ROCHESTER HILLS, Mich.–(BUSINESS WIRE)–InfuSystem Holdings, a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, announced today that the Company’s Board of Directors has approved a stock repurchase program authorizing the Company to repurchase up to $20 million of the Company’s outstanding common stock through June 30, 2026. The program supersedes the previous authorization which was set to expire on June 30, 2024. Under the previous authorization, the Company repurchased approximately 550 thousand shares of stock for approximately $6.2 million. Repurchases will be made through open market purchases, private transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”).
Richard DiIorio, Chief Executive Officer of InfuSystem, said, “This authorization will continue the Company’s long-standing buyback policy and reauthorizes the programs that we have used when appropriate to enhance shareholder value. I believe the stock repurchase program highlight’s confidence in the Company’s continued solid operations, the strength of our balance sheet and our outlook and guidance for the rest of 2024 and beyond. Our top priority for use of capital remains making strategic investments that position the Company for sustainable growth, although this program provides us with the flexibility to be opportunistic in repurchasing shares when valuations become attractive.”
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. (NYSE American: INFU), is a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers. INFU services are provided under a two-platform model. The first platform is Patient Services, providing the last-mile solution for clinic-to-home healthcare where the continuing treatment involves complex durable medical equipment and services. The Patient Services segment is comprised of Oncology, Pain Management and Wound Therapy businesses. The second platform, Device Solutions, supports the Patient Services platform and leverages strong service orientation to win incremental business from its direct payer clients. The Device Solutions segment is comprised of direct payer rentals, pump and consumable sales, and biomedical services and repair. Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Massachusetts, Texas and Ontario, Canada.