InfuSystem Holdings, Inc. (NYSE MKT:INFU) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 09:00 am ET
Good morning and welcome to the InfuSystem Holdings, Inc. Reports First Quarter 2020 Financial Results Conference Call. [Operator Instructions]
At this time, I would like to turn the conference call over to Joe Dorame. Sir, please go ahead.
Thanks, Jamie. Good morning, and thank you for joining us today to review the financial results of InfuSystem Holdings, Inc. for the first quarter of 2020 ended on March 31, 2020. With us today on the call are Rich DiIorio, President and Chief Executive Officer; and Barry Steele, Chief Financial Officer.
After the conclusion of today's prepared remarks, we will open the call for a question-and-answers session. If anyone participating on today's call does not have a full text copy of the press release, you can retrieve it from the Company's website at www.infusystem.com or numerous other financial websites.
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.
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 in documents filed by the Company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2019.
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. InfuSystem does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Now, I'd like to turn the call over to Rich DiIorio, President and Chief Executive Officer of InfuSystem. Rich?
Thanks, Joe. Good morning everyone and welcome to our first quarter 2020 earnings call. Thank you all for taking the time to join us this morning.
I hope you and your families are staying safe as we continue to deal with the effects of COVID-19. It's times like these when we really gain perspective on what's important in life. And just how important it is to charge our time with our family and friends.
Now, onto our first quarter results. I'm extremely pleased with our first quarter performance, not just the numbers but how the InfuSystem team responded to in situation where there is literally no playbook. Against the backdrop of rolling nationwide lockdowns, we had a record setting revenue in the quarter.
$21.7 million, which is an increase of 18.5% versus the first quarter of '19 and our adjusted EBITDA grew by 30% versus the first quarter of 2019. And this was accomplished while transitioning 85% of our team to working from home. I couldn't be prouder of the InfuSystem team, to me that is a definition of executing on a plan in extreme conditions and on top of that, we've been able to put contingency plans in place,