InfuSystems Holdings, Inc.

Please note this event is being recorded. I would now like to turn the conference over to Mr. Joe Dorme. Please go ahead, sir.

Good morning, and thank you for joining us today to review InfuSystems' fourth quarter and year-end 2023 financial results, ended December 31st, 2023. With us today on the call are Rich DiIorio, Chief Executive Officer, Barry Steele, Chief Financial Officer, and Carrie LeChance, President and Chief Operating Officer. 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 Infuse Systems during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under risk factors, and documents filed by the company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year-end of December 31, 2022. Forward-looking statements speak only as of the date the statements were made. The company can give no assurance that such forward-looking statements will prove to be correct if the system 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. Rich?

Thank you, Joe, and good morning, everyone. Welcome to InfuSystem's fourth quarter 2023 earnings call. Thank you all for joining us today. I'll get things started this morning with an overview of the past year. 2023 was a great year for InfuSystem. We delivered strong organic growth of more than 14%, finishing the year with revenue of $125.8 million. It was our fifth consecutive year of record revenue and easily beat our guidance. We said at the start of the year that it would be an execution year, and I couldn't be more proud of what the team accomplished in 2023. The sustained momentum reflects our ability to focus and successfully execute on our strategic priorities while providing our patients and partners with the highest levels of service. With our 2023 results, I believe we validated both the continuing strength of our core businesses and the potential of the two big growth initiatives we announced or launched in 2022. First, in our core business, oncology had another record year in 2023, with the success coming from market share gains and continued improvements in our revenue cycle execution. These factors combined to grow the therapy by 8%. Our core equipment rental business continues to do what it has always been good at doing, while beginning to take advantage of new opportunities emerging for us in acute care. The solid, strong performance and cash flows from our two core businesses support continued execution against our current two major growth initiatives, which are Biomed and Mooncare. First, Biomed, specifically around the master services agreement with GE, delivered approximately $10 million of revenue in 23 and ended the year on a run rate of approximately $11.3 million. With the initial rollout nearly complete, our focus will now turn to driving efficiencies, a topic Harry will address in a few minutes. Our second major growth initiative relates to the developing wound care opportunities under our joint venture with Sonera. Wound care revenue is up materially, coming in at $3.9 million in 2023, beating our expectations for the year and providing a nice ramp for the larger contributions we expect to see moving forward. Most of the revenue in wound care to date has been related to our negative pressure device leases, but in the second half of the last year, we started distributing, albeit a very small amount, Sonera's advanced wound care products into the market. We expect a gradual but steady ramp of this in our products as facilities convert to InfuSystem as their wound care DME provider and begin ordering third-party payer products and supplies through the JV. I'll talk to that more later on in the call, but I'd like to turn it over to Barry to discuss our Q4 and 2023 year-end results.