Q1 2024 InfuSystem Holdings Inc Earnings Call

May 9, 2024

Operator: Good morning, ladies and gentlemen, and welcome to InfuSystem's first quarter 2024 financial results conference call. I will now turn the program over to Joe Dorame.

Good morning, ladies and gentlemen, and welcome to the first quarter, 20th 24 financial results Conference call.

I will now turn the program over to Joe <unk>.

Joe L. Dorame: Good morning, and thank you for joining us today to review InfuSystem's first quarter 2024 financial results, which ended March 31st, 2024. With us today on the call are Rich DiIorio, Chief Executive Officer, Barry Steele, Chief Financial Officer, and Carrie Lachance, President and Chief Operating Officer.

Joe: Good morning, and thanks for joining us today to review a few systems first quarter of 2024 financial results ended March 31st 2024.

Joe: With us today on the call a rich diorio, Chief Executive Officer, Barry Seal Chief Financial Officer.

Barry Seal: President and Chief operating officer.

Joe L. Dorame: After the conclusion of today's prepared remarks, we'll open the call for questions. Before we begin with prepared remarks, I would like to remind everyone, certain statements made by the management team of InfuSystem during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. [inaudible] 2023. Forward-looking statements speak only as of the date they were made. The company can give no assurance that such forward-looking statements will prove to be correct. InfuSystem does not undertake and specifically disclaims any obligation to update any forward-looking statements, except as required by law. Now I'd like to turn the call over to Rich DiIorio, Chief Executive Officer of InfuSystem.

Speaker Change: After the conclusion of today's prepared remarks will open the cough questions.

Barry Seal: Begin with prepared remarks, I would like to remind everyone. Certain statements made by the management team up into your system. During this conference call constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

Barry Seal: Except for the statements of historical fact, this conference call may contain forward looking statements.

Barry Seal: Risks and uncertainties summer, which are detailed under risk factors in documents filed by the company with the Securities and Exchange Commission included.

Barry Seal: Form 10-K.

Barry Seal: Year ended December 31st.

Barry Seal: 2023.

Barry Seal: Lucky statements speak only as of the date. The statements were made the company could give no assurances at four was lucky proved to be correct.

Barry Seal: System does not undertake and specifically disclaims any obligations to update any forward looking statements, except as required by law.

Barry Seal: Like to turn to call them to rich Diorio, Chief Executive Officer.

Barry Seal: Rich.

Richard A. DiIorio: Thank you, Joe. And good morning, everyone. Welcome to InfuSystem's first quarter 2024 earnings call. Thank you all for joining us today.

Richard A. DiIorio: Thank you and good morning, everyone welcome to empty systems first quarter of 2024 earnings call. Thank you all for joining us today.

Richard A. DiIorio: I'll get things started this morning with a quick overview of how we started the year. Barry will go into detail on our financial results for the first quarter, and then Carrie will provide updates on our Biomedic Wound Care Program. I'll conclude our prepared remarks with a discussion of how our growth strategy has evolved over the last couple of years and the types of opportunities we are seeing and intend to pursue in the future. First quarter revenue was $32 million and represented the 9th quarter out of the last 11 that delivered a sequential increase in revenue.

Richard A. DiIorio: I'll get things started this morning with a quick overview of how we started the year.

Richard A. DiIorio: Detailed in our financial results for the first quarter and then carry will provide updates on our biomedical week here.

Carry: I'll conclude our prepared remarks with a discussion of Howard Rusk real strategy has evolved over the last couple of years.

Richard A. DiIorio: Types of opportunities, we are seeing and intend to pursue in the future.

Richard A. DiIorio: First quarter revenue was $32 million and representing the ninth quarter out of the last 11, the delivered a sequential increase in revenue.

Richard A. DiIorio: Our results were driven by continuing strength in our device solutions business unit, which was up 16% year over year, with both biomedical services and equipment sales being strong contributors. One of the themes I'll be developing on today's call is the increasing diversification of our business. Carrie discussed last quarter how the nature of our service business creates a cycle where we first have to invest to enable new growth opportunities, then second, we onboard the new business, followed by a third stage focused on constant process improvements driving long-term profitability. We have said that 2024 is going to be an accretion year.

Richard A. DiIorio: The results were driven by continuing Strengthener device solutions business unit, which was up 16% year over year with both biomedical services and equipment sales being strong contributors.

Richard A. DiIorio: One of the themes that'd be developing on today's call.

Richard A. DiIorio: Is he increasing diversification of our business.

Richard A. DiIorio: Discuss last quarter of the nature of our service business creates a cycle, where we first have to invest to enable new growth opportunities. Then second we on board the new business followed by a third stage focused on constant process improvements driving longterm profitability.

Speaker Change: You said, the 2024 is going to be an accretion ear.

Richard A. DiIorio: This is because 2023 delivered a lot of growth in our biomedical business, and maximizing the profitability of that new revenue center is one of our top priorities for this year. But while our operating teams are heads down, delivering on their efficiencies mandate, our sales teams are readying the next layer of biomedical contracts that we expect to close this year. And while that is happening, we have closed a large rental deal with an oncology customer that will start showing up in our second half numbers.

Speaker Change: 2023 delivered a lot of growth and or biomedical business and maximizing the profitability of that new revenue Center.

Richard A. DiIorio: One of our top priorities for this year.

Richard A. DiIorio: But while our operating teams or heads down delivering on their efficiencies mandate. Our sales teams are ready in the next layer biomedical contracts do we expect to close this year.

Richard A. DiIorio: And while that is happening we are closed a large rental deal oncology customer that will start showing up in our second half numbers in our wound care initiatives are ramping with material contributions expected by early next year.

Richard A. DiIorio: And our wound care initiatives are ramping up, with material contributions expected by early next year. The reason it is now the norm for most quarterly press releases to announce a new revenue record is the presence of more and more diverse revenue sources. When one part of our business is in investment mode, it is likely another part is in a growth phase. Our first quarter operating results came in on plan. There are diverse growth initiatives working their way forward all across our business, and we are confident in our revenue target for the year.

Richard A. DiIorio: The reason it is out of the norm for most quarterly press releases too announced a new revenue record is the presence of more and more diverse revenue sources.

Richard A. DiIorio: One part of our business as an investment mode. It is.

Richard A. DiIorio: Likely another part is in a growth phase.

Richard A. DiIorio: First quarter operating results came in on plan.

Richard A. DiIorio: There are diverse growth initiatives working the way forward all across our business.

Richard A. DiIorio: Moving to profitability, we are seeing the operating improvements that are a big part of the plan for this year. Gross margins came in at 51.5%, with this driving a 10% increase in gross profit compared to the prior year. Unfortunately, the first quarter's strong operating performance was impacted by non-recurring expenses of approximately $1.2 million, approximately $400,000 of which impacted our adjusted EBITDA. However, stepping back and looking at the long-term picture, I believe it is clear that our new and more diversified business initiatives are gaining operating momentum, that they are targeting and executing on improved efficiencies, and, as I will discuss in a few minutes, our strategic outlook and our But before that, I'll turn it over to Barry, who will provide details on the first quarter results.

Richard A. DiIorio: Confident in our revenue target for the year.

Richard A. DiIorio: Moving to profitability, we are seeing the operating improvements that are a big part of the plan for this year gross margins came in at 51.5 per cent with this driving a 10% increase in gross profit compared to the prior year.

Richard A. DiIorio: Unfortunately, the first quarter strong operating performance was impacted by nonrecurring expenses of approximately $1.2 million approximately $400000 of which impacted our adjusted EBITDA.

Richard A. DiIorio: Stepping back and looking at the Longterm picture I believe it is clear that are new and more diversified business initiatives are gaining operating momentum.

Richard A. DiIorio: [noise] targeting and executing unimproved deficiencies and that's all I will discuss in a few minutes our strategic outlook in our pipeline of new business opportunities have never been better.

Richard A. DiIorio: But before that I'll turn it over to Bury who will provide detailed in the first quarter results.

Barry G. Steele: Thank you, Rich, and thank you everyone on the call for joining us today. I'm going to focus on three topics, including the main drivers for our current quarter results, our current financial position, how it changed during the quarter, and finally, I'll give you a preview of our plans to invest in our information system. Now, let me start with our financial results for the period. First quarter of 2024 net revenue totaling $32 million was another all-time record. As Rich pointed out, that makes nine record-breaking quarters out of the last 11 reported.

Bury: Thank you rich and thank you everyone on the call for joining us today.

Bury: Focus on three topics, including the main drivers for our current quarter's results are currently out of position and how it changed during the quarter and finally I'll give you a preview at our plan to invest in our information systems.

Barry G. Steele: The amount represented a 1.6 million, or 5%, increase from the prior year. The growth came from the device solution segment and included higher revenue from the GE healthcare contract totaling $1.2 million. Strong Equipment Sales, and Higher Rental Revenue; patient services segment revenue was slightly lower, mainly due to a tough comparison to the prior year for oncology and wound care. For Oncology, higher billing volumes were offset by lower per-billing net revenue.

Speaker Change: Let me start with our financial results for the period.

Speaker Change: The first quarter of 2024, net revenue totaling $32 million with another all time record as rich pointed out that makes nine record breaking quarters out of the last 11 reported.

Speaker Change: The amount represented a $1.6 million or five per cent increase in the prior year.

Speaker Change: The growth came from the device solutions segment and include higher revenue from the G healthcare contract totaling 1.2 million.

Speaker Change: Strong equipment sales.

Speaker Change: Higher rental revenue.

Speaker Change: The patient services segment revenue with slightly lower mainly due to a tough comparison.

