ROCHESTER HILLS, Michigan (November 10, 2022)—InfuSystem Holdings, Inc., a national company that facilitates outpatient care for durable medical equipment manufacturers and health care providers, reported record revenue in the third quarter of 2022, based mostly on its integrated therapy services (ITS) business. Overall, net revenues totaled $27.3 million, an increase of 3% compared to the prior year.
“The financial performance for the third quarter was solid with record revenue of $27.3 million and strong gross margin of 59.5%, which increased 202 basis points versus the comparable quarter last year," InfuSystem CEO Richard Dilorio said in a news release. "Our core ITS business was the primary driver of the current quarter’s results with record revenue of $17.4 million and a 184-basis point gross margin increase to 65.6%."
Revenue in durable medical equipment (DME) services was down less than 1% compared to the same quarter last year with $9.4 million in revenue, Dilorio said. The company said that dip was offset by increased rental revenue, especially as DME providers sought to supplement their infusion pump fleets in the face of supply chain disruptions.
"I am proud that our talented team continues to deliver industry-leading service levels, which we believe sets the stage for a strong business ramp going into 2023,” he added.
Earlier in November, InfuSystem announced it had formed a wound therapy partnership with Sanara MedTech and signed a distribution agreement with Cork Medical for negative pressure wound therapy devices and supplies.
“Our recently announced strategic partnership with Sanara MedTech significantly improves our wound care service offering, which we expect will help accelerate our growth initiatives and capture additional market share and revenue. Our vision is patient-focused and geared to providing solutions that promote healing, lower the cost of care and improve patient outcomes," Dilorio said. "The Sanara partnership provides complementary wound care solutions and products, expertise in the acute care setting and added experienced sales managers. These offerings, along with a new negative pressure wound therapy device from Cork Medical, gives us a complete line of advanced wound care products that can be used before, during or after therapy to promote healing throughout the continuum of care. Combined with InfuSystem’s turnkey solution, the partnership will soon be providing patients and providers leading-edge options for the treatment of chronic and acute wounds.”
InfuSystem is estimating total revenue for the full year 2022 of approximately $112 million, which is at the low end of the previously stated guidance of 10% to 13% of revenue growth for 2022. Additionally, Adjusted EBITDA (non-GAAP) for the full year 2022 is estimated to be approximately $22 million, with Adjusted EBITDA margin in the range of 19% to 20%.
