InfuSystems Holdings Inc【INFU】株式ニュース

InfuSystem Announces Financial Results for First Quarter 2026May 7, 2026 6:30 AM
Business Wire 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 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 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). 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. 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. 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 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. 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. 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 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 View source version on businesswire.com: https://www.businesswire.com/news/home/20260507062705/en/ Barry Steele
Chief Financial Officer
(248) 260-2211 Original: InfuSystem Announces Financial Results for First Quarter 2026

InfuSystem Announces Financial Results for Fourth Quarter and Full Year 2025February 24, 2026 6:30 AM
Business Wire
Full Year 2025 vs. Full Year 2024:

Seventh Consecutive Year of Record Net Revenues: $143.4 million, Up 6%

Net Income Increased to: $6.6 million, Up 183%

Record Adjusted EBITDA (non-GAAP): $31.5 million, Up 24%

Record Operating Cash Flow of $24.4 million, Up 19%:

InfuSystem Holdings, Inc. (NYSE American: INFU), (“InfuSystem” or the “Company”), a leading national healthcare service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter Overview:

Net revenues totaled $36.2 million, an increase of 7% vs. prior year.

Patient Services net revenue was $21.9 million, an increase of 5% vs. prior year.

Device Solutions net revenue was $14.4 million, an increase of 10% vs. prior year.

Gross profit was $20.4 million, an increase of 12% vs. prior year.

Gross margin was 56.4%, an increase of 2.6% vs. prior year.

Operating income was $3.7 million, an increase of 42% vs. prior year.

Net income of $2.0 million, an increase of 118% vs prior year.

Earnings per diluted share of $0.10, an increase of 150% vs prior year.

Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) (non-GAAP) was $8.8 million, an increase of 17% vs. prior year.

Adjusted EBITDA margin was 24.3%, an increase of 2.1% vs. prior year.

Net cash provided by operations was $7.1 million, a decrease of 10% vs. prior year.

Full Year Overview:

Net revenues totaled $143.4 million, an increase of 6% vs. prior year.

Patient Services net revenue was $86.5 million, an increase of 8% vs. prior year.

Device Solutions net revenue was $56.9 million, an increase of 4% vs. prior year.

Gross profit was $80.3 million, an increase of 14% vs. prior year.

Gross margin was 56.0%, an increase of 3.8% vs. prior year.

Operating income was $11.9 million, an increase of 73% vs. prior year.

Net income of $6.6 million, an increase of 183% vs. prior year.

Earnings per diluted share of $0.31, an increase of 182% vs. prior year.

Adjusted EBITDA was $31.5 million, an increase of 24% vs. prior year.

Adjusted EBITDA margin was 21.9%, an increase of 3.2% vs. prior year.

Net cash provided by operations was $24.4 million, an increase of 19% vs. prior year.

Company liquidity totaled $58.2 million, as of December 31, 2025.

Management Discussion

Carrie Lachance, Chief Executive Officer of InfuSystem, said, "During the fourth quarter, we closed out the 2025 reporting period by delivering solid top line growth of 7.0%, with full-year Adjusted EBITDA expanding 24% to $31.5 million and strong operating cash flow of $7.1 million. We further strengthened our balance sheet, with net debt declining 30% year-over-year, while returning capital to our shareholders through our share repurchase program, retiring 137 thousand shares in the fourth quarter and 1.3 million shares for the full year."

"During the fourth quarter we continued to make advances on key initiatives that are expected to deliver on our clear mandate to execute with discipline, deliver profitable growth and drive long-term value creation for our shareholders. We made significant progress on our new revenue cycle management platform, which is already lowering claims processing costs and improving billing efficiency, and on our enterprise technology upgrade, which is expected to go live at the end of the first quarter of 2026. We also established new relationships with home healthcare durable medical equipment ("DME") manufacturers. I’m confident that our focus and progress on these initiatives will help us build on the margin expansion and cash flow improvements we delivered in 2025."

