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INHI.. $2.49
InfuSystem Announces New Credit Facility
Market Wire - Jun 15 at 13:34
Company Symbols: NASDAQ-OTCBB:INHI
MADISON HEIGHTS, MI -- (MARKET WIRE) -- 06/15/10 -- InfuSystem Holdings, Inc. (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU), announced today that the Company has entered into a new credit facility, consisting of a $30 million 4-year term loan and a $5 million revolving credit facility which matures in 2014.
Proceeds from the new term loan have been used to repay the outstanding balance of the Company's debt held by Kimberly-Clark (formerly I-Flow). The revolving credit facility has been established to help finance future growth opportunities.
Sean McDevitt, Chairman and CEO, said "We are pleased with the terms of our new credit facilities. These facilities will provide us with more flexibility to continue to grow our business internally and opportunistically through acquisitions."
Bank of America, N.A. is serving as Administrative Agent, KeyBank National Association is serving as Documentation Agent, and the two banks are serving as Joint Arrangers and Book Runners.
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of infusion services to oncologists and other outpatient treatment settings. The Company provides pole mounted and ambulatory pumps, supplies and related clinical, biomedical and billing services to practices and patients, nationwide. The Company's unique suite of services appeals to practices, patients and payors by improving access to clinically necessary medical equipment, while driving down costs and maximizing clinical outcomes.
==========================
InfuSystem Acquires First Biomedical, Inc.
Market Wire - Jun 15 at 16:02
Company Symbols: NASDAQ-OTCBB:INHI
MADISON HEIGHTS, MI -- (MARKET WIRE) -- 06/15/10 -- InfuSystem Holdings, Inc. (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU) announced today that it has acquired First Biomedical, Inc. for total consideration of $17.2 million. First Biomedical sells, rents, services and repairs new and pre-owned infusion pumps and other medical equipment. The company also sells a variety of primary and secondary tubing, cassettes, catheters and other disposable items that are utilized with infusion pumps. Headquartered near Kansas City, with additional facilities in California and Toronto, First Biomedical is a leading provider to alternate site healthcare facilities and hospitals in the United States and Canada.
Sean McDevitt, Chairman and CEO of InfuSystem, said, "The First Biomedical business represents a great strategic fit for InfuSystem, allowing us to expand our offerings to existing customers with the addition of biomedical service and repair, while simultaneously bolstering our growing infusion pump sales efforts within the oncology space and beyond." Mr. McDevitt added, "First Biomedical has an outstanding reputation within the industry. By combining these two best-in-class operations we are able to continue to grow both businesses even more efficiently."
Tom Creal, majority owner of First Biomedical and who will continue as President, said, "I'm excited to be joining forces with InfuSystem. InfuSystem's strong reputation and reach within the oncology market combined with our extensive fleet representing over 70 different makes and models of infusion pumps, as well as our biomedical service and repair expertise, creates a formidable offering for the entire alternate site market."
For calendar year 2009, First Biomedical generated unaudited revenues of approximately $9.8 million. InfuSystem expects the transaction to be accretive to earnings per share in 2011. The transaction was financed through a combination of cash on hand, a promissory note issued to the seller and InfuSystem's recently announced new credit facility.
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of infusion services to oncologists and other outpatient treatment settings. The Company provides pole mounted and ambulatory pumps, supplies and related clinical, biomedical and billing services to practices and patients, nationwide. The Company's unique suite of services appeals to practices, patients and payors by improving access to clinically necessary medical equipment, while driving down costs and maximizing clinical outcomes.
For Immediate Release
Sean Whelan
CFO
InfuSystem
(248) 291-1210
Investor Contacts:
Asher Dewhurst
Bob East
Westwicke Partners
Email Contact
Tel: (443) 213-0500
For Immediate Release
Sean Whelan, CFO
InfuSystem
(248) 291-1210
Investor Contacts:
Asher Dewhurst
Bob East
Westwicke Partners
Email Contact
Tel: (443) 213-0500
INHI.. $2.31
InfuSystem Holdings Reports $10.7 Million of Revenue and $3.2 Million of Adjusted EBITDA for the Fourth Quarter of 2009
Market Wire - Mar 02 at 16:02 NONE
Company Symbols: NASDAQ-OTCBB:INHI
MADISON HEIGHTS, MI -- (MARKET WIRE) -- 03/02/10 -- InfuSystem Holdings, Inc. (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the fourth quarter and full year ended December 31, 2009.
Revenue for the fourth quarter ended December 31, 2009 was $10.7 million, a 17% improvement compared to $9.1 million for the same period in 2008. For the full year 2009, the Company reported revenue of $39.0 million, a 10% increase compared to 2008 revenues of $35.4 million.
Mr. Sean McDevitt, Chief Executive Officer, commented, "InfuSystem continues to build sales momentum with the addition of new oncology clinic customers as demonstrated by our solid financial results. We continue to realize benefits from the refocusing of our sales force and the back-office efficiency tools that we implemented this past summer. With the continued steady growth of our core business, strategic initiatives to broaden our product and service offering and the announcement of the warrant exchange offer, we are more confident than ever in the long-term outlook for the company and industry."
Financial Results for the Fourth Quarter 2009
Revenue for the fourth quarter ended December 31, 2009 was $10.7 million, a 17% improvement compared to $9.1 million for the same period in 2008. The increase in revenues is primarily due to obtaining business at new customer facilities, timing of documentation collection and related billings, improved operational efficiency tools, as well as increased reimbursement. Operating income for the fourth quarter of 2009 was $1.4 million versus operating income of $1.5 million for the same period in 2008. The decrease in operating income was due, primarily, to an increase in the provision for doubtful accounts and pump maintenance costs, partially offset by higher revenues and lower stock-based compensation expense. The increase in the provision for doubtful accounts is directly related to a slight increase in the mix of billings directly to patients, as compared to billings to third-party payors. The net income for the fourth quarter of 2009 was $966,000, or $0.05 per diluted share, compared to net income of $1.3 million or $0.07 per diluted share, for the same period in 2008.
Adjusted EBITDA for the fourth quarter ended December 31, 2009 was $3.2 million, compared to $3.3 million for the same period in 2008. The decrease in adjusted EBITDA for the fourth quarter of 2009 was primarily the result of an increase in the provision for doubtful accounts and pump maintenance costs, partially offset by higher revenues. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation, and other non-recurring charges. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. Reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.
Financial Results for the Full Year Ended December 31, 2009
Revenue for the full year ended December 31, 2009 was $39.0 million, a 10% improvement compared to $35.4 million for the same period in 2008. Operating income for the full year ended December 31, 2009 was $5.3 million versus operating income of $4.8 million for the same period in 2008. The increase in operating income for the full year ended December 31, 2009 was a result of an increase in revenue, lower freight costs, partially offset by management transition expenses and provision for doubtful accounts.
The net income for the full year ended December 31, 2009 was $774,000, or $0.04 per diluted share, compared to net income of $10.0 million or $0.53 per diluted share, for the same period in 2008. The net income for the full year ended December 31, 2009 included a ($78,000) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during 2009, compared to a $9.8 million gain on derivative financial instruments in the comparable period in 2008.
Adjusted EBITDA for the full year ended December 31, 2009 was $12.9 million, compared to $12.1 million for the same period in 2008.
Total cash and cash equivalents were $7.8 million at the year end 2009, compared to $11.5 million at the end of 2008. As of December 31, 2009, InfuSystem had $24.1 million of debt outstanding, compared to $30.7 million at year end 2008.
Conference Call
The company will host an investor conference call today at 5:00 p.m. ET to discuss its financial results for the fourth quarter and year end 2009. The investor conference call will be available via live webcast on InfuSystem's website at www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is (888) 677-8769. The access code is 3740095. Investors are advised to dial into the call at least ten minutes prior to the call to register. A replay of the call can be accessed by dialing (888) 203-1112, confirmation number 3740095. An online archive of the conference call will remain on the Company's website for at least 90 days after the call.
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of infusion services to oncologists and other outpatient treatment settings. The Company provides pole mounted and ambulatory pumps, supplies and related clinical, biomedical and billing services to practices and patients, nationwide. The Company's unique suite of services appeals to practices, patients and payors by improving access to clinically necessary medical equipment, while driving down costs and maximizing clinical outcomes.
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 from 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 InfuSystem's publicly filed documents.
