
|
(879 |
) |
|
|
|
|
|
||||
Net change in cash and cash equivalents |
|
|
149 |
|
|
|
(4 |
) |
Cash and cash equivalents, beginning of period |
|
|
231 |
|
|
|
165 |
|
Cash and cash equivalents, end of period |
|
$ |
380 |
|
|
$ |
161 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107962236/en/
Joe Dorame, Joe Diaz & Robert Blum
Lytham Partners, LLC
602-889-9700
Source: InfuSystem Holdings, Inc.
FAQ
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