Margins climb as InfuSystem (NYSE: INFU) reaffirms 2026 growth outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
InfuSystem Holdings reported first quarter 2026 net revenues of $33.7 million, down 3% from $34.7 million a year earlier, mainly due to a restructured GE Healthcare biomedical services contract. On a pro-forma basis, revenue grew 1.7%.
Patient Services net revenue rose 6% to $22.1 million, driven by Oncology and rapidly expanding Wound Care, while Device Solutions fell 17% to $11.6 million. Net income was $1.0 million, or $0.05 per diluted share, compared with a net loss of $0.3 million, or $0.01 per diluted share, last year.
Adjusted EBITDA was $6.4 million with an 18.9% margin, roughly flat in dollars but higher as a percentage of revenue. Liquidity totaled $57.1 million as of March 31, 2026, and the company reaffirmed full-year 2026 guidance for 6%–8% pro-forma net revenue growth and Adjusted EBITDA margins in the mid to low 20% range.
Positive
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Negative
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Insights
Margins improved despite modest revenue pressure, with guidance reaffirmed.
InfuSystem delivered Q1 2026 net revenues of $33.7 million, down 3%, largely from the planned GE Healthcare contract restructuring. Patient Services grew 6% to $22.1 million, while Device Solutions fell 17% to $11.6 million, reflecting lower biomedical services, rentals and equipment sales.
Profitability strengthened: gross margin expanded to 58.4%, net income reached $1.0 million versus a prior loss, and Adjusted EBITDA held at $6.4 million with an 18.9% margin. Management highlighted Wound Care, where revenue rose 116%, and completion of a new ERP system on March 1, 2026 as strategic drivers.
The company ended the quarter with liquidity of $57.1 million and net debt of $17.5 million. It reaffirmed full-year 2026 guidance for pro-forma net revenue growth of 6%–8% and Adjusted EBITDA margins in the mid to low 20% range, indicating confidence in its operating plan under current market conditions.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net revenues: $33.7 million
Net income: $1.0 million
Adjusted EBITDA: $6.4 million
+5 more
8 metrics
Net revenues
$33.7 million
Three months ended March 31, 2026, down 3% year over year
Net income
$1.0 million
Q1 2026 vs. net loss of $0.3 million in Q1 2025
Adjusted EBITDA
$6.4 million
Q1 2026, with 18.9% Adjusted EBITDA margin
Patient Services revenue
$22.1 million
Q1 2026, up 6% vs. Q1 2025
Device Solutions revenue
$11.6 million
Q1 2026, down 17% vs. Q1 2025
Wound Care revenue
$2.1 million
Q1 2026, up 116.0% year over year
Liquidity
$57.1 million
As of March 31, 2026, including revolver capacity and cash
Net debt to Adjusted EBITDA
0.56 to 1.00
Based on net debt of $17.5 million and last four quarters Adjusted EBITDA of $31.5 million
Key Terms
Adjusted EBITDA, pro-forma net revenue, enterprise resource planning system, non-GAAP, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was $6.4 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
pro-forma net revenue financial
"After adjusting for this decrease, our pro-forma growth rate was 1.7% during the 2026 First Quarter"
enterprise resource planning system technical
"we successfully went live on our new ERP system"
A business-wide software system that gathers and organizes core functions—finance, inventory, payroll, purchasing and sales—into a single, shared platform so different parts of a company use the same data and processes. Like replacing scattered notebooks with a single control center, it can boost efficiency, cut costs, speed decision-making and improve financial forecasting; for investors, successful use (or costly implementation problems) can materially affect profits and growth.
