MADISON HEIGHTS, Mich., Nov. 10, 2017 /PRNewswire/
-- InfuSystem Holdings, Inc. (NYSE American: INFU) ("InfuSystem" or the "Company"), a leading national provider of infusion
pumps and related services for the healthcare industry in the United States, today reported
financial results for the quarter ended September 30, 2017.
Third Quarter 2017 Overview:
- Net revenues totaled $17.6 million, an increase of 2.1%, versus the third quarter of 2016 of
$17.2 million
-
- Rental revenues increased $0.7 million, or 4.7%, in the third quarter of 2017, compared
to the third quarter of 2016;
- Product sales decreased 12.4% to $2.3 million in the third quarter of 2017, compared to
the third quarter of 2016
- Gross profit increased $0.6 million, or 6.3%, to $11.0 million,
compared to the third quarter of 2016;
- Gross margin increased to 62.8%, compared to 60.3% and 61.0% for the third quarter of 2016 and second quarter of 2017,
respectively;
- General and administrative ("G&A") expenses increased to $5.6 million, compared to
$5.3 million in the third quarter of 2016, and decreased $0.8
million from $6.4 million in the second quarter of 2017;
- Net Debt (Total Debt net of Cash) decreased $2.9 million to $29.3
million in the third quarter of 2017, compared to the second quarter of 2017;
- Provision for doubtful accounts ("Bad Debt") increased $0.2 million, to $1.3 million, compared to the third quarter of 2016 but remained consistent with the second quarter of
2017;
- Net income before income taxes totaled $0.2 million, an increase of 6.5%, comparable to the
third quarter of 2016 and improved sequentially from a net loss of $1.5 million in the second
quarter of 2017;
- Net loss of $0.1 million, or $(0.01) loss per diluted share,
compared to third quarter 2016 net income of $0.1 million, or $0.00
income per diluted share and improved sequentially from a net loss of $1.1 million, or
$(0.05) loss per diluted share in the second quarter of 2017;
- Net collected rental revenues (a non-GAAP financial measure) increased 3.7%, to $14.0
million, compared to the third quarter of 2016;
- Adjusted EBITDA margin (a non-GAAP financial measure) increased to 22.0%, compared to 19.8% and 18.1% in the third quarter
of 2016 and second quarter of 2017, respectively;
- Adjusted EBITDA (a non-GAAP financial measure) increased to $3.9 million, compared
$3.4 million and $3.1 million in the third quarter of 2016 and
second quarter of 2017, respectively.
Management Discussion
Gregg Lehman, executive chairman of the board, said, "We have continued to focus on
redirecting our strategic emphasis toward efficient use of our pump fleet, improving our billing and collections process, and
paying down our bank indebtedness. During the third quarter of 2017, we have made great progress in all these areas, specifically
in our revenue collection process and bank indebtedness, as evident by our increased cash collections from our commercial payor
business for the second consecutive quarter and our net debt reduction of $2.9 million. As I stated
last quarter, as we become more efficient at collecting the revenue we produce and managing our cost structure, we will generate
cash, which will allow InfuSystem to return to profitability and further accelerate debt reduction."
Dr. Lehman continued, "On a sequential basis, our performance metrics are reflecting meaningful progress. For the third
quarter of 2017, general and administrative expenses are down $0.8 million, or 13.4%; cash
collections were up $0.7 million, or 7%, for our commercial payors; and adjusted EBITDA (a non-GAAP
performance metric) increased $0.8 million, or 26.2%, all compared to the second quarter of 2017.
Gross margin for the quarter hit 62.8% as we continue to manage expenses aggressively.
"I am pleased with the traction that we are beginning to gain as we continue to effectively implement our new strategic
initiatives. Our focus will continue to be to more efficiently manage our pump fleet, reduce operating expenses and better manage
our working capital. Based on improved operational performance, we were able to reduce debt by an additional $2.9 million during the third quarter of 2017. On a year-to-date basis, we have reduced our net debt by
$4.7 million. For the second consecutive quarter, I am pleased with our adjusted EBITDA at
$3.9 million, an increase of 26.2%, from $3.1 million in the second
quarter of 2017. As I have indicated on previous occasions, we have embarked on a process to recalibrate this business that will
take some time. That said, the improving operational results lead me to believe we are heading in the right direction," concluded
Dr. Lehman.