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
(in thousands, except share data) 2009 2008
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 7,750 $ 11,513
Accounts receivable, less allowance for
doubtful accounts of $1,842 and $1,552 at
December 31, 2009 and December 31, 2008,
respectively; December 31, 2009 and
December 31, 2008 include $0 and $72 due
from Kimberly-Clark (I-Flow), respectively 5,517 4,168
Inventory 925 391
Prepaid expenses and other current assets 395 676
Deferred income taxes 125 -
------------- -------------
Total Current Assets 14,712 16,748
Property & equipment, net 13,499 10,878
Deferred debt issuance costs, net 781 1,276
Goodwill 56,580 56,580
Intangible assets, net 28,911 30,738
Other assets 207 -
------------- -------------
Total Assets $ 114,690 $ 116,220
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,306 $ 1,012
Deferred income taxes - 55
Other current liabilities 1,573 939
Derivative liabilities 2,670 2,592
Current portion of long-term debt; December
31, 2009 and December 31, 2008 include
$4,928 and $8,565 payable to Kimberly-Clark
(I-Flow), respectively 5,501 8,644
------------- -------------
Total Current Liabilities 11,050 13,242
Long-term debt, net of current portion;
December 31, 2009 and December 31, 2008
include $16,757 and $21,685 payable to
Kimberly-Clark (I-Flow), respectively 18,640 22,025
Deferred income taxes 3,314 880
Other liabilities 221 -
------------- -------------
Total Liabilities $ 33,225 $ 36,147
============= =============
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 18,734,144 and
18,512,671, respectively; outstanding
18,734,144 and 17,278,626, respectively 2 2
Additional paid-in capital 81,410 80,792
Retained earnings (deficit) 53 (721)
------------- -------------
Total Stockholders' Equity 81,465 80,073
------------- -------------
Total Liabilities and Stockholders' Equity $ 114,690 $ 116,220
============= =============
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Year Ended
December 31, December 31,
(in thousands, except ---------------------- ----------------------
per share data) 2009 2008 2009 2008
---------- ---------- ---------- ----------
Net revenues 10,662 9,092 38,964 35,415
Operating expenses:
Cost of Revenues -- Product
and supply costs 1,753 1,240 6,200 5,422
Cost of Revenues -- Pump
depreciation and
disposals 1,121 861 4,127 3,769
Provision for doubtful
accounts 1,272 710 4,006 3,187
Amortization of
intangibles 457 457 1,827 1,827
Selling and marketing 1,509 1,258 5,258 4,659
General and
administrative 3,190 3,028 12,218 11,765
---------- ---------- ---------- ----------
Total Operating Expenses 9,302 7,554 33,636 30,629
---------- ---------- ---------- ----------
Operating income 1,360 1,538 5,328 4,786
Other income (loss):
Gain (loss) on
derivatives 1,122 1,150 (78) 9,815
Interest income - 22 4 36
Interest expense (831) (943) (3,503) (3,771)
---------- ---------- ---------- ----------
Total other income (loss) 291 229 (3,577) 6,080
---------- ---------- ---------- ----------
Income before income taxes 1,651 1,767 1,751 10,866
Income tax expense (685) (508) (977) (907)
---------- ---------- ---------- ----------
Net income 966 1,259 774 9,959
========== ========== ========== ==========
Net income per share:
Basic 0.05 0.07 0.04 0.56
Diluted 0.05 0.07 0.04 0.53
Weighted average shares
outstanding:
Basic 18,697,729 18,476,445 18,609,797 17,940,952
Diluted 18,956,690 18,794,943 18,931,356 18,672,321
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Year Ended
December 31 December 31
(in thousands) 2009 2008 2009 2008
--------- --------- --------- ---------
OPERATING ACTIVITIES
Net Income $ 966 $ 1,259 $ 774 $ 9,959
Adjustments to reconcile net
income to net cash provided
by operating activities:
(Gain) loss on
derivative liabilities (1,122) (1,150) 78 (9,815)
Provision for doubtful
accounts 1,272 710 4,006 3,187
Depreciation 1,151 894 4,122 3,935
Amortization of
intangible assets 457 457 1,827 1,827
Amortization of deferred
debt issuance costs 113 148 495 642
Loss on disposal of
assets 63 168 342 553
Stock-based compensation 224 384 753 1,550
Deferred income taxes 1,467 536 2,254 935
Changes in assets and
liabilities, net of effects
of acquisitions:
Increase in current
accounts receivable,
net of provision (1,198) (1,530) (5,355) (1,835)
Decrease (increase) in
other current assets 379 (276) (253) 560
(Increase) decrease in
other assets (189) (207)
(Decrease) increase in
accounts payable and
other liabilities (931) 27 872 (601)
--------- --------- --------- ---------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 2,652 1,627 9,708 10,897
--------- --------- --------- ---------
INVESTING ACTIVITIES
Capital expenditures (573) (782) (4,612) (1,733)
Proceeds from sale of
property 10 1 10
Payment of deferred
acquisition costs - - (105)
Cash received for
acquisition from
I-Flow, net of cash
acquired - 784 - 784
--------- --------- --------- ---------
NET CASH (USED IN) PROVIDED
BY INVESTING ACTIVITIES (573) 12 (4,611) (1,044)
--------- --------- --------- ---------
FINANCING ACTIVITIES
Principal payments on
term loan (818) (818) (8,565) (2,044)
Common stock repurchased
to satisfy minimum
statutory withholding
on stock-based
compensation (135) (82) (135) (195)
Principal payments on
capital lease
obligation (92) (21) (160) (61)
--------- --------- --------- ---------
NET CASH USED IN FINANCING
ACTIVITIES (1,045) (921) (8,860) (2,300)
--------- --------- --------- ---------
Net change in cash and cash
equivalents 1,034 718 (3,763) 7,553
Cash and cash equivalents,
beginning of period 6,716 10,795 11,513 3,960
--------- --------- --------- ---------
--------- --------- --------- ---------
Cash and cash equivalents,
end of period 7,750 11,513 7,750 11,513
--------- --------- --------- ---------
INFUSYSTEM HOLDINGS, INC.
GAAP RECONCILIATION
Reconciliation from Net Income to Adjusted EBITDA:
Three Months Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
--------- --------- --------- ---------
Net Income $ 966 $ 1,259 $ 774 $ 9,959
Adjustments:
Interest expense 831 943 3,503 3,771
Interest income - (22) (4) (36)
Income tax expense 685 508 977 907
Depreciation -- Pumps 1,058 861 3,785 3,769
Depreciation -- Other 93 33 337 166
Amortization 457 457 1,827 1,827
--------- --------- --------- ---------
EBITDA $ 4,090 $ 4,039 $ 11,199 $ 20,363
--------- --------- --------- ---------
Adjustments:
Loss (gain) on derivatives (1,122) (1,150) 78 (9,815)
Stock-based compensation 224 384 753 1,550
Termination Benefits 877
--------- --------- --------- ---------
Adj. EBITDA $ 3,192 $ 3,273 $ 12,907 $ 12,098
========= ========= ========= =========
Sean Whelan
CFO
InfuSystem
(248) 291-1210
Investor Contacts:
Asher Dewhurst
Bob East
Westwicke Partners
Email Contact
Tel: (443) 213-0500
INHI..$2.31..
As of today I have completed my sales of all all positions in INHI and INHIW.. Time to move on.. Great Idea but the rate of growth disappoints.. hank
INHI.. $2.95
InfuSystem Holdings Reports Record Results -- $9.9 Million of Revenue and $3.8 Million of Adjusted EBITDA for the Third Quarter of 2009... BOOK $4.31..
Market Wire - Nov 09 at 16:01 NONE
Company Symbols: NASDAQ-OTCBB:INHI
MADISON HEIGHTS, MI -- (MARKET WIRE) -- 11/09/09 -- InfuSystem Holdings, Inc. (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the third quarter ended September 30, 2009.
Revenue for the third quarter ended September 30, 2009 was $9.9 million, an 11% improvement compared to $9.0 million for the same period in 2008. The increase in revenue was a result of winning new customer business.
Mr. Sean McDevitt, Chief Executive Officer, commented, "We are pleased with the third quarter performance. InfuSystem continues to execute on our business strategy as evidenced by accelerating revenue growth and continued strong cash flow. We remain confident in the long-term outlook for the company and industry."
Financial Results for the Third Quarter 2009
Revenue for the third quarter ended September 30, 2009 was $9.9 million, an 11% improvement compared to $9.0 million for the same period in 2008. Operating income for the third quarter of 2009 was $1.4 million versus operating income of $1.6 million for the same period in 2008. The decrease in operating income for the third quarter of 2009 was primarily due to management transition expenses and higher pump repair and maintenance costs.
The net loss for the third quarter of 2009 was ($445,000), or ($0.02) per diluted share, compared to net income of $5.7 million or $0.30 per diluted share, for the same period in 2008. The net loss for the third quarter of 2009 included a ($564,000) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.4 million gain on derivative financial instruments in the third quarter of 2008.
Adjusted EBITDA for the third quarter ended September 30, 2009 was $3.8 million, compared to $3.6 million for the same period in 2008. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation, and other non-recurring charges. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. Reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.
Financial Results for the Nine Months Ended September 30, 2009
Revenue for the nine months ended September 30, 2009 was $28.3 million, an 8% improvement compared to $26.3 million for the same period in 2008. Operating income for the nine months ended September 30, 2009 was $4.0 million versus operating income of $3.2 million for the same period in 2008. The increase in operating income for the nine months ended September 30, 2009 was a result of an increase in revenue, lower freight cost, partially offset by management transition expenses.
The net loss for the nine months ended September 30, 2009 was ($192,000), or ($0.01) per diluted share, compared to net income of $8.7 million or $0.47 per diluted share, for the same period in 2008. The net loss for the nine months ended September 30, 2009 included a ($1.2 million) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the nine month period, compared to an $8.7 million gain on derivative financial instruments in the comparable period in 2008.
