Full Year 2023 vs. Full Year 2022:
Record Net Revenues: $125.8 million, a 14% increase
Patient Services Revenue: $76.5 million - Device Solutions
Revenue: $49.2 million, increases of 11% and 20% Adjusted
EBITDA (non-GAAP): $22.4 million, an 8% increase
Five Year CAGR: Net Revenues 13% and
Adjusted EBITDA 10%
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 fourth quarter and full year ended
December 31, 2023.
Fourth Quarter Overview:
- Net revenues totaled $31.8 million, an increase of 10% vs.
prior year.
- Patient Services net revenue was $19.2 million, an increase of
9% vs. prior year.
- Device Solutions net revenue was $12.6 million, an increase of
13% vs. prior year.
- Gross profit was $16.7 million, an increase of 8% vs. prior
year.
- Gross margin was 52.6%, a decrease of 1.3% vs. prior year.
- Operating income was $1.3 million, an increase of 21% vs. prior
year.
- Net income of $0.1 million, or $0.00 per diluted share.
- Adjusted earnings before interest, income taxes, depreciation,
and amortization (“Adjusted EBITDA”) (non-GAAP) was $6.2 million,
an increase of 12% vs. prior year.
Full Year Overview:
- Net revenues totaled $125.8 million, an increase of 14% vs.
prior year.
- Patient Services net revenue was $76.5 million, an increase of
11% vs. prior year.
- Device Solutions net revenue was $49.2 million, an increase of
20% vs. prior year.
- Gross profit was $63.1 million, an increase of 4% vs. prior
year.
- Gross margin was 50.2%, a decrease of 4.9% vs. prior year.
- Operating income was $4.1 million, an increase of 147% vs.
prior year.
- Net income of $0.9 million, an increase of $0.9 million vs.
prior year.
- Earnings per share of $0.04 per diluted share vs. $0.00 per
diluted share in the prior year.
- Adjusted EBITDA was $22.4 million, an increase of 8% vs. prior
year.
- Net cash provided by operations was $11.2 million.
- Company liquidity totaled $45.6 million, as of December 31,
2023.
Management Discussion
Richard DiIorio, Chief Executive Officer of InfuSystem, said,
“2023 marked a year of outstanding execution and tremendous
achievements, delivering our fifth consecutive year of record
revenue with strong organic growth of 14% - beating our guidance.
We delivered another year of excellent performance with operating
income up 147%, a dramatic improvement in our net income and
solidifying key partnerships that are significantly expanding our
markets and growth opportunities going forward. The continued
strength in both our service platforms resulted in strong growth of
11% for Patient Services and 20% for Device Solutions for the year.
For the fourth quarter we achieved another milestone delivering our
eighth consecutive quarter of record revenue with solid top-line
growth of 10% driven by 13% growth in Device Solutions and 9%
growth in Patient Services. Overall, I am proud of our notable
accomplishments in 2023. The sustained momentum reflects our team’s
ability to focus and successfully execute our strategic priorities
while providing our patients and partners with high service levels
and I am honored to be part of this great team.”
“Additionally, we continued to show strength in our core
oncology business with record patient treatments resulting in solid
growth of 8%, along with our wound care business increasing more
than 262% driven by our leases/sales of NPWT medical equipment for
the year,” continued Mr. DiIorio. “Importantly, our biomedical
service business essentially completed the on-boarding process of
medical devices for our key global partner resulting in significant
revenue of approximately $9.6 million for the year. Our next growth
driver will be in wound care with our strategic partner Sanara
MedTech through our joint venture, SI Wound Care. We expect to
generate meaningful revenue in 2025, as we continue building our
back-office systems and training our sales and revenue cycle teams.
Our goal is to address unmet medical needs by delivering a complete
wound care solution that promotes healing for the treatment of
chronic and acute wounds for patients in long-term care and skilled
nursing facilities. We are excited about the positive outlook for
our business.”
“As we look to 2024, we have built conservative assumptions into
our full year guidance with revenue growth estimated to be in the
high-single-digit range and our Adjusted EBITDA margin estimated to
be in the high-teens, exceeding our margin of 17.8% in 2023. We
will look to update and refine our guidance as we move throughout
the year. Going forward, we are highly focused on operational
excellence and expect to significantly expand our Adjusted EBITDA,
cash flows and profitability. InfuSystem has an unwavering
commitment to help people live healthier and longer lives, which
gives us the confidence to successfully enhance our share of the
market within acute care and wound care and driving sustainable
long-term growth that will propel us in the coming years,”
concluded Mr. DiIorio.
