Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased by 8.5% year-over-year, totaling $34.7 million, with a gross profit of $19.2 million, representing a 16% increase from the prior year [12][15] - Adjusted EBITDA rose to $6.3 million, a 64% increase year-over-year, resulting in an adjusted EBITDA margin of 18.2%, the highest for a first quarter since 2021 [8][17] - Operating cash flow improved to $1.8 million, nearly fourfold compared to the previous year [8][18] Business Line Data and Key Metrics Changes - Patient Services segment revenue increased by 11.7%, contributing $2.2 million to the overall revenue growth, driven by higher treatment volumes and improved collections [12][13] - Device Solutions segment revenue grew by 4%, with increased rental revenues offset by lower biomedical services revenue [12][14] - Oncology revenue increased by 10.3%, wound care treatment revenue surged by 133%, while pain management revenue rose by 8.8% [13] Market Data and Key Metrics Changes - The company is experiencing growth in its partnerships with major medical device companies, which is expected to enhance its market position [5][23] - The company anticipates continued revenue growth in the range of 8% to 10% for the full year 2025 [24] Company Strategy and Development Direction - The company is focused on improving profitability and operational efficiencies, particularly through process improvements and technology upgrades [9][10][22] - Future growth is expected to come from less capital-intensive business lines, with a focus on wound care and biomed services [19][24] - The transition in leadership is seen as an opportunity to reevaluate business strategies and align resources with growth opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and capitalize on growth opportunities, particularly in the healthcare solutions space [5][6] - The company is optimistic about the future, with expectations for continued revenue growth and improved profitability [24] Other Important Information - The company incurred approximately $500,000 in expenses related to IT system upgrades during Q1 2025, which are expected to continue into early 2026 [9][25] - Net debt increased by $3.8 million during the quarter, primarily due to stock repurchases [20] Q&A Session Summary Question: Are the excellent results a result of Carrie taking over? - Management clarified that the results are due to years of work by Carrie on the operational side, leading to improved profitability [27] Question: Thoughts on tariff impact? - Management indicated limited exposure to tariffs, with the ability to mitigate potential price increases through customer pricing adjustments [30][32] Question: Opportunities in biomed services? - Management acknowledged the potential for additional customers in biomed services and is actively exploring these opportunities [34] Question: Estimation of gross margins for the rest of the year? - Management suggested that the current gross margin may be a high watermark, with expectations for stabilization rather than further increases [40] Question: Oncology business growth and future expectations? - Management noted that the recent growth was driven by improved revenue cycle processes and collections, with expectations for continued volume growth [46] Question: Device Solutions gross margin improvement? - Management attributed the growth to the rental business and expressed a bullish outlook for future margins in this segment [52] Question: Impact of proposed budget cuts? - Management does not foresee risks from proposed budget cuts, citing stability in the home care market [53][55] Question: IT upgrade costs and timeline? - Management confirmed that the $2.5 million in costs for the IT upgrade will taper off significantly after the first quarter of 2026 [56] Question: Tax rate and cash tax payments? - Management explained that the high tax rate is due to non-deductible expenses and that most tax provisions are deferred, with minimal cash tax payments currently [59]

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 increased by 8.5% year-over-year, totaling $34.7 million, with adjusted EBITDA rising by 64% to $6.3 million [7][13][17] - Adjusted EBITDA margin improved to 18.2%, up from 12.1% in the previous year [10][17] - Operating cash flow reached $1.8 million, nearly four times higher than the prior year [9][18] Business Line Data and Key Metrics Changes - Patient Services segment revenue increased by 11.7%, contributing $2.2 million to the overall revenue growth, while Device Solutions segment revenue grew by 4% [13][14] - Oncology revenue rose by 10.3%, wound care treatment revenue surged by 133%, and pain management increased by 8.8% [14] - Device Solutions growth was driven by higher rental revenues, partially offset by lower