non-GAAP financial
"Non-GAAP financial measures presented in this press release include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
wound care financial
"Wound care continues to be an exciting growth engine for InfuSystem"
Earnings Snapshot
Net revenues: $33.7 million · Guidance included
Q1 2026
Net revenues
$33.7 million
-3.0% YoY
Net income
$1.0 million
vs. $0.3 million net loss prior year
Adjusted EBITDA
$6.4 million
$32 thousand increase vs. prior year
Adjusted EBITDA margin
18.9%
up from 18.2% prior year
Pro-forma net revenue growth
1.7%
adjusted for biomedical contract restructuring
Guidance
For full year 2026, InfuSystem expects pro-forma net revenue growth between 6% and 8% and continues to forecast Adjusted EBITDA margin in the mid to low 20% range, including ERP implementation expenses.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 7, 2026
___________________________________
(Exact name of registrant as specified in its charter)
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Not Applicable | ||||||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition
On May 7, 2026 , InfuSystem Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the first quarter of 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished in this Item 2.02 — “Results of Operations and Financial Condition” of this Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description | |||||||
99.1 | Press Release of InfuSystem Holdings, Inc. dated May 7, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INFUSYSTEM HOLDINGS, INC. | |||||
By: | /s/ Barry Steele | ||||
Barry Steele | |||||
Chief Financial Officer | |||||
Dated: May 7, 2026
Exhibit 99.1
 | InfuSystem Holdings, Inc. 3851 W. Hamlin Road Rochester Hills, MI 48309 (248) 291-1210 | Contact: Barry Steele Chief Financial Officer (248) 260-2211 | ||||||
InfuSystem Announces Financial Results for
First Quarter 2026
Net Revenues of $33.7 million Representing a 3% Reduction from the Prior Year
Net income of $1.0 million
Adjusted EBITDA (non-GAAP) of $6.4 million
Adjusted EBITDA (non-GAAP) margin expanded by 1% to 19%
Reaffirms Full-Year 2026 Guidance
Rochester Hills, Michigan, May 7, 2026 – InfuSystem Holdings, Inc. (NYSE American:INFU) (“InfuSystem” or the “Company”), a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, today reported financial results for the first quarter ended March 31, 2026.
2026 First Quarter Overview:
•Net revenues totaled $33.7 million, a decrease of 3% vs. prior year.
◦Patient Services net revenue was $22.1 million, an increase of 6% vs. prior year.
◦Device Solutions net revenue was $11.6 million, a decrease of 17% vs. prior year.
•Gross profit was $19.7 million, an increase of 3% vs. prior year.
•Gross margin was 58%, an increase of 3% vs. prior year.
◦Net income was $1.0 million, or $0.05 per diluted share vs. prior year net loss of $0.3 million, or $0.01 per diluted share.
•Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was $6.4 million, even with the prior year.
•Adjusted EBITDA margin was 18.9% an increase of 0.7% vs. prior year.
•Stock Repurchases totaled $856 thousand for the quarter.
•Company liquidity totaled $57.1 million, as of March 31, 2026.
Management Discussion
Carrie Lachance, Chief Executive Officer of InfuSystem commented, “Overall, we delivered a solid quarter that reflects both disciplined execution and meaningful strategic progress. While GAAP revenue declined modestly year over year to $33.7 million, that decline was expected and resulted from the strategic decision to restructure our GE Healthcare biomedical services contract. On a pro‑forma basis, net revenue grew 1.7%, and just as importantly, profitability held strong. We delivered $6.4 million of Adjusted EBITDA, essentially flat year over year, due to margins improving to 18.9%. As previously discussed, reducing revenue to improve our overall profitability was a deliberate and, we believe, value‑accretive decision. The restructuring reduced first‑quarter revenue by $1.6 million, but it enabled a significantly larger reduction in direct contract expenses. While GAAP revenue is lower, the economics of the business are better, and that’s clearly showing up in our Adjusted EBITDA performance.”
“Wound care continues to be an exciting growth engine for InfuSystem. First‑quarter net revenue reached $2.1 million, more than doubling year-over-year. While currently just 6% of total revenue, we believe the growth rate indicative of the new therapy’s potential. Roughly 60% of the year-over-year growth came from compression devices, which we began rolling out last year and expanded further this quarter. We initially introduced Pneumatic Compression Devices, which are highly effective at treating even the most high risk, chronic patient conditions. This quarter, we added Adjustable Compression Wraps, which are less complex and suitable for a much broader group of lymphedema patients. This significantly expands our addressable market and positions us well for sustained growth in the wound care category.”
