Tag Archives: Dilip Singh

Business, Finance, Occupation & Industry

InfuSystem Holdings, Inc. Reports Higher Fourth Quarter 2012 Revenues and Second Straight Quarterly

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By Business Wirevia The Motley Fool

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InfuSystem Holdings, Inc. Reports Higher Fourth Quarter 2012 Revenues and Second Straight Quarterly Profit

Company Improves Liquidity Position

MADISON HEIGHTS, Mich.–(BUSINESS WIRE)– 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 its second consecutive quarter of profitability in the fourth quarter ending December 31, 2012.

Net income in the fourth quarter was $0.2 million, equal to $0.01 per diluted share, compared to a $0.8 million net loss, or $0.04 loss per diluted share, in the prior year period. For the full year ended December 31, 2012, the Company’s net loss was $1.5 million, or $0.07 per diluted share, versus a net loss of $45.4 million, or $2.16 per diluted share, in 2011. The prior- year period included a $67.6 million asset impairment charge.

Gross profit for the three months ending December 31, 2012, was $12.0 million, up 48% from $8.1 million in the fourth quarter of 2011. Gross profit for the full year 2012 was $42.9 million, an increase of 21% compared to $35.4 million in 2011.

Revenues in the fourth quarter were $16.2 million, up 16% from $14.0 million in the fourth quarter of 2011. Total revenues for the year ended December 31, 2012, were $58.8 million, an 8% improvement from $54.6 million in 2011. The increase in revenues is primarily related to the addition of larger customers, increased penetration into existing customer accounts, and the resolution of the oncology drug shortage from 2011. Also, during the fourth quarter of 2012, a major group of third party payors revised their claim processing guidelines that affected all durable medical equipment providers, which pushed some claims to be billed at higher out-of-network rates directly to patients.

SG&A increased to $10.4 million from $8.8 million, in addition to other expenses of $1.2 million compared with $0.5 million of other income a year ago. Adjusted EBITDA for the latest quarter was $3.8 million, up from the $1.5 million for the prior-year period, as adjusted on a comparable basis.

“We are very pleased with our improved fourth quarter performance and fiscal year-over-year growth for the Company,” said Dilip Singh, Interim Chief Executive Officer. “The Company has accumulated annualized cost-savings of approximately $1.6 million since the current management team took control in April of 2012. That, combined with our securing a new debt facility during …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

InfuSystem Holdings, Inc. Names Eric Steen Chief Executive Officer; Interim CEO Dilip Singh Stepping

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By Business Wirevia The Motley Fool

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InfuSystem Holdings, Inc. Names Eric Steen Chief Executive Officer; Interim CEO Dilip Singh Stepping Down

MADISON HEIGHTS, Mich.–(BUSINESS WIRE)– InfuSystem Holdings, Inc. (NYSE MKT: INFU) (“InfuSystem” or the “Company”), a leading national provider of infusion pumps and related services for the U.S. healthcare industry, today announced its Board of Directors has appointed Eric Steen, who has more than 30 years of medical device and pharmaceutical industry experience, as Chief Executive Officer, effective April 1, 2013.

Dilip Singh, who has served as the Company’s Interim CEO since April 2012, will step down from that position on the same date, while continuing as a member of the Board.

“I am proud of the significant progress our InfuSystem team has achieved on a number of important fronts, including a return to profitability, improved operational performance, and strengthened financial footing,” commented Singh. “I am equally delighted the Board has decided that Eric is the right person to advance the Company’s next stage of strategic growth and value creation, and look forward to a smooth transition.”

Eric Steen comes to InfuSystem with a wide range of leadership and management-level experience in sales, marketing, business development, operations, and finance. He previously served as President of Central Admixture Pharmacy Services, turning a start-up into a successful $150 million pharmacy services organization with 25 locations. Concurrently, Steen served as Chief Marketing Officer for B. Braun Medical Inc, a $1.5 billion organization that offers infusion therapy and pain management products and services. Since February 2012, he has been Principal of Eric K. Steen & Associates, a consulting business that provides services to medical device and pharmaceutical companies, including InfuSystem.

“Eric Steen brings an accomplished record of success in the medical device and healthcare services industries,” added InfuSystem Executive Chairman Ryan Morris. “He has demonstrated time and again his ability to drive profitable growth and create value, and is the ideal person to lead InfuSystem through another period of sustained growth. The Board would also like to express its profound thanks to Dilip, who joined us at a critical juncture in the Company’s history. His vision and actions over the past year have helped reaffirm our industry leadership role.”

Note

In connection with his appointment as the new Chief Executive Officer, Mr. Steen will receive 700,000 inducement stock options outside the Company’s 2007 Stock Option Plan. Of these, 300,000 options will have an exercise price of $1.75 and 400,000 options will have an …read more
Source: FULL ARTICLE at DailyFinance