2023 Fourth Quarter Financial Review
During fiscal year 2023, we reviewed our cost classifications,
primarily related to our pumps, pump parts, accessories, and
services that were previously classified within general and
administrative expenses. Based upon this review, we concluded that
certain of these costs were direct costs that were more
appropriately classified as costs of revenues. As a result, we have
reclassified certain of these costs within our Consolidated
Statements of Operations and Comprehensive Income beginning in
fiscal year 2021. These costs are now presented within costs of
revenues as opposed to general and administrative expense. The
reclassification did not impact revenues, operating income, net
income, or earnings per share.
As a result of the costs reclassification described above, costs
of revenues increased by $0.6 million and $2.0 million for the
three months and year ended December 31, 2022, respectively.
Additionally, general and administrative expense decreased by $0.6
million and $2.0 million for the three-month period and year ended
December 31, 2022, respectively.
Net revenues for the quarter ended December 31, 2023 were $31.8
million, an increase of $2.9 million, or 10%, compared to $28.8
million for the quarter ended December 31, 2022. The increase was
attributable to both the Patient Services and Device Solutions
Segments.
Patient Services net revenue of $19.2 million increased $1.5
million, or 9%, during the fourth quarter of 2023 as compared to
the same prior year period. This increase was primarily
attributable to additional treatment volume in the Oncology
Business, revenue from sales-type leases of NPWT pumps, improved
third party payer collections on billings and higher average
prices. Net revenue in the Oncology Business for the fourth quarter
of 2023 increased by $1.6 million, or 10%, compared to the same
prior year period. Wound Care, which increased by $0.2 million, or
106%, compared to the same prior year period, mainly due to
increased sales of equipment on sales-type leases, partially offset
by lower treatment volumes.
Device Solutions net revenue of $12.6 million increased $1.4
million, or 13%, during the fourth quarter of 2023 as compared to
the prior year period. This increase included higher biomedical
services revenue which increased by $2.1 million, or 98%. The
increased biomedical revenue was mainly attributable to increased
revenue from the master services agreement that we entered into
with a leading global healthcare technology and diagnostic company
in April 2022. This increase was partially offset by decreased
sales of medical equipment totaling $0.9 million, or 36%. Lower
equipment revenue reflected different timing of large orders in
2023 as compared with 2022 when there was a shift favoring the
fourth quarter. Equipment sales during 2023 were more level over
the year.
Gross profit for the fourth quarter of 2023 of $16.7 million
increased $1.2 million, or 8%, from $15.5 million for the fourth
quarter of 2022. The increase was driven by the increase in net
revenues offset partially by a lower gross profit as a percentage
of net revenue (“gross margin”). Gross margin was 52.6% during the
fourth quarter of 2023 as compared to 53.9% during the same prior
year period, a decrease of 1.3%. Gross profit increased in the
Patient Services segment but was lower in the Device Solutions
segment. Similarly, gross margin increased in the Patient Services
segment and decreased in Device Solutions segment.
Patient Services gross profit was $12.6 million during the
fourth quarter of 2023, representing an increase of $1.4 million
compared to the same prior year period. The improvement reflected
an increase in net revenues and a higher gross margin, which
increased from the same prior year period by 2.2% to 65.6%. The
higher gross margin was the result of improved third party payer
collections on billings and improved coverage of fixed costs from
the higher net revenue.
Device Solutions gross profit during the fourth quarter of 2023
was $4.1 million, representing a decrease of $0.2 million, or 5%,
compared to the same prior year period. This decrease was due to a
decrease in gross margin partially offset by higher net revenue.