“On March 1, 2026, after nearly two years of intense preparation, we successfully went live on our new ERP system. I would call this transformational. While implementations of this scale always come with early‑stage adjustments, the hardest part is behind us. This system completely changes how we operate. Our data is now integrated, workflows are connected, and processes are standardized across the business. The benefits span the entire organization. We expect improved productivity, better cost and margin visibility, stronger pricing insights, more efficient utilization of our medical device fleet, and improved working capital management. Just as important, the ERP gives us a scalable platform to support future growth. We’re already identifying enhancements that offer fast payback and high returns.” concluded Ms. Lachance.
2026 First Quarter Financial Review
Net revenues for the quarter ended March 31, 2026 (“2026 First Quarter”) were $33.7 million, a decrease of $1.0 million, or 3%, compared to $34.7 million for the quarter ended March 31, 2025 (“2025 First Quarter”). As we announced during our review of the 2025 third quarter, we restructured our largest biomedical services contract and, consequently, we started 2026 at a reduced revenue volume of $1.6 million, or 4.6%, for the 2026 First Quarter and $7.1 million, or 5.5% for the full year. This was a necessary change that has had an immediate favorable impact on our reported earnings and cash flows since we also achieved an even larger reduction in our expenses. After adjusting for this decrease, our pro-forma growth rate was 1.7% during the 2026 First Quarter as compared with the prior year period.
Patient Services net revenue of $22.1 million increased $1.3 million, or 6%, during the 2026 First Quarter compared to the 2025 First Quarter. This increase was primarily attributable to additional treatment volume in Oncology and Wound Care which were partially offset by a lower amount in Pain Management. The improved volume and collections benefited Oncology revenue by $0.4 million or 2.4%, and Wound Care treatment revenue by $1.1 million, or 116.0%. Pain Management revenue decreased by $0.2 million, or 15.1%. The Wound Care net revenues included sales of compression therapy devices stemming from two new supplier relationships which were added after the end of the three-month period of 2025. Sales for the first of these new supplier relationships, which include Pneumatic Compression Devices (PCD’s), started during the third quarter of 2025 and the second supplier relationship, which is a manufacturer of Adjustable Compression Wraps (ACW’s), began during the current period. On a combined basis, compression therapy devices represented over 60% of the growth in Wound Care.
Device Solutions net revenue of $11.6 million decreased $2.4 million, or 17%, during the 2026 First Quarter compared to the 2025 First Quarter. This decrease included a reduction in biomedical services revenue of $1.3 million, equipment rentals of $0.4 million and equipment sales of $1.0 million. These decreases were partially offset by an increase in disposable medical supplies of $0.3 million. A portion of the decrease in biomedical services revenue totaling $1.6 million reflected a reduction in the volume and service level of devices on contract with GE Healthcare which, as mentioned above, was restructured during the third quarter of 2025. These decreases were partially offset by additional volume with other customers. The decrease in rental revenue and the decreased equipment sales are both related to a large customer rental buyout that began in the 2025 First Quarter. The buyout elevated the amount of equipment sales in the prior year and reduced quarterly rental revenues during the subsequent quarters including the current quarter.
Gross profit of $19.7 million for the 2026 First Quarter increased $0.5 million, or 3%, from $19.2 million for the 2025 First Quarter. This increase was due to the increase in gross margin partially offset by the lower net revenues. Gross margin increased to 58.4% during the three-month period of 2026 compared to 55.2% during the same prior year period. Gross profit was higher in the Patient Services segment and lower in the Devices Solutions segments. Gross margin was higher for both segments.
Patient Services gross profit was $14.3 million during the 2026 First Quarter, representing an increase of $1.1 million, or 9%, compared to the 2025 First Quarter. The improvement reflected increased net revenue and a higher gross margin, which increased from the prior year by 1.3% to 64.8%. The increase in gross margin reflected lower pump disposal and maintenance expenses offset partially by unfavorable product mix favoring lower gross margin revenue categories. Pump disposal expenses include retirements of damaged pumps and reserves for missing pumps. Pump maintenance expenses include annual preventative maintenance certification and repairs and are performed by the Device Solutions segment. On a combined basis pump disposal and maintenance expenses decreased by $0.3 million during the 2026 First Quarter compared to the prior year period. The unfavorable gross margin mix was mainly related to the increase in revenue related to wound care treatments, which have lower average gross margin than other Patient Services revenue categories.