Speaker Change: Prior year for an <unk>.

Speaker Change: <unk>.

Speaker Change: Billing volumes were upset by Laura <unk> net revenue.

Barry G. Steele: The lower net billing amount, which is usually lower during the first quarter due to higher amounts of patient co-pays and deductibles, followed a more normal quarterly pattern in the current year after having been particularly strong during the first quarter of 2023. We anticipate sequential improvements in the per-billing net revenue in the coming quarterly periods following the normal seasonal pattern. Net revenue for WooCare showed a small increase, despite a very strong prior year amount of negative pressure wound therapy equipment sales on lease.

Speaker Change: <unk> net billings amount, which is usually lower during the first quarter due to higher amounts of patient Copays and deductibles followed a more normal quarterly pattern in the current year after having been particularly strong during the first quarter of 2023.

Speaker Change: We anticipate sequential improvement.

Speaker Change: Net revenue in the coming quarterly period, following the normal seasonal pattern.

Speaker Change: <unk> for wheelchair showed a small increase.

Speaker Change: <unk>, a very strong prior your amount of negative pressure womb therapy equipment sale and lease.

Barry G. Steele: Higher wound care treatment revenue in 2024 offset the lower equipment sales. Gross profit for the first quarter of 2024 was $16.5 million, which was $1.5 million or 10% higher than the prior year first quarter. That was partly due to higher sales, but mainly driven by a higher gross margin percentage, which was 51.5% during the first quarter of 2024, up 2.3% from the prior year. The year-over-year increase was mainly due to reduced startup costs for the GE Healthcare contract and a reduction in estimated expenses for missing equipment. These were partly offset by the lower per-billing net revenue previously mentioned. However, startup costs for the GE Healthcare Biomedical Services contract were particularly high during the 2023 first quarter when the contract ramp-up pace was accelerated.

Speaker Change: Higher wound care treatment revenue in 2024.

Speaker Change: At the lower myself.

Speaker Change: Perhaps for the first quarter of 2024 was 16.5 million, which was 1.5 million or 10% higher than the prior year first quarter.

Speaker Change: That was partly due to higher sales, but mainly driven by higher gross margin percentage, which was 31.5% during the first quarter of 2024 up 2.3% from the prior year.

Speaker Change: A year over year increase was mainly due to reduced startup costs for the G health care contract.

Speaker Change: And a reduction and estimated expenses for missing missing equipment.

Speaker Change: These were partly offset by the lower <unk> net revenue previously mentioned.

Speaker Change: Start up costs for the G health care biomedical services contract for particularly high during the 2023 first quarter when the contract raft ramp up pace with accelerated.

Barry G. Steele: These expenses have abated, resulting in the current year's improvement. Additional improvements are expected as we move through the year. Selling general and administrative expenses for the first quarter of 2024 totaled $17.3 million, representing an increase of $2.3 million, or 15%, as compared to the prior year. This increase included non-recurring expenses totaling $1.2 million, timing-related increases of $604,000, and expense increases associated with inflation and the higher revenue buy-in totaling $700,000. First quarter expenses that we do not expect to recur in the coming periods include a fee paid to a former board member in conjunction with a cooperation agreement and related legal expenses totaling $650,000.00; these paid to the company's former audit firm for their consent to file a 2023 annual report totaling $300,000; approximately $100,000 in legal and accounting fees associated with a reorganization project to simplify our legal structure; and other one-time expenses total

Speaker Change: These expenses have abated, resulting in the current year improvement.

Speaker Change: Additional improvements are expected as we move through the year.

Barry G. Steele: The timing impacts, which resulted in higher expenses, mainly included amounts recorded during the quarter for the company's short-term management incentive program, which was $250,000 higher in 2024, and a higher amount of expense recorded in equity-based compensation totaling $300,000. These amounts vary from quarter to quarter based on program metrics and other factors. The remaining increase in SG&A included annual increases in compensation rates, higher commission expenses tied to higher revenue, and other volume-driven increases in operating costs.

Speaker Change: Selling general and administrative expenses for the first quarter of 2024 totaled $17.3 million.

Speaker Change: Sending an increase of 2.3 million or 15% as compared to the prior year.

Speaker Change: Increased included nonrecurring expenses 21.2 million.

Speaker Change: Related increases of 604000.

Speaker Change: And expense increases associated with inflation and the higher revenue by them totaling seven.

Speaker Change: 100000.

Speaker Change: First quarter expenses that we do not expect to recur in the coming period include a fee pay to a former board member in conjunction with a cooperation agreement unrelated legal expenses totally 650000.

Speaker Change: <unk> to the company's former audit.

Speaker Change: For their consent to file a 2023 annual report totally 300000.

Speaker Change: Approximately 100000, and legal and accounting fees associated with a reorganization project to simplify our legal structure and other one time expenses totaling 200000.

Speaker Change: The time May impact, which resulted in higher expenses, mainly included amounts recorded during the quarter for the company short term management program, which was 250000 higher than 2024.

Speaker Change: Higher amount of expense recorded and equity based compensation totalling 300000.

Speaker Change: These amount vary from quarter to quarter based on program matrix and other factors.

Speaker Change: <unk> increase in SG&A included annual increases in compensation rates higher commission expenses tied to higher revenue and other volume driven increases and operating expenses.

Barry G. Steele: Adjusted EBITDA during the 2024 first quarter was $3.9 million, or 12.1% of net revenue, which represented a decrease of $400,000. This amount did not include some of the items I just mentioned, including the benefit related to the lower missing pump expense, the fees and expenses for the cooperation agreement, and a portion of the other non-recurring expenses totaling $200,000. Non-recurring expenses that were included in the adjusted EVDA total $400,000. Now, I turn to a few points on our financial position and capital reserve.

Speaker Change: EBITDA during the 2020 2024 first quarter was 3.9 million 412, <unk>, 12.1% of net revenue, which represented a decrease of 400000.

Speaker Change: This amount did not include some of the items I, just mentioned, including the benefit related to the lower missing pump expense.

Speaker Change: Fees and expenses for the cooperation agreement and a portion of the other nonrecurring expenses totally 200000.

Speaker Change: Nonrecurring expenses that were included and adjusted EBITDA totaled 400000.

Speaker Change: Turning to a few points on our <unk> and capital reserves.

Barry G. Steele: Our operating cash flow for the first quarter totaled $400,000, an improvement of $500,000 over the prior year's first quarter. This was due to a lower amount of growth in our working capital levels, which reflected slower sequential revenue increases over the immediately prior quarterly period. Additionally, our net capital expenditures were relatively low, $400,000 during the 2024 first quarter, and represented a $2.6 million decrease from the prior year. This lower amount is partly related to the source of our revenue growth being driven from less capital-intensive revenue sources, such as biomedical services, and from initiatives we have been pursuing to increase pump utilization, including reducing the number of lost pumps.

Speaker Change: Are operating cash flow for the first quarter total to a total of 400000 and improvement of 500000 over the prior year first quarter.

Speaker Change: Due to a lower amount of growth and are working capital levels levels, which reflected slower sequential revenue increases over the immediately prior quarterly periods. Additionally.

Speaker Change: Additionally, <unk>.

Speaker Change: [noise] expenditures for a relatively low 400000, throwing the 2024 first quarter and represented a 2.6 90 crazy from the prior year amount.

Speaker Change: This law amount is partly related to the source of revenue growth being driven from less capital intensive revenue sources, such as medical services.

Speaker Change: Initiatives, we have been pursuing to increase copy utilization, including reducing the number of lost pumps.

Barry G. Steele: We expect higher amounts through the remainder of 2024 as revenue growth partly shifts back to more capital-intensive product lines. Because of these factors, we continue to be positioned well to fund continued net revenue growth with the growing cash flow from operations backed by significant liquidity reserves available from our revolving line of credit and manageable leverage and debt service requirements. Our net debt increased slightly by $200,000 to $29.1 million during the 2024 first quarter. Our available liquidity continued to be strong and totaled $45.2 million at the end of the quarter. Our ratio of total debt to adjusted EBITDA was a modest 1.3 times at the end of the quarter.

Speaker Change: We expect higher amounts through the remainder of 2024 as revenue growth, partly shifts back to more capital intensive product lines.

Speaker Change: Because of these factors, we continue to be positioned well to fund continued net revenue growth with the growing cash flow from operations back by significant liquidity reserves available from a revolving line of credit and manageable leverage and debt service requirements.

Speaker Change: Net debt increased slightly by 200000 to 29.1 million during the 2024 first quarter.

Speaker Change: Are available liquidity continue to be strong and totaled 45.2 million at the end of the quarter.

Speaker Change: Ah ratio of total debt to adjusted EBITDA with a modest 1.3 times at the end of the quarter.

Barry G. Steele: Our debt consists of borrowings on our evolving line of credit with no term payment requirements, nearly four years in the remaining term, and with $20 million of the outstanding balance protected from increasing interest rates through an interest rate swap having the same expiration. Finally, let me share some of our plans to invest in our information technology and business applications. As Rich mentioned when we reported our 2023 earnings, we have embarked on a project to upgrade some of our core business applications.

Speaker Change: Alright that consists of borrowings on a revolving line of credit with no term payment requirements nearly four years in remaining term and with $20 million the outstanding balance protected from increasing interest rates to an interest rate swap having the same exploration.

Barry G. Steele: This includes a full replacement of our main ERP application and other upgrades. These changes will facilitate our continued growth and enhance our operating efficiency but are also necessary due to the approaching end of life for support. The product, which has been under investigation and vendor selection for the past year, was launched in the past couple of weeks.