"As we announced during our review of the 2025 third quarter, we restructured our largest biomedical services contract and, consequently, we are starting 2026 at a reduced revenue volume of $7.1 million, or 5.5% annually. This was a necessary change that will have an immediate favorable impact on our reported earnings and cash flows since we also expect an even larger reduction in our expenses. This decision reflects our focus on the quality and profitability of our revenue, not just revenue growth. After adjusting for this decrease on a pro-forma basis, we are still expecting annual revenue growth of 6% to 8%. Additionally, we anticipate that our Adjusted EBITDA margin will continue in the mid to low 20% range carrying forward the significant improvements we made over the last two years. This is inclusive of the impact of costs related to our ongoing information technology systems upgrade which are expected to decrease significantly after the first quarter. Our diversified revenue base, strong market position in oncology infusion and growing presence across additional therapy areas, including Wound Care, which delivered over 160% revenue growth in the fourth quarter, provide a strong foundation to accelerate revenue growth in 2026 and beyond. We will look to update and refine our guidance as we move throughout the year,” concluded Ms. Lachance.

2025 Fourth Quarter Financial Review

Net revenues for the quarter ended December 31, 2025 were $36.2 million, an increase of $2.4 million, or 7.0%, compared to $33.8 million for the quarter ended December 31, 2024. The increase was attributable to both the Patient Services and Device Solutions Segments.

Patient Services net revenue of $21.9 million increased $1.1 million, or 5.4%, during the fourth quarter of 2025 as compared to the same prior year period. This increase was primarily attributable to additional treatment volume totaling $1.2 million offset partially by lower revenue from sales-type leases of NPWT pumps. The improved volume increases benefited the Oncology revenue by $0.5 million, or 2.8% and Wound Care treatment revenue by $0.9 million, or 160%, compared to the same prior year period. These increases were partially offset by a lower Pain Management revenue which decreased by $0.2 million, or 11.4%. The Wound Care net revenues included first time sales of Pneumatic Compression Devices ("PCD") stemming from a new supplier relationship.

Device Solutions net revenue of $14.4 million increased $1.3 million, or 9.7%, during the fourth quarter of 2025 as compared to the prior year period. This increase included higher sales of medical equipment totaling $1.0 million and higher biomedical services revenue, which increased by $0.6 million, or 17.4%. These increases were partially offset by a decrease in medical equipment rental revenue of $0.4 million, or 7.2%. The higher sales of medical equipment and lower amount of rental revenue was attributable to customer rental buyouts. The higher Biomedical services reflected volume from new customers and project timing.

Gross profit for the fourth quarter of 2025 of $20.4 million increased $2.2 million, or 12.2%, from $18.2 million for the fourth quarter of 2024. The increase was driven by the increase in net revenues and by a higher gross profit as a percentage of net revenue (i.e., gross margin). Gross margin was 56.4% during the fourth quarter of 2025 as compared to 53.8% during the same prior year period, an increase of 2.6%. Gross profit increased in both the Patient Services and Device Solutions segments. Gross margin increased in the Device Solutions segment, but was lower in the Patient Services segment.

Patient Services gross profit was $13.9 million during the fourth quarter of 2025, representing an increase of $0.5 million compared to the same prior year period. The improvement reflected an increase in net revenues offset partially by a lower gross margin, which decreased from the same prior year period by 1.1% to 63.6%. The lower gross margin was the result of a change in product mix favoring lower margin therapies offset partially by lower device maintenance expenses.

Device Solutions gross profit during the fourth quarter of 2025 was $6.5 million, representing an increase of $1.7 million, or 36.0%, compared to the same prior year period. This increase was due to higher net revenue and higher gross margin. The Device Solutions gross margin was 45.5% during the current quarter, which was 8.8% higher than the prior year. This increase was attributable to improved procurement costs for materials, increased biomedical productivity and favorable product mix favoring higher gross margin revenues, such as sales of used equipment.

Selling and marketing expenses for the fourth quarter of 2025 were $2.4 million, representing an increase of $0.3 million, or 13.7%, as compared to the fourth quarter of 2024. Selling and marketing expenses as a percentage of net revenues during 2025 was 6.7% representing an increase of 0.4% compared to the prior year period. This increase was mainly attributable to year-end sales commissions true-ups, which resulted in reductions in both periods but a smaller reduction in 2025.