Device Solutions gross profit during the 2026 First Quarter was $5.4 million, representing an decrease of $0.6 million, or 10%, compared to the 2025 First Quarter. The decrease was due to the reduction in net revenue offset partially by an increase in gross margin. The Device Solutions gross margin was 46.3% during the current period, which was 3.4% higher than the same prior year period. This increase in gross margin was primarily due to the aforementioned restructuring of the biomedical services contract with GE Healthcare which resulted in reduced expenses greater than the related reduction in net revenue. Reduced contract expenses included a reduction in biomedical personnel, a reduced amount of medical device replacement parts and
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lower travel expenses. These impacts improved the gross margin for the device solutions segment by 7.2%. Additional gross margin improvements totaling 0.6% were achieved though ongoing initiatives focused on improved procurement costs of materials and increased biomedical productivity. These benefits in gross margin were partially offset by cost inflation impacts from increased employee wage rates and higher healthcare expenses, which on a combined basis, reduced the Device Solutions segment gross margin by 2.5%, and unfavorable product mix impacts disfavoring higher gross margin revenues, such as rental revenue and sales of used equipment, which reduced gross margin by 1.9%. Higher wages were the result of typical annual merit and cost of living increases, however, the increase in the cost of health care benefits were significantly higher than amounts experience in prior years.
Selling and marketing expenses for the 2026 First Quarter were $3.1 million, representing an increase of $0.1 million, or 3%, compared to selling and marketing expenses for the 2025 First Quarter. Selling and marketing expenses as a percentage of net revenues was 9.1% representing a increase from the prior year period amount of 8.6%. This increase reflected an increase in sales team headcount, increased travel expenses and inflationary impacts including an increase in employee healthcare expenses. These amounts were partially offset by a reduction in commission expenses.
General and administrative (“G&A”) expenses for the 2026 First Quarter were $14.8 million, a decrease of $0.5 million, or 3%, from the 2025 First Quarter. The amount for the three-month period of 2025 included a one-time accrued severance expense of $1.0 million for the Company's outgoing CEO. Additional reductions included a $0.3 million reduction in the accrual for management bonuses, lower accounting fees totaling $0.2 million and $0.1 million in reduced travel expenses. These decreases were partially offset by increases in other expenses including; $0.4 million in increased expenses related to information technology and business applications upgrades including the replacement of the Company’s enterprise resource planning system (ERP), additional personnel directly related to the increased Patient Services net revenue including revenue cycle personnel totaling $0.3 million, a $0.1 million increase in stock-based compensation expenses and cost inflation impacts from increased employee wage rates and higher healthcare expenses totaling $0.4 million. The ERP system upgrade project expenses were higher during the current period due to a higher intensity of activities related to the go-live phase of the project which occurred on March 1, 2026. While additional costs are expected to be incurred during the post go-live phase to support system stabilization and enhancement activities, project expenses are expected to begin to taper down during future quarterly periods. Higher wages were the result of typical annual merit and cost of living increases, however, the increase in the cost of health care benefits were significantly higher than amounts experience in prior years. General and Administrative expenses as a percentage of net revenues for the three-month period of 2026 decreased to 43.9% compared to 44.1% for the same prior year period.
Net income for the 2026 First Quarter was $1.0 million, or $0.05 per diluted share, compared to a net loss of $0.3 million, or $0.01 per diluted share for the 2025 First Quarter.
Adjusted EBITDA, a non-GAAP measure, for the 2026 First Quarter was $6.4 million, or 18.9% of net revenue, and increased by $32 thousand compared to Adjusted EBITDA for the 2025 First Quarter of $6.3 million, or 18.2% of prior period net revenue.
Balance sheet, cash flows and liquidity
During the three-month period ended March 31, 2026, operating cash flow provided cash totaling $1.0 million compared with $1.8 million during the same period in 2025. The decrease reflected a higher increase in working capital during 2026. Capital expenditures, which include purchases of medical devices, totaled $1.8 million during the three-month period of 2026 which was $1.6 million, or 46%, lower than the amount purchased during the same prior year period reflecting revenue growth in business lines that are less capital intensive such as wound care and sales of disposable medical supplies. Also during the three-month period ended March 31, 2026, the Company repurchased $0.8 million of its Common Stock.
