MADISON HEIGHTS (WWJ) — InfuSystem Holdings Inc. (NYSE: INFU), a national provider of infusion pumps and related services for the healthcare industry, reported net income of $105,000 or less than a penny a share in the second quarter, an improvement from a loss of $828,000 or 4 cents a share in the same quarter a year earlier.
Revenue was $14.7 million, up 4 percent from $14.1 million in the second quarter of 2012.
For the six months, net income was $156,000 or 1 cent a share, an improvement from a loss of $1.7 million or 8 cents a share, in the first half of 2012. Revenue was $29.4 million, up 3 percent from $28.4 million a year earlier.
“The company continues to strengthen its overall performance and we expect to build on these results in the second half of 2013,” said Eric Steen, CEO. “Organic growth will drive the business as well as build shareholder value. InfuSystem’s strong market share and highly differentiated customer service capabilities position us well to take advantage of a consolidating market. In particular, we are experiencing strong growth in the commercial payor market. We also expect to generate revenue growth from new therapies and services,” he concluded.
Selling, general and administrative expenses were $9.5 million for the quarter, down from $10.2 million a year earlier. For the first six months, SG&A expenses were $19.2 million, down from $21.2 million a year earlier.
Said Jonathan P. Foster, CFO: “The combination of effective, on-going cost management practices, meaningful debt reduction of more than $2.5 million since Dec. 31 and increasing free cash flow allows us to actively take advantage of growth opportunities. In particular, the increase of $1.3 million from medical equipment in rental service since year-end builds a strong base from which to generate even further rental revenue growth.”
The company released an “adjusted EBITDA” profitability figure of $3.3 million for the second quarter, down from $3.6 million a year earlier. For the six months, adjusted EBITDA was $7 million, unchanged from a year earlier. Adjusted EBITDA excludes interest expense, income tax benefits, depreciation, amortization, expenses of dealing with a “concerned shareholder group,” fees on early extinguishment of debt, strategic alternative evaluation costs, and stock compensation.
More at http://www.infusystem.com.