General and administrative (“G&A”) expenses for the fourth quarter of 2025 were $14.1 million, an increase of 6.5% from $13.2 million for the fourth quarter of 2024. The increase of $0.9 million included $0.2 million increase in expenses related to a project to upgrade the Company's information technology and business applications that began in the third quarter of 2024. Additional expenses above 2024 levels included personnel directly related to the increased net revenue including revenue cycle personnel, general business expenses, including inflationary increases, totaling $1.0 million and a $0.1 million increase in the company's bad debt reserve accrual which was a benefit in the prior year but an expense amount during 2025. These increases were partially offset by a decrease in the management short-term incentive bonus expense of $0.5 million, during the fourth quarter of 2025, which was fully earned and capped during the current year as of the end of the third quarter. General and administrative expenses as a percentage of net revenues decreased by 0.2% to 38.9% compared to 39.0% in the prior year period.

Net income for the fourth quarter of 2025 was $2.0 million, or $0.10 per diluted share, compared to $0.9 million, or $0.04 per diluted share for the fourth quarter of 2024.

Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of 2025 was $8.8 million, or 24.3% of net revenue, and increased by $1.3 million, or 17.2%, compared to Adjusted EBITDA for the same prior year quarter of $7.5 million, or 22.2% of prior period net revenue.

Balance sheet, cash flows and liquidity

During the year ended December 31, 2025, operating cash flow increased to $24.4 million, a $3.9 million or 19.3% increase as compared to operating cash flow during the same prior year period. The increase was primarily due to higher net revenue and improved operating margins during the period.

Capital expenditures, which include purchases of medical devices, totaled $8.7 million during the year ended December 31, 2025, which was $9.1 million, or 51.3%, lower than the amount purchased during 2024. This decrease reflected the revenue growth during 2025, which favored products, such as Wound Care, that do not require the purchase of medical devices. Offsetting capital expenditures were proceeds from the sale of medical equipment totaling $3.3 million during 2025 and $4.6 million during 2024.

As of December 31, 2025, available liquidity for the Company totaled $58.2 million and consisted of $55.0 million in available borrowing capacity under the new revolving line of credit plus cash and cash equivalents of $3.2 million. Net debt, a non-GAAP measure (calculated as total debt of $19.6 million less cash and cash equivalents of $3.2 million) as of December 31, 2025 was $16.4 million representing a decrease of $6.9 million as compared to net debt of $23.3 million as of December 31, 2024 (calculated as total debt of $23.9 million less cash and cash equivalents of $0.5 million). Our ratio of Adjusted EBITDA to net debt (non-GAAP) for the last four quarters was 0.52 to 1.00 (calculated as net debt of $16.4 million divided by Adjusted EBITDA of $31.5 million).

Fiscal Year 2026 Guidance

Our strategic focus on profitable growth has led us to restructure the contract with our largest biomedical services customer. The changes, which included a crucial price increase, resulted in a significant reduction in the number and service levels of devices on contract. These changes effectively started in January 2026 and have reduced our annual revenue under the contract in 2026 by $7.1 million. We anticipate the ability to significantly improve the margin of the continuing business as was intended by the restructuring. During the fourth quarter of 2025, we reduced and relocated our service teams to conform with the amended scope of services.

InfuSystem is providing annual net revenue guidance for the full year 2026 in two parts by providing the impact of the biomedical services contract restructuring, which will reduce our net revenues by $7.1 million, or 5.5%, separately from the pro-forma growth rate for the unaffected business. This pro-forma net revenue growth is estimated to be between 6% to 8% for 2026. We are also forecasting Adjusted EBITDA margin (non-GAAP) to be in the mid to low 20%'s. This includes the planned reduction in the implementation expenses for the Company's upgraded information technology systems which are expected to go on-line at the end of the first quarter of 2026. The Company intends to update its annual guidance throughout the year.

The full year 2026 guidance reflects management’s current expectation 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, 2024, filed on March 11, 2025. 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 February 24, 2026, at 9:00 a.m. Eastern Time to discuss its fourth quarter and full year 2025 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 5092611, through Tuesday, March 3, 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.

