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InfuSystems Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $35.3 million from $31.9 million in the same quarter the previous year. This increase was driven by higher revenues in both the Patient Services and Device Solutions segments.
Patient Services net revenue rose by 7.7% to $20.8 million, mainly due to additional treatment volume and increased third-party payer collections. Device Solutions net revenue increased by 15.2% to $14.5 million, attributed to higher medical equipment sales and rental revenue.
Gross profit for the quarter was $19.0 million, up from $15.6 million in the previous year, with a gross margin increase to 53.9% from 48.9%. This improvement was due to higher net revenues and increased gross margins in both segments.
Selling, general, and administrative expenses increased to $15.8 million from $13.9 million, primarily due to higher general and administrative costs.
Net income for the quarter was $1.8 million, compared to $0.7 million in the previous year. The effective tax rate for the quarter was 35%.
Cash provided by operating activities was $12.5 million for the nine-month period ended September 30, 2024, compared to $6.6 million in the same period of 2023.
InfuSystems had a working capital of $46.9 million as of September 30, 2024. The company continues to focus on expanding its Patient Services and Device Solutions segments.
The filing also discusses the company's recent accounting pronouncements, including the adoption of ASU 2023-07 and ASU 2023-09, and the impact of these updates on its financial statements.
InfuSystems has a share repurchase program authorized to repurchase up to $20 million of its outstanding common stock through June 30, 2026. As of September 30, 2024, the company had repurchased approximately $1.0 million worth of shares.
The company identified a material weakness in its internal controls over financial reporting related to the completeness and accuracy of its accrual for employee travel and expenses. Remediation efforts are ongoing, and the company expects to complete these by the end of fiscal year 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the InfuSystems Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.