biomedical services revenue [14] Market Data and Key Metrics Changes - The company is experiencing growth in various markets, particularly in oncology and wound care, indicating a robust demand for its services [14][22] - The company has established partnerships with major medical device companies, enhancing its market position [5][22] Company Strategy and Development Direction - The company aims to improve profitability and operational efficiencies while focusing on growth opportunities in wound care and biomed [21][24] - Future revenue growth is expected to be less capital-intensive, with a focus on leveraging existing infrastructure [19][24] - The company plans to complete a major technology system upgrade by early 2026, which is anticipated to enhance operational efficiencies [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a strong start to 2025 and a continuation of positive trends from 2024 [6][9] - The company expects full-year revenue growth of 8% to 10% and an adjusted EBITDA margin above 18.8% [17][24] - Management highlighted the importance of improving the profitability profile and aligning costs with growth opportunities [21][24] Other Important Information - The company incurred approximately $500,000 in expenses related to IT system upgrades during the first quarter [10][16] - Net capital expenditures for the first quarter were $2.6 million, significantly higher than the previous year's $400,000 [18][19] - The company maintains strong liquidity, with over $47.6 million available as of March 31, 2025 [20] Q&A Session Summary Question: Are the excellent results due to Carrie taking over? - Management clarified that the results are a culmination of years of work by Carrie and the team, not solely due to the leadership change [27] Question: Thoughts on tariff impact? - Management indicated limited exposure to tariffs, as most costs are related to personnel and depreciation rather than material purchases [31][33] Question: Opportunities in biomed services? - Management acknowledged the potential for growth in biomed services and is focused on leveraging existing infrastructure to attract additional customers [35] Question: Estimation of gross margins for the rest of the year? - Management suggested that the current gross margin may be a high watermark and expected stabilization rather than further increases [40] Question: Oncology business growth and future expectations? - Management noted that the recent growth was driven by improved revenue cycle processes and collections, with expectations for continued volume growth [46][47] Question: Device Solutions gross margin improvement? - Management attributed the growth to the rental business and indicated a positive outlook for future margins in this segment [51][53] Question: Impact of proposed budget cuts by the new administration? - Management expressed confidence that the company is well-positioned in the home care market and does not foresee significant risks from budget cuts [54][56] Question: IT upgrade costs and timeline? - Management confirmed that the $2.5 million in costs for the IT upgrade will taper off significantly after the first quarter of 2026 [57][66] Question: Tax rate and cash tax payments? - Management explained that the high tax rate was due to non-deductible expenses and that most tax provisions are deferred, with minimal cash tax payments currently [58][60]

Company Performance - InfuSystems Holdings, Inc. reported a quarterly loss of $0.01 per share, better than the Zacks Consensus Estimate of a loss of $0.03, and an improvement from a loss of $0.05 per share a year ago, representing an earnings surprise of 66.67% [1] - The company posted revenues of $34.72 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.25%, compared to year-ago revenues of $32 million [2] - Over the last four quarters, InfuSystems has surpassed consensus EPS estimates just once and topped consensus revenue estimates only once [2] Stock Performance - InfuSystems shares have declined approximately 43.8% since the beginning of the year, contrasting with the S&P 500's decline of 4.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $35.8 million, and for the current fiscal year, it is $0.23 on revenues of $147.2 million [7] Industry Outlook - The Medical - Products industry, to which InfuSystems belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]