As of March 31, 2026, available liquidity totaled $57.1 million and consisted of $55.0 million in available borrowing capacity under the Company's revolving line of credit plus cash and cash equivalents of $2.1 million. Net debt, a non-GAAP measure (calculated as total debt of $19.6 million less cash and cash equivalents of $2.1 million) as of March 31, 2026 was $17.5 million representing an increase of $1.1 million as compared to net debt of $16.4 million as of December 31, 2025 (calculated as total debt of $19.6 million less cash and cash equivalents of $3.2 million). Our ratio of Adjusted EBITDA to net debt (non-GAAP) for the last four quarters was 0.56 to 1.00 (calculated as net debt of $17.5 million divided by Adjusted EBITDA of $31.5 million).
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Full Year 2026 Guidance
InfuSystem is reaffirming annual net revenue guidance for the full year 2026. After adjusting for the impact of the reduced revenue related to the GE Healthcare contract restructuring, pro-forma net revenue growth is estimated to be between 6% to 8% for 2026. We also are continuing to forecast Adjusted EBITDA margin (non-GAAP) to be in the mid to low 20%'s. This includes the implementation expenses for the Company's upgraded information technology systems which went on-line on March 1, 2026. The Company intends to continue to update its annual guidance throughout the year.
The full year 2026 guidance reflects management’s current expectations for operational performance, given the current market conditions. This includes our best estimate of revenue and Adjusted EBITDA. The Company and its businesses are subject to certain risks, including those risk factors discussed in our most recent Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
Conference Call
The Company will conduct a conference call for all interested investors on Thursday, May 7, 2026, at 9:00 a.m. Eastern Time to discuss its first quarter 2026 financial results. The call will include discussion of Company developments, forward-looking statements and other material information about business and financial matters.
To participate in this call, please dial (833) 366-1127 or (412) 902-6773, or listen via a live webcast, which is available in the Investors section of the Company’s website at https://ir.infusystem.com/. A replay of the call will be available by visiting https://ir.infusystem.com/ or by calling (855) 669-9658 or (412) 317-0088, replay access code 1097864, through August 7, 2026.
Non-GAAP Measures
This press release contains information prepared in conformity with GAAP as well as non-GAAP financial information. Non-GAAP financial measures presented in this press release include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, net debt and Adjusted EBITDA to net debt ratio. The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the Company’s management, investors and other interested parties about the Company’s operating performance because they allow them to understand and compare the Company’s operating results during the current periods to the prior year periods in a more consistent manner. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP, and similarly titled non-GAAP measures may be calculated differently by other companies. The Company calculates those non-GAAP measures by adjusting for non-recurring or non-core items that are not part of the normal course of business. A reconciliation of those measures to the most directly comparable GAAP measures is provided in the accompanying schedule, titled “GAAP to Non-GAAP Reconciliation” below. Future period non-GAAP guidance includes adjustments for items not indicative of our core operations, which may include, without limitation, items included in the accompanying schedule below. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as non-core, nonrecurring, unusual or unanticipated changes, expenses or gains or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP guidance to the most comparable GAAP measures and, therefore, such comparable GAAP measures and reconciliations are excluded from this release in reliance upon applicable SEC staff guidance.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. (NYSE American:INFU), is a leading national healthcare 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 last-mile solutions 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.