Third Quarter Results
Net revenues for the quarter ended September 30, 2017 were $17.6
million, an increase of $0.4 million, or 2.1%, compared to $17.2
million for the quarter ended September 30, 2016. During the period, net revenues from
rentals increased $0.7 million, or 4.7%, compared to the same prior year period. The increase in
net revenues from rentals can be largely attributed to (i) an overall increase in rental volume of $0.5
million with new and existing sites of therapy and (ii) an increase in pricing and collection impacts of $0.2 million. Net revenues from product sales were $2.3 million, a decrease of
$0.3 million, compared to the same prior year period.
Net collected rental revenues, or net revenues from rentals less provision for doubtful accounts (a non-GAAP financial
measure), was $14.0 million in the third quarter of 2017, an increase of 3.7%, compared to
$13.5 million in the third quarter of 2016.
Bad Debt for the quarter ended September 30, 2017 was $1.3
million, an increase of $0.2 million, compared to the quarter ended September 30, 2016. Bad Debt was 7.2% of revenues for the third quarter of 2017, compared to 6.4% for the same
prior year period. This change is largely due to a higher mix of patient payors in our rental business, which generally have
higher uncollectible rates than commercial payors. This was offset by a decrease in bad debt reserves related to our revised
billing practices for Medicare accounts as required by SE1609. We now directly bill providers and not third-party payors for
SE1609 related services. Because this is a dramatic change from prior practices, we have experienced a delay in providers
acknowledging and paying under the new model. We continue to see improvements in collections from SE1609 providers since the
initial implementation in July 2016, but nonetheless, we have adopted the practice of reserving for
all SE1609 accounts receivable aged greater than 120 days. We believe the strategic shift to focusing additional resources on
collection efforts will deliver a positive impact with respect to these SE1609 accounts receivables.
Gross profit for the third quarter of 2017 was $11.0 million, an increase of 6.3%, compared to
$10.4 million for the same prior year period. As a percentage of net revenues, gross profit equaled
62.8% of total net revenues in the third quarter of 2017, compared to 60.3% in the prior year's comparable quarter. The increase
in gross profit for the third quarter of 2017 was largely attributed to the increase in net revenues of $0.4 million for the period, as well as a decrease of $0.7 million in costs of
pumps sold, offset by an increase of $0.5 million in product and supply costs.
For the third quarter of 2017, G&A expenses were $5.6 million, an increase of $0.3 million, or 5.6%, compared to the same prior year period. The increase in G&A expense versus the same
prior year period was mainly attributable to stock compensation expense of $0.2 million and outside
services of $0.1 million.
Other expenses for the third quarter of 2017 were $0.4 million, which was consistent with the
same period in 2016. Selling and marketing expenses for the third quarter of 2017 were $2.3
million, a decrease of $0.2 million, or 9.2%, compared to the third quarter of 2016.
Net loss in the third quarter of 2017 was $0.1 million, or $(0.01)
loss per diluted share, compared to net income of $0.1 million, or $0.00 income per diluted share, in the same prior year period. Adjusted net loss, excluding non-recurring items
(a non-GAAP financial measure), was $0.2 million, or $(0.01) loss per
diluted share, compared to adjusted net income of $0.1 million, or $0.00 income per diluted share, for the same prior year period.
For the third quarter of 2017, adjusted EBITDA (a non-GAAP financial measure) was $3.9 million,
an increase of 13.2%, compared to $3.4 million for the same period in 2016. The Company utilizes
adjusted net (loss) income and adjusted EBITDA as a means to measure its operating performance. A reconciliation from GAAP
operating measures to adjusted net (loss) income and adjusted EBITDA, both non-GAAP measures, can be found in the appendix
attached to this press release. Adjustments during the third quarter of 2017 included, among other adjustments, expenses for
severance and early termination fees from paying down capital leases.
Financial Condition
Net cash provided by operations for the nine months ended September 30, 2017, was
$4.1 million, an increase of 9.8%, compared to $3.7 million for the
nine months ended September 30, 2016. This increase is due to higher amounts of non-cash expenses
(such as amortization expenses) and other liabilities in the current period, which were offset by decreases in deferred income
taxes and other current liabilities. The Company continues to focus on increasing utilization on available assets, thereby
reducing the need for significant investment in medical equipment and allowing the Company to focus on continuing paying down
debt.