Financial Performance - Net revenues for the year ended December 31, 2024, were $134.9 million, an increase of $9.1 million, or 7.2%, compared to $125.8 million for 2023[171]. - Gross profit for 2024 totaled $70.4 million, an increase of $7.3 million, or 11.6%, with a gross margin of 52.2%, up from 50.2% in the prior year[174]. - Operating income improved to $6,891,000, a significant increase of 68.4% compared to $4,088,000 in 2023[229]. - Net income for 2024 was $2,345,000, up 168.5% from $872,000 in 2023[229]. - Total current assets increased to $32,165,000, a rise of 5.1% from $30,620,000 in 2023[228]. - Total liabilities decreased to $46,085,000, down 8.3% from $50,613,000 in the previous year[228]. - Cash and cash equivalents at the end of 2024 were $527,000, compared to $231,000 at the end of 2023, reflecting a 128.1% increase[235]. Revenue Breakdown - Patient Services net revenue was $80.4 million, an increase of $3.8 million, or 5.0%, primarily due to additional treatment volume totaling $6.4 million[172]. - Device Solutions net revenue was $54.5 million, an increase of $5.2 million, or 10.6%, driven by higher rental revenue of $2.5 million, or 13.5%[173]. - The Oncology Business accounted for approximately 90% of total Patient Services segment revenues in 2024, with 45% from colorectal cancer treatments and 45% from non-colorectal disease states[161]. - Patient Services revenue accounted for 53.9% of total net revenues in 2024, slightly down from 54.1% in 2023[302]. - Device Solutions revenue recognized at a point in time increased to $33.495 million in 2024, up from $30.759 million in 2023, representing an increase of 8.9%[302]. Expenses and Costs - Selling and marketing expenses decreased to $11.3 million, down $1.3 million, or 11.5%, from 2023, representing 8.4% of net revenues compared to 10.1% in 2023[178]. - General and Administrative (G&A) expenses increased to $51.2 million, up $5.8 million, or 12.9%, from $45.4 million in 2023, with G&A as a percentage of net revenues rising to 38.0%[179]. - Device Solutions gross profit for 2024 was $17.6 million, an increase of $2.3 million, or 14.7%, from the prior year, with a gross margin of 32.2%[176]. - Stock-based compensation expense for the year ended December 31, 2024 was $4.46 million, compared to $4.07 million for 2023, indicating an increase of 9.6%[344]. Cash Flow and Liquidity - Net cash provided by operating activities was $20.5 million for 2024, an increase of $9.2 million, or 82.3%, from $11.2 million in 2023[193]. - Net cash used in investing activities increased to $13.2 million in 2024, up $6.5 million from $6.7 million in 2023, primarily due to increased purchases of medical equipment[195]. - Net cash used in financing activities was $6.9 million for 2024, compared to $4.4 million in 2023, mainly for net revolving line of credit repayments and stock repurchases[196]. - As of December 31, 2024, available liquidity was $51.4 million, up from $45.6 million in 2023, with cash and cash equivalents at $0.5 million[183]. Investments and Acquisitions - The acquisition of FilAMed and OB Healthcare has expanded the Device Solutions segment's capabilities in biomedical services[167]. - The company plans to expand its Patient Services segment into other cancer treatments, leveraging existing capabilities and new drug approvals[161]. - The merger with First Biomedical, Inc. is expected to enhance operational capabilities and market reach starting January 1, 2024[240]. Tax and Interest - The provision for income taxes was $2.7 million for 2024, with an effective tax rate of 53.6% on pre-tax income of $5.1 million[181]. - Interest expense for 2024 was $1.8 million, a decrease of $0.4 million from 2023, due to lower outstanding borrowings and interest rates[180]. Derivatives and Market Risks - The Company is exposed to market risk from changes in foreign currency exchange rates and short-term interest rates[208]. - The Company has entered into derivative contracts to manage financial and operational exposure from market risks[209]. - The Company recognized all derivative financial instruments as cash flow hedges, with fair values categorized as Level 2 of the fair value hierarchy[292]. Shareholder Equity and Stock Options - The Company repurchased approximately $1.2 million worth of common stock under the Share Repurchase Program as of December 31, 2024[192]. - The Company granted approximately 117,582 performance-based restricted stock units (PSUs) in 2024, up from 71,639 PSUs granted in 2023, marking a significant increase of 64.2%[348]. - By December 31, 2024, the number of outstanding stock options under the 2021 Plan increased to 1,840,786, with an average exercise price of $8.93[357]. Asset Management - The Company’s medical equipment is depreciated using the straight-line method over an estimated useful life of seven years[265]. - The Company performed its annual impairment analysis as of October 31, 2024, and determined that the fair value of trade names with indefinite lives was greater than their carrying value, resulting in no impairment[270]. - The Company’s inventories are stated at the lower of cost or net realizable value, with adjustments made for slow-moving inventory[264].

