InfuSystem Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>InfuSystem Holdings, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

InfuSystem Holdings, Inc (INFU) filed a Annual Report (10-K) with the SEC on April 10, 2024. InfuSystem Holdings, Inc. filed its 2023 Form 10-K on April 10, 2024, reporting on the fiscal year ending December 31, 2023. The company's principal business address is 3851 West Hamlin Road, Rochester Hills, MI 48309. InfuSystem Holdings, Inc. was formerly known as HAPC, Inc. and Healthcare Acquisition Partners Corp. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company operates within the Surgical & Medical Instruments & Apparatus industry (SIC code 3841).

Why It Matters

For investors and stakeholders tracking InfuSystem Holdings, Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of InfuSystem's financial health, operational performance, and strategic direction for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's current standing and future prospects in the medical device sector.

Risk Assessment

Risk Level: — InfuSystem Holdings, Inc shows moderate risk based on this filing. The company's 10-K filing indicates potential supplier concentration risk, specifically mentioning Smiths Medical Inc. as a supplier for ambulatory pumps, which could pose a medium-term risk if supply is disrupted.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess InfuSystem's financial stability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-10 — Filing Date (Date of submission)
• 3841 — SIC Code (Industry classification)

Key Players & Entities

• InfuSystem Holdings, Inc. (company) — Filer name
• HAPC, Inc. (company) — Former company name
• Healthcare Acquisition Partners Corp. (company) — Former company name
• Smiths Medical Inc. (company) — Mentioned as a supplier

FAQ

Risk Factors

• Supplier Concentration Risk [medium — operational]: The company faces supplier concentration risk, particularly with Smiths Medical Inc. as a supplier for ambulatory pumps, which could impact operations if supply is disrupted.

Industry Context

InfuSystem Holdings, Inc. operates in the Surgical & Medical Instruments & Apparatus industry, a sector focused on the development and distribution of medical devices and equipment.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section for potential challenges and mitigation strategies.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — The end of the reporting period for the 2023 10-K.
• 2024-04-10: Filing Date — The date InfuSystem Holdings, Inc. submitted its 2023 10-K.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share INFU NYSE American LLC Secu

Filing Documents

• infu-20231231.htm (10-K) — 1937KB
• infu-20231231xexx211.htm (EX-21.1) — 4KB
• infu-20231231xexx231.htm (EX-23.1) — 4KB
• infu-20231231xexx232.htm (EX-23.2) — 4KB
• infu-20231231xexx311.htm (EX-31.1) — 10KB
• infu-20231231xexx312.htm (EX-31.2) — 10KB
• infu-20231231xexx321.htm (EX-32.1) — 4KB
• infu-20231231xexx322.htm (EX-32.2) — 4KB
• infu-20231231xexx971former.htm (EX-97.1) — 41KB
• infu-20231231_g1.jpg (GRAPHIC) — 760KB
• infu-20231231_g2.jpg (GRAPHIC) — 85KB
• 0001628280-24-015511.txt (&nbsp;) — 12377KB
• infu-20231231.xsd (EX-101.SCH) — 64KB
• infu-20231231_cal.xml (EX-101.CAL) — 116KB
• infu-20231231_def.xml (EX-101.DEF) — 315KB
• infu-20231231_lab.xml (EX-101.LAB) — 727KB
• infu-20231231_pre.xml (EX-101.PRE) — 545KB
• infu-20231231_htm.xml (XML) — 1836KB

Business

Business 3 Item1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 20

C ybersecurity

Item 1C. C ybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13. Certain Relationships and Related Transactions and Director Independence 77 Item 14. Principal Accounting Fees and Services 77 PART IV Item 15. Exhibits, Financial Statement Schedules 78 Item 16. Form 10-K Summary 81 Table of Contents References in this Form 10-K to " we " , " us " , or the " Company " are to InfuSystem Holdings, Inc. ( " InfuSystem " ) and our wholly owned subsidiaries, as appropriate to the context. Cautionary Statement About Forward-Looking Statements Certain statements contained in this Form 10-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "strategy," "future," "likely," variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. InfuSystem does not intend and does not undertake any obligation to update any forward-looking statement to reflect future events or circumstances after the date of such statements, except as may be required by law. Important factors that could cause our actual results and financial condition to differ materially from the forward-looking statements include, without limitation, those described in "Risk Factors" and elsewhere in this Form 10-K, and the fol

Business

Item 1. Business. Background InfuSystem Holdings, Inc. ("we," "us," "our" or the "Company") is a Delaware corporation. Formed in 2005, the Company operates through its subsidiary InfuSystem, Inc., a Delaware corporation ("InfuSystem" or "ISI"). During the fiscal year ended December 31, 2023, the Company's also operated through its wholly-owned subsidiary First Biomedical, Inc., a Kansas Corporation, which merged into InfuSystem on January 1, 2024. Business Concept and Strategy We are a leading national health care service provider, facilitating outpatient care for Durable Medical Equipment manufacturers and health care providers. We provide our products and services to hospitals, oncology practices, ambulatory surgery centers, and other alternate site health care providers. Our headquarters is in Rochester Hills, Michigan, and we operate our business from a total of seven locations in the United States ("U.S.") and Canada. Our services are provided under a two-platform model. Our lead platform, Patient Services, provides the last-mile solution for clinic-to-home healthcare where the continuing treatment involves complex Durable Medical Equipment and services. Our second platform, Device Solutions, supports our Patient Services platform and leverages the Company's strong service orientation to win incremental business from our direct payer clients. During the second quarter of 2023, the Company renamed its two operating segments. Prior to that time, the Patient Services segment was known as Integrated Therapy Services and the Device Solutions segment was known as Durable Medical Equipment Services. The changes were for marketing purposes only and there were no changes to the operations of either segment. We believe InfuSystem has a lot to offer the healthcare community. Over the last 30 plus years, we have developed a unique expertise and service offering that Durable Medical Equipment manufacturers and health care providers are using to reduce costs, improve s

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View this 10-K filing on SEC EDGAR