This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Revenues for quarter and year increased 23% and 21%, respectively
Adjusted EBITDA for quarter and year increased 15% and 8%, respectively
Third consecutive year of revenue and Adjusted EBITDA increases
Cash from operations increased 11% from prior year
MADISON HEIGHTS, Mich., March 10, 2011 (GLOBE NEWSWIRE) -- InfuSystem Holdings, Inc. (NYSE Amex:INFU), the leading provider of infusion pumps and related services, today reported results for the fourth quarter and fiscal year ended December 31, 2010.
Fiscal 2010: Continued Growth in Revenues, Adjusted EBITDA and Cash from Operations
"We are pleased with the fourth quarter and fiscal year performance and the reporting of the thirteenth straight quarter of year over year growth for the company. With the continued steady growth of our core business and strategic initiatives to broaden our product and service offering, we are more confident than ever in the long-term outlook for the company and industry as InfuSystem continues to successfully execute its long-term business strategy. We are a healthcare growth company with healthy profits" said Sean McDevitt, Chairman and Chief Executive officer.
Revenues for fiscal 2010 were $47.2 million, up 21 percent from $39.0 million in the prior year. The increase in revenues is primarily related to obtaining business at new customer facilities, increases from existing customers and expansion into new product lines such as those associated the First Biomedical acquisition.
Gross profit for fiscal 2010 was $33.5 million, up 17 percent from $28.6 million in the prior year. It represented 71 percent of revenues for the latest year, compared with 73 percent in fiscal 2009. The decrease in the gross margin percentage was primarily related to higher pump depreciation and a higher mix of pump sales and services, as compared to third party billings.