Financial Data and Key Metrics Changes - InfuSystem Holdings, Inc. reported a net revenue of $33.8 million for Q4 2024, representing a 7% increase from the prior year [18] - Operating income increased by 69% year-over-year to $6.9 million, while adjusted EBITDA rose 13% to $25.3 million, with an adjusted EBITDA margin of 18.8% for the full year [9][10] - Gross margins improved by 2% year-over-year to 52.2% [8] Business Line Data and Key Metrics Changes - Revenue growth in 2024 was driven by oncology and pain management, which increased by 6.1% and 14.7% respectively [11] - Equipment rentals in device solutions grew by 13.6%, and equipment sales increased by 20.6% [11] - Advanced wound care revenue surged by 342%, totaling $700,000, while the wound care segment faced challenges due to a pause in onboarding new initiatives [12][19] Market Data and Key Metrics Changes - The patient services segment led revenue growth with an 8% increase, while the device solutions segment saw a 4% increase [18] - The company noted a significant opportunity in the wound care space, focusing on partnerships with regional DME companies to leverage payer contracts [12] Company Strategy and Development Direction - The company aims for revenue growth of 8% to 10% in 2025, with adjusted EBITDA margins expected to exceed 18.8% [34] - InfuSystem is focusing on less capital-intensive revenue sources, such as biomedical services and advanced wound care supplies, to improve free cash flow [13][26] - The launch of the Chemo Mouthpiece is a strategic initiative to address an unmet need in oncology, with expectations for broad adoption following clinical studies [30][68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth across all business lines in 2025, particularly in advanced wound care and biomed [43] - The company anticipates a ramp-up in revenue as new projects scale throughout the year, including initiatives with Smith and Nephew and Chemo Mouthpiece adoption [35][36] - Management acknowledged the impact of technology system upgrades on costs but expects overall profitability to improve [34][75] Other Important Information - The effective tax rate for Q4 2024 was 59%, primarily due to tax deduction shortages on equity compensation [22] - Operating cash flow for Q4 totaled $7.9 million, a 70% increase from the prior year, contributing to a record annual operating cash flow of $20.5 million [25][27] - The company reduced its net debt to $23.3 million, despite stock repurchases totaling $1.2 million during the year [27][28] Q&A Session Summary Question: Growth in Advanced Wound Care Products - Management confirmed that advanced wound care will drive growth in 2025, with many DME partners seeking referrals [41][43] Question: Feedback on Chemo Mouthpiece - Management noted growing interest and small orders for Chemo Mouthpiece, with significant potential pending clinical trial results [46][50] Question: Referral Process Improvements - Management indicated that improvements in the referral process will ramp throughout the year, with some benefits expected in Q1 [53][56] Question: Addressable Market for Chemo Mouthpiece - The addressable market for Chemo Mouthpiece is estimated to be in the hundreds of millions, with significant excitement from healthcare providers [67][70] Question: Factors Contributing to EBITDA Margin Improvement - Key contributors to improved EBITDA margins include efficiencies in biomed, growth in advanced wound care, and the impact of Chemo Mouthpiece [72][75]

Financial Data and Key Metrics Changes - The company reported a 7% increase in net revenue for Q4 2024, totaling $33.8 million, compared to the prior year [18] - Gross margins increased by 2% year-over-year to 52.2% [8] - Operating income rose by 69% to $6.9 million, while adjusted EBITDA increased by 13% to $25.3 million, with an adjusted EBITDA margin of 18.8% for the full year [9][10] Business Line Data and Key Metrics Changes - Revenue growth was observed across almost all business lines, with oncology and pain management increasing by 6.1% and 14.7% respectively [11] - Equipment rentals in device solutions grew by 13.6%, and equipment sales increased by 20.6% due to a significant transaction in Q3 [11] - Advanced wound care revenue surged by 342%, while the wound care segment overall was below expectations due to a strategic pause in onboarding new initiatives [12][19] Market Data and Key Metrics Changes - The company noted a strong demand for advanced wound care products and biomed services, indicating a ripe opportunity for growth in these areas [41] - The addressable market for Chemo Mouthpiece is estimated to be around $500 to $600 million, highlighting significant potential for revenue generation [67] Company Strategy and Development Direction - The company aims for revenue growth of 8% to 10% in 2025, with adjusted EBITDA margins expected to exceed 18.8% [34] - Focus on less capital-intensive revenue sources, such as biomedical services and advanced wound care supplies, is expected to drive future growth [26][34] - The company is strategically pausing some wound care initiatives to ensure quality and alignment with existing resources before ramping up in 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth across all business lines in 2025, particularly in advanced wound care and biomed [43] - The sales cycle for Chemo Mouthpiece is anticipated to gain momentum in the coming months, with clinical studies expected to enhance market adoption [49][70] - The company expects to see benefits from