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InfuSystem Holdings, Inc. (NYSE MKT:INFU) (“InfuSystem” or the “Company”), a leading national provider of infusion pumps and related services for the healthcare industry in the United States, today reported that net income in the third quarter was $0.6 million, equal to $0.03 per diluted share, compared to a $0.0 million net income, or $0.00 income per diluted share, in the prior year period. Net income for the nine months ended September 30, 2013 was $0.8 million, equal to $0.04 per diluted share, compared to a $1.7 million net loss, or $0.08 per diluted share, in the prior year period.
“The Company continues to build revenue momentum,” said Eric Steen, Chief Executive Officer. “Our core IV pump rentals business again shows strong quarter-to-quarter gains, and we have also made significant progress on information technology initiatives that increase electronic connectivity with our customers. Savings generated by lowered SG&A expenses will be used to foster additional IT investments. Also of note, our expansion efforts in new product initiatives featuring Smart pumps and post-surgical pain management continue to grow. Our new Houston pump service center will open this month, offering expedited customer response and increased device utilization. It is also expected to save a quarter million dollars in air shipments alone in 2014,” Steen concluded.
Revenues in the third quarter of 2013 were $15.7 million, up 11% from $14.2 million in the third quarter of 2012. Revenues for the nine months ended September 30, 2013 were $45.1 million, a 6% increase, compared to $42.6 million for the same prior year period. The increase in revenues was largely related to an increase in rental revenue of 11% and 7%, respectively, when compared to same prior year periods. Sales revenue was up 8% from prior year for the third quarter and down approximately 4% from prior year-to-date period. The increase in rental revenues was primarily related to the addition of larger customers, increased penetration into existing customer accounts, the increase in the colorectal cancer and other cancer patients treated with the Company’s services and the continuation of the revision to claims processing guidelines by a major group of third-party payors.