Speaker Change: Finally, let me share some of our plans to invest in our information technology and business applications.

Speaker Change: As rich mentioned when we reported our 20 <unk> 2023 earnings we have embarked on a project to upgrade some of our core business applications.

Speaker Change: He was a full replacement of our main E. R P application and other upgrades.

Speaker Change: These changes will facilitate our continued growth and enhance our operating efficiency.

Speaker Change: Also necessary due to the approaching end of life for support.

Speaker Change: Product, which has been under investigation and vendor selection for the past year.

Carrie A. Lachance: The total expected cost of the project is expected to be between $3 and $4 million and will include software subscription expenses, integration consulting, and staff augmentation. Absorption of internal direct staff time where staff augmentation is not deployed, and miscellaneous expenses. The project and related expenses will occur over an 18 to 24 month period. The Planned Productivity Improvements, particularly as we continue to grow, are expected to provide a full payback over time and a favorable return on investment after the project is complete. I will now turn over the call to Carrie.

Speaker Change: Was launched in the past couple of weeks.

Speaker Change: Total expected costs of the project is expected to be between three and 4 million and will include software subscription expenses.

Speaker Change: Integration Consultancies.

Speaker Change: Augmentation cost.

Speaker Change: Absorption of internal direct staff time, where staff augmentation is not deployed and miscellaneous expenses.

Speaker Change: <unk> and related expenses will occur over an 18th to 24 month period.

Speaker Change: <unk> productivity improvements Ah.

Speaker Change: Particularly as we continue to grow are expected to provide a full payback overtime in a favorable return on investment after the project is complete.

Speaker Change: I will now turn over the call to carry.

Carrie A. Lachance: In my comments, I will be providing a brief summary of current developments related to our Biomed and Wound Care Business Initiatives. First, Biomed.

Carrie: Thanks Barry.

Carrie: And my comments will be providing a brief summary of current developments related to our biomet in wound care business initiatives first biomed.

Carrie A. Lachance: As planned, during the first quarter, we completed the initial onboarding of facilities and pumps under the Master Service Agreement with GE Healthcare. While there will always be changes and updates related to GE adding or dropping locations, for the most part, we are now working with facilities with which we are familiar, and we are in full swing shifting focus to operating efficiencies. We have onboarded approximately 220,000 devices to date.

Carry: As planned during the first quarter, we completed the initial onboarding of facilities and pumps under the Master service agreement with G E Health care.

Carrie: There will always be changes and updates related to G E, adding or dropping locations for the most part we are now working with facilities of which we are familiar and we are in full swing shifting focus to operating efficiencies.

Carrie: We have onboard at approximately 220000 devices today.

Carrie A. Lachance: Our work cycle has two annual parts. First, we perform annual preventative maintenance to certify all equipment. That certification, inventory, and repair are what we focus on when each device is onboarded. Second, we provide the necessary biomedical services to maintain the equipment in good working order throughout the following year. Having completed the initial onboarding and preventative maintenance, our work now involves going back to recertify the devices we onboarded last year. The second year and subsequent years will be vastly different from the initial onboarding year, as we already know the facilities and staff we need to coordinate with, and we know the fleet and the condition of the devices because we've had our team taking care of that equipment over the course of the prior year.

Carrie A. Lachance: Additionally, this year, we have our technicians already positioned in each geography, as a big part of the onboarding was putting our team into place to maintain the equipment in each facility covered under the MSA. This is the National Network of BAMA Technicians we refer to on every call. Now that we have technicians in the field, the task of doing the annual preventative maintenance cycle is a smaller lift for us. Fewer people are necessary, there are fewer travel costs, and the work can be staged by our local staff to minimize both time and effort.

Carrie: [noise] work cycle has two annual parts first we perform annual preventative maintenance to certify all equipment that certification inventory and repair is what we focus on when each devices onboard. It second we provide necessary biomedical services to maintain the equipment in good working order.

Carrie: Throughout the following year.

Carrie: Having completed the initial onboarding and preventative maintenance or work now involves going back to recertify. The devices will be onboarded last year. The second year in subsequent years will be vastly different than the initial onboarding ear.

Carrie: We already know the facilities and staff, we need to coordinate with and we know the fleet in the condition of the devices because we've had our team taken care of that equipment over the course of the prior year.

Carrie: Additionally, this year, we ever technicians already positioned in each geography as a big part of the Onboarding was putting our team into place.

Carrie: Maintain the equipment each facility covered under the M. S. A.

Carrie: This is a national network Obama technicians, we refer to on every call now.

Carrie: Now that we have technicians and the geography, the task of doing the annual preventative maintenance cycle is a smaller left for us.

Carrie: Where people are necessary there is less travel cost and the work can be staged by our local staff to minimize both time and effort.

Carrie A. Lachance: Moving into our second full year, with almost all devices already onboarded into our systems and being taken care of on a day-to-day basis by our techs, operating efficiencies will be much higher than last year. That said, our culture is to strive for continual process improvements, and we will keep managing towards greater efficiencies and higher margins as we proceed deeper into the term of the MSA. There is a second major driver that will be improving biomedical efficiencies this year and into the future.

Carrie: Moving into our second full year with almost all devices already on board it in our systems and being taken care of on a day to day basis by our tax operating efficiencies will be much higher than last year that said Ah.

Carrie: Culture, it's just dry for continual process improvements and we will keep managing towards greater efficiencies and higher margins. As we proceed deeper into the charm of the M. S. A.

Carrie: There's a second major driver that will be improving our biomet efficiency this year and into the future.

Carrie A. Lachance: In addition to lowering costs, we plan to increase our biomed revenue by leveraging the resources that we have built over the last 18 months to execute under the MSA. The technicians we have positioned in various geographies can be leveraged to perform additional work under new contracts, and rising efficiencies will allow us to increase absorption and deliver incremental revenue with substantially higher realized margins and contributions. During and following the first quarter, we are making good progress both in delivering the planned cost efficiencies and in identifying the first round of these incremental biomed revenue opportunities.

Carrie: In addition to lowering cost we plan to increase Obama revenue by leveraging the resources that we have built over the last 18 months to execute under the M. S. A.

Carrie: Technicians, we have positioned in various geographies can be leveraged to perform additional work under new contract rising efficiencies will allow us to increase absorption and deliver incremental revenue, but substantially higher realized margins and contribution.

Carrie: During and following the first quarter, we are making good progress both in delivering the plans cost efficiencies and and identifying the first round of these incremental biomet revenue opportunity.

Carrie A. Lachance: Now, turning to wound care. While revenues in this area are still relatively small, we are making significant progress in developing multiple aspects of our wound care opportunity, especially those being pursued under our joint venture with Cinera. In addition to the negative pressure wound therapy business that we saw last year, we are increasingly distributing Scenera's advanced wound care products into an expanding channel of facilities and distributors. We are confident that there will be more news about our programs in wound care in the near future. Back to you, Rich.

Carrie: Now turning to wound care.

Carrie: Revenues in this area are still relatively small we are making significant progress in developing multiple aspects of our wound care opportunity, especially those being pursued under our joint venture with an error.

Carrie: In addition to the negative pressure wound therapy business that we saw last year, we are increasingly distributing scenarios advanced wound care products into an expanding channel of facilities and distributors.

Carrie: We are confident that there'll be more news about our programs in wound care in the near future back to your rich.

Richard A. DiIorio: Thanks, Carrie. In my opening remarks, I started to communicate our excitement about the direction and growing momentum within the business. I also noted that InfuSystem's revenue sources are becoming increasingly and purposefully diversified. In addition to delivering from the more consistent growth trajectory I referenced earlier, we're also seeing a welcome diversification in the capital intensity of our business. We have commented before that our biomed business, now that the national network has been set up, will require relatively little incremental investment as it continues growing. Now, we are also seeing that in our wound care initiatives, they should be less capital intensive than what we have seen historically with our oncology and rental business.

Richard A. DiIorio: Thanks, Gary and my opening I started to communicate our excitement about the direction and growing momentum within the business. I also noted that <unk> systems revenue sources are becoming increasingly and purposefully diversified.

Carrie: In addition to providing from the more consistent growth trajectory I referenced earlier, we're also seeing a welcome diversification in the capital intensity of our business. We have <unk> commented before that are biomed business now that the national network has been stood up.

Carrie: Fire relatively little incremental investment as it continues growing now.

Carrie: We're also seeing that and are wound care initiatives.

Carrie: They should be less capital intensive than what we've seen historically with our own calls you and rental businesses.

Richard A. DiIorio: Going further in discussing the evolution of our business, recall that a few years ago, when we started pursuing opportunities beyond oncology, we adopted and described a platform strategy that was one of product line extensions. That is, we would replicate our business in oncology by extending our third-party payer model to other therapies. That was the fairly obvious thing to do in response to Cardinal approaching us to partner with them to improve the negative pressure offering.

Carrie: Going further and discussing the evolution of our business recall that a few years back when we started pursuing opportunities beyond oncology, we adopted and described a platform strategy. There was one a product line extensions that as we would replicate our business in oncology by extending our third party payer model to other therapies.

Carrie: That was a fairly obvious thing to do in response to cardinal approaching us to partner with them to improve their negative pressure offering.

Richard A. DiIorio: What they wanted was for us to create a last mile solution for their pump, similar to what we had created in oncology and then pain management. So, in announcing the Cardinal opportunity, we framed it as negative pressure becoming our third therapy. But since announcing that platform strategy, our business has evolved in other directions, and we now see significant growth opportunities away from our earlier pump-centric orientation. We are evolving into more of a platform services company, offering a suite of highly developed assets and skills increasingly in demand by other companies that see these opportunities to leverage InfuSystem as a partner.