improvements in the referral process throughout 2025, with gradual enhancements in operational efficiency [55] Other Important Information - The effective tax rate for Q4 2024 was reported at 59%, primarily due to equity compensation deductions and other non-cash tax expenses [22][23] - The company’s net debt decreased to $23.3 million, with strong liquidity reserves of over $51 million as of December 31, 2024 [27][28] Q&A Session Summary Question: Growth expectations for Advanced Wound Care products - Management indicated that Advanced Wound Care is expected to drive most of the growth in 2025, with significant opportunities from DME partners [41][43] Question: Feedback on Chemo Mouthpiece from oncology centers - Management noted growing interest and small orders for Chemo Mouthpiece, with expectations for broader adoption following the publication of clinical studies [46][49] Question: Improvements in the referral process - Management explained that improvements in the referral process will ramp throughout the year, with some benefits expected in Q1 [53][55] Question: Addressable market for Chemo Mouthpiece and Dignitana - Management stated that Chemo Mouthpiece has a large addressable market, while Dignitana represents a smaller but significant opportunity [66][67] Question: Factors contributing to EBITDA margin improvement - Management highlighted continued efficiencies in biomed and growth in other areas as key contributors to improved EBITDA margins [72][75]

Core Insights - InfuSystems Holdings, Inc. reported quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.08 per share, representing an earnings surprise of -50% [1] - The company posted revenues of $33.85 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.61%, compared to year-ago revenues of $31.77 million [2] - InfuSystems Holdings shares have declined approximately 14.1% since the beginning of the year, while the S&P 500 has decreased by -0.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $33.8 million, and for the current fiscal year, it is $0.31 on revenues of $146.6 million [7] - The estimate revisions trend for InfuSystems Holdings is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical - Products industry, to which InfuSystems Holdings belongs, is currently in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Ayr Wellness Inc., another company in the same industry, is expected to report a quarterly loss of $0.29 per share, reflecting a year-over-year change of +19.4% [9]

Summary of Key Points Core Perspective - The article discusses the investment outlook for InfuSystem Holdings (NYSE: INFU), emphasizing the author's focus on identifying market opportunities that have not yet been recognized by investors [1]. Company Expectations - The author previously highlighted three primary expectations for InfuSystem Holdings, indicating a proactive approach to investment analysis [1]. Investment Strategy - The investment strategy involves fundamental analysis, seeking discrepancies between a company's intrinsic value and its current share price, which suggests a long-term investment perspective [1].

Financial Data and Key Metrics Changes - InfuSystem reported record net revenue of $35.2 million for Q3 2024, representing an 11% increase year-over-year and nearly 5% sequential growth [11] - Adjusted EBITDA margins improved to 22.3%, with adjusted EBITDA of $7.9 million, an increase of over $1.7 million from the prior year [14] - Operating cash flow for the quarter was $9.8 million, more than double the amount from the prior year [15] Business Line Data and Key Metrics Changes - The Device Solutions segment saw a year-over-year revenue increase of $1.9 million or 15.3%, driven by a $1.1 million increase in medical equipment sales [11][12] - The Patient Services segment reported a revenue increase of $1.5 million or 7.7%, with oncology net revenue up nearly $1.8 million or 11% [12] Market Data and Key Metrics Changes - The company signed three new initiatives, including a distribution agreement with Smith & Nephew for negative pressure wound therapy and a joint venture with Sanara MedTech for the Chemo Mouthpiece [7][28] - The oncology market is expected to see increased utilization of the Chemo Mouthpiece, which aims to reduce oral mucositis in chemotherapy patients [29] Company Strategy and Development Direction - InfuSystem is focusing on a device-agnostic and patient-centric approach to increase access to quality healthcare [8] - The company is expanding its biomedical services and advanced wound care products, leveraging existing relationships with healthcare providers [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, reaffirming annual guidance for high single-digit revenue growth and adjusted EBITDA margins in the high teens [32] - The potential impact of the NOPAIN Act on the pain management business remains uncertain, with management focusing on emerging opportunities in wound care and biomedical services [26][27] Other Important Information - InfuSystem's net debt decreased by $6.4 million to $27.6 million during Q3 2024, with available liquidity totaling nearly $47 million [18] - The company is positioned to fund continued revenue growth with strong cash flow from operations and manageable debt service requirements [17] Q&A Session Summary Question: Is the GE business on autopilot? - Management indicated that while the GE business is stable, it requires ongoing management and execution [35] Question: What is the revenue magnitude for Dignitana? - The revenue from Dignitana is under $1 million, but management expects more similar deals in the future [36] Question: Will cash flow remain positive going forward? - Management expects positive operating cash flow, though free cash flow may fluctuate based on growth and capital expenditures [38] Question: What is the expected size of the Chemo Mouthpiece opportunity? - The total addressable market for the Chemo Mouthpiece is estimated at $0.5 billion, with significant potential for growth [43] Question: How will Chemo Mouthpiece revenues be recorded? - Revenue from the Chemo Mouthpiece will be included in the top line, with profits reflected in the equity investment line with Sanara [54]