Adjusted EBITDA for the nine months ended September 30, 2009 was $9.7 million, a 10% increase compared to $8.8 million for the same period in 2008.
Total cash and cash equivalents were $6.7 million at the end of the third quarter, compared to $11.5 million at the end of 2008. During the nine months ended September 30, 2009, $7.7 million in principal was paid on the term debt due to I-Flow Corporation. At the end of the third quarter, InfuSystem had $23.9 million of total debt outstanding, compared to $30.7 million at year end 2008.
Conference Call
The company will host an investor conference call today at 5:00 p.m. ET to discuss its financial results for the third quarter 2009. The investor conference call will be available via live webcast on InfuSystem's website at www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is (866) 550-6338. The access code is 4403363. Investors are advised to dial into the call at least ten minutes prior to the call to register. A replay of the call can be accessed by dialing (888) 203-1112, confirmation number 4403363. An online archive of the conference call will remain on the Company's website for at least 90 days after the call.
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of infusion services to oncologists and other outpatient treatment settings. We provide pole mounted and ambulatory pumps, supplies and related clinical, biomedical and billing services to practices and patients, nationwide. Our unique suite of services appeals to practices, patients and payors by improving access to clinically necessary medical equipment, while driving down costs and maximizing clinical outcomes.
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 from 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 InfuSystem's publicly filed documents.
(Tables follow)
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(in thousands, except share data) 2009 2008
----------- ------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 6,716 $ 11,513
Accounts receivable, less allowance for
doubtful accounts of $1,584 and $1,552 at
September 30, 2009 and December 31, 2008,
respectively; September 30, 2009 and
December 31, 2008 include $0 and $72 due from
I-Flow, respectively 5,591 4,168
Inventory 1,241 391
Prepaid expenses and other current assets 459 676
----------- -----------
Total Current Assets 14,007 16,748
Property & equipment, net 13,077 10,878
Deferred debt issuance costs, net 894 1,276
Goodwill 56,580 56,580
Intangible assets, net 29,368 30,738
Other assets 18 -
----------- -----------
Total Assets $ 113,944 $ 116,220
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,613 $ 1,012
Deferred income taxes 54 55
Other current liabilities 2,183 939
Derivative liabilities 3,793 2,592
Current portion of long-term debt; September
30, 2009 and December 31, 2008 include $3,270
and $8,565 payable to I-Flow, respectively 3,589 8,644
----------- -----------
Total Current Liabilities 11,232 13,242
Long-term debt, net of current portion;
September 30, 2009 and December 31, 2008
include $19,233 and $21,685 payable to I-Flow,
respectively 20,303 22,025
Deferred income taxes 1,668 880
Other liabilities 331 -
----------- -----------
Total Liabilities $ 33,534 $ 36,147
----------- -----------
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 18,676,630 and
18,512,671, respectively; outstanding 18,676,630
and 17,278,626, respectively 2 2
Additional paid-in capital 81,321 80,792
Retained deficit (913) (721)
----------- -----------
Total Stockholders' Equity 80,410 80,073
----------- -----------
Total Liabilities and Stockholders' Equity $ 113,944 $ 116,220
=========== ===========
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
(in thousands, except per
share data) 2009 2008 2009 2008
---------- ---------- ---------- ----------
Net revenues 9,902 8,958 28,302 26,323
Operating expenses:
Cost of Revenues --
Product and supply costs 1,793 1,340 4,447 4,182
Cost of Revenues -- Pump
depreciation 993 978 2,727 2,908
Provision for doubtful
accounts 890 702 2,734 2,477
Amortization of
intangibles 456 456 1,370 1,370
Selling and marketing 1,201 1,131 3,749 3,401
General and
administrative 3,206 2,703 9,307 8,737
---------- ---------- ---------- ----------
Total Operating Expenses 8,539 7,310 24,334 23,075
---------- ---------- ---------- ----------
Operating income 1,363 1,648 3,968 3,248
Other (loss) income:
(Loss) gain on
derivatives (564) 5,381 (1,200) 8,665
Interest income - 11 4 14
Interest expense (831) (937) (2,672) (2,828)
---------- ---------- ---------- ----------
Total other (loss)
income (1,395) 4,455 (3,868) 5,851
---------- ---------- ---------- ----------
(Loss) income before income
taxes (32) 6,103 100 9,099
Income tax expense (413) (399) (292) (399)
---------- ---------- ---------- ----------
Net (loss) income (445) 5,704 (192) 8,700
---------- ---------- ========== ==========
Net (loss) income per share:
Basic (0.02) 0.31 (0.01) 0.49
Diluted (0.02) 0.30 (0.01) 0.47
Weighted average shares
outstanding:
Basic 18,645,911 18,442,957 18,581,917 17,757,075
Diluted 18,645,911 18,794,182 18,581,917 18,581,789
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30
------------------
(in thousands) 2009 2008
-------- --------
OPERATING ACTIVITIES
Net (loss) income (192) 8,700
Adjustments to reconcile net income to net
cash provided by operating activities:
Loss (gain) on derivative liabilities 1,200 (8,665)
Provision for doubtful accounts 2,734 2,477
Depreciation 2,971 3,041
Amortization of intangible assets 1,370 1,370
Amortization of deferred debt issuance costs 382 494
Loss on disposal of assets 279 385
Stock-based compensation 529 1,166
Deferred income taxes 787 399
Changes in current assets and liabilities:
Increase in accounts receivable, net of provision (4,157) (305)
(Increase) decrease in other current assets (632) 836
Increase (decrease) in accounts payable and other
current liabilities 1,803 (628)
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,074 9,270
-------- --------
INVESTING ACTIVITIES
Capital expenditures (4,039) (951)
Proceeds from sale of property 1 -
Other assets (18) -
Payment of deferred acquisition costs - (105)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (4,056) (1,056)
-------- --------
FINANCING ACTIVITIES
Principal payments on term loan (7,747) (1,226)
Principal payments on capital lease
obligation (68) (40)
Common stock repurchased to satisfy minimum
statutory withholding on stock-based compensation - (113)
-------- --------
NET CASH USED IN FINANCING ACTIVITIES (7,815) (1,379)
-------- --------
Net change in cash and cash equivalents (4,797) 6,835
Cash and cash equivalents, beginning of period 11,513 3,960
-------- --------
Cash and cash equivalents, end of period 6,716 10,795
======== ========
INFUSYSTEM HOLDINGS, INC.
GAAP RECONCILIATION
(UNAUDITED)
Reconciliation from Net Income to Adjusted EBITDA:
Three Months Ended Nine Months Ended
Sept 30, Sept 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Net Income $ (445) $ 5,704 $ (192) $ 8,700
Adjustments:
Interest expense 831 937 2,672 2,828
Interest income - (11) (4) (14)
Income tax expense 413 399 292 399
Depreciation -- Pumps 993 978 2,727 2,908
Depreciation -- Other 92 47 244 133
Amortization 456 456 1,370 1,370
-------- -------- -------- --------
EBITDA $ 2,340 $ 8,510 $ 7,109 $ 16,324
-------- -------- -------- --------
Adjustments:
Loss (gain) on derivatives 564 (5,381) 1,200 (8,665)
Stock based compensation (16) 479 529 1,166
Termination Benefits 877 - 877 -
-------- -------- -------- --------
Adj. EBITDA $ 3,765 $ 3,608 $ 9,715 $ 8,825
======== ======== ======== ========
Contact:
Sean Whelan
CFO
InfuSystem
(248) 291-1210
Investor Contacts:
Asher Dewhurst
Bob East
Westwicke Partners
Email Contact
Tel: (443) 213-0500
INHI.. $3.00
InfuSystem to Announce Third Quarter 2009 Results on November 9, 2009
MADISON HEIGHTS, MI -- (Marketwire) -- 11/02/09 -- InfuSystem Holdings, Inc. (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU), the leading provider of infusion pumps, supplies and associated services, will be holding a live conference call and webcast on Monday, November 9, 2009 to discuss InfuSystem's third quarter 2009 financial results.
You are cordially invited to participate in the live conference call Monday, November 9, 2009, at 5:00 p.m. Eastern Time.
To participate in the call, you may dial toll-free (866)-550-6338. Please use passcode 4403363. Alternatively, to hear the webcast in listen-only mode, or to view the financial results, please visit the Investor Relations section of the Company's website at http://www.infusystem.com/investors.html. A replay of the webcast will be available via the website for 90 days following the call.
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of infusion services to oncologists and other outpatient treatment settings. We provide pole mounted and ambulatory pumps, supplies and related clinical, biomedical and billing services to practices and patients, nationwide. Our unique suite of services appeals to practices, patients and payors by improving access to clinically necessary medical equipment, while driving down costs and maximizing clinical outcomes.
Contact:
Asher Dewhurst
Bob East
Westwicke Partners
(443) 213-0500
Email Contact
INHI.. $2.45
InfuSystem Announces Outstanding Results in Customer Satisfaction Research
MADISON HEIGHTS, MI -- (Marketwire) -- 10/15/09 -- InfuSystem (OTCBB: INHI) (OTCBB: INHIW) (OTCBB: INHIU), the leading provider of infusion pumps, supplies and associated services, today announced results of an independent customer satisfaction research study.
