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InfuSystem(INFU) - 2024 Q2 - Quarterly Report

Financial Performance - Net revenues for Q2 2024 reached $33.7 million, a 6.1% increase from $31.7 million in Q2 2023[8] - Gross profit for Q2 2024 was $16.7 million, compared to $15.8 million in Q2 2023, reflecting a gross margin improvement[8] - Operating income for Q2 2024 increased to $1.9 million, up from $1.2 million in Q2 2023[8] - Net income for Q2 2024 was $717,000, compared to $435,000 in Q2 2023, resulting in a net income per share of $0.03[8] - The company reported a comprehensive income of $716,000 for Q2 2024, compared to $607,000 in Q2 2023[8] - Total net revenue for the three months ended June 30, 2024, was $33.698 million, a 6.2% increase from $31.735 million in the same period of 2023[20] - The company reported a net income of $0.717 million for the three months ended June 30, 2024, compared to a net income of $0.435 million for the same period in 2023, reflecting an increase of 64.8%[49] - Basic earnings per share (EPS) for Q2 2024 was $0.03, up from $0.02 in Q2 2023, while diluted EPS also increased to $0.03 from $0.02[49] Assets and Liabilities - Total current assets as of June 30, 2024, were $32.9 million, an increase from $30.6 million as of December 31, 2023[7] - Total assets increased to $108.5 million as of June 30, 2024, compared to $102.9 million at the end of 2023[7] - Long-term debt rose to $34.2 million as of June 30, 2024, up from $29.1 million at the end of 2023[7] - Total liabilities increased to $55.0 million as of June 30, 2024, compared to $50.6 million at the end of 2023[7] - As of June 30, 2024, total stockholders' equity increased to $53,487,000 from $49,956,000 as of June 30, 2023, reflecting a growth of approximately 7.7%[9] - Total liabilities decreased from $59,386,000 as of June 30, 2023, to $59,303,000 as of June 30, 2024, showing a slight reduction[9] Cash Flow and Investments - Cash provided by operating activities for the six months ended June 30, 2024, was $2,686,000, an increase from $2,301,000 in the prior year[12] - Cash and cash equivalents decreased to $146,000 as of June 30, 2024, from $231,000 as of December 31, 2023[7] - The company reported a net cash used in investing activities of $7,114,000 for the six months ended June 30, 2024, compared to $5,390,000 in the prior year[12] - The company purchased medical equipment totaling $8,796,000 during the six months ended June 30, 2024, compared to $6,994,000 in the same period of 2023, representing an increase of approximately 25.8%[12] Revenue Segmentation - Patient services revenue recognized at a point in time accounted for 54.1% of total net revenues in Q2 2024, up from 52.6% in Q2 2023[20] - Device solutions revenue recognized at a point in time was $8.440 million, representing 25.0% of total revenues, compared to 24.7% in the prior year[20] - Total patient services revenue recognized over time was $18.242 million, which is a 9.3% increase from $16.697 million in the same quarter of 2023[20] - Total revenue accounted for under ASC 606 for the six months ended June 30, 2024, was $52.309 million, a 7.5% increase from $48.487 million in the same period of 2023[22] Debt and Financing - The Revolving Facility under the 2021 Credit Agreement has a gross availability of $75 million, with outstanding draws of $34,464,000, leaving an availability of $40,336,000 as of June 30, 2024[34] - The weighted-average Term Benchmark loan rate as of June 30, 2024, was 7.43%, while the actual ABR loan rate was 9.50%[38] - The Company entered into a First Amendment to the 2021 Credit Agreement, extending the maturity date to April 26, 2028, and increasing the maximum incremental revolving loans from $25 million to $35 million[33] - As of June 30, 2024, the Company was in compliance with all debt-related covenants under the 2021 Credit Agreement, as amended[33] Stock and Equity - The company approved a share repurchase program authorizing the repurchase of up to $20.0 million of its common stock through June 30, 2026, with approximately $0.3 million repurchased as of June 30, 2024[50] - The total fair value of shares vested during the six months ended June 30, 2024, was $747,525, compared to $571,105 for the same period in 2023[53] - The company had 562,512 stock options outstanding at June 30, 2024, with a weighted average exercise price of $7.17[56] Tax and Compliance - The effective tax rate for the three months ended June 30, 2024, was 45.2%, significantly higher than the 30.9% effective tax rate for the same period in 2023[46] - The Company recorded a provision for income taxes of $0.6 million on pre-tax income of $1.3 million for the three months ended June 30, 2024, resulting in an effective tax rate of 45.2%[46] - The company is not currently involved in any legal proceedings that could materially affect its financial condition[48]