Infusystem Hldgs, Inc. (NYSE: INFU) reported Q1 EPS of $0.03, $0.03 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $16.7 million, versus $17.2 million reported last year.

Eric K. Steen, chief executive officer of InfuSystem, said, "We got off to a good start in the first quarter of 2015. Net revenues for the quarter were solid at $16.7 million and we are pleased with the 12% increase in Net Collected Rental Revenue which is associated with the decrease in bad debt of 43%, or $913,000. Gross profit for the quarter increased 224 basis points to 72.3%. Adjusted EBITDA was up 16% to $3.8 million compared to $3.3 million in the first quarter of 2014. Adjusted net income increased 16% to $662,000, or $0.03 per diluted share. Although the first quarter is historically our slowest quarter of the year, we are pleased with the operational and financial results of the first quarter of 2015 and we believe we are well positioned for solid performance throughout the entire year."

Mr. Steen continued, "During the quarter we were able to opportunistically acquire the assets of a competitor in the Southeast; expand our pump fleet by approximately 1,600 units, but more importantly, allows us to introduce our electronic connectivity solutions to 106 new infusion clinics. We also filed for patent protection on our proprietary advancements and intellectual property in the area of these electronic connectivity solutions. We believe that the novel IT developments that we have created to make our customers more efficient will be valued by other health care organizations and we plan to license these technologies in the future."

Mr. Steen concluded, "Although we have taken a number of one-time charges during this quarter in conjunction with our new credit facility and the execution and integration of the Ciscura acquisition along with our increase in investments related to our information technology and pain management initiatives, we have improved our ability to compete even more effectively for the remainder of 2015 and for the years to come. We are building a strong foundation for future growth."

Guidance

The Company increased its 2015 Guidance to double-digit Net Collected Rental Revenue growth – revenue less bad debt - for fiscal year 2015. Previous 2015 Guidance was high single digit revenue growth. It is important to note that the Company's Form 10-Q for the quarter ended March 31, 2015, includes comments regarding the recent announcement by the Centers for Medicare and Medicaid Services.

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