Net cash provided by investing activities was $0.7 million for the nine months ended
September 30, 2017, compared to $4.7 million used in the nine months
ended September 30, 2016. This $5.4 million increase was largely due
to $2.8 million less investment in IT, reduced purchases of medical equipment of $1.3 million and an increase in proceeds from the sale of medical equipment of $1.0
million, and increased pump sales during the third quarter of 2017.
Net cash used in financing activities for the nine months ended September 30, 2017, was
$7.4 million, compared to net cash provided by financing activities of $1.2
million for the same prior year period. This change is primarily attributable to the cash proceeds received from our
decision to borrow from the revolving credit line under our Credit Facility during the nine months ended September 30, 2016, as well as, our decision to pay down a majority of our capital lease obligations during the
first half of 2017.
As of September 30, 2017, we maintained cash and cash equivalents of $0.8
million and $9.0 million of net availability under our revolving credit facility, compared
to $3.4 million of cash and cash equivalents and $9.9 million of net
availability, respectively, at December 31, 2016.
Conference Call
The Company will conduct a conference call for investors on Friday, November 10, 2017 at
11:00 a.m. Eastern Time to discuss third quarter financial results. Gregg
Lehman, executive chairman of the board, Jan Skonieczny, chief operating officer,
Chris Downs, interim chief financial officer, Rich DiIorio, general
manager of oncology and Trent Smith, chief accounting officer will discuss the Company's financial
performance and answer questions from the financial community. To participate in this call, please dial (877) 270-2148 or (412)
902-6510, or listen via a live internet webcast, which is available in the Investors section of the Company's website at
https://ir.infusystem.com/. A replay of the call is
available by visiting https://ir.infusystem.com/ for the
next 90 days or by calling (877) 344-7529 or (412) 317-0088, confirmation code 10113620, through November
17, 2017.
Non-GAAP Measures
This press release contains information prepared in conformity with GAAP as well as non-GAAP financial information.
The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the
Company's management, investors, and other interested parties about the Company's operating performance because they allow them
to understand and compare the Company's operating results during the current periods to the prior year periods in a more
consistent manner. It is management's intent to provide non-GAAP financial information in order to enhance readers' understanding
of its consolidated financial information as prepared in accordance with GAAP. This non-GAAP information should be considered by
the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial
measure and the corresponding GAAP financial measures are presented so as to not imply that more emphasis should be placed on the
non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies.
Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable
GAAP measures are included later in this release.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is a leading provider of infusion pumps and related services to hospitals, oncology
practices and other alternate site healthcare providers. Headquartered in Madison Heights,
Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Texas, Georgia and Ontario, Canada.
The Company's stock is traded on the NYSE American under the symbol INFU.
Forward-Looking Statements
The financial results in this press release reflect preliminary results, which are not final until the
Company's Form 10-Q for the third quarter of 2017 is filed. In addition, certain statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and
Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The words "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "strategy," "future," "likely," variations of such
words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements.
However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking
statements include statements relating to future actions, business plans, objectives and prospects, future operating or financial
performance, including the preliminary financial results contained in this press release. In connection with the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause
actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and
uncertainties include, but are not limited to, the potential changes in overall healthcare reimbursement, including Centers for
Medicaid and Medicare Services ("CMS") competitive bidding and fee schedule reductions, sequestration, concentration of
customers, increased focus on early detection of cancer, competitive treatments, dependency on Medicare Supplier Number,
availability of chemotherapy drugs, global financial conditions, changes and enforcement of state and federal laws, natural
forces, competition, dependency on suppliers, risks in acquisitions & joint ventures, U.S. Healthcare Reform, relationships
with healthcare professionals and organizations, technological changes related to infusion therapy, the Company's ability to
implement information technology improvements and to respond to technological changes, dependency on websites and intellectual
property, the ability of the Company to successfully integrate acquired businesses, dependency on key personnel, dependency on
banking relations and the ability to comply with Credit Facility covenants, and other risks associated with its common stock, as
well as any litigation to which the Company may be involved in from time to time; and other risk factors as discussed in the
Company's annual report on Form 10-K for the year ended December 31, 2016 and in other filings made
by the Company from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q. Our
annual report on Form 10-K is available on the SEC's EDGAR website at www.sec.gov , and a copy may also be obtained by contacting the Company.