Forward-Looking Statements

The financial results in this press release reflect preliminary results, which are not final until the Company’s annual report on Form 10-K for the year ended December 31, 2025 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.

FINANCIAL TABLES FOLLOW

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

December 31,

Years Ended

December 31,

(in thousands, except share and per share data)

2025

2024

2025

2024

Net revenues

$

36,230

$

33,848

$

143,436

$

134,861

Cost of revenues

15,795

15,632

63,140

64,458

Gross profit

20,435

18,216

80,296

70,403

Selling, general and administrative expenses:

Amortization of intangibles

211

248

920

991

Selling and marketing

2,432

2,139

10,487

11,312

General and administrative

14,078

13,213

56,969

51,209

Total selling, general and administrative

16,721

15,600

68,376

63,512

Operating income

3,714

2,616

11,920

6,891

Other expense:

Interest expense

(260

)

(361

)

(1,299

)

(1,777

)

Other income (expense)

43

9

2

(55

)

Income before income taxes

3,497

2,264

10,623

5,059

Provision for income taxes

(1,461

)

(1,331

)

(3,996

)

(2,714

)

Net income

$

2,036

$

933

$

6,627

$

2,345

Net income per share

Basic

$

0.10

$

0.04

$

0.32

$

0.11

Diluted

$

0.10

$

0.04

$

0.31

$

0.11

Weighted average shares outstanding:

Basic

20,297,663

21,270,864

20,657,877

21,271,608

Diluted

21,065,938

21,736,178

21,097,323

21,707,151

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

SEGMENT REPORTING

(UNAUDITED)

Three Months Ended

December 31,

Better/

(Worse)

(in thousands)

2025

2024

Net revenues:

Patient Services

$

21,877

$

20,761

$

1,116

Device Solutions (inclusive of inter-segment revenues)

15,948

14,894

1,054

Less: elimination of inter-segment revenues

(1,595

)

(1,807

)

212

Total

36,230

33,848

2,382

Gross profit (inclusive of certain inter-segment allocations) (a):

Patient Services

13,903

13,414

489

Device Solutions

6,532

4,802

1,730

Total

$

20,435

$

18,216

$

2,219

(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.

Years Ended

December 31,

Better/

(Worse)

(in thousands)

2025

2024

Net revenues:

Patient Services

$

86,532

$

80,378

$

6,154

Device Solutions (inclusive of inter-segment revenues)

64,096

61,737

2,359

Less: elimination of inter-segment revenues

(7,192

)

(7,254

)

62

Total

143,436

134,861

8,575

Gross profit (inclusive of certain inter-segment allocations) (a):

Patient Services

55,373

52,842

2,531

Device Solutions

24,923

17,561

7,362

Total

$

80,296

$

70,403

$

9,893

(a) Inter-segment allocations are for cleaning and repair services performed on medical equipment.

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

GAAP TO NON-GAAP RECONCILIATION

(UNAUDITED)

NET INCOME TO EBITDA, ADJUSTED EBITDA, NET INCOME MARGIN AND ADJUSTED EBITDA MARGIN:

Three Months Ended

December 31,

Years Ended

December 31,

(in thousands)

2025

2024

2025

2024

GAAP net income

$

2,036

$

933

$

6,627

$

2,345

Adjustments:

Interest expense

260

361

1,299

1,777

Income tax provision

1,461

1,331

3,996

2,714

Depreciation

3,138

3,173

12,374

11,508

Amortization

211

248

920

991

Non-GAAP EBITDA

$

7,106

$

6,046

$

25,216

$

19,335

Stock compensation costs

1,272

1,184

4,363

4,460

Medical equipment reserve (1)

169

205

400

573

Management reorganization/transition costs

239

—

1,321

108

Cooperation Agreement payment and associated legal expenses

—

—

—

649

Certain other non-recurring costs

8

66

157

175

Non-GAAP Adjusted EBITDA

$

8,794

$

7,501

$

31,457

$

25,300

GAAP Net Revenues

$

36,230

$

33,848

$

143,436

$

134,861

Net Income Margin (2)

5.6

%

2.8

%

4.6

%

1.7

%

Non-GAAP Adjusted EBITDA Margin (3)

24.3

%

22.2

%

21.9

%

18.8

%

Business Application ("ERP") Upgrade Investment (4)

$

689

$

493

$

2,560

$

738

(1)

Amounts represent a non-cash expense recorded to adjust the reserve for missing medical equipment and is being added back due to its similarity to depreciation.