Financial Performance - Net revenues for the three months ended September 30, 2024, increased to $35,320,000, up from $31,909,000 for the same period in 2023, representing a growth of 7.8%[8] - Gross profit for the nine months ended September 30, 2024, was $52,187,000, compared to $46,398,000 for the same period in 2023, reflecting an increase of 12.4%[8] - Operating income for the three months ended September 30, 2024, was $3,265,000, compared to $1,697,000 for the same period in 2023, marking a significant increase of 92.5%[8] - Net income for the three months ended September 30, 2024, was $1,807,000, compared to $689,000 for the same period in 2023, indicating a growth of 162.5%[8] - Net income for the nine months ended September 30, 2024, was $1,412,000, compared to $800,000 for the same period in 2023, representing a 76.5% increase[13] - Cash provided by operating activities for the nine months ended September 30, 2024, was $12,528,000, up from $6,565,000 in the same period of 2023, indicating a 91.5% increase[13] Assets and Liabilities - Total current assets as of September 30, 2024, were $33,613,000, an increase from $30,620,000 as of December 31, 2023, representing an increase of 9.8%[7] - Total liabilities decreased to $49,790,000 as of September 30, 2024, from $50,613,000 as of December 31, 2023, a reduction of 1.6%[7] - Total stockholders' equity increased to $55,513,000 as of September 30, 2024, from $52,302,000 as of December 31, 2023, representing a growth of 6.3%[7] - The company’s total assets as of September 30, 2024, were $105,303,000, compared to $102,071,000 in 2023, indicating a growth of 3.3%[72] - Long-term debt decreased to $27,975,000 as of September 30, 2024, from $29,101,000 as of December 31, 2023, a reduction of 3.9%[7] Revenue Segments - Patient Services revenue accounted for 53.2% of total net revenues in Q3 2024, up from 52.8% in Q3 2023[21] - Device Solutions revenue recognized at a point in time increased to $4,731,000 in Q3 2024, a 31.7% increase from $3,593,000 in Q3 2023[21] - Total net revenues for the nine months ended September 30, 2024, reached $101,013,000, up from $93,462,000 in 2023, representing an increase of 8.5%[74] Cash and Cash Equivalents - Cash and cash equivalents increased to $380,000 as of September 30, 2024, compared to $231,000 as of December 31, 2023, reflecting a growth of 64.0%[7] - Cash and cash equivalents at the end of the period were $380,000, up from $161,000 at the end of the same period in 2023[13] Stock and Compensation - The company reported a basic net income per share of $0.08 for the three months ended September 30, 2024, compared to $0.03 for the same period in 2023, an increase of 166.7%[8] - The company has authorized a stock repurchase program of up to $20.0 million, with approximately $1.0 million repurchased as of September 30, 2024[52] - The weighted average grant date fair value of awards granted in the nine months ended September 30, 2024, was $7.51, compared to $9.25 for the same period in 2023[55] Expenses - Selling, general, and administrative expenses for the nine months ended September 30, 2024, totaled $47,912,000, compared to $43,560,000 for the same period in 2023, an increase of 10.8%[8] - Stock-based compensation expense rose to $3,276,000 for the nine months ended September 30, 2024, compared to $2,799,000 for the same period in 2023, marking a 17.0% increase[13] Debt and Credit Facilities - The 2021 Credit Agreement provides a revolving credit facility of $75 million, with $46,545 thousand available as of September 30, 2024 after accounting for outstanding draws and letters of credit[36] - As of September 30, 2024, the Company had outstanding debt of $28,255 thousand under the Revolving Facility, with a weighted average Term Benchmark loan rate of 7.43%[39] - The Company entered into a First Amendment to the 2021 Credit Agreement on April 26, 2023, extending the maturity date to April 26, 2028 and increasing the maximum incremental revolving loans from $25 million to $35 million[35] Taxation - The effective tax rate for the nine months ended September 30, 2024, was 49.5%, significantly higher than the 28.8% effective tax rate for the same period in 2023[48] - The company recorded a provision for income taxes totaling $1.4 million on pre-tax income of $2.8 million for the nine months ended September 30, 2024[48] Lease Obligations - Operating lease costs for the three months ended September 30, 2024, were $478,000, compared to $378,000 for the same period in 2023, representing a 26.4% increase[62] - Total lease costs for the nine months ended September 30, 2024, were $1,689,000, up from $1,359,000 in 2023, indicating a 24.3% increase[62] - Total undiscounted lease payments as of September 30, 2024, amounted to $9,586,000, with total lease liabilities at $6,401,000 after accounting for imputed interest[65]