All forward-looking statements made in this press release speak only as of the date hereof. We do not intend, and do not
undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of
such statements, except as required by law.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com .
FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
As of
|
|
September 30,
|
|
December 31,
|
(in thousands, except share data)
|
2017
|
|
2016
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
803
|
|
$ 3,398
|
Accounts
receivable, less allowance for doubtful accounts of $6,847 and $4,989 at September 30, 2017 and December 31, 2016,
respectively
|
10,971
|
|
11,581
|
Inventory
|
1,873
|
|
2,166
|
Other current
assets
|
1,121
|
|
949
|
Deferred
income taxes
|
-
|
|
2,675
|
|
|
|
|
Total Current Assets
|
14,768
|
|
20,769
|
Medical equipment held for sale or rental
|
1,200
|
|
1,642
|
Medical equipment in rental service, net of accumulated
depreciation
|
24,301
|
|
28,036
|
Property & equipment, net of accumulated depreciation
|
1,711
|
|
1,997
|
Intangible assets, net
|
26,951
|
|
31,239
|
Deferred income taxes
|
16,334
|
|
12,436
|
Other assets
|
70
|
|
225
|
|
|
|
|
Total
Assets
|
$ 85,335
|
|
$ 96,344
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current Liabilities:
|
|
|
|
Accounts
payable
|
$ 4,093
|
|
$ 5,315
|
Capital
leases
|
584
|
|
2,938
|
Current portion of
long-term debt
|
2,849
|
|
5,314
|
Other current
liabilities
|
2,427
|
|
2,872
|
|
|
|
|
Total Current Liabilities
|
9,953
|
|
16,439
|
Long-term debt, net of current portion
|
26,535
|
|
26,577
|
Capital leases
|
101
|
|
2,573
|
Other long-term liabilities
|
-
|
|
66
|
Total Long-Term Liabilities
|
26,636
|
|
29,216
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
$ 36,589
|
|
$ 45,655
|
|
|
|
|
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
and outstanding 22,978,398 and 22,780,738,respectively, as of September 30, 2017 and 22,867,335 and 22,669,675,
respectively, as of December 31, 2016
|
2
|
|
2
|
Additional paid-in capital
|
92,383
|
|
91,829
|
|
-
|
|
|
Retained deficit
|
(43,639)
|
|
(41,142)
|
|
|
|
|
Total Stockholders' Equity
|
48,746
|
|
50,689
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$ 85,335
|
|
$ 96,344
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
(in thousands, except share and per share data)
|
September 30
|
|
September 30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net revenues:
|
|
|
|
|
|
|
|
Rentals
|
$ 15,322
|
|
$ 14,640
|
|
$ 45,228
|
|
$ 47,370
|
Product Sales
|
2,266
|
|
2,586
|
|
6,956
|
|
6,273
|
Net revenues
|
17,588
|
|
17,226
|
|
52,184
|
|
53,643
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
Cost of revenues — Product, service and supply costs
|
4,452
|
|
4,018
|
|
13,612
|
|
12,313
|
Cost of revenues — Pump depreciation and disposals
|
2,095
|
|
2,819
|
|
6,541
|
|
7,241
|
|
|
|
|
|
|
|
|
Gross profit
|
11,041
|
|
10,389
|
|
32,031
|
|
34,089
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses:
|
|
|
|
|
|
|
|
Provision for doubtful accounts
|
1,274
|
|
1,098
|
|
4,456
|
|
3,912
|
Amortization of intangibles
|
1,384
|
|
958
|
|
4,182
|
|
2,792
|
|
|
|
|
|
|
|
|
Selling and marketing
|
2,262
|
|
2,490
|
|
7,443
|
|
7,629
|
General and administrative
|
5,561
|
|
5,267
|
|
18,451
|
|
18,328
|
|
|
|
|
|
|
|
|
Total selling, general and administrative
|
10,481
|
|
9,813
|
|
34,532
|
|
32,661
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
560
|
|
576
|
|
(2,501)
|
|
1,428
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(354)
|
|
(384)
|
|
(1,015)
|
|
(1,016)
|
Other (expense) income
|
(8)
|
|
(6)
|
|
(111)
|
|
21
|
|
|
|
|
|
|
|
|
Total other expense
|
(362)
|
|
(390)
|
|
(1,126)
|
|
(995)
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
198
|
|
186
|
|
(3,627)
|
|
433
|
Income tax (expense) benefit
|
(327)
|
|
(130)
|
|
914
|
|
(183)
|
Net (loss) income
|
$ (129)
|
|
$ 56
|
|