The Device Solutions gross margin was 32.8% during the current
quarter, which was 6.0% lower than the prior year. This decrease
was due to an increase in labor costs related to an increase in the
number of biomedical technicians and other expenses associated with
the rapid on-boarding of the master services agreement described
above. Some of the additional labor costs include training
activities and other labor expenses associated with building a
larger team in order to have the capacity required to support much
higher planned revenue volume. Over time, higher revenue levels are
expected to absorb a portion of the increased labor costs and
result in an improved gross margin. Other increased expenses
associated with the on-boarding ramp, which include increased
travel expenses and employee acquisitions costs, are expected to
decrease in the future. We currently estimate that the additional
expenses incurred during the fourth quarter of 2023 that will
either be absorbed or reduced totaled approximately $0.9
million.
Selling and marketing expenses for the fourth quarter of 2023
were $3.7 million, representing an increase of $0.8 million, or
25%, as compared to the fourth quarter of 2022. Selling and
marketing expenses as a percentage of net revenues during 2023 was
11.7% representing an increase of 1.4% compared to the prior year
period. This increase was primarily related to an increase in sales
commission earned during the fourth quarter of 2023 as a result of
higher than planned net revenue. Our commission plans pay out on a
progressive scale based on set revenue quotas. During 2023 actual
revenue amounts exceeded quota thresholds more than during
2022.
General and administrative (“G&A”) expenses for the fourth
quarter of 2023 were $11.5 million, an increase of 3% from $11.2
million for the fourth quarter of 2022. The increase of $0.3
million was largely due to an increase in management bonus expense.
The operating metrics used to measure performance under the plan
improved during 2023 as compared to 2022. As a result, management
bonus expense increased by $0.9 million during 2023 as compared to
2022. General and administrative expenses as a percentage of net
revenues decreased by 2.6% to 36.2% compared to 38.7% in the prior
year period. This decrease reflected an improved coverage of fixed
costs from higher net revenues.
Net income for the fourth quarter of 2023 was $0.1 million, or
$0.00 per diluted share, compared to $0.1 million, or $0.01 per
diluted share for the fourth quarter of 2022.
Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of
2023 was $6.2 million, or 19.4% of net revenue, and increased by
$0.7 million, or 12.4%, compared to Adjusted EBITDA for the same
prior year quarter of $5.5 million, or 19.0% of prior period net
revenue.
Balance sheet, cash flows and liquidity
During the year ended December 31, 2023, operating cash flow
decreased to $11.2 million, a $6.3 million or 36% decrease as
compared to operating cash flow during the same prior year period.
The decrease was primarily due to higher working capital levels
related to the increase in net revenues and partially reflected
lower operating margins during the period, primarily during the
first quarter, resulting from the additional biomedical labor
expenses in the Device Solutions segment.
Capital expenditures, which include purchases of medical
devices, totaled $11.1 million during the year ended December 31,
2023 which was $4.0 million, or 26%, lower than the amount
purchased during 2022. This decrease reflected the fact that
revenue growth during 2023 favored products, such as biomedical
services, that do not require the purchase of medical devices.
Offsetting capital expenditures were proceeds from the sale of
medical equipment totaling $4.4 million during 2023 and $3.6
million during 2022.
On April 26, 2023, the Company amended its 2021 Credit
Agreement, which, as amended, features $75.0 million revolving line
of credit, does not include any term indebtedness, and matures on
April 26, 2028. On May 11, 2023, the Company entered into a rate
swap agreement to fix the amount of interest expense for $20
million of the outstanding borrowings under the loans with a
termination date matching the new credit agreement maturity date.
Two interest rate swaps existing prior to the amendment date were
settled. As of December 31, 2023, available liquidity for the
Company totaled $45.6 million and consisted of $45.4 million in
available borrowing capacity under the new revolving line of credit
plus cash and cash equivalents of $0.2 million. Net debt, a
non-GAAP measure (calculated as total debt of $29.1 million less
cash and cash equivalents of $0.2 million) as of December 31, 2023
was $28.9 million representing a decrease of $4.1 million as
compared to net debt of $33.0 million as of December 31, 2022
(calculated as total debt of $33.2 million less cash and cash
equivalents of $0.2 million). Our ratio of Adjusted EBITDA to net
debt (non-GAAP) for the last four quarters was 1.29 to 1.00
(calculated as net debt of $28.9 million divided by Adjusted EBITDA
of $22.4 million). We maintain a low balance of cash in our bank
accounts to achieve maximum cash efficiency due to the fact that
our bank debt is an all-revolver facility which allows us to use
any excess operating cash to pay down our revolving lines each
day.