(2)

Net Income Margin is defined as GAAP Net Income as a percentage of GAAP Net Revenues.

(3)

Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues.

(4)

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 is expected to be 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.

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

As of

(in thousands, except par value and share data)

December 31,

2025

December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents

$

3,186

$

527

Accounts receivable, net

22,901

21,155

Inventories, net

5,391

6,528

Other current assets

4,858

3,955

Total current assets

36,336

32,165

Medical equipment for sale or rental

4,589

3,157

Medical equipment in rental service, net of accumulated depreciation

34,456

39,175

Property & equipment, net of accumulated depreciation

3,359

4,030

Goodwill

3,710

3,710

Intangible assets, net

6,866

6,456

Operating lease right of use assets

4,178

5,374

Deferred income taxes

4,640

7,188

Derivative financial instruments

748

1,481

Other assets

1,678

878

Total assets

$

100,560

$

103,614

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

10,821

$

9,848

Other current liabilities

9,361

7,813

Total current liabilities

20,182

17,661

Long-term debt, net of current portion

19,625

23,864

Operating lease liabilities, net of current portion

3,427

4,560

Total liabilities

43,234

46,085

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; 20,209,636 shares issued and outstanding as of December 31, 2025, and 21,272,351 shares issued and outstanding as of December 31, 2024

2

2

Additional paid-in capital

117,461

113,868

Accumulated other comprehensive income

565

1,119

Retained deficit

(60,702

)

(57,460

)

Total stockholders’ equity

57,326

57,529

Total liabilities and stockholders’ equity

$

100,560

$

103,614

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Years Ended December 31,

(in thousands)

2025

2024

OPERATING ACTIVITIES

Net income

$

6,627

$

2,345

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for doubtful accounts

200

(167

)

Depreciation

12,374

11,508

Loss on disposal of and reserve adjustments for medical equipment

519

942

Gain on sale of medical equipment

(3,308

)

(2,268

)

Amortization of intangible assets

920

991

Amortization of deferred debt issuance costs

81

78

Stock-based compensation

4,363

4,460

Deferred income taxes

2,726

1,918

Changes in assets - (increase)/decrease:

Accounts receivable

263

(701

)

Inventories

1,140

(126

)

Other current assets

(903

)

202

Other assets

114

1,953

Changes in liabilities - (decrease)/increase:

Accounts payable and other liabilities

(708

)

(676

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

24,408

20,459

INVESTING ACTIVITIES

Acquisition of business

(1,412

)

—

Purchase of medical equipment

(8,126

)

(16,741

)

Purchase of property and equipment

(560

)

(1,092

)

Proceeds from sale of medical equipment, property and equipment

3,308

4,594

NET CASH USED IN INVESTING ACTIVITIES

(6,790

)

(13,239

)

FINANCING ACTIVITIES

Principal payments on long-term debt

(52,349

)

(56,113

)

Cash proceeds from long-term debt

48,226

50,798

Debt issuance costs

(197

)

—

Common stock repurchased as part of share repurchase program

(9,869

)

(1,180

)

Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans

(1,105

)

(816

)

Cash proceeds from exercise of options and ESPP

335

387

NET CASH USED IN FINANCING ACTIVITIES

(14,959

)

(6,924

)

Net change in cash and cash equivalents

2,659

296

Cash and cash equivalents, beginning of period

527

231

Cash and cash equivalents, end of period

$

3,186

$

527

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224445533/en/
Barry Steele

Chief Financial Officer

(248) 260-2211

Original: InfuSystem Announces Financial Results for Fourth Quarter and Full Year 2025