$ (2,713)
|
|
$ 250
|
|
|
|
|
|
|
|
|
Net (loss) income per share:
|
|
|
|
|
|
|
|
Basic
|
$ (0.01)
|
|
$ 0.00
|
|
(0.12)
|
|
0.01
|
Diluted
|
$ (0.01)
|
|
$ 0.00
|
|
(0.12)
|
|
0.01
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
22,755,976
|
|
22,620,386
|
|
22,725,806
|
|
22,614,203
|
Diluted
|
22,755,976
|
|
22,995,643
|
|
22,725,806
|
|
23,059,794
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
Nine Months Ended
|
|
September 30
|
(in thousands)
|
2017
|
|
2016
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$ 4,102
|
|
$ 3,735
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
Acquisition of business
|
-
|
|
(200)
|
Purchase of medical equipment and property
|
(2,829)
|
|
(6,997)
|
Proceeds from sale of medical equipment and property
|
3,518
|
|
2,511
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
689
|
|
(4,686)
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
Principal payments on revolving credit facility, term loans and capital
lease obligations
|
(35,769)
|
|
(44,197)
|
Cash proceeds from revolving credit facility
|
28,317
|
|
45,327
|
Debt issuance costs
|
(38)
|
|
-
|
Common stock repurchased to satisfy statutory withholding on
employee stock based compensation plans
|
(27)
|
|
(50)
|
Cash proceeds from stock plans
|
131
|
|
125
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(7,386)
|
|
1,205
|
|
|
|
|
Net change in cash and cash equivalents
|
(2,595)
|
|
254
|
Cash and cash equivalents, beginning of period
|
3,398
|
|
818
|
Cash and cash equivalents, end of period
|
$ 803
|
|
$ 1,072
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
GAAP TO NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
|
NET (LOSS) INCOME TO ADJUSTED NET (LOSS) INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income
|
|
$ (129)
|
|
$ 56
|
|
$ (2,713)
|
|
$ 250
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restatement costs
|
|
-
|
|
-
|
|
28
|
|
-
|
Early termination fees for capital leases
|
|
(10)
|
|
-
|
|
292
|
|
-
|
Strategic alternatives and other costs
|
|
-
|
|
109
|
|
-
|
|
304
|
Shareholder legal costs
|
|
-
|
|
-
|
|
200
|
|
-
|
Management reorganization
|
|
42
|
|
42
|
|
661
|
|
117
|
Income tax (benefit) expense
|
|
327
|
|
130
|
|
(914)
|
|
183
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes - adjusted
|
|
$ 230
|
|
$ 337
|
|
$ (2,446)
|
|
$ 854
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit relating to adjustments (1)
|
|
(380)
|
|
(236)
|
|
616
|
|
(361)
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net (loss) income
|
|
$ (150)
|
|
$ 101
|
|
$ (1,830)
|
|
$ 493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET (LOSS) INCOME PER DILUTED COMMON SHARE TO
NON-GAAP ADJUSTED NET (LOSS) INCOME PER DILUTED COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income per diluted common share:
|
|
$ (0.01)
|
|
$ 0.00
|
|
$ (0.12)
|
|
$ 0.01
|
Adjustments:
|
|
|
|
|
|
|
|
|
Early termination fees for capital leases
|
|
(0.00)
|
|
-
|
|
0.01
|
|
-
|
Strategic alternatives and other costs
|
|
-
|
|
0.00
|
|
-
|
|
0.01
|
Shareholder legal costs
|
|
-
|
|
-
|
|
0.01
|
|
-
|
Management reorganization
|
|
0.00
|
|
0.00
|
|
0.03
|
|
0.01
|
Income tax (benefit) expense
|
|
0.02
|
|
0.01
|
|
(0.04)
|
|
0.01
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes - adjusted
|
|
$ 0.01
|
|
$ 0.01
|
|
$ (0.11)
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit relating to adjustments (1)
|
|
$ (0.02)
|
|
(0.01)
|
|
0.03
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss) income per diluted common share:
|
|
$ (0.01)
|
|
$ 0.00
|
|
$ (0.08)
|
|
$ 0.02
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
22,755,976
|
|
22,620,386
|
|
22,725,806
|
|
22,614,203
|
Diluted
|
|
22,755,976
|
|
22,995,643
|
|
22,725,806
|
|
23,059,794
|
|
|
(1)
|
Rate used to calculate income tax benefit (expense) for the periods was the
Company's effective tax rate before adjustments.