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Forward-Looking Statements
The financial results in this press release reflect preliminary results, which are not final until the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2026 is filed. In addition, certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to future actions, our share repurchase program and capital allocation strategy, business plans, strategic partnerships, growth initiatives, objectives and prospects, future operating or financial performance, guidance and expected new business relationships and the terms thereof (including estimated potential revenue under new or existing contracts). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “goal,” “expect,” “strategy,” “future,” “likely,” variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Forward-looking statements are subject to factors, risks and uncertainties that could cause actual results to differ materially, including, but not limited to, our ability to successfully execute on our growth initiatives and strategic partnerships, our ability to enter into definitive agreements for the new business relationships on expected terms or at all, our ability to generate estimated potential revenue amounts under new or existing contracts, the uncertain impact of disruptions caused by public health emergencies or extreme weather or other climate change-related events, our dependence on estimates of collectible revenue, potential litigation, changes in third-party reimbursement processes, changes in law, global financial conditions and recessionary risks, rising inflation and interest rates, supply chain disruptions, systemic pressures in the banking sector, including disruptions to credit markets, the Company's ability to remediate any material weaknesses in internal control over financial reporting, contributions from acquired businesses or new business lines, products or services and other risk factors disclosed in the Company’s most recent Annual Report on Form 10-K and, to the extent applicable, quarterly reports on Form 10-Q. Our strategic partnerships are subject to similar factors, risks and uncertainties. All forward-looking statements made in this press release speak only as of the date hereof. We do not undertake any obligation to update any forward-looking statements to reflect future events or circumstances, except as required by law.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
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FINANCIAL TABLES FOLLOW
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31, | |||||||||||
(in thousands, except share and per share data) | 2026 | 2025 | |||||||||
Net revenues | $ | 33,684 | $ | 34,716 | |||||||
Cost of revenues | 14,002 | 15,549 | |||||||||
Gross profit | 19,682 | 19,167 | |||||||||
Selling, general and administrative expenses: | |||||||||||
Amortization of intangibles | 209 | 248 | |||||||||
Selling and marketing | 3,080 | 2,985 | |||||||||
General and administrative | 14,803 | 15,316 | |||||||||
Total selling, general and administrative | 18,092 | 18,549 | |||||||||
Operating income | 1,590 | 618 | |||||||||
Other expense: | |||||||||||
Interest expense | (255) | (336) | |||||||||
Other income (expense) | 82 | (29) | |||||||||
Income before income taxes | 1,417 | 253 | |||||||||
Provision for income taxes | (400) | (520) | |||||||||
Net income (loss) | $ | 1,017 | $ | (267) | |||||||
Net income (loss) per share: | |||||||||||
Basic | $ | 0.05 | $ | (0.01) | |||||||
Diluted | $ | 0.05 | $ | (0.01) | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 20,211,045 | 21,125,019 | |||||||||
Diluted | 20,893,767 | 21,125,019 | |||||||||
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INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SEGMENT REPORTING
(UNAUDITED)
Three Months Ended March 31, | Better/ (Worse) | |||||||||||||||||||
(in thousands) | 2026 | 2025 | ||||||||||||||||||
Net revenues: | ||||||||||||||||||||
Patient Services | $ | 22,105 | $ | 20,774 | $ | 1,331 | ||||||||||||||
Device Solutions | 13,221 | 15,824 | (2,603) | |||||||||||||||||
Less: elimination of inter-segment revenues (a) | (1,642) | (1,882) | 240 | |||||||||||||||||
Total Device Solutions | 11,579 | 13,942 | (2,363) | |||||||||||||||||
Total | 33,684 | 34,716 | (1,032) | |||||||||||||||||
Gross profit: | ||||||||||||||||||||
Patient Services | 14,323 | 13,185 | 1,138 | |||||||||||||||||
Device Solutions | 5,359 | 5,982 | (623) | |||||||||||||||||
Total | $ | 19,682 | $ | 19,167 | $ | 515 | ||||||||||||||
(a)Inter-segment allocations are for cleaning and repair services performed on medical equipment.