InfuSystem customers report Overall Satisfaction of 9.6 on a scale of one to ten, with ten being the highest. In addition, 94% indicate that they are 'Very Likely' or 'Somewhat Likely' to recommend InfuSystem to a colleague.
The study also revealed similarly high scores for Consistency, Leadership, Overall Value and Customer Service and Solving Problems.
"We're both pleased and proud of these outstanding results," said Bryan Russo, InfuSystem's Chief Commercial Officer. "Many organizations make claims about being 'committed to service.' But when 94% of your customers are willing to recommend you to a colleague it's a powerful statement about what you do, not just what you say.
"Obviously, we feel this is an important differentiator for us," continued Russo. "Our business is service. These results will certainly be helpful as we approach new customers and expand our customer base. And, they're as strong and positive indicators of customer retention as there can be.
Initially, we hired an outside research firm to help us identify areas where we can improve. That makes these results even more rewarding."
InfuSystem engaged the services of Power Decisions Group of San Francisco, CA, a leading provider of healthcare customer and brand equity studies to design and conduct the research. "The results from this study reveal very high satisfaction and brand image scores," noted Tom Brown, Senior Consultant, Power Decision Group. "They are among the highest we have measured in over two decades of conducting similar research."
About InfuSystem Holdings, Inc.
InfuSystem is the leading supplier of ambulatory infusion services to the oncology community. The Company provides pumps, supplies and related clinical, biomedical and billing services to outpatient treatment facilities and their patients, nationwide. The unique suite of services appeals to practices, patients and payors by improving access to clinically necessary durable medical equipment, while driving down costs and maximizing clinical outcomes.
Investors:
Asher Dewhurst
Bob East
Westwicke Partners
(443) 213-0500
Email Contact
INHI Presentation At JMP Securities Conference October 5
The presentation is now up on the INHI web site under the "Investors" section. Look under "Calendar of Events". I spoke with Asher Dewhurst, the new IR representative who was present at the presentation this afternoon. He said that there were about 15 in attendance and lots of discussion following the presentation. I think they did a good job on the slides. Asher said that they are in the provcess of lining up additional investor conferences for INHI to present at. Hopefully this will start to lighht a fire under the stock price.
Good news on InfuSystems. It was announced Monday that Sean McDevitt, the COB will immediately take over the additional role of Chief Executive Officer
A little history on McDevitt. He was the COB of HAPC and the person primarily responsible for the accquisition of InfuSystems.
He and one individual personnally guaranteed a $3 million letter of credit to I-Flow to be drawn upon if the acquisition failed.
On 12/28/06, McDevitt bought 624,000 wts @ $.70 from HAPC to keep it afloat until the acquisition was finalized.
On 4/12/07, McDevitt bought 447,143 wts @$.70 from HAPC to keep it afloat until acq. finalized
On 9/12/07 McDevitt and 4 others bought 286,288 wts @ $.70 from HAPC again to keep it afloat until acq. was finalized.
All of these warrants have the same terms as INHIW: Exercise price $5.00 and expiration date 4/11/2011.
Also interesting is Yahoo showing McDevitt owning only 39,000 shares. To make out for all of his work, he has to get the stock price up well over $5.00 within the next year and a half or his over a million warrants will be worthless.
I don't know if he can do it, but it sure looks like he will be trying hard. It does help that he has an under priced and under promoted company to push up.
InfuSystem Holdings Reports $9.2 Million of Revenue and $3.1 Millionof Adjusted EBITDA for the Second Quarter of 2009
Aug 11, 2009 16:05:24 (ET)
MADISON HEIGHTS, MI, Aug 11, 2009 (MARKETWIRE via COMTEX) -- InfuSystem Holdings, Inc. (INHI, Trade ), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the second quarter ended June 30, 2009.
Revenue for the second quarter ended June 30, 2009 was $9.2 million, a 4% improvement compared to $8.8 million for the same period in 2008. The increase in revenue was a result of obtaining business at new customer facilities and increased reimbursement.
Mr. Steve Watkins, Chief Executive Officer, commented, "During the second quarter, we implemented a number of broad strategic changes within our organization that position us for the future and significantly enhance our long-term prospects. Foremost among these was a substantial reorganization of our sales force, led by our new chief commercial officer, Bryan Russo. In addition, we have taken steps to improve our operational efficiency. We are confident these changes will have a lasting and positive impact."
Mr. Watkins continued, "Another important development during the quarter was our accreditation from the Community Health Accreditation Program (CHAP). All durable medical equipment (DME) suppliers are required by the Centers for Medicare and Medicaid Services (CMS) to obtain accreditation by September 30, 2009 in order to retain their Medicare Part B DME supplier number allowing them to receive reimbursement on submitted claims."
"We continue to generate strong cash flow, as evidenced by $3.1 million of adjusted EBITDA for the second quarter of 2009. This strong cash flow has allowed us to reduce our term note by over $6.9 million since the beginning of 2009. Looking ahead, we remain confident in the long-term outlook for the company and the industry."
Financial Results
Revenue for the second quarter ended June 30, 2009 was $9.2 million, a 4% improvement compared to $8.8 million for the same period in 2008. Operating income for the second quarter of 2009 was $1.3 million versus operating income of $1.1 million for the same period in 2008. The increase in operating income for the second quarter of 2009 was primarily due to revenue growth, which was partially offset by an increase in selling and marketing expenses.
The net income for the second quarter of 2009 was $2.8 million, or $0.15 per diluted share, compared to a net loss of ($1.8) million or ($0.10) per diluted share, for the same period in 2008. The net income for the second quarter of 2009 included a $2.0 million gain on derivative financial instruments, which was predominantly attributable to the decrease in the publicly traded value of the Company's warrants during the quarter, compared to a ($1.9) million loss on derivative financial instruments in the second quarter of 2008.
Adjusted EBITDA for the second quarter ended June 30, 2009 was $3.1 million, compared to $3.2 million for the same period in 2008. Adjusted EBITDA was impacted in the quarter as a result of our sales force reorganization. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. Reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.
Total cash and cash equivalents were $5.4 million at the end of the second quarter, compared to $11.5 million at the end of 2008. At the end of the second quarter, InfuSystem had $23.7 million of debt outstanding, compared to $30.7 million at year end 2008.
Conference Call
The company will host an investor conference call today at 4:30 p.m. ET to discuss its financial results for the second quarter 2009. The investor conference call will be available via live webcast on InfuSystem's website at www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is (888) 500-6974. The access code is 1747857. Investors are advised to dial into the call at least ten minutes prior to the call to register. A replay of the call can be accessed by dialing (888) 203-1112, confirmation number 1747857. An online archive of the conference call will remain on the Company's website for at least 90 days after the call.
About InfuSystem Holdings, Inc.
InfuSystem is the leading provider of ambulatory infusion pumps and associated clinical services for oncology practices and their patients in the U.S. These pumps allow for the gradual delivery of a drug over a period of days in the privacy of one's home, compared to bolus infusion chemotherapy treatments that are given in a single high dose over a short period of time. Improved efficacy of the drugs, patient comfort, reimbursement to doctors for appropriate services and continuity of care all play a role in the growing trend toward this form of treatment. InfuSystem's pumps are primarily used for colorectal cancer, but they have been approved for other forms of cancer, thereby greatly enhancing the market opportunity for InfuSystem.
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 from 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 InfuSystem's publicly filed documents.