Carrie: What they wanted was for us to create a last mile solution for their pumps similar to what we had created an oncology and then pain management.

Carrie: Shown announcing the cardinal opportunity, we framed it as negative pressure, becoming our third therapy.

Carrie: But since announcing that platform strategy, our business has evolved in other directions, and we now see significant growth opportunities away from our earlier pumped centric orientation.

Carrie: <unk> into more of a platform services company offering a suite of highly developed assets and skills increasingly in demand by other companies that see these opportunities to leverage all empty system as a partner.

Richard A. DiIorio: This platform services model is increasingly compelling, allowing us to wrap our unique assets and skills around our partners' products and business plans. We are seeing a steady stream of opportunities, many of which are bigger, require less upfront investment by us, present a likelihood of a faster payback, and generally involve less business risk than initiatives we might pursue on our own. Along those lines, we've been saying for a while that the opportunities in front of us relating to our partnerships with GE and Scenera are more than enough to drive growth over the next several years.

Carrie: This platform services model is increasingly compelling, allowing us to wrap our unique assets and skills around our partners products and business plans. We are seeing a steady stream of opportunities many of which are bigger require less upfront investment by us present, the likelihood of a faster payback and generally involve less business risk then initiatives, we might pursue on our own.

Carrie: Along those lines, we've we've been saying for awhile, but the opportunities in front of us relating to our partnerships with <unk> Ah more than enough to drive growth over the next several years.

Richard A. DiIorio: Let me explain this by walking through some of the opportunities we see developing in or around these new partnerships. GE Healthcare is, of course, a multi-billion-dollar revenue company that, among other things, takes care of equipment in over 1,000 hospitals and clinics across the country.

Carrie: Let me explain this by walking through some of the opportunities we see developing in or around these new partnerships.

Carrie: G healthcare is of course, a multi billion dollar revenue company that among other things takes care of equipment in over a thousand hospitals and clinics across the country and they approached us looking to leverage our expertise in maintaining large fleets of small medical devices, such as infusion pumps. We have to date been focused on the master services agreement, but we have also emphasized from the beginning that the M. S. I is only.

Richard A. DiIorio: And they approached us looking to leverage our expertise in maintaining large fleets of small medical devices, such as infusion pumps. We have to date been focused on the Master Services Agreement, but we have also emphasized from the beginning that the MSA is only a starting point for a much bigger biomedical growth initiative. We continue to speak with GE about additional work we can do for them beyond the original MSA. On top of that, we are seeing opportunities come to us that result from having GE as a reference account and our new ability to deploy a national network of biomed technicians. There are deals in the works that we hope to announce later this year.

Carrie: Starting point from much bigger Biomed growth initiative, we continue to speak with G. E. About additional work we can do for them beyond the original essay.

Carrie: On top of that we are seeing opportunities coming to us that results from having G. As a reference account and our new ability to deploy a national network of Biomed technicians. There are deals in the works that we hope to announce later this year and on top of the biomet opportunities there are developing prospects for us to expand our core rental business into the acute care channel through some of the doors the <unk> <unk>.

Richard A. DiIorio: And on top of the Biomed opportunities, there are developing prospects for us to expand our core rental business into the acute care channel through some of the doors the GE relationship is open to. Turning to Sonara, this opportunity came to us as a direct result of our work in wound care with Cardinal. Just as we see occurring with GE, the opportunities under this new partnership continue to expand as the relationship matures.

Carrie: Nation ship is open for us.

Carrie: Turning to scenario this opportunity came to us as a direct result of our work and wound care with Cardinal.

Carrie: Just as we see occurring with G E. The opportunities under this new partnership continued to expand as the relationship matures I can't go into much detail today, but the initiatives. We are currently pursuing include.

Richard A. DiIorio: I can't go into much detail today, but the initiatives we are currently pursuing include the original third-party payer solution, where InfuSystem distributes Sonara's advanced wound and skin care products, as well as supplies and negative pressure solutions, into the channel that includes long-term care, skilled nursing, and wound care facilities. There are also emerging opportunities to distribute Sonara Advanced Wound and Skin Care products outside of that original channel.

Carrie: The original third party payer solution, where infusystem distributes scenarios advanced wound and skin care products as well as supplies and negative pressure solutions.

Carrie: Channel that includes longterm care skilled nursing and wound care facilities.

Carrie: There are also emerging opportunities to distribute scenario advanced wound and skin care products outside of that original channel.

Richard A. DiIorio: And finally, there is the Tissue Health Plus project that Sonara has spoken about on each of its last three earnings calls. Given the number and quality of the growth opportunities that are coming inbound to us, often from larger companies and involving initiatives far bigger than anything we might pursue ourselves, we have moved well past the old framework that had InfuSystem looking for additional therapies where we could extend our oncology model. We increasingly see ourselves as a platform services company, possessing unique assets and skills that can be deployed to solve difficult problems for our partners.

Carrie: And finally, there was the tissue health plus project. The scenario is spoken to on each of its last your earnings calls.

Carrie: Given the number and quality of the growth opportunities that are coming inbound to us often from larger companies and involving initiatives far bigger than anything we might pursue ourselves we've moved well past the old framework that had infusystem looking for additional therapies, we we could extend their oncology model.

Carrie: We increasingly see ourselves as a platform services company possessing unique assets and skills that can be deployed to solve difficult problems for our partners. We've.

Richard A. DiIorio: We have proven ability to provide solutions in revenue cycle, biomedical services, logistics, patient support, and technology, and all of these skills are backed by our culture of white glove service that puts the needs of the patient first. As always, I'd like to take this opportunity to thank the InfuSystem team for their unwavering commitment to our patients and for making all of this possible.

Carrie: We have proven ability to provide solutions and revenue cycle biomedical services logistics patient support and technology and all of these skills are backed by our cultural White glove service that puts the needs of the patient first.

Speaker Change: Always I'd like to take this opportunity to thank the infusystem team for their unwavering commitment to our patients and for making all this possible.

Richard A. DiIorio: Before Q&A, I'll provide more color around our guidance for the year. As was said in the press release, our targets for high single-digit revenue growth and adjusted EBITDA for the year in the high teens remain unchanged from earlier this year. We have a lot of business coming forward, and we are confident in achieving these results. If business comes forward faster than our current models indicate, we will update our guidance in future quarterly calls.

Operator: Before Q&A, I'll provide more color around our guidance for the year. As was said in the press release, our targets for high single-digit revenue growth and adjusted EBITDA for the year in the high teens remain unchanged from earlier this year. We have a lot of business coming forward, and we are confident in achieving these results. If business comes forward faster than our current models indicate, we will update our guidance in future quarterly calls.

Speaker Change: Before Q&A I'll provide more color around our guidance for the year as.

Speaker Change: As we said in the press release are targets for high single digit revenue growth and adjusted EBITDA for the year in the high teens remains unchanged from earlier this year.

Speaker Change: We have a lot of business coming forward and we are confident in achieving these results. If business comes forward faster than our current models indicate we will update or guidance and future quarterly calls.

Richard A. DiIorio: As we have emphasized in the past, we provide guidance only on things we can clearly see. Accordingly, our guidance does not include anything for developing initiatives that could result in incremental revenue gains this year. Further, our current guidance does not include expenses related to the planned upgrades of the company's financial and ERP software system. Operator, we are ready to begin the Q&A portion of the call.

Operator: As we have emphasized in the past, we provide guidance only on things we can clearly see. Accordingly, our guidance does not include anything for developing initiatives that could result in incremental revenue gains this year. Further, our current guidance does not include expenses related to the planned upgrades of the company's financial and ERP software system. Operator, we are ready to begin the Q&A portion of the call.

Speaker Change: As we are emphasizing the we provide guidance only on things we can clearly see accordingly, our guidance does not include anything for developing initiatives that could result in incremental revenue games. This year.

Carrie: Further our current guidance does not include expenses related to the planned upgrades of the company's financial an earpiece software systems.

Speaker Change: Operator, we are ready to begin the Q and a portion of the Gulf.

Operator: And with that, ladies and gentlemen, if you would like to ask a question, you may press star one on your telephone keypad. Once again, that is star one on your telephone keypad to join the question queue. And first up, it looks like we have Brooks O'Neill from Lake Street. Good morning, everyone. Thanks for taking my call.

Operator: And with that ladies and gentlemen, if you would like to ask a question you May press star one on your telephone keypad.

Operator: Once again that is star one on your telephone keypad to join the Quest Street Q.

Operator: And first up it looks like we have Brooks O'neill of Lake Street.

Operator: Good morning, everyone. Thanks for taking my questions. First, Rich, I just, I might have been distracted for a second thinking about questions, but, would you repeat that very last comment you made about the expenses related to the ERP system and whether they were or were not included in the guidance?

Brooks O'Neill: Good morning, everyone. Thanks for taking my questions. First, Rich, I just, I might have been distracted for a second thinking about questions, but, would you repeat that very last comment you made about the expenses related to the ERP system and whether they were or were not included in the guidance?

Brooks O'Neill: Good morning, everyone. Thanks for taking my questions.

Brooks O'Neill: First rich.

Brooks O'Neill: It might've been distracted for a second thinking about questions but.

Speaker Change: Could you repeat that very last that you made about.

Brooks O'Neill: The expenses related to the E. R. P system and whether they were or were not included in the guide.

