$INFU FY 2015 Results Review

Infusystems ($INFU) released Fourth Quarter 2015 and Full Year 2015 earnings today which were very good.  The company has executed very well over the past 3 years and momentum is really building in terms of revenue growth and earnings growth.  I wanted to cover some of my thoughts about the 2015 10-K, conference call, and news release.  I’ve been invested in $INFU for a few years now, and I believe the business is still on the right track to keep growing and producing cash flow for the foreseeable future.   Highlights for the full year 2015: Revenue of $72.1m for the full year which was 9% growth over FY2014 Rental Revenue grew 10% YoY and billings actually increased 12% but since the mix of in-network and out-of-network payor’s caused the collected revenue to be lower than billing increases Gross Profit held steady at 71% but the Gross Profits / Total Assets dropped to 53% from 59% in FY2014 Reduced Interest Expense by $1.4m because of the new credit facility Cash Flow from Operations was $7.1m even with the purchase of Ciscura and penalty for the early extinguishment of debt ($1.6m) EBITDA was $15.5m and if the fee for the debt…

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