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
(in thousands, except share data) 2009 2008
------------ -------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 5,364 $ 11,513
Accounts receivable, less allowance for
doubtful accounts of $1,564 and $1,552 at
June 30, 2009 and December 31, 2008,
respectively; June 30, 2009 and
December 31, 2008 include $8 and $72 due
from I-Flow, respectively 4,977 4,168
Accounts receivable - federal income taxes 1,317 -
Inventory 774 391
Prepaid expenses and other current assets 804 676
------------ -------------
Total Current Assets 13,236 16,748
Property & equipment, net 12,445 10,878
Deferred debt issuance costs, net 1,011 1,276
Goodwill 56,580 56,580
Intangible assets, net 29,825 30,738
Other assets 18
------------ -------------
Total Assets $ 113,115 $ 116,220
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,101 $ 1,012
Deferred income taxes 54 55
Other current liabilities 1,495 939
Derivative liabilities 3,229 2,592
Current portion of long-term debt; June 30,
2009 and December 31, 2008 include $3,270
and $8,565 payable to I-Flow, respectively 3,353 8,644
------------ -------------
Total Current Liabilities 10,232 13,242
Long-term debt, net of current portion; June 30,
2009 and December 31, 2008 include $20,050 and
$21,685 payable to I-Flow, respectively 20,344 22,025
Deferred income taxes 1,668 880
------------ -------------
Total Liabilities $ 32,244 $ 36,147
------------ -------------
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 18,635,671 and
18,512,671, respectively; outstanding
18,635,671 and 17,278,626, respectively 2 2
Additional paid-in capital 81,337 80,792
Retained deficit (468) (721)
------------ -------------
Total Stockholders' Equity 80,871 80,073
------------ -------------
Total Liabilities and Stockholders' Equity $ 113,115 $ 116,220
============ =============
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
(in thousands, except per ---------------------- ----------------------
share data) 2009 2008 2009 2008
---------- ---------- ---------- ----------
Net revenues $ 9,173 $ 8,835 $ 18,400 $ 17,365
Operating expenses:
Cost of Revenues --
Product and supply costs 1,384 1,377 2,654 2,842
Cost of Revenues -- Pump
depreciation 894 967 1,734 1,930
Provision for doubtful
accounts 875 914 1,844 1,775
Amortization of
intangibles 457 457 914 914
Selling and marketing 1,419 1,193 2,739 2,270
General and
administrative 2,800 2,848 5,910 6,034
---------- ---------- ---------- ----------
Total Operating Expenses 7,829 7,756 15,795 15,765
---------- ---------- ---------- ----------
Operating income 1,344 1,079 2,605 1,600
Other income (loss):
Gain (loss) on
derivatives 2,006 (1,947) (636) 3,284
Interest income 1 - 4 3
Interest expense (852) (933) (1,841) (1,891)
---------- ---------- ---------- ----------
Total other income (loss) 1,155 (2,880) (2,473) 1,396
---------- ---------- ---------- ----------
Income (loss) before
income taxes 2,499 (1,801) 132 2,996
Income tax benefit 261 - 121 -
---------- ---------- ---------- ----------
Net income (loss) 2,760 (1,801) 253 2,996
---------- ---------- ========== ==========
Net income (loss) per share:
Basic 0.15 (0.10) 0.01 0.17
Diluted 0.15 (0.10) 0.01 0.16
Weighted average shares
outstanding:
Basic 18,566,748 17,996,437 18,549,389 17,410,366
Diluted 18,943,962 17,996,437 18,915,995 18,442,363
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended June 30
----------------------
(in thousands) 2009 2008
---------- ----------
OPERATING ACTIVITIES
Net Income 253 2,996
Adjustments to reconcile net income to net cash
provided by operating activities:
Loss (gain) on derivative liabilities 636 (3,284)
Provision for doubtful accounts 1,844 1,775
Depreciation 1,886 2,016
Amortization of intangible assets 914 914
Amortization of deferred debt issuance costs 264 338
Loss on disposal of assets 207 302
Stock-based compensation 545 687
Deferred income taxes 787 -
Changes in current assets and liabilities:
(Increase) decrease in accounts receivable, net
of provision (2,653) 104
Increase in accounts receivable - federal income
taxes (1,317) -
(Increase) decrease in prepaid expenses and other
current assets (511) 830
Increase (decrease) in accounts payable and other
current liabilities 657 (747)
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,512 5,931
---------- ----------
INVESTING ACTIVITIES
Capital expenditures (2,672) (575)
Proceeds from sale of property 1 -
Other assets (18) -
Payment of deferred acquisition costs - (105)
---------- ----------
NET CASH USED IN INVESTING ACTIVITIES (2,689) (680)
---------- ----------
FINANCING ACTIVITIES
Principal payments on term loan (6,929) (818)
Principal payments on capital lease obligation (43) (20)
---------- ----------
NET CASH USED IN FINANCING ACTIVITIES (6,972) (838)
---------- ----------
Net change in cash and cash equivalents (6,149) 4,413
Cash and cash equivalents, beginning of period 11,513 3,960
---------- ----------
Cash and cash equivalents, end of period 5,364 8,373
========== ==========
INFUSYSTEM HOLDINGS, INC.
GAAP RECONCILIATION
(UNAUDITED)
Three Months Ended
Reconciliation from Net Income to Adjusted EBITDA: June 30,
----------------------
2009 2008
---------- ----------
Net Income $ 2,760 $ (1,801)
Adjustments:
Interest expense 852 933
Interest income (1) -
Income tax benefit (261) -
Depreciation -- Pumps 894 967
Depreciation -- Other 121 45
Amortization 457 457
---------- ----------
EBITDA $ 4,822 $ 601
---------- ----------
Adjustments:
Loss (gain) on derivatives (2,006) 1,947
Stock based compensation 267 687
---------- ----------
Adj. EBITDA $ 3,083 $ 3,235
========== ==========
Investor Contacts:
Asher Dewhurst
Bob East
Westwicke Partners
Tel: (443) 213-0500
SOURCE: InfuSystem Holdings, Inc.
INHI..$2.52..
Investor Fact sheet.. hank
http://www.infusystem.com/images/stories/infusystem_investorsheet_12_15_08.pdf
i've been bidsitting for some warrants.. nothing yet
INHI..$3.00
If this statement is filed pursuant to Rule 13d-1(c), check this box [ ]
Item 4.
Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount Beneficially Owned:
Wellington Management, in its capacity as investment adviser, may be deemed to beneficially own 1,630,624 shares of the Issuer which are held of record by clients of Wellington Management.
(b) Percent of Class:
8.63%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote 0
(ii) shared power to vote or to direct the vote 939,240
(iii) sole power to dispose or to direct the disposition of 0
(iv) shared power to dispose or to direct the disposition of 1,630,624
INHI.. $3.10
Uplisting to me is to an exchange.. Never thought about NASDAQ..I don't know of any advantage at this time because INHI is mostly INST.. held..hank
thanks.. why does uplisting get murky? my TXIC/TXICW uplisted no problem...
INHI...$3.20
Spoke to PR some time ago and was told that the company was stock minded.. As long as the wt's are outstanding uplisting get's mirky.. This was a blank check company so I would believe that with $100 Mil.. in the bank management looked hard and long at many Ideas to spend money on.. The wt's in my opinion are a fantastic spec.. There exp is in the disp. of the wts.. They operate in an area that few speak about and that almost everone has contact with.. hank
have them mentioned any plans to uplist? tia!
InfuSystem Receives Accreditation from the Community Health Accreditation Program (CHAP)
May 28, 2009 7:30:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesMADISON HEIGHTS, Mich., May 28 /PRNewswire-FirstCall/ -- InfuSystem (OTC Bulletin Board: INHI; INHIW; INHIU), the leading provider of ambulatory infusion pumps and associated clinical services, today announced that it has received accreditation from Community Health Accreditation Program (CHAP). The accreditation is intended to ensure the highest standard of care for patients in the home health care and hospice environments. All durable medical equipment (DME) suppliers are required by the Centers for Medicare and Medicaid Services (CMS) to obtain accreditation by September 30, 2009 in order to retain their Medicare Part B DME supplier number allowing them to submit claims for reimbursement.
Mr. Steve Watkins, Chief Executive Officer, commented, "Here at InfuSystem, we have always strived to achieve the highest levels of care in the industry and we are pleased to have met the rigorous criteria required for CHAP accreditation. In addition to CMS, private insurers, hospitals, physicians, nurses, pharmacists and patients all value the CHAP accreditation. While our existing clientele are well aware of the quality of our services, this accreditation provides further third-party validation and will be beneficial for us in securing new business for our full range of services."
About InfuSystem Holdings, Inc.
InfuSystem is the leading provider of ambulatory infusion pumps and associated clinical services for oncology practices and their patients in the U.S. These pumps allow for the gradual delivery of a drug over a period of days in the privacy of one's home, compared to bolus infusion chemotherapy treatments that are given in a single high dose over a short period of time. Improved efficacy of the drugs, patient comfort, reimbursement to doctors for appropriate services and continuity of care all play a role in the growing trend toward this form of treatment. InfuSystem's pumps are primarily used for colorectal cancer, but they have been approved for other forms of cancer, thereby greatly enhancing the market opportunity for InfuSystem.
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 from 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 InfuSystem's publicly filed documents.
SOURCE InfuSystem
----------------------------------------------
Investors
David K. Waldman or Klea K. Theoharis
Crescendo Communications
LLC
+1-212-671-1020
i have some of the warrants dirt cheap....2 years to go n them....we'll see....BRIG
INHI.. $3.20..
InfuSystem Holdings Reports $9.2 Million of Revenue and 45% Increase in Adjusted EBITDA for the First Quarter of 2009
May 5, 2009 07:30:00 (ET)
MADISON HEIGHTS, Mich., May 5, 2009 /PRNewswire-FirstCall via COMTEX/ -- InfuSystem Holdings, Inc. (INHI, Trade ), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the first quarter ended March 31, 2009.
Mr. Steve Watkins, chief executive officer, commented, "We achieved $9.2 million of revenue during the first quarter of 2009, despite a nationwide shortage of Leucovorin, a compound frequently used in association with ambulatory pump chemotherapy, which has since been resolved. At the same time, we increased gross margins by 560 basis points and continue to gain operating leverage as we held our costs in line. As a result, we generated $2.9 million of adjusted EBITDA, a 45% increase compared to the first quarter of 2008. This contributed to the Company's continued strong operating cash flow and ample cash reserves, allowing us to improve the balance sheet by aggressively paying down debt. Shortly following the first quarter, we made a $5.3 million payment on our term loan, resulting in the Company having lowered its term loan balance by over $6.1 million year-to-date."
