InfuSystem Holdings, Inc. reported significant financial growth for the third quarter and nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved net revenues of $35.3 million for Q3 2024, marking a 10.7% increase from $31.9 million in Q3 2023. For the nine months ended September 30, 2024, total net revenues reached $101.0 million, up from $94.0 million in the prior year.

The Patient Services segment contributed $20.8 million in net revenue for Q3 2024, a 7.7% increase from $19.3 million in Q3 2023, driven by higher treatment volumes and improved third-party payer collections. The Device Solutions segment also saw growth, with net revenue rising to $16.5 million, a 16.2% increase from $14.2 million in the same period last year. Overall, gross profit for Q3 2024 was $19.0 million, up from $15.6 million, reflecting a gross margin improvement to 53.9% from 48.9%.

Operating income for Q3 2024 was $3.3 million, compared to $1.7 million in Q3 2023, while net income increased to $1.8 million from $0.7 million in the prior year. This resulted in net income per share of $0.08 for Q3 2024, up from $0.03 in Q3 2023.

The company’s total assets increased to $105.3 million as of September 30, 2024, from $102.9 million at the end of 2023. Total stockholders’ equity rose to $55.5 million, up from $52.3 million. Cash and cash equivalents also improved, reaching $380,000 compared to $231,000 at the end of 2023.

InfuSystem's strategic developments included the merger of First Biomedical, Inc. into InfuSystem, Inc. on January 1, 2024, which is expected to enhance operational efficiencies. The company has also initiated a share repurchase program, authorizing the repurchase of up to $20.0 million of common stock through June 30, 2026, with approximately $1.0 million repurchased as of September 30, 2024.

Operating expenses saw an increase, with general and administrative expenses rising to $12.8 million, up 16.8% from the previous year, reflecting a higher percentage of net revenues at 36.2%. Despite these increases, the company maintained compliance with its debt covenants under its Credit Agreement, which was amended in April 2023 to extend maturity and adjust borrowing terms.

Overall, InfuSystem's performance in the latest fiscal period demonstrates a positive trajectory in revenue growth and profitability, supported by strategic initiatives and operational improvements.