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InfuSystems Holdings Inc. (INFU+3.60%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net revenues of $134.9 million, representing a 7.2% increase from $125.8 million in the previous year. The increase was driven by higher revenues in both the Patient Services and Device Solutions segments.
Patient Services segment revenue increased by $3.8 million, or 5.0%, to $80.4 million. This was primarily due to additional treatment volume, while revenue from sales-type leases of NPWT pumps decreased.
Device Solutions segment revenue increased by $5.2 million, or 10.6%, to $54.5 million. This growth was attributed to higher rental revenue, increased medical equipment sales, and higher biomedical services revenue.
Gross profit for the year was $70.4 million, an increase of $7.3 million from the previous year. The gross margin improved to 52.2% from 50.2%, with both segments contributing to this increase.
Selling, general, and administrative expenses totaled $63.5 million, up $4.5 million from the previous year. This increase was due to higher stock-based compensation, short-term incentive compensation, and expenses related to information technology upgrades.
The company reported an operating income of $6.9 million, an increase of $2.8 million from the prior year. Interest expense decreased by $0.4 million to $1.8 million due to lower borrowings and interest rates.
Net income for the year was $2.3 million, compared to $0.9 million in the previous year. The effective tax rate was 53.6%, reflecting state, local, and foreign taxes, as well as permanent differences in expense recognition.
Cash provided by operating activities was $20.5 million, an increase of $9.2 million from the previous year, driven by improved working capital management and higher net income adjusted for non-cash items.
The company made capital expenditures of $16.7 million, primarily for medical equipment purchases to support rental business growth.
InfuSystems Holdings Inc. continues to focus on expanding its network of third-party payer contracts and enhancing its service offerings in the healthcare market.
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. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.