InfuSystem sees progress

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Friday, November 17, 2017

MADISON HEIGHTS, Mich. – InfuSystem has shifted its focus from expanding its fleet of infusion pumps to improving collections, and it’s starting to pay off, says Gregg Lehman, executive chairman of the board.

The infusion provider reported net revenues of $17.6 million for the third quarter of 2017, a 2.1% increase compared to the same period in 2016.

“We are making solid progress on our collection efforts,” said Lehman on a recent earnings call. “For the foreseeable future, our task is to focus on our existing business and managing it as well as possible.”

InfuSystem reported a net loss of $0.1 million for the quarter this year compared to a net income of $0.1 million for the same quarter last year. Breaking down revenues, rentals increased 4.7% to $15.3 million and sales decreased 12.4% to $2.3 million. The provider reduced debt by $2.9 million in the quarter.

Going forward, InfuSystem is reviewing existing customers and lines of business, and plans to pursue new opportunities in its infusion products and pain management businesses, says Lehman.

“I am pleased we continue to win new business and grow our market share in a responsible way,” he said.

The third quarter was the first full quarter under an executive management reorganization in May that created a temporary “Office of the President” led by Lehman, and consisting of two directors and three senior management team members.

“We are happy with how the office is working as demonstrated by improvements in our financial results,” said Lehman. “Our initial plan was to operate under this structure through the end of the year, but no decision has been made.”