Earnings roundup: Great Elm, InfuSystem, Insulet 

WALTHAM, Mass. – Great Elm Group’s DME division grew total revenue by 19.2% to $15.6 million in the third quarter of fiscal year 2022, driven by strong resupply sales. The increase in revenue was primarily attributable to contributions from the previous acquisitions of AMPM in March 2021 and MedOne in August 2021. “Our investment in DME continues to perform well, despite challenging supply chain conditions,” said Peter Reed, CEO of Great Elm. The DME division reported a net loss of $6.6 million vs. $5.1 million, which includes intercompany charges related to the valuation of an embedded derivative that eliminates consolidation. It reported adjusted EBITDA of $2.5 million vs. $3.4 million. 

InfuSystem CEO: ‘Our first quarter results came in as planned’ 

ROCHESTER HILLS, Mich. – InfuSystem Holdings reported net revenues of $26.8 million for the first quarter of 2022, an increase of 9% versus the same period in 2021. Integrated Therapy Services ("ITS") net revenue was $16.6 million, an increase of 5%; and DME services was $10.1 million, an increase of 18%. Adjusted EBITDA was $4.1 million, a decrease of 33%, primarily impacted by investments in the sales force to capture additional market share in pain management and negative pressure wound therapy and increased biomedical services training costs. “Our first quarter results came in as planned,” said Rich DiIorio, CEO. “The top line was driven by our core business, oncology, with ITS growth of 5% to $16.6 million and DME growth of 18% to $10.1 million. Additionally, our operating cash flow for the first quarter increased by 54% to $4.1 million compared to the same prior year period, demonstrating the strong cash flow nature of our business.” InfuSystem recently announced it had secured a contract with a global health care technology and diagnostic company that, after an initial ramp-up period, is expected to generate about $10 million to $12 million in annual revenue.   

Insulet’s earnings reflect ‘strong adoption’ 

ACTON, Mass. – Insulet reported revenues of $295.4 million for the first quarter 2022, an increase of 17.1% over the prior year time period. Total Omnipod revenue was $269.5 million, with U.S. revenue comprising $174.1 million. “We are off to a great start in 2022 with first quarter financial results that reflect strong global Omnipod adoption, consumer satisfaction and operational excellence, positioning the company for another successful year,” said Shacey Petrovic, president and CEO. “The commercial launch of Omnipod 5 is progressing very well, and we are receiving excellent customer feedback. We also recently shared compelling Type 2 feasibility data that demonstrates how powerful Omnipod 5 can be for this dramatically underserved population. Momentum across our business continues to grow and our mission to simplify and improve the lives of people with diabetes remains at the center of everything we do.” Insulet reported operating income of $37.9 million, or 12.8% of revenue. Adjusted EBITDA was $63 million, or 21.3% of revenue. Petrovic announced on the call that she will be stepping down, effective June 1, for personal reasons. She will be succeeded by Jim Hollingshead, the former president of ResMed’s Sleep and Respiratory Care business. Hollingshead has served as an independent member of Insulet’s board of directors since 2019.