Page 7 of 10
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(UNAUDITED)
NET INCOME TO EBITDA, ADJUSTED EBITDA, NET INCOME MARGIN, ADJUSTED EBITDA MARGIN AND NET REVENUE GROWTH RATE TO PRO FORMA REVENUE GROWTH RATE:
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2026 | 2025 | ||||||||||||
GAAP net income (loss) | $ | 1,017 | $ | (267) | ||||||||||
Adjustments: | ||||||||||||||
Interest expense | 255 | 336 | ||||||||||||
Income tax provision | 400 | 520 | ||||||||||||
Depreciation | 3,045 | 3,072 | ||||||||||||
Amortization | 209 | 248 | ||||||||||||
Non-GAAP EBITDA | $ | 4,926 | $ | 3,909 | ||||||||||
Stock compensation costs | 1,233 | 1,108 | ||||||||||||
Medical equipment reserve and disposals (1) | 187 | 222 | ||||||||||||
Management reorganization/transition costs (2) | — | 1,028 | ||||||||||||
Certain other non-recurring costs | 9 | 56 | ||||||||||||
Non-GAAP Adjusted EBITDA | $ | 6,355 | $ | 6,323 | ||||||||||
GAAP Net Revenues | $ | 33,684 | $ | 34,716 | ||||||||||
Net Revenue Growth from Prior Year | (3.0) | % | ||||||||||||
Pro-Forma Net Revenue Adjustment (3) | $ | — | $ | (1,605) | ||||||||||
Non-GAAP Pro-Forma Net Revenue | $ | 33,684 | $ | 33,111 | ||||||||||
Non-GAAP Pro-Forma Net Revenue Growth from Prior Year | 1.7 | % | ||||||||||||
Net Income Margin (4) | 3.0 | % | (0.8) | % | ||||||||||
Non-GAAP Adjusted EBITDA Margin (5) | 18.9 | % | 18.2 | % | ||||||||||
Business Application (“ERP”) Upgrade Investment (6) | $ | 883 | $ | 466 | ||||||||||
(1)Amounts represent a non-cash (benefit) expense recorded to adjust the reserve for missing medical equipment and is being added back due to its similarity to depreciation.
(2)Includes severance compensation for the outgoing CEO totaling $1.0 million.
(3)Amount represents effect on net revenue related to a restructuring of a Biomedical Services Contract which took effect on January 1, 2026. Net revenue adjustment amount for 2025 presents the impact as though the change in the contract had occurred on January 1, 2025.
(4)Net Income Margin is defined as GAAP Net Income as a percentage of GAAP Net Revenues.
(5)Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues.
(6)Represents expenses associated with a project to upgrade the Company’s information technology and business applications including a replacement of our main enterprise resource planning (“ERP”) application. The project was launched during the second quarter of 2024 and was completed during the first quarter of 2026. Amounts are included in GAAP net income and have not been added back in the measurement of Non-GAAP Adjusted EBITDA.
Page 8 of 10
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of | ||||||||||||||
(in thousands, except par value and share data) | March 31, 2026 | December 31, 2025 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 2,106 | $ | 3,186 | ||||||||||
Accounts receivable, net | 23,980 | 22,901 | ||||||||||||
Inventories, net | 5,832 | 5,391 | ||||||||||||
Other current assets | 4,744 | 4,858 | ||||||||||||
Total current assets | 36,662 | 36,336 | ||||||||||||
Medical equipment for sale or rental | 3,669 | 4,589 | ||||||||||||
Medical equipment in rental service, net of accumulated depreciation | 34,255 | 34,456 | ||||||||||||
Property & equipment, net of accumulated depreciation | 3,217 | 3,359 | ||||||||||||
Goodwill | 3,710 | 3,710 | ||||||||||||
Intangible assets, net | 6,656 | 6,866 | ||||||||||||
Operating lease right of use assets | 3,844 | 4,178 | ||||||||||||
Deferred income taxes | 4,232 | 4,640 | ||||||||||||
Derivative financial instruments | 766 | 748 | ||||||||||||
Other assets | 1,646 | 1,678 | ||||||||||||
Total assets | $ | 98,657 | $ | 100,560 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 9,632 | $ | 10,821 | ||||||||||
Other current liabilities | 7,510 | 9,361 | ||||||||||||
Total current liabilities | 17,142 | 20,182 | ||||||||||||
Long-term debt | 19,646 | 19,625 | ||||||||||||
Operating lease liabilities, net of current portion | 3,120 | 3,427 | ||||||||||||
Total liabilities | 39,908 | 43,234 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares; none issued | — | — | ||||||||||||
Common stock, $0.0001 par value: authorized 200,000,000 shares; 20,178,890 issued and outstanding as of March 31, 2026 and 20,209,636 issued and outstanding as of December 31, 2025 | 2 | 2 | ||||||||||||
Additional paid-in capital | 118,713 | 117,461 | ||||||||||||
Accumulated other comprehensive income | 575 | 565 | ||||||||||||