Mr. Watkins concluded, "We remain encouraged by the near- and long-term outlook for the ambulatory infusion services market. Drug companies are incorporating continuous infusion as part of their drug treatment regimens and promoting these to oncologists. The American Cancer Society estimated that there were about 148,810 new cases of colorectal cancer in 2008 in the United States. Moreover, the combined benefits to the patient, physician and insurance provider support the expanded use of ambulatory infusion pumps to administer chemotherapy beyond stage III colorectal cancer, including esophageal, head and neck, gastric and other cancers. In order to best capitalize on this market opportunity, we continue to enhance our sales organization, including the recent addition of Bryan Russo as chief commercial officer. We look forward to his contributions as we focus on accelerating and deepening our penetration of oncology practices nationwide. Looking ahead, we anticipate continued organic revenue growth, greater operational efficiencies, and continued strong cash flow to allow for paying down additional debt in 2009."
Financial Results
Revenue for the first quarter ended March, 31 2009 was $9.2 million, an 8.2% improvement compared to $8.5 million for the same period in 2008. The increase in revenue was primarily due to obtaining business at new customer facilities, increased reimbursement, as well as improved collection efficiencies. Operating income for the first quarter of 2009 was $1.3 million versus operating income of $521,000 for the same period in 2008. The increase in operating income for the first quarter of 2009 was due, in part, to increased sales and lower product and supply costs, which were partially offset by an increase in selling and marketing expenses.
The net loss for the first quarter of 2009 was ($2.5 million), or $(0.14) per diluted share, compared to net income of $4.8 million or $0.29 per diluted share, for the same period in 2008. The net income for the first quarter of 2009 included a ($2.6 million) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.2 million gain for the first quarter of 2008.
Adjusted EBITDA for the first quarter ended March 31, 2009 was $2.9 million, compared to $2.0 million for the same period in 2008. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. The table below reconciles Adjusted EBITDA, a non-GAAP measure, to net income.
Three Months Ended
Reconciliation from Net March 31
Income to Adjusted EBITDA:
2009 2008
Net Income $(2,507) $4,797
Adjustments:
Interest expense 989 958
Interest income (3) (3)
Income tax expense 140 -
Depreciation -- Pumps 840 963
Depreciation -- Other 32 41
Amortization 457 457
EBITDA $(52) $7,213
Adjustments:
Loss (gain) on derivatives 2,642 (5,231)
Stock based compensation 278 -
Adj. EBITDA $2,868 $1,982
About InfuSystem Holdings, Inc.
InfuSystem is the leading provider of ambulatory infusion pumps and associated clinical services for oncology practices and their patients in the U.S. These pumps allow for the gradual delivery of a drug over a period of days in the privacy of one's home, compared to bolus infusion chemotherapy treatments that are given in a single high dose over a short period of time. Improved efficacy of the drugs, patient comfort, reimbursement to doctors for appropriate services and continuity of care all play a role in the growing trend toward this form of treatment. InfuSystem's pumps are primarily used for colorectal cancer, but they have been approved for other forms of cancer, thereby greatly enhancing the market opportunity for InfuSystem.
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 from 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 InfuSystem's publicly filed documents.
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
(in thousands, except share data) 2009 2008
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $11,358 $11,513
Accounts receivable, less allowance
for doubtful accounts of $1,680 and
$1,552 at March 31, 2009 and
December 31, 2008, respectively;
March 31, 2009 and December 31, 2008
include $121 and $72 due from I-Flow,
respectively 4,636 4,168
Inventory supplies 432 391
Prepaid expenses and other current assets 1,026 676
Total Current Assets 17,452 16,748
Property & equipment, net 10,833 10,878
Deferred debt issuance costs, net 1,133 1,276
Goodwill 56,580 56,580
Intangible assets, net 30,282 30,738
Total Assets $116,280 $116,220
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $1,368 $1,012
Deferred income taxes 55 55
Other current liabilities 1,069 939
Derivative liabilities 5,235 2,592
Current portion of long-term debt;
both March 31, 2009 and December 31,
2008 include $8,564 payable to I-Flow 8,645 8,644
Total Current Liabilities 16,372 13,242
Long-term debt, net of current portion;
March 31, 2009 and December 31, 2008
include $20,868 and $21,685 payable
to I-Flow, respectively 21,185 22,025
Deferred income taxes 880 880
Total Liabilities $38,437 $36,147
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 18,537,671 and
18,512,671, respectively;
outstanding 18,537,671
and 17,278,626, respectively 2 2
Additional paid-in capital 81,069 80,792
Retained deficit (3,228) (721)
Total Stockholders' Equity 77,843 80,073
Total Liabilities and Stockholders'
Equity $116,280 $116,220
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31
(in thousands, except per share data) 2009 2008
Net revenues $9,227 $8,530
Operating expenses:
Cost of Revenues -- Product
and supply costs 1,270 1,465
Cost of Revenues -- Pump depreciation 840 963
Provision for doubtful accounts 969 861
Amortization of intangibles 457 457
Selling and marketing 1,320 1,077
General and administrative 3,110 3,186
Total Operating Expenses 7,966 8,009
Operating income 1,261 521
Other (loss) income:
(Loss) gain on derivatives (2,642) 5,231
Interest income 3 3
Interest expense (989) (958)
Total other (loss) income (3,628) 4,276
(Loss) income before income taxes (2,367) 4,797
Income tax expense (140) -
Net (loss) income (2,507) 4,797
Net (loss) income per share:
Basic & Diluted (0.14) 0.29
Weighted average shares outstanding:
Basic & Diluted 18,531,838 16,824,295
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31
(in thousands) 2009 2008
OPERATING ACTIVITIES
Net (Loss) Income (2,507) 4,797
Adjustments to reconcile net
(loss) income to net cash
provided by operating activities:
Loss (gain) on derivative liabilities 2,642 (5,231)
Provision for doubtful accounts 969 861
Depreciation 872 1,004
Amortization of intangible assets 457 457
Amortization of deferred debt
issuance costs 143 180
Loss on disposal of assets 109 225
Stock-based compensation 278 -
Changes in current assets and
liabilities:
(Increase) decrease in accounts
receivable, net of provision (1,437) 187
(Increase) decrease in prepaid
expenses and other current assets (391) 803
Increase in accounts payable and
other current liabilities 134 140
NET CASH PROVIDED BY OPERATING
ACTIVITIES 1,269 3,423
INVESTING ACTIVITIES
Payment of deferred acquisition
costs - (97)
Capital expenditures (586) (447)
Proceeds from sale of property 1 -
NET CASH USED IN INVESTING
ACTIVITIES (585) (544)
FINANCING ACTIVITIES
Principal payments on term loan (818) (409)
Principal payments on capital
lease obligation (21) -
NET CASH USED IN FINANCING
ACTIVITIES (839) (409)
Net change in cash and cash
equivalents (155) 2,470
Cash and cash equivalents,
beginning of period 11,513 3,960
Cash and cash equivalents, end of
period 11,358 6,430
SOURCE InfuSystem Holdings, Inc.
INHI,, INHIW.. $2.88
The following will be a paper entry that will follow INHI Qtr. to Qtr. until the wts. either expire or are exercised during the next 2 years,, hank
"The net income for the first quarter of 2009 included a ($2.6 million) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.2 million gain for the first quarter of 2008.'
InfuSystem Holdings Reports $9.2 Million of Revenue and 45% Increase in Adjusted EBITDA for the First Quarter of 2009
May 5, 2009 7:30:00 AM
MADISON HEIGHTS, Mich., May 5 -- InfuSystem Holdings, Inc. (OTC Bulletin Board: INHI; INHIW; INHIU), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the first quarter ended March 31, 2009.
Mr. Steve Watkins, chief executive officer, commented, "We achieved $9.2 million of revenue during the first quarter of 2009, despite a nationwide shortage of Leucovorin, a compound frequently used in association with ambulatory pump chemotherapy, which has since been resolved. At the same time, we increased gross margins by 560 basis points and continue to gain operating leverage as we held our costs in line. As a result, we generated $2.9 million of adjusted EBITDA, a 45% increase compared to the first quarter of 2008. This contributed to the Company's continued strong operating cash flow and ample cash reserves, allowing us to improve the balance sheet by aggressively paying down debt. Shortly following the first quarter, we made a $5.3 million payment on our term loan, resulting in the Company having lowered its term loan balance by over $6.1 million year-to-date."
Mr. Watkins concluded, "We remain encouraged by the near- and long-term outlook for the ambulatory infusion services market. Drug companies are incorporating continuous infusion as part of their drug treatment regimens and promoting these to oncologists. The American Cancer Society estimated that there were about 148,810 new cases of colorectal cancer in 2008 in the United States. Moreover, the combined benefits to the patient, physician and insurance provider support the expanded use of ambulatory infusion pumps to administer chemotherapy beyond stage III colorectal cancer, including esophageal, head and neck, gastric and other cancers. In order to best capitalize on this market opportunity, we continue to enhance our sales organization, including the recent addition of Bryan Russo as chief commercial officer. We look forward to his contributions as we focus on accelerating and deepening our penetration of oncology practices nationwide. Looking ahead, we anticipate continued organic revenue growth, greater operational efficiencies, and continued strong cash flow to allow for paying down additional debt in 2009."