Barry G. Steele: Can you hear me? I can't hear Rich. Barry, why don't you answer it? Okay, yeah, so we did not include those expenses in the guidance, so we're not sure whether we'll be adding them back for our adjusted EBITDA disclosure, but when we look at the amount of, Even though I expect for the rest of the year, we don't include those expenses.

Speaker Change: Did you hear me.

Speaker Change: <unk>.

Operator:

Operator: Why don't you answered.

Speaker Change: Okay. Yeah. So the we did not include those expenses and the guidance.

Operator: So we we we were I'm not sure whether will be adding them back for our adjusted EBITDA disclosure, but there and we look at the amount of <unk> respect for the rest of the year. We don't include those expenses.

Operator: Okay, that's how Paul admins it.

Barry G. Steele: Okay, that's how Paul admins it.

Operator: I'm thinking about a sort of philosophical question. I understand what you said, Rich, about the guidance philosophy, and I appreciate that a lot. I think it makes a ton of sense. I'm just curious, though, as you think about the new vision you laid out and the opportunities you can imagine. I'm just curious, though, as you think about the new vision you laid out and the opportunities. Would you say the company's long-term expectation is for mid to high single-digit revenue growth, or do you see opportunities conceptually where the company could grow at a, you know, let's call it a faster pace than that?

Brooks O'Neill: I'm thinking about a sort of philosophical question. I understand what you said, Rich, about the guidance philosophy, and I appreciate that a lot. I think it makes a ton of sense. I'm just curious, though, as you think about the new vision you laid out and the opportunities you can imagine. I'm just curious, though, as you think about the new vision you laid out and the opportunities. Would you say the company's long-term expectation is for mid to high single-digit revenue growth, or do you see opportunities conceptually where the company could grow at a, you know, let's call it a faster pace than that?

Speaker Change: Okay. That's that's helpful.

Operator: Okay, all right. Good, the audio is fixed.

Speaker Change: I'm thinking about it.

Operator: <unk> philosophical question I understand what you said rich about the guidance philosophy and I appreciate that a lot I think it makes it <unk> <unk>.

Operator: Just curious, though as you think about the new vision, you laid out and the opportunities you can envision.

Operator: Would you say the company's longterm expectation is for me.

Speaker Change: The high single digit revenue growth or do you see opportunities.

Speaker Change: Julie I'm not asking you the guide.

Speaker Change: What do you see opportunities conceptually, where the company could grow at.

Operator: You know, let's call it a faster pace than that.

Richard A. DiIorio: So, Brooks, I think overall, long-term, it should be higher than, you know, the high single digits. Not every single year, right? It depends on, you know, what the comps are the prior year, how fast we grow the prior year, and kind of where the opportunities are in their development. I think moving forward with biomed, now that we kind of have our feet under us with GE, and as I mentioned, there's other opportunities coming, and with the scenario relationship in wound care, I'm not going to put a number on our long-term growth, but, you know, 2025 has a lot of things, right? Wound care should really be up and running next year. The No Pains Act for pain kicks in on January 1.

Speaker Change: Can you guys hear me now.

Brooks O'Neill: Yeah, Okay, Alright uhm.

Julie: The audio is fixed so Brooks I think overall longterm it should be higher than you know high single digits not every single year right. It depends on you know just what the <unk> or the prior year, how fast we grow the prior year and kind of where the opportunities are in their development.

Richard A. DiIorio: I think moving forward with Biomed now that we kind of have our feet under us with G. N. As I mentioned, there's other opportunities coming mmm and with the scenario relationship in wound care, you know I'm not gonna put a number on our longterm gross but you know getting into the double digits every year, probably shouldn't be a challenge for us kind of after this year.

Richard A. DiIorio: Our biomed opportunities should start flowing in by then. So, you know, starting in 2025 and beyond, getting to double digits shouldn't be an issue. But these other opportunities aren't a one-time hit. They're just long-term markets we're getting into and partnerships that we have that should drive growth for years to come pretty solidly in the double digits.

Julie: <unk> 2025 is a lot of things right wound care should really be up and running next year. The no pain Zack for pain kicks in January one.

Operator: Biomed opportunity you should start flowing in by then so you know starting in 25 and beyond getting the double digits shouldn't be an issue. It doesn't mean, there won't be another year, where we grow 789 per cent.

Operator: A longterm our gross should be should be more accelerated than it has been we're just getting some of these things going and I think they're they're longterm growth opportunities. It's not like you know G. He was a one year grossing right, we onboard and most of it last year. We saw most of the grocery share with a little bit this year coming in but these other opportunities and it's not a one time hit they're just longterm.

Richard A. DiIorio: Markets were getting into and partnerships that we have that that should drive growth for years to come pretty solidly in the double digits.

Richard A. DiIorio: And then I'm just curious, obviously, over the past few years, we've thought about adding devices on the platform you described for oncology. You're talking about a different business model today, which I assume means not so much, adding devices to the mix. But would you say that these newer opportunities are going to come? broadly within biomedical services and wound care, or are you thinking that there could be opportunities that go in new directions that just leverage your capability?

Brooks O'Neill: And then I'm just curious, obviously, over the past few years, we've thought about adding devices on the platform you described for oncology. You're talking about a different business model today, which I assume means not so much, adding devices to the mix. But would you say that these newer opportunities are going to come? broadly within biomedical services and wound care, or are you thinking that there could be opportunities that go in new directions that just leverage your capability?

Speaker Change: Great and then I'm just curious obviously over the past few years, we've thought about adding device.

Brooks O'Neill: The platform you described.

Brooks O'Neill: <unk> G.

Operator: And you were talking about a different business model today, which I.

Richard A. DiIorio: Who needs not so much.

Brooks O'Neill: <unk> what would you say that these newer opportunities are gonna come.

Brooks O'Neill: Broadly within bio medical services and wound care or are you thinking.

Brooks O'Neill: Could be opportunities to go in.

Richard A. DiIorio: I think what we're going to see in the future, and what we've seen over the last couple of years, is as businesses evolve. So if you rewind a few years ago, it started with Cardinal. I mean, we even talked about lymphedema at one point, right? The whole concept of, "hey, we can take a device, we can wrap our services around it, go into the market, and try to win some market share." It's kind of what we do in pain, right?

Brooks O'Neill: Direction that just let <unk> capability.

Richard A. DiIorio: So I think.

Operator: What <unk>, what we're gonna see in the future and what we've seen over the last couple of years is as the businesses of all so let's give you rewind a few years ago. It started with Cardinal I mean, we even talked about lymphedema at one point right. The the whole concept. Okay. We can take a device we can wrap our services around I'd go into the market and try to win some market share.

Richard A. DiIorio: So let's use that as an example. It costs quite a bit of money to set up a sales team and go do that, right? You're blazing new trails for the company. It can take a while, and there's some risk.

Richard A. DiIorio: That's kind of what we've done in pain right. So let's use that as an example, it it costs it costs quite a bit of money to stand up a sales team will go do that right you're blazing new trails for the company. It can take awhile and there's some risk to.

Richard A. DiIorio: The real difference with ScenarionGE, which really opened our eyes to this, is that those guys came to us with business models and products and said, we just need your support and your help, right? To get into the market. We didn't need to blaze a new trail. The trail was already built by these guys. The product was already there. They had already identified the market. So all we're doing is supporting that, right?

Richard A. DiIorio: The real differences with Cinerin G E, which really opened our eyes to this is.

Richard A. DiIorio: Those guys came to us with business models and products. Instead, we just need your support and your help right to get into the market, we didn't need to blaze a neutral. The trail was already built by these guys. The product was already there they have already identified the market. So all we're doing is supporting that right, whether that's a revenue cycle team and leveraging our contracts are biomed capabilities like with G E.

Richard A. DiIorio: Whether that's our revenue cycle team and leveraging our contracts, our biomedical capabilities, like with GE, our sales team, like it'd be great to put something into oncology. We already have a team set up, right? And it's just them talking about new products in that market. Those are the type of things that you'll see more of. And we have, I think I said in my prepared remarks, there are a lot of those inbound to us. We're not; we don't have to go hunt them. They're already coming to us.

Richard A. DiIorio: Our sales team like it'd be great to put something into oncology that we already have a team stood up right and it's just that I'm talking about new products in that market. Those are the type of things that you'll see more of and we have a I think I said in my prepared remarks, there's a lot of those inbound to us. We're not we don't have to go hunt them, they're already coming to US now. It's just a matter of you know berries T modeling it out making sure.

Richard A. DiIorio: Now it's just a matter of, you know, Barry's team modeling it out, making sure it makes sense financially, the sales team making sure we can get to the market, and we have a team. It's just, it's a very nuanced change. And it's not something that was really purposefully done. It's just how it evolved from where we started and where we started, kind of brought us to this point with Cardinal, right?

Speaker Change: Sure. It makes sense financially the sales team, making sure. We can we can get to the market and we ever team. It's just it's a very nuanced change and it's not something that was really purposely done. It's just how it evolved from where we where we started and where are we started kind of brought us to this point with with Cardinal right that brought scenario to us one of the one of the acquisitions. There's no you know the acquisition we maybe.

Richard A. DiIorio: That brought scenario to us. One of the acquisitions, you know, the acquisition we made with OB health brought us GE, and leveraging our capabilities with their business models, their plans, their products, I think is a much better fit than us trying to build the entire building on our own. And I think that's what you're going to see more of in the future.

Richard A. DiIorio: They'll be health brought us G E and leveraging our capabilities with their business models. Their plans their products I think is a much better fit than us trying to build the entire building on our own.

Operator: Great, I appreciate that; it sounds attractive, and thanks for taking my question.

