Q2 2024 InfuSystem Holdings Inc Earnings Call Transcript
Key Points
- InfuSystems Holdings Inc (INFU) reported record net revenue of $33.7 million for the second quarter of 2024, marking a 5% sequential growth and a 6% increase over the prior year.
- The oncology segment saw a revenue increase of $1.5 million or 9%, driven by higher treatment volumes and strong cash collection results.
- Biomedical services revenue increased by over $0.5 million or almost 14%, benefiting from the full run rate of a large GE contract.
- The company signed a new large customer for a three-year agreement, contributing to a 13% increase in equipment rental and disposable medical supplies revenue.
- InfuSystems Holdings Inc (INFU) maintained strong liquidity with $40.3 million available at the end of the quarter, supported by a revolving line of credit and manageable debt service requirements.
- There was a decrease in equipment sales by $300,000, attributed to the normal timing cadence for large orders.
- Operating cash flow for the second quarter was $2.3 million, slightly below the prior year second quarter.
- Net capital expenditures increased significantly to $6.7 million during the second quarter, which was higher than both the first quarter of 2024 and the second quarter of 2023.
- The wound care segment experienced a revenue decrease due to fewer placements of negative pressure pumps compared to the previous year.
- The company's net debt increased by just under $4 million to $34 million during the second quarter of 2024.
Good day, and welcome to the InfuSystem Holdings, Inc. second-quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Joe Dorame, Managing Partner. Please go ahead.
Good morning, and thank you for joining us today to review InfuSystem second-quarter 2024 financial results ended June 30, 2024. With us today on the call are Rich DiIorio, Chief Executive Officer; Barry Steele, Chief Financial Officer, and Carrie Lachance, President and Chief Operating Officer. After the conclusion of today's prepared remarks, we'll open the call for questions.
Before we begin with prepared remarks, I would like to remind everyone certain statements made by the management team of InfuSystem during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking
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