Financial Results
Revenue for the first quarter ended March, 31 2009 was $9.2 million, an 8.2% improvement compared to $8.5 million for the same period in 2008. The increase in revenue was primarily due to obtaining business at new customer facilities, increased reimbursement, as well as improved collection efficiencies. Operating income for the first quarter of 2009 was $1.3 million versus operating income of $521,000 for the same period in 2008. The increase in operating income for the first quarter of 2009 was due, in part, to increased sales and lower product and supply costs, which were partially offset by an increase in selling and marketing expenses.
The net loss for the first quarter of 2009 was ($2.5 million), or $(0.14) per diluted share, compared to net income of $4.8 million or $0.29 per diluted share, for the same period in 2008. The net income for the first quarter of 2009 included a ($2.6 million) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.2 million gain for the first quarter of 2008.
Adjusted EBITDA for the first quarter ended March 31, 2009 was $2.9 million, compared to $2.0 million for the same period in 2008. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. The table below reconciles Adjusted EBITDA, a non-GAAP measure, to net income.
InfuSystem Holdings Reports $9.2 Million of Revenue and 45% Increase in Adjusted EBITDA for the First Quarter of 2009
May 5, 2009 7:30:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesMADISON HEIGHTS, Mich., May 5 /PRNewswire-FirstCall/ -- InfuSystem Holdings, Inc. (OTC Bulletin Board: INHI; INHIW; INHIU), the leading provider of ambulatory infusion pumps and associated clinical services, today announced financial results and provided a business update for the first quarter ended March 31, 2009.
Mr. Steve Watkins, chief executive officer, commented, "We achieved $9.2 million of revenue during the first quarter of 2009, despite a nationwide shortage of Leucovorin, a compound frequently used in association with ambulatory pump chemotherapy, which has since been resolved. At the same time, we increased gross margins by 560 basis points and continue to gain operating leverage as we held our costs in line. As a result, we generated $2.9 million of adjusted EBITDA, a 45% increase compared to the first quarter of 2008. This contributed to the Company's continued strong operating cash flow and ample cash reserves, allowing us to improve the balance sheet by aggressively paying down debt. Shortly following the first quarter, we made a $5.3 million payment on our term loan, resulting in the Company having lowered its term loan balance by over $6.1 million year-to-date."
Mr. Watkins concluded, "We remain encouraged by the near- and long-term outlook for the ambulatory infusion services market. Drug companies are incorporating continuous infusion as part of their drug treatment regimens and promoting these to oncologists. The American Cancer Society estimated that there were about 148,810 new cases of colorectal cancer in 2008 in the United States. Moreover, the combined benefits to the patient, physician and insurance provider support the expanded use of ambulatory infusion pumps to administer chemotherapy beyond stage III colorectal cancer, including esophageal, head and neck, gastric and other cancers. In order to best capitalize on this market opportunity, we continue to enhance our sales organization, including the recent addition of Bryan Russo as chief commercial officer. We look forward to his contributions as we focus on accelerating and deepening our penetration of oncology practices nationwide. Looking ahead, we anticipate continued organic revenue growth, greater operational efficiencies, and continued strong cash flow to allow for paying down additional debt in 2009."
Financial Results
Revenue for the first quarter ended March, 31 2009 was $9.2 million, an 8.2% improvement compared to $8.5 million for the same period in 2008. The increase in revenue was primarily due to obtaining business at new customer facilities, increased reimbursement, as well as improved collection efficiencies. Operating income for the first quarter of 2009 was $1.3 million versus operating income of $521,000 for the same period in 2008. The increase in operating income for the first quarter of 2009 was due, in part, to increased sales and lower product and supply costs, which were partially offset by an increase in selling and marketing expenses.
The net loss for the first quarter of 2009 was ($2.5 million), or $(0.14) per diluted share, compared to net income of $4.8 million or $0.29 per diluted share, for the same period in 2008. The net income for the first quarter of 2009 included a ($2.6 million) loss on derivative financial instruments, which was predominantly attributable to the increase in the publicly traded value of the Company's warrants during the quarter, compared to a $5.2 million gain for the first quarter of 2008.
Adjusted EBITDA for the first quarter ended March 31, 2009 was $2.9 million, compared to $2.0 million for the same period in 2008. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, and excludes gain (loss) on derivative financial instruments and stock-based compensation. Adjusted EBITDA is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of Adjusted EBITDA is a relevant and useful measure to assist a reader's ability to understand the Company's operating performance. The Company's management likewise utilizes Adjusted EBITDA as a means to measure its operating performance. The table below reconciles Adjusted EBITDA, a non-GAAP measure, to net income.
Three Months Ended
Reconciliation from Net March 31
Income to Adjusted EBITDA:
2009 2008
Net Income $(2,507) $4,797
Adjustments:
Interest expense 989 958
Interest income (3) (3)
Income tax expense 140 -
Depreciation -- Pumps 840 963
Depreciation -- Other 32 41
Amortization 457 457
EBITDA $(52) $7,213
Adjustments:
Loss (gain) on derivatives 2,642 (5,231)
Stock based compensation 278 -
Adj. EBITDA $2,868 $1,982
About InfuSystem Holdings, Inc.
InfuSystem is the leading provider of ambulatory infusion pumps and associated clinical services for oncology practices and their patients in the U.S. These pumps allow for the gradual delivery of a drug over a period of days in the privacy of one's home, compared to bolus infusion chemotherapy treatments that are given in a single high dose over a short period of time. Improved efficacy of the drugs, patient comfort, reimbursement to doctors for appropriate services and continuity of care all play a role in the growing trend toward this form of treatment. InfuSystem's pumps are primarily used for colorectal cancer, but they have been approved for other forms of cancer, thereby greatly enhancing the market opportunity for InfuSystem.
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 from 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 InfuSystem's publicly filed documents.
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
(in thousands, except share data) 2009 2008
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $11,358 $11,513
Accounts receivable, less allowance
for doubtful accounts of $1,680 and
$1,552 at March 31, 2009 and
December 31, 2008, respectively;
March 31, 2009 and December 31, 2008
include $121 and $72 due from I-Flow,
respectively 4,636 4,168
Inventory supplies 432 391
Prepaid expenses and other current assets 1,026 676
Total Current Assets 17,452 16,748
Property & equipment, net 10,833 10,878
Deferred debt issuance costs, net 1,133 1,276
Goodwill 56,580 56,580
Intangible assets, net 30,282 30,738
Total Assets $116,280 $116,220
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $1,368 $1,012
Deferred income taxes 55 55
Other current liabilities 1,069 939
Derivative liabilities 5,235 2,592
Current portion of long-term debt;
both March 31, 2009 and December 31,
2008 include $8,564 payable to I-Flow 8,645 8,644
Total Current Liabilities 16,372 13,242
Long-term debt, net of current portion;
March 31, 2009 and December 31, 2008
include $20,868 and $21,685 payable
to I-Flow, respectively 21,185 22,025
Deferred income taxes 880 880
Total Liabilities $38,437 $36,147
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 18,537,671 and
18,512,671, respectively;
outstanding 18,537,671
and 17,278,626, respectively 2 2
Additional paid-in capital 81,069 80,792
Retained deficit (3,228) (721)
Total Stockholders' Equity 77,843 80,073
Total Liabilities and Stockholders'
Equity $116,280 $116,220
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31
(in thousands, except per share data) 2009 2008
Net revenues $9,227 $8,530
Operating expenses:
Cost of Revenues -- Product
and supply costs 1,270 1,465
Cost of Revenues -- Pump depreciation 840 963
Provision for doubtful accounts 969 861
Amortization of intangibles 457 457
Selling and marketing 1,320 1,077
General and administrative 3,110 3,186
Total Operating Expenses 7,966 8,009
Operating income 1,261 521
Other (loss) income:
(Loss) gain on derivatives (2,642) 5,231
Interest income 3 3
Interest expense (989) (958)
Total other (loss) income (3,628) 4,276
(Loss) income before income taxes (2,367) 4,797
Income tax expense (140) -
Net (loss) income (2,507) 4,797
Net (loss) income per share:
Basic & Diluted (0.14) 0.29
Weighted average shares outstanding:
Basic & Diluted 18,531,838 16,824,295
INFUSYSTEM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31
(in thousands) 2009 2008
OPERATING ACTIVITIES
Net (Loss) Income (2,507) 4,797
Adjustments to reconcile net
(loss) income to net cash
provided by operating activities:
Loss (gain) on derivative liabilities 2,642 (5,231)
Provision for doubtful accounts 969 861
Depreciation 872 1,004
Amortization of intangible assets 457 457
Amortization of deferred debt
issuance costs 143 180
Loss on disposal of assets 109 225
Stock-based compensation 278 -
Changes in current assets and
liabilities:
(Increase) decrease in accounts
receivable, net of provision (1,437) 187
(Increase) decrease in prepaid
expenses and other current assets (391) 803
Increase in accounts payable and
other current liabilities 134 140
NET CASH PROVIDED BY OPERATING
ACTIVITIES 1,269 3,423
INVESTING ACTIVITIES
Payment of deferred acquisition
costs - (97)
Capital expenditures (586) (447)
Proceeds from sale of property 1 -
NET CASH USED IN INVESTING
ACTIVITIES (585) (544)
FINANCING ACTIVITIES
Principal payments on term loan (818) (409)
Principal payments on capital
lease obligation (21) -
NET CASH USED IN FINANCING
ACTIVITIES (839) (409)
Net change in cash and cash
equivalents (155) 2,470
Cash and cash equivalents,
beginning of period 11,513 3,960
Cash and cash equivalents, end of
period 11,358 6,430
SOURCE InfuSystem Holdings, Inc.