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
GAAP TO NON-GAAP RECONCILIATION (CONTINUED)
|
(UNAUDITED)
|
|
NET (LOSS) INCOME TO ADJUSTED EBITDA:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income
|
|
$ (129)
|
|
$ 56
|
|
$ (2,713)
|
|
$ 250
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense
|
|
354
|
|
384
|
|
1,015
|
|
1,016
|
Income tax expense (benefit)
|
|
327
|
|
130
|
|
(914)
|
|
183
|
Depreciation
|
|
1,766
|
|
1,752
|
|
5,166
|
|
5,125
|
Amortization
|
|
1,384
|
|
958
|
|
4,182
|
|
2,792
|
|
|
|
|
|
|
|
|
|
GAAP EBITDA
|
|
$ 3,702
|
|
$ 3,280
|
|
$ 6,736
|
|
$ 9,366
|
|
|
|
|
|
|
|
|
|
Stock compensation
|
|
132
|
|
(16)
|
|
450
|
|
334
|
Restatement costs
|
|
-
|
|
-
|
|
28
|
|
-
|
Early termination fees for capital leases
|
|
(10)
|
|
-
|
|
292
|
|
-
|
Strategic alternatives and other costs
|
|
-
|
|
109
|
|
-
|
|
304
|
Shareholder legal costs
|
|
-
|
|
-
|
|
200
|
|
-
|
Management reorganization
|
|
42
|
|
42
|
|
661
|
|
117
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDA
|
|
$ 3,866
|
|
$ 3,415
|
|
$ 8,367
|
|
$ 10,121
|
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
|
GAAP TO NON-GAAP RECONCILIATION (CONTINUED)
|
(UNAUDITED)
|
|
NET COLLECTED REVENUES
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net Revenues:
|
|
|
|
|
|
|
|
|
Rentals
|
|
$ 15,322
|
|
$ 14,640
|
|
$ 45,228
|
|
$ 47,370
|
Product sales
|
|
2,266
|
|
2,586
|
|
6,956
|
|
6,273
|
|
|
|
|
|
|
|
|
|
Total Net Revenues
|
|
17,588
|
|
17,226
|
|
52,184
|
|
53,643
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Less: Provision for Doubtful Accounts
|
|
(1,274)
|
|
(1,098)
|
|
(4,456)
|
|
(3,912)
|
|
|
|
|
|
|
|
|
|
Non-GAAP total - net collected revenues - adjusted
|
|
$ 16,314
|
|
$ 16,128
|
|
$ 47,728
|
|
$ 49,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET COLLECTED RENTAL REVENUES
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net Revenues:
|
|
|
|
|
|
|
|
|
Rentals
|
|
$ 15,322
|
|
$ 14,640
|
|
$ 45,228
|
|
$ 47,370
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Less: Provision for Doubtful Accounts
|
|
(1,274)
|
|
(1,098)
|
|
(4,456)
|
|
(3,912)
|
|
|
|
|
|
|
|
|
|
Non-GAAP total - net collected rental revenues - adjusted
|
|
$ 14,048
|
|
$ 13,542
|
|
$ 40,772
|
|
$ 43,458
|
CONTACT:
|
Joe Dorame, Joe Diaz & Robert Blum
|
|
Lytham Partners, LLC
|
|
602-889-9700
|
View original content with multimedia:http://www.prnewswire.com/news-releases/infusystem-holdings-inc-reports-third-quarter-2017-financial-results-300553698.html
SOURCE InfuSystem Holdings, Inc.