Retained deficit | (60,541) | (60,702) | ||||||||||||
Total stockholders’ equity | 58,749 | 57,326 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 98,657 | $ | 100,560 | ||||||||||
Page 9 of 10
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2026 | 2025 | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net income (loss) | $ | 1,017 | $ | (267) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Provision for doubtful accounts | 69 | 45 | ||||||||||||
Depreciation | 3,044 | 3,072 | ||||||||||||
Loss on disposal of and reserve adjustments for medical equipment | 202 | 257 | ||||||||||||
Loss (gain) on sale of medical equipment | 123 | (838) | ||||||||||||
Amortization of intangible assets | 209 | 248 | ||||||||||||
Amortization of deferred debt issuance costs | 21 | 19 | ||||||||||||
Stock-based compensation | 1,233 | 1,108 | ||||||||||||
Deferred income taxes | 400 | 520 | ||||||||||||
Changes in assets - (increase)/decrease: | ||||||||||||||
Accounts receivable | (2,250) | (2,095) | ||||||||||||
Inventories | (203) | 433 | ||||||||||||
Other current assets | (130) | 126 | ||||||||||||
Other assets | 563 | 729 | ||||||||||||
Changes in liabilities - (decrease)/increase: | ||||||||||||||
Accounts payable and other liabilities | (3,328) | (1,577) | ||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 970 | 1,780 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Purchase of medical equipment | (1,680) | (3,284) | ||||||||||||
Purchase of property and equipment | (157) | (131) | ||||||||||||
Proceeds from sale of medical equipment, property and equipment | 577 | 754 | ||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (1,260) | (2,661) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Principal payments on long-term debt | (6,145) | (14,407) | ||||||||||||
Cash proceeds from long-term debt | 6,145 | 19,231 | ||||||||||||
Common stock repurchased as part of share repurchase program | (809) | (2,895) | ||||||||||||
Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans | (165) | (228) | ||||||||||||
Cash proceeds from exercise of options and ESPP | 184 | 159 | ||||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (790) | 1,860 | ||||||||||||
Net change in cash and cash equivalents | (1,080) | 979 | ||||||||||||
Cash and cash equivalents, beginning of period | 3,186 | 527 | ||||||||||||
Cash and cash equivalents, end of period | $ | 2,106 | $ | 1,506 | ||||||||||
Page 10 of 10
FAQ
How did InfuSystem (INFU) perform financially in Q1 2026?
InfuSystem generated net revenues of $33.7 million in Q1 2026, down 3% year over year. Net income improved to $1.0 million, or $0.05 per diluted share, compared with a net loss of $0.3 million, or $0.01 per diluted share, in Q1 2025.
What drove InfuSystem’s segment results in Q1 2026?
Patient Services net revenue rose 6% to $22.1 million, helped by higher Oncology and Wound Care volumes. Device Solutions net revenue fell 17% to $11.6 million, reflecting lower biomedical services, rentals and equipment sales, partly tied to a restructured GE Healthcare contract and a prior-year rental buyout.
How did InfuSystem’s profitability and margins change in Q1 2026?
Gross profit increased to $19.7 million and gross margin improved to 58.4% from 55.2%. Adjusted EBITDA was $6.4 million, essentially flat versus last year, but Adjusted EBITDA margin rose to 18.9% from 18.2%, supported by cost reductions and contract restructuring benefits.
What is InfuSystem’s liquidity and debt position as of March 31, 2026?
As of March 31, 2026, InfuSystem had total liquidity of $57.1 million, including $55.0 million of unused revolver capacity and $2.1 million in cash. Net debt was $17.5 million, based on total debt of $19.6 million and cash and cash equivalents of $2.1 million.
What full-year 2026 guidance did InfuSystem reaffirm?
InfuSystem reaffirmed guidance for 2026 pro-forma net revenue growth between 6% and 8%, adjusted for the GE Healthcare contract change. It also continues to expect Adjusted EBITDA margin in the mid to low 20% range, including ERP implementation-related expenses during the year.
How fast is InfuSystem’s wound care business growing?
First-quarter 2026 Wound Care net revenue reached $2.1 million, growing 116% year over year. Wound Care now represents about 6% of total revenue, with roughly 60% of its growth coming from compression therapy devices, including Pneumatic Compression Devices and Adjustable Compression Wraps.