InfuSystem Holdings Reports Revenue Increase of 12.8% with Over $3 Million of Adjusted EBITDA for the Second Quarter of 2008
Mr. Steve Watkins, chief executive officer, commented, "Since becoming astand-alone entity in October of 2007, we have executed a plan of action thathas enabled us to build upon our strong foundation for pump managementservices, billing services, and 24/7 nursing support for ambulatory infusionpumps utilized in the treatment of colorectal cancer and other forms ofcancer. While we are proud of our record, we have only just come out of thegate in terms of realizing our full potential as a major provider ofambulatory infusion pumps, supplies and related services."
"Earlier this year, we put new incentive plans and sales quotas in placeand, as a result, have increased sales and continue to gain traction in themarketplace. We have enhanced training for the existing sales force, filledtwo new sales positions and hired two sales associates. Re-branding thecompany and highlighting the advantages of our services are also importantelements in our overall business strategy. Over the past few months, we haverolled out our new website, increased our presence at major trade shows andcreated well-crafted sales literature to support our sales team. With solidrelationships already in place among more than 60% of oncologist practicesnationwide, we are building awareness among physicians and nurses on theexpanded uses of our ambulatory infusion pumps for other conditions andcancers including esophageal, pancreatic and gastric cancers."
Mr. Watkins concluded, "By the end of the second quarter, our newlyimplemented strategies have begun to take effect as evidenced by double digitrevenue growth of 12.8% for the second quarter of 2008, compared to results ofInfuSystem, Inc. for the second quarter of last year, while under its priorownership. We also generated $3.2 million of adjusted EBITDA for the quarterand now have over $8 million of cash as of June 30, 2008. With a newly mintedmarketing plan in place, expanded and motivated sales force, strong cash flowto fund our growth and a large and receptive market for our services, webelieve that we are perfectly positioned to capture a meaningful share of themarket in the months and years ahead."
Revenue for the second quarter ended June 30, 2008 was $8.8 million,versus $0 for the same period in 2007, which reflects the revenues recognizedby InfuSystem Holdings, Inc. following the acquisition of InfuSystem, Inc.from I-Flow Corporation.
Operating income for the second quarter of 2008 was $1.1 million versus anoperating loss of $1.1 million for the same period in 2007. The increase inoperating income for the second quarter of 2008 reflects revenue and operatingexpenses recorded for InfuSystem, Inc. following the acquisition.
The net loss for the second quarter of 2008 was $1.8 million, or $0.10 perdiluted share, compared to net loss of $2.2 million or $0.12 per dilutedshare, for the same period in 2007. The net loss for the second quarter of2008 included a $1.9 million loss on derivative financial instruments, whichis predominantly attributable to the increase in the publicly traded value ofour warrants during the quarter, compared to a $2.0 million loss for thesecond quarter of 2007 and stock based compensation of $687,000 versus$611,000 in the second quarter of 2007.
Adjusted EBITDA for the second quarter ended June 30, 2008 was $3.2million, as compared to an Adjusted EBITDA loss of approximately ($0.5million) for the same period of 2007. The Company defines Adjusted EBITDA asearnings before interest, taxes, depreciation and amortization, and excludesgain (loss) on derivative financia
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