----------------------------------------------
Investors: David K. Waldman or Klea K. Theoharis
both of Crescendo Communications
LLC
+1-212-671-1020
for InfuSystem Holdings
Inc.
INHI.. $3.18..
"More than 60% of oncology practices across all 50 states use InfuSystem, and we are "in-network" in 160+ plans, covering over 125 million lives."
Home Page.. http://www.infusystem.com/home.html
SEC Filings: http://sec.gov/cgi-bin/browse-edgar?company=infusystem&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany
You are correct about the WT count.. The story here is the rapid penentration of the market with thier rental program and the acceptance of the medical and insurance community for thier services.. They are at a pace to blow thru the money ($170,000,000) they recieve from the wts.. Insiders have paid close to $1.00 for the same wts.. You have to read from the Blank Check to where they are presently.. hank
http://www.infusystem.com/investors/corporate-information-i/press-releases.html
Ambulatory infusion pumps assigned to oncology practices on consignment basis
With InfuAdvantage, InfuSystem provides practices with the ambulatory infusion pumps and supplies they need for their patients at no cost to the practices. Reimbursement is straightforward: the practice bills the patient's insurance for chemotherapy infusion and refilling/maintenance, plus the drugs to be infused, as appropriate. InfuSystem bills the patient's insurance for appropriate use of the pump. All supplies for each pump and treatment cycle are billed to the patient's insurance - separately or as a single fee, depending on payor preference.
InfuAdvantage comes with round the clock access to the InfuCare Clinical Support Patient Hotline and InfuSupport Clinician Support Hotline for pump-related inquires. It also offers practices access to our vast library of patient education materials.
Advantages over Alternative Care Delivery Partners
Putting a patient on an electronic ambulatory infusion pump is typically done one of three ways - homecare agencies, physician-owned pumps or regional DME providers. InfuSystem offers advantages to each.
Home care
Usually more costly for patients and payors
Continuity of care compromised, as treating physician does not provide appropriate infusion services
Timing of infusion therapy is important but can be compromised due to scheduling and coordination challenges
Physician-owned Durable Medical Equipment
Prohibitively costly for practices to purchase and maintain pumps
Seeking reimbursement for DME consumes administrative resources
Regional DME Providers
Limited clinical support for patients
Limited quantities and selections of pumps
Benefits for Patients, Practices and Payors
InfuAdvantage offers significant clinical, operational, financial and humanistic benefits to patients, practices and payors.
Patients:
24/7 pump-related clinical support - peace of mind around the clock
Continuity of care - consistency, comfort and security
Lower costs versus homecare - one less burden to overcome
Payors
Lower costs - relative to homecare or other alternatives
Improved patient outcomes - with fewer complications and associated costs
In-network benefits - preferable to plans and patients alike
High levels of patient satisfaction
Physicians
Continuity of care - strengthens relationships with patients, improves outcomes
Low administrative burden - allows staff to focus on delivering care
Reimbursement for appropriate professional services
High levels of patient satisfaction
InfuAdvantage Highlights
24/7 pump-related clinical support for patients
Frequently less costly than homecare for patients and payors
Next day delivery of pumps and supplies - keeps patients on-schedule for their therapy
All cleaning, disinfecting, testing, calibrating and FDA tracking done by InfuSystem
Makes state-of-the-art pumps accessible to all practices, patients
Insurance Companies
Protocols involving continuous infusion therapy are widely recognized as the standard of care for treatment of advanced or metastatic colorectal cancer (CRC). And protocols have been approved for treatment of other cancer types including, anal cancer, biliary tract cancer, carcinoid tumor, cervical cancer, esophageal cancer, gastric cancer, head and neck cancer, leukemia, lymphoma, pancreatic cancer, and sarcoma.
In many cases, patients receiving continuous infusion therapy are treated using an ambulatory infusion pump. Ambulatory infusion provides patients greater freedom and mobility than continuous infusion delivered in an in-patient setting. Moreover, ambulatory infusion of chemotherapy is advantageous to payors, including managed care organizations, because it is generally less expensive than homecare or hospitalization and may help lower the costs incurred to treat the side-effects that may accompany traditional bolus treatment.
More than 60% of oncology practices across all 50 states use InfuSystem, and we are "in-network" in 160+ plans, covering over 125 million lives.
For patients, practices and payors, InfuSystem is ambulatory infusion made easy.
INFUSYSTEMS HOLDINGS INC WT EXP 04/11/11INHIW:
Healthcare : Healthcare Facilities
Real Time Extended Hours Quote Last Trade as of 1:19 PM ET 4/30/09
Last Price Today’s Change Bid (Size) Ask (Size) Day’s Range Volume Trade
0.08 -0.03 (-27.27%) 0.082 x5,000 0.19 x5,000 0.08 - 0.11 19,000
Hank,
What are the terms of the INHI warrants?
Thanks,
Chris
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INHI.. InfuSystem
Headquarters: 1551 East Lincoln Avenue Suite 200 Madison Heights, MI 48071 | |
Web Address: http://www.infusystem.com/ |
InfuSystem is a rapidly growing healthcare services company.
Based in Madison Heights, MI, we are the leading provider of ambulatory infusion pumps and associated clinical services to oncologists and their patients in the U.S.
InfuSystem Holdings, Inc. (NYSE Amex:INFU), the leading national provider of infusion pumps and related services, today reported results for the third quarter ended September 30, 2011.
Revenues for the third quarter of fiscal 2011 were $14.5 million compared with $12.7 million for the prior year, up 14 percent. Adjusted EBITDA for the third quarter of fiscal 2011 was $4.0 million, versus $3.9 million a year ago.
Mr. Sean McDevitt, Chief Executive Officer and Chairman, commented, "We reported a solid performance this past quarter delivering 14% of almost entirely organic growth over the same period last year. This was our sixteenth straight quarter of year over year revenue growth and a milestone in that our employees achieved the highest quarterly revenues in InfuSystem's 25 year history. On a sequential quarter over quarter basis, we grew revenue over 10%. In regard to the oncology drug shortage, it continued to have a slight impact in the third quarter. The drug shortage's impact was offset through our stated strategy of diversifying our revenue stream and business mix, while maintaining and strengthening our strong leadership in the consignment business by adding new customers."
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 improving our overall financial profile. Additionally, 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 third quarter ending September 30, 2011 were $14.5 million, up 14 percent from $12.7 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 September 30, 2011 was $9.2 million, up 4 percent from $8.9 million in the prior year period. Gross margins were 64 percent of revenues for the latest quarter compared with 70 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 third quarter of 2011 were $8.3 million, excluding a goodwill and intangible assets impairment charge of $23.4 million, 3 percent higher than the $8.1 million in the prior year period. The increase was due to strategic investments made in the sales organization, such as the launch of our iPad-based electronic paperwork system, amortization of intangibles, and professional fees. These expenses were partially offset by the decreases in stock based compensation and bad debt expenses. As a percent of revenues, SG&A was 58 percent compared to 63 percent for the prior period.
As of September 30, 2011, the company determined that given the significant decline in our market capitalization that there was an indicator to require an interim goodwill impairment analysis. Based upon the impairment analysis performed as of September 30, 2011, the company concluded there was an impairment of the remaining goodwill that resulted in a non-cash charge of $23.4 million.
Other loss for the third quarter of 2011 was $0.7 million versus $0.4 million other loss in the prior year period, reflecting reduced interest expense and no gain on derivatives as incurred in the prior year. The provision for income taxes was a benefit of $6.5 million for the quarter compared to an expense of $295 thousand in the prior year period. As a result, the second quarter net loss was $16.6 million, driven by the non-cash goodwill impairment charge, equal to $0.79 per diluted share, versus a $174 thousand net income, equal to $0.01 per diluted share in the prior year period.
Adjusted EBITDA was $4.0 million for the third quarter of 2011 versus $3.9 million in the prior year 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.
Financial Condition
Net cash provided by operations for the nine months ending September 30, 2011 was $4.2 million, compared to $7.8 million for the prior period. Principal and interest payments of $2.0 million, on our term loan and capital leases, were paid during the quarter. The company ended the quarter with a cash balance of $0.4 million with $23.8 million in long-term debt, net of current.
Conference Call
InfuSystem Holdings, Inc. will host a conference call to share the results of its third quarter fiscal 2011 results on Thursday, November 10, 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 30770688. 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 30770688#. An online archive of the conference call will remain on the company's website for the following 30 days.
About InfuSystem Holdings, Inc.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
CONTACT: INVESTOR CONTACT: Pat LaVecchia Vice Chairman Info@InfuSystem.com 800-962-9656
InfuSystem Holdings, Inc. Reports $14.5 Million of Revenues and $4.0 Million of Adjusted EBITDA for the Third Quarter of 2011 |
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