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InfuSystem Holdings, Inc. (NYSE MKT: INFU) (“InfuSystem” or the “Company”), the leading national provider of infusion pumps and related services for the healthcare industry in the United States, today reported that the Company returned to profitability in the third quarter ending September 30, 2012.
Gross profit for the three months ending September 30, 2012, was $10.2 million, up 10% from $9.2 million in the third quarter of 2011. Gross profit for the first nine months of 2012 was $30.9 million, an increase of 13% compared to $27.3 million for the first nine months of last year.
Net income was $0.1 million, equal to $0.00 per diluted share, compared to a $16.6 million net loss, or $0.79 loss per diluted share, in the prior period. For the nine months ended September 30, 2012, the Company’s net loss was $1.7 million, or $0.08 per diluted share, versus a net loss of $44.7 million, or $2.12 per diluted share, for the year-ago period.
Revenues were $14.2 million, down 2% from $14.5 million in the third quarter of 2011. This decrease was mainly attributed to an opportunistic sale of pumps to a select few customers in third quarter of 2011 that amounted to $1.3 million. Excluding these pump sales, revenues would have increased by 7% from $13.2 million. Total revenues for the nine months ended September 30, 2012, were $42.6 million, a 5% improvement from $40.6 million in the similar 2011 period. Excluding the aforementioned pump sales, revenues for the full year would have increased by 8% from $39.3 million.
The Company has now accumulated annualized cost-savings of approximately $1.5 million since the current leadership team assumed full control of the Company during the second quarter of 2012.
“InfuSystem’s operational performance continues on a positive trend as evidenced by our ability to achieve profitability in the third quarter, while delivering best in class service and patient satisfaction,” said Interim Chief Executive Officer Dilip Singh. “Our entire team has embraced efforts to focus, prioritize and execute in order to sustain this growth. We will continue to drive operational efficiencies and further integrate assets to build on progress to date.”