Brooks O'Neill: Great, I appreciate that; it sounds attractive, and thanks for taking my question.

Operator: Think that's what you're going to see more of in the future.

Operator: Great I appreciate it sounds attractive and thanks for taking my question.

Operator: All right, next up we have Jim Sidoti of Sidotian Company. Your line is now open.

Speaker Change: Thanks for calling.

James Philip Sidoti: Alright next up we have Jim <unk> Company. Your line is now <unk>.

Operator: Hi, good morning. Thanks for taking the questions. I'm sorry I had to join the call late. I was on a couple other calls. But can you just, I don't know if you said it or not already, but the oncology business down one percent. What was really behind that, and where do you expect that to end up this year?

James Philip Sidoti: Hi, good morning. Thanks for taking the questions. I'm sorry I had to join the call late. I was on a couple other calls. But can you just, I don't know if you said it or not already, but the oncology business down one percent. What was really behind that, and where do you expect that to end up this year?

Speaker Change: Hi, good morning, Thanks for taking the questions sorry have you joined the call late or we've got a couple of other calls.

Operator: But can you just I don't know consider not already but uhm, we encourage your business day or what <unk>, what was really behind that and where do you expect that to end up this year.

Richard A. DiIorio: Yeah, Jim, it was actually higher volume than last year. But this year our growth to net model realizable revenue was a bit lower than last year, but only because last year was an anomaly. That net revenue adjustment was impactful more this year and more normalized this year. If that makes sense. So we expect a more normal pattern this year than the prior year, where we're going to actually improve our growth to net as we go through the year because there are fewer copays and deductibles that hit months after Q1.

Speaker Change: Yeah. So so Jim it was actually higher volume than last year, but.

Richard A. DiIorio: But this year, we had our gross than that.

Richard A. DiIorio: Amount of realizable revenue was was a bit lower than last year, but only because lash was an anomaly.

Richard A. DiIorio: That that net revenue adjustment was was impactful more this year and more normalised this year.

Richard A. DiIorio: If that makes sense. So we have we expected more normal pattern this year than than the prior year, where we're gonna actually improve our goes to that as we go through the year, because there's less co pays deductibles that hit months after Q1.

Richard A. DiIorio: Okay, all right. So, I mean, historically, it's been a low single-digit growth business. Do you think that's where it ends up again this year?

Richard A. DiIorio: Okay, alright so.

Richard A. DiIorio: Historically, and it's been <unk> <unk>.

Richard A. DiIorio: Yeah, absolutely.

Barry G. Steele: Okay, and then on... We'll bounce back in terms of, and it'll affect our profitability in Q2 and BS compared to Q1, and that's normal. Okay, and I know you had a lot of auditing activity in the first quarter, you changed auditors. Is that one of the reasons why the G&A was up over $13 million? And, you know, where do you think that comes from?

Richard A. DiIorio: It ends up again this year.

Speaker Change: Yeah, absolutely that's our plan.

Barry G. Steele: Okay and then on.

Barry G. Steele: Why not we'll we'll bounce back in terms of an elect our profitability and Q2 and beyond.

Barry G. Steele: Q1, and that's normal.

Barry G. Steele: Okay, and I know you have a lot of.

Barry G. Steele: Ordering activity in the first quarter your you changed orders.

Barry G. Steele: Is that one of the reasons why the Judy with <unk>.

Barry G. Steele: Yeah, there are three main impacts to the first quarter generally for us that may give us seasonality in the amount, the way EBITDA hits our quarters. But there are some expenses in the first quarter that we don't have as much of in other quarters, and the audit's one of them. We book our audit expenses as the audit incurs, and that's predominantly in the first quarter. And by the way, now that we're doing a fully integrated audit with controls being audited, that was more, that's a higher amount just for us generally.

Barry G. Steele: Dot com yeah.

Barry G. Steele: There's there's three main impact to the first quarter generally for us that that make give us a seasonality and the amount of way of EBITDA hits, our quarters cause there's some expenses in the first quarter of that we don't have as much of an other cores that any artist one of them the.

Barry G. Steele: The book or odd expensive as the audit and curves and that's predominantly in the first quarter and by the way now that we're doing a fully integrated audit with controls being audited that that was more with a higher amount just press generally and we had X X responses, because we had to get a consent from our old daughter cause we switched daughter, so pretty big impact as in Q1 of this year the other.

Barry G. Steele: And we had extra expenses because we had to get consent from our old auditor because we switched auditors. So pretty big impact just in Q1. The other thing is that some of our marketing activities, such as we have an annual sales meeting and other things, hit us much more hard in the first quarter than other places. So between the seasonality and gross to net for the TPP oncology business, the higher amount of audit expenses in the first quarter, and higher marketing expenses in the first quarter, we're always going to show a lower first-quarter result from an EBITDA and profitability perspective.

Barry G. Steele: Thing is that some of our marketing activities such as we have our annual sales meeting and other things hit us much more hard in the first quarter the norm than other places so between the the seasonality and gross to that for <unk> for the T. P. P. <unk> business the higher amount of audit expenses in the first quarter entire marketing expenses in the first quarter you. We're always gonna show a lower first quarter.

Barry G. Steele: profitability perspective than other quarters. And that's a pattern you'll see in the past as well.

Barry G. Steele: Resolve from my EBITDA.

Barry G. Steele: And and profitability perspective than other quarters, and that's a pattern you see.

Barry G. Steele: Okay, so those G&A expenses you think will come back in Q2 and Q3.

Barry G. Steele: In the past as well.

Speaker Change: Okay. So so <unk>.

Barry G. Steele: That's correct. As we pointed out, there's a significant amount of not only seasonality but other one-time expenses that we had this year, right, that obviously won't repeat in the coming quarter. Some of that hits even out in the dead of night.

Barry G. Steele: Through a few things come back come back and <unk>.

Barry G. Steele: That's correct as we pointed out there's a significant amount of not only the seasonality, but other one time expenses that we had this year right that obviously won't won't repeat and in the coming quarters.

Barry G. Steele: Okay. All right. And then, you know, it sounds like this scenario is something that we should really expect to have more of an impact in Q3 and probably Q4 as the year progresses. Is that right?

James Philip Sidoti: Okay. All right. And then, you know, it sounds like this scenario is something that we should really expect to have more of an impact in Q3 and probably Q4 as the year progresses. Is that right?

Barry G. Steele: <unk>.

Barry G. Steele: Magenta.

Barry G. Steele: Okay, Alright, and then you know it it sounds like scenarios.

Barry G. Steele: Really I'm more of.

Barry G. Steele: Pack in Q3, and probably Q4.

Richard A. DiIorio: Yeah, I mean, we spent most of last year just getting ourselves ready with the licensing, accreditation, all you know, the sales team starting their activities and training and everything. This year, those guys are out there hitting it hard.

Barry G. Steele:

Barry G. Steele: <unk> is that right.

Richard A. DiIorio: Yeah. I mean, you know we spent most of last year, just getting getting ourselves ready with the licensing accreditation all the sales team starting their activities and training and everything.

Richard A. DiIorio: And we did see a slight increase even with the tough comps on the leases of equipment last year. So we're still going to have those leases and comps for the next couple quarters. That's not the real revenue we want, though, right? We want the Sonara products and other wound care products. We have to really grow the leases. Well, they're nice when they come in. So this year is a much better type of growth that we want for the long term than just getting some, you know, nice leases to come in, which we will have those in the future.

Richard A. DiIorio: This year those guys are out there are hidden in Oregon, and we did see a slight increase even with the tough comps on the on the leases of equipment last year. So we start we're still gonna have those leases and comps for the next couple of quarters.

Richard A. DiIorio: That's not the real revenue, we want the right we want us in our products and the other the other wound care products, we have to really grow the leases will they're nice when they come in so this year is a much better type of growth that we want longterm than just getting some nice leases to come in which we will have those in the future, but scenario looks really good the T.

Richard A. DiIorio: But Sonara looks really good. The team is starting to gain some traction. I think quarter to quarter, we're going to see it grow, and it should start to really hockey stick up by the end of this year and certainly in the next year.

Richard A. DiIorio: Starting to gain some traction I think quarter to quarter, we're going to see a grown it should start to really hockey stick up by the end of this year and certainly in the next year.

Richard A. DiIorio: All right. All right. And then the last one for me, you know, it seems like GE is where you want it to be at this point, but are there other GEs out there that you're working with? And, you know, do you think you could land another contract with another equipment provider over the next year or two?

James Philip Sidoti: All right. All right. And then the last one for me, you know, it seems like GE is where you want it to be at this point, but are there other GEs out there that you're working with? And, you know, do you think you could land another contract with another equipment provider over the next year or two?

Richard A. DiIorio: Alright, Alright, and then last one for me you'll it seems like do you use is where you want it to be at this point, but are are there other G. 's out there that you're you're working with and you know you you you.

Richard A. DiIorio: Thank you could go with another contract with another equip.

Richard A. DiIorio: Yeah, I think we have more agreements coming. But I don't see anything to the magnitude of GE, you know, the $10 to $12 million range. But we have some things in the works now that, you know, they range from hundreds of thousands to, you know, a little over $2 million. And those are much nicer; they tend to be more profitable and easier to implement.

Richard A. DiIorio: Equipment provider over the next year or two.

Richard A. DiIorio: Yeah, I think we have more agreements coming I don't I don't see anything to the magnitude of G. E. You know the 10 to 12 million dollar range, but we have some some things in the works now that hopefully we can speak to you by the end of the year that are you know they range from hundreds of thousands too you know a little over 2 million and those are much nicer they tend to be <unk>.