Fiscal Year 2024 Guidance
InfuSystem is providing 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 17.8% in 2023.
The Company intends to update its annual guidance throughout the
year.
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 and does not include any material revenue from SI Wound Care
LLC. 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, 2022, filed on
March 16, 2023. 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 March 14, 2024, at 9:00 a.m. Eastern Time to discuss
its fourth quarter and full year 2023 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
2665790, through Thursday, March 21, 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 and net debt. 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.
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 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, 2023 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, growth initiatives,
objectives and prospects, future operating or financial
performance, guidance and expected new business relationships and
the terms thereof. The words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “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, our
ability to enter into definitive agreements for new business
relationships on expected terms or at all, the uncertain impact of
the COVID-19 pandemic, our dependence on estimates of collectible
revenue, potential litigation, changes in third-party reimbursement
processes, changes in law, 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. 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)
2023
2022
2023
2022
Net revenues
$
31,771
$
28,830
$
125,785
$
109,914
Cost of revenues
15,060
13,299
62,676
49,354
Gross profit
16,711
15,531
63,109
60,560
Selling, general and administrative
expenses:
Amortization of intangibles
247
369
990
2,494
Selling and marketing
3,717
2,963
12,654
12,259
General and administrative
11,497
11,170
45,377
44,153
Total selling, general and
administrative
15,461
14,502
59,021
58,906
Operating income
1,250
1,029
4,088
1,654
Other expense:
Interest expense
(503
)
(426
)
(2,170
)
(1,402
)
Other expense
(20
)
(53
)
(67
)
(122
)
Income before income taxes
727
550
1,851
130
Provision for income taxes
(655
)
(443
)
(979
)
(112
)
Net income
$
72
$
107
$
872
$
18
Net income per share
Basic
$
—
$
0.01
$
0.04
$
—
Diluted
$
—
$
0.01
$
0.04
$
—
Weighted average shares outstanding:
Basic
21,189,579
20,717,042
21,024,382
20,648,818
Diluted
21,758,959
21,390,007
21,646,079
21,547,306
INFUSYSTEM HOLDINGS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
SEGMENT REPORTING
(UNAUDITED)
Three Months Ended
December 31,
Better/ (Worse)
(in thousands)
2023
2022
Net revenues:
Patient Services
$
19,159
$
17,621
$
1,538
Device Solutions (inclusive of
inter-segment revenues)
14,284
12,822
1,462
Less: elimination of inter-segment
revenues
(1,672
)
(1,613
)
(59
)
Total
31,771
28,830
2,941
Gross profit (inclusive of certain
inter-segment allocations) (a):
Patient Services
12,577
11,182
1,395
Device Solutions
4,134
4,349
(215
)
Total
$
16,711
$
15,531
$
1,180
(a)
Inter-segment allocations are for cleaning
and repair services performed on medical equipment.
Years Ended December
31,
Better/ (Worse)
(in thousands)
2023
2022
Net revenues:
Patient Services
$
76,541
$
68,881
$
7,660
Device Solutions (inclusive of
inter-segment revenues)
55,825
47,506
8,319
Less: elimination of inter-segment
revenues
(6,581
)
(6,473
)
(108
)
Total
125,785
109,914
15,871
Gross profit (inclusive of certain
inter-segment allocations) (a):
Patient Services
47,800
43,433
4,367
Device Solutions
15,309
17,127
(1,818
)
Total
$
63,109
$
60,560
$
2,549
(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)
2023
2022
2023
2022
GAAP net income
$
72
$
107
$
872
$
18
Adjustments:
Interest expense
503
426
2,170
1,402
Income tax provision (benefit)
655
443
979
112
Depreciation
2,897
2,735
11,518
10,866
Amortization
247
369
990
2,494
Non-GAAP EBITDA
$
4,374
$
4,080
$
16,529
$
14,892
Stock compensation costs
1,275
589
4,074
3,825
Medical equipment reserve (1)
428
186
1,501
1,162
SOX readiness costs
—
—
—
110
Management reorganization/transition
costs
—
577
72
633
Certain other non-recurring costs
76
41
190
123
Non-GAAP Adjusted EBITDA
$
6,153
$
5,473
$
22,366
$
20,745
GAAP Net Revenues
$
31,771
$
28,830
$
125,785
$
109,914
Net Income Margin (2)
0.2
%
0.4
%
0.7
%
—
%
Non-GAAP Adjusted EBITDA Margin
(3)
19.4
%
19.0
%
17.8
%
18.9
%
(1)
Amounts represent a non-cash
expense (recovery) recorded to adjust the reserve for missing
medical equipment and is being added back (deducted) due to its
similarity to depreciation. Amounts for the prior period, which
were not previously included in the calculation of Adjusted EBITDA,
have been included for comparability.