Richard A. DiIorio: So we have some things now. We've taken the governor off the sales team, which we put on purpose because we wanted to make sure we focused on the MSA, the original MSA with GE. Now we've kind of taken the reins off those guys, and we're letting them go. And we're starting to see some opportunities pop up. And, you know, as we sign contracts, we'll give you guys visibility.

Richard A. DiIorio: More profitable and easier to implement so we have some things now we've we've taken the governor off the sales team, which which we put on on purpose because we wanted to make sure. We we focused on the MSA. The original MSA with G. Now we've kind of taken the reins off those guys and we're letting them go in and we're starting to see some opportunities pop up and you know as we signed contracts will will give you guys visible.

Richard A. DiIorio: Are you looking to stay in the same geographies where you have teams in place now, or would you expand again? Yes, and the good news is that geography is all over the country, right? We pretty much have technicians everywhere, so there's not a lot of restraint on where.

Richard A. DiIorio: <unk>.

Richard A. DiIorio: Where are you looking to stay the same geographies, where you have teams in place now or would you would you would be good yeah.

Richard A. DiIorio: Yes, and the good news is the geography is all over the country right, we pretty much have technicians everywhere. So there's not a lot of restraint on where.

Richard A. DiIorio: Got it. All right. Thank you. Thank you. Thanks, Jim. All right, I want to remind participants how to join the queue. You can press star 1 on your telephone keypad if you would like to join the question queue. Again, that is star 1 on your telephone keypad. The next question comes from Erin Warwick of Breakout Investments.

James Philip Sidoti: Got it. All right. Thank you. Thank you. Thanks, Jim. All right, I want to remind participants how to join the queue. You can press star 1 on your telephone keypad if you would like to join the question queue. Again, that is star 1 on your telephone keypad. The next question comes from Erin Warwick of Breakout Investments.

Erin Warwick: [noise] got it alright, thank you.

Erin Warwick: Thank you. Thank you.

Richard A. DiIorio: Alright, I Wanna remind participants have joined the queue you can press star one on your telephone keypad. If you would like to join the question queue again that is star one on your telephone keypad.

Erin Warwick: Next up we have Aaron Warwick break out investors.

Operator: Hey, good morning. First, I wanted to start off with a question about the guidance and relative to the first quarter and then wanted to talk a little bit more about conceptually what you spoke about there, Rich, towards the end of the prepared remarks. Getting into the guidance, I was a little surprised the quarter seems weak in terms of both revenue and adjusted EBITDA, but you guys obviously had a good feel when you put out that guidance. It would have been almost towards the end of the first quarter, and you're reiterating back three quarters of the year.

Speaker Change: Hi, Good morning, just the first I wanted to start off with a question about the guidance.

Operator: And relative to the first quarter and then wanted to talk a little bit more about conceptually what you spoke about their rich towards the end of the prepared remarks getting into the the guidance I mean, I was a little surprised the quarter seems weak from in terms of both revenue and.

Operator: And adjusted EBITDA, but.

Operator: You guys, obviously had a good feeling when you when you put out that guidance would've been almost towards the end of the first quarter and your reiterating today. So it sounds like you're planning on a pretty strong.

Richard A. DiIorio: Yeah, so Eric, yeah, yeah, I think that's right. You know, on the top line, we were right on plan. So this is exactly what we expected as wound care ramps up, and some of these other opportunities start to show up. On the bottom line, we were effectively on plan if you take out some of the non-recurring things that happened, you know, like the audit fees that Barry mentioned. So we're kind of right where we thought we would be.

Erin Warwick: Yeah, so Eric, yeah, yeah, I think that's right. You know, on the top line, we were right on plan. So this is exactly what we expected as wound care ramps up, and some of these other opportunities start to show up. On the bottom line, we were effectively on plan if you take out some of the non-recurring things that happened, you know, like the audit fees that Barry mentioned. So we're kind of right where we thought we would be.

Operator: Back three quarters of the year is that.

Richard A. DiIorio: Yeah. So <unk> yeah, Yeah, I think that's right you know on the top line. We're right on plan. So this is exactly what we expected as wound care ramps and some of these other opportunity to start to show up on the bottom line. We were effectively on plan. If you take out some of the non-recurring things that happen you know like the audit fees are barely mentioned.

Richard A. DiIorio: And yeah, our revenue should grow throughout the year as these things come on board. So yeah, we're not we're not concerned about getting to those numbers. And Q1's always low on the bottom line anyways. I think Barry just mentioned that with all the one-timers or stuff that just comes in in Q1, right? The timing of it. So nothing we're worried about for the last three quarters.

Erin Warwick: And yeah, our revenue should grow throughout the year as these things come on board. So yeah, we're not we're not concerned about getting to those numbers. And Q1's always low on the bottom line anyways. I think Barry just mentioned that with all the one-timers or stuff that just comes in in Q1, right? The timing of it. So nothing we're worried about for the last three quarters.

Richard A. DiIorio: So we're kind of right, where we thought we would be and yeah. Our revenue should grow throughout the year as these things come on board. So.

Richard A. DiIorio: Yeah, we're not we're not concerned about getting a those numbers.

Richard A. DiIorio: And she wants to always low on the bottom line any ways I think Barry just mentioned that with all those other one time, where you are or stuff that just comes in and keep one right. The timing of it so nothing nothing more worried about for the last three quarters.

Richard A. DiIorio: Okay, and I mean even still, it sounds like there's potential upside just because you've indicated your new philosophy of guiding for what you already sort of have in the bag. I mean, obviously, it still has to play out, but you can imagine that you're not really building anything in there that's not already won. Is that...

Richard A. DiIorio: Okay, and I mean, even even still it sounds like there's potential upsides, just because yours.

Richard A. DiIorio: Have indicated your new philosophy of guiding for what you already sort of having the bag I guess I mean, obviously still have to play out but you can envision that you're not really building anything in there that's not already one does that.

Richard A. DiIorio: Yeah, I mean, that's the philosophy, right? There should always be upside in the numbers. There should be more on the opportunity side than the risk side in the model.

Richard A. DiIorio: Yeah, I mean, that's the philosophy right is that there should always be upside in the number there should be more on the opportunity sides on the risk side and the model.

Richard A. DiIorio: And if they play out, then we'll raise our guidance. If they don't, we can still get into our range where we want to be. So we're just trying to mitigate that risk for you guys, tell you where we are, and if there's an upside, we'll let you know as soon as it comes, but we want to wait. I mean, even on the biomedical side, there are some opportunities that we're pretty close to, but I want to wait until the contract is signed and we start working on them to be able to give you guys that visibility. I don't want to jump the gun on that.

Richard A. DiIorio: And if they play up and we'll raise our guidance if they don't we can still get into our range, where we want to be so we just we're just trying to mitigate that risk for you guys. I'll tell you, where we are and if there's upside will let you know as soon as it comes but we want to wait I mean, even on the biomed side right. There are some opportunities that were pretty close to but I want to wait till the contract to sign and we start working on them to be able to give you guys that visibility I don't.

Richard A. DiIorio: Yeah, did I understand correctly related to that you have a new customer there? Is that what it said in the press release that you have already started to recognize revenue from in the first quarter?

Erin Warwick: Yeah, did I understand correctly related to that you have a new customer there? Is that what it said in the press release that you have already started to recognize revenue from in the first quarter?

Speaker Change: <unk> jumped the gun on it.

Richard A. DiIorio: Yeah, and did I understand correctly related to that you you have a new customer there is that what it said in a press release that you have already started recognized ribbon in the first quarter from.

Richard A. DiIorio: So we have a big oncology customer that's actually renting equipment and buying supplies from us. It just got onboarded in the last couple weeks, and it's sizable. I mean, it's, you know, well over $100,000 a month. So we're going to start seeing that revenue a little bit this quarter, but it should really kick in in Q3 and Q4, which will obviously also help us get...

Richard A. DiIorio: So we shall we have a big oncology customer, that's actually renting equipment and buying supplies for from us.

Richard A. DiIorio: It just got Onboarded in the last couple of weeks in a sizeable I mean, it's it's you know well over $100000 a month.

Richard A. DiIorio: So we were going to start seeing that revenue a little bit this quarter, but it should really kick in Q3, two four which will obviously also help us get to a number.

Operator: What should we expect in terms of, I mean, because there was no press release, or if there was, I missed it, about a customer of that size. Is that something that you guys will tell us in between calls, or are you just going to be updating us? Yeah, Aaron. I think it depends.

Erin Warwick: What should we expect in terms of, I mean, because there was no press release, or if there was, I missed it, about a customer of that size. Is that something that you guys will tell us in between calls, or are you just going to be updating us? Yeah, Aaron. I think it depends.

Operator: What what should we expect in terms of I mean, because there was no press release or if there was I missed it about like a customer of that size is that something that you guys would.

Richard A. DiIorio: If it's a strategic customer or something different, we may put out a press release. We don't historically do it with customers, but once in a while, we do.

Aaron: Tell us in between calls or are you just gonna be updating.

Richard A. DiIorio: On the quarterly cause yeah.

Richard A. DiIorio: Yeah, I think it I think it depends if if it's like a strategic customer or something different we may we may put out a press release, we don't historically do it with customers once in awhile, we do and it's also driven by whether or not the <unk> the customer wants us to user name how long it takes to get that permission that sort of thing.

Richard A. DiIorio: And it's also driven by whether or not the customer wants us to use their name, how long it takes to even get that, you know, permission, that sort of thing. But, you know, we open up customers that are, you know, a million dollars here and there for different parts of our business. We don't necessarily announce them. Those we'll probably keep for just quarterly results and earnings calls. But if it's something more strategic than, hey, it's just a big win, we'll give you guys visibility into that.