(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)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
231
$
165
Accounts receivable, net
19,830
16,871
Inventories, net
6,402
4,821
Other current assets
4,157
2,922
Total current assets
30,620
24,779
Medical equipment for sale or rental
3,049
2,790
Medical equipment in rental service, net
of accumulated depreciation
34,928
39,450
Property & equipment, net of
accumulated depreciation
4,321
4,385
Goodwill
3,710
3,710
Intangible assets, net
7,446
8,436
Operating lease right of use assets
6,703
4,168
Deferred income taxes
9,115
9,625
Derivative financial instruments
1,442
1,965
Other assets
1,581
80
Total assets
$
102,915
$
99,388
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
8,009
$
8,341
Other current liabilities
7,704
6,126
Total current liabilities
15,713
14,467
Long-term debt, net of current portion
29,101
33,157
Operating lease liabilities, net of
current portion
5,799
3,761
Total liabilities
50,613
51,385
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; 21,196,851 shares issued and
outstanding as of December 31, 2023, and 20,781,977 shares issued
and outstanding as of December 31, 2022
2
2
Additional paid-in capital
109,837
105,856
Accumulated other comprehensive income
1,088
1,489
Retained deficit
(58,625
)
(59,344
)
Total stockholders’ equity
52,302
48,003
Total liabilities and stockholders’
equity
$
102,915
$
99,388
INFUSYSTEM HOLDINGS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Years Ended December
31,
(in thousands)
2023
2022
OPERATING ACTIVITIES
Net income
$
872
$
18
Adjustments to reconcile net income to
net cash provided by operating activities:
Provision for doubtful accounts
(261
)
87
Depreciation
11,518
10,866
Loss on disposal of and reserve
adjustments for medical equipment
1,726
1,933
Gain on sale of medical equipment
(2,887
)
(2,183
)
Amortization of intangible assets
990
2,494
Amortization of deferred debt issuance
costs
120
73
Stock-based compensation
4,074
3,825
Deferred income taxes
633
19
Changes in assets -
(increase)/decrease:
Accounts receivable
(2,363
)
(1,153
)
Inventories
(1,581
)
(882
)
Other current assets
(1,235
)
(387
)
Other assets
(2,798
)
(135
)
Changes in liabilities -
increase/(decrease):
Accounts payable and other liabilities
2,415
2,942
NET CASH PROVIDED BY OPERATING
ACTIVITIES
11,223
17,517
INVESTING ACTIVITIES
Acquisition of business
—
—
Purchase of medical equipment
(10,093
)
(14,094
)
Purchase of property and equipment
(1,024
)
(982
)
Proceeds from sale of medical equipment,
property and equipment
4,383
3,598
NET CASH USED IN INVESTING
ACTIVITIES
(6,734
)
(11,478
)
FINANCING ACTIVITIES
Principal payments on long-term debt
(55,499
)
(42,035
)
Cash proceeds from long-term debt
51,552
42,022
Debt issuance costs
(229
)
—
Cash payment of contingent
consideration
—
(750
)
Common stock repurchased as part of share
repurchase program
(153
)
(5,459
)
Common stock repurchased to satisfy
statutory withholding on employee stock-based compensation
plans
(1,158
)
(1,193
)
Cash proceeds from exercise of options and
ESPP
1,064
1,355
NET CASH USED IN FINANCING
ACTIVITIES
(4,423
)
(6,060
)
Net change in cash and cash
equivalents
66
(21
)
Cash and cash equivalents, beginning of
period
165
186
Cash and cash equivalents, end of
period
$
231
$
165
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314773485/en/
Joe Dorame, Joe Diaz & Robert Blum Lytham Partners, LLC
602-889-9700
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