Richard A. DiIorio: But you know we open our customers that are you know a million dollars here and there for different parts of our business. We don't necessarily announcer those will probably keep for just quarterly results and earnings calls but.

Richard A. DiIorio: Right. Yeah, that makes sense. I guess you really have in the past, it's mostly been part of, www.infuSystem.com, Yep, and I guess that kind of leads into you kind of talked about this philosophical change. I appreciate that because I've been wondering.

Richard A. DiIorio: But if it's something more strategic then hey, it's just a big win will give you guys received any of that.

Richard A. DiIorio: That makes sense I guess, you really have in the past, it's mostly been partnerships and things of that exactly yep.

Richard A. DiIorio: I guess that kind of leads into so you kind of talk about this philosophical change I appreciate that because I've been wondering and some people have asked me specifically you mentioned lymphedema.

Operator: And people have asked me, specifically you mentioned lymphedema, which you just you know up until now you hadn't talked about for for several quarters and, I mean, just, you know, hearing you talk about the opportunities, the double-digit growth, likely for 25 and beyond, obviously some huge opportunities. I mean, just to put this into context for myself, I guess you had mentioned at one point, I think when you started this whole lymphedema conversation three or four years ago, there was like a $300 million TAM, uh... but as you said that was something that you would have to attack on your own so but but but nonetheless i mean that that's an enormous opportunity so what you're seeing now with this change in philosophy, must be pretty significant for you to, from that type of opportunity in lymphedema is M.I.

Erin Warwick: And people have asked me, specifically you mentioned lymphedema, which you just you know up until now you hadn't talked about for for several quarters and, I mean, just, you know, hearing you talk about the opportunities, the double-digit growth, likely for 25 and beyond, obviously some huge opportunities. I mean, just to put this into context for myself, I guess you had mentioned at one point, I think when you started this whole lymphedema conversation three or four years ago, there was like a $300 million TAM, uh... but as you said that was something that you would have to attack on your own so but but but nonetheless i mean that that's an enormous opportunity so what you're seeing now with this change in philosophy, must be pretty significant for you to, from that type of opportunity in lymphedema is M.I.

Operator: What she just you know up until now you hadn't talked about for for several quarters and.

Operator: I mean, just you know hearing you talk about the opportunities the double digit growth likely for 25 and beyond.

Operator: Obviously, some huge opportunities I mean, just to put this into context for myself I guess you had mentioned at one point I think when you started this whole lymphedema conversation three or four years ago and it was like a 300 million dollar Tam.

Operator: Ah, but you said that was something that you would have to attack on your own so, but but but nonetheless, I mean that.

Operator: That's an enormous opportunity so what you're seeing now.

Operator: With this change in philosophy must be pretty significant for you to to just you know back away from.

Operator: Remembering that correctly, I guess in terms of the possible size and not necessarily saying you're going to have 300 million in revenue from this, from this philosophical change, but it should be quite a contribution to the bottom line, sort of putting that on.

Erin Warwick: Remembering that correctly, I guess in terms of the possible size and not necessarily saying you're going to have 300 million in revenue from this, from this philosophical change, but it should be quite a contribution to the bottom line, sort of putting that on.

Operator: From that type of opportunity and lymphedema is M M I.

Operator: Remembering that correctly I guess in terms of the possible size and not necessarily saying you're going to have 300 million in revenue from these.

Operator: From this philosophical change, but it should be quite a contribution to the bottom line of fear.

Richard A. DiIorio: Yeah. So, there's a lot of factors that go into these decisions, right? So, it's not just the TAM, because there are some other TAMs out there that are even bigger that we could, in theory, go after and maybe play around the periphery, win some market share, and generate some revenue. It's how quick can we get into the market? How well does it fit what we do?

Speaker Change: Putting that on pause.

Richard A. DiIorio: Yeah. So it there's a lot of factors that go into these decisions right. So it's not just the Tim cause there's some other teams out there that are even bigger than we could in theory go after and maybe play around the periphery when some market share.

Richard A. DiIorio: Revenue, it's how quick can we get into the market, how well does it fit what we do do we have the right partner do we have to build it from scratch like all those things come into play and lymphedema. So when you compare like lymphedema versus G E or scenario right, let's I mean, that's really the decision making tree for US right. So lymphedema was first okay well.

Richard A. DiIorio: Do we have the right partner? Do we have to build it from scratch? Like, all those things come into play. And lymphedema, so when you compare lymphedema versus GE or Sonara, right? I mean, that's really the decision-making tree for us, right? So, lymphedema was first.

Richard A. DiIorio: Okay, well, we have a sales team in oncology, which is only 20% of the TAM. So, how do we approach the rest of the market, right? We thought we had a plan, but it would be blazing new trails for us.

Richard A. DiIorio: We have a sales team and an apology, which is only 20 per cent of the <unk>. So how do we approach the rest of the market Alright, we thought we had a plan, but it would be blazing new trails race. So so that was one piece of the decision, making our experienced based on our apology products. Obviously makes sense right. We can repair the device. We can supported and all that but then you look at G. G. He was kind of presented to.

Richard A. DiIorio: So, that was one piece of the decision-making process. Our experience based on our oncology products obviously makes sense, right? We can repair the device. We can support it, and all that.

Richard A. DiIorio: But then you look at GE. GE was kind of presented to us. It was easy. I shouldn't say easy. I think Kerry will kill me if I say that, but we knew exactly how to do it.

Richard A. DiIorio: They had a model already built. We just had to help them execute on that model, right? Pretty easy thing to do. Sonara, TAM-wise, is much bigger, right?

Richard A. DiIorio: It was easy.

Richard A. DiIorio: So easy I think Kerry will kill me, if I say that but it was we we knew exactly how to do it they had a model or rebuilt. We just had to go help them execute on that model bright pretty easy thing to do.

Richard A. DiIorio: Wound care in general dwarfs the lymphedema market. And we have a partner that already has phenomenal products, what I would argue are the best in the world from a product point of view with a model we can go after. So, it's more than just one metric.

Richard A. DiIorio: <unk> <unk>.

Richard A. DiIorio: <unk> is much bigger right wound care in general is dwarfed the.

Richard A. DiIorio: Emphysema market.

Richard A. DiIorio: And we have a partner that already has phenomenal products, what I would argue the best in the world from a product.

Richard A. DiIorio: When you look at the whole picture and how easy it is to get into the market, what's the risk for us? Do we have to set up sales teams? All that goes into the thought process. And when we compare lymphedema to these other guys, these other opportunities are just too good. It doesn't mean lymphedema is off the list, but I don't see it coming in the next 18 to 24 months.

Richard A. DiIorio: With a with a model we can go after so much it's more than just one metric when you look at the whole picture and how easy is it to get into market. Once the risk for US do we have to stand up shows seems like all of that goes into the the the thought process and when we compare to lymphedema did these other guys. These other opportunities are just too good. It doesn't mean lymphedema is off the list, but I don't see it coming in the next.

Richard A. DiIorio: But someday, maybe we do, right? Maybe a partner shows up with a great product and model, and they want us to just help them. That's probably how we would get into that market more so than just us getting a device that we could use and going and doing it on our own. It just takes a lot longer, a lot more costly, and a lot more.

Richard A. DiIorio: 18 to 24 months, but someday, maybe we do right maybe a partner shows up with a great product and model and they want us to just help them, that's probably how we would get into that market more so than just us getting a device that we could use and going and doing it on our own. It just takes a lot longer a lot more possibly the level of risk.

Operator: Well, and obviously, you've had other opportunities open up because of what you said about GE and Sonara. Exactly, it sounds like it opens the well I know it's been a bit of a transition for you guys and is still going on from that standpoint, but I think it commend you for being willing to be flexible and do what's best for, ultimately, the bottom line. So, thank you guys.

Erin Warwick: Well, and obviously, you've had other opportunities open up because of what you said about GE and Sonara. Exactly, it sounds like it opens the well I know it's been a bit of a transition for you guys and is still going on from that standpoint, but I think it commend you for being willing to be flexible and do what's best for, ultimately, the bottom line. So, thank you guys.

Operator: Well and obviously you've had other opportunities open up because of what you said about G. In Sonora So <unk>.

Operator: Exactly and it sounded like it it opens at you know I know, it's been a bit of a transition for you guys and it's still going on from that standpoint, but I think the menu for being willing to be flexible and do what's best for ultimately the bottom line. So thank you guys appreciate it.

Richard A. DiIorio: And with that, ladies and gentlemen, this concludes our question and answer session. I would now like to turn the conference back over to Mr. Richard DiIorio for any closing remarks. Please go ahead, sir.

Operator: And with that, ladies and gentlemen, this concludes our question and answer session. I would now like to turn the conference back over to Mr. Richard DiIorio for any closing remarks. Please go ahead, sir.

Speaker Change: Yeah. Thanks, Sir.

Richard A. DiIorio: And with that ladies and gentlemen. This concludes our question and answer session I would now like to turn the conference back over to Mr. Richard Oreo or any closing remarks. Please go ahead Sir.

Richard A. DiIorio: I want to thank everyone for participating in today's call, and we look forward to our second quarter call when we'll update you on our results and progress with this year's strategic priorities. Have a great day.

Richard A. DiIorio: I want to thank everyone for participating on today's call and we look forward to our second quarter call. When will update you on our results in progress with this year strategic priorities have a great day.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your line.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

Q1 2024 InfuSystem Holdings Inc Earnings Call

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