olivLaw · US equity research
InfuSystem Holdings, Inc. INFU
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
InfuSystem Holdings is a national healthcare service provider that facilitates outpatient care, notably ambulatory infusion pumps for oncology treatments delivered at home. The company reported growth in revenue and adjusted EBITDA margin in its latest quarter, driven by the Patient Services segment, while Device Solutions declined after restructuring a major contract. Net revenues were 143.4 million USD in fiscal 2025, up 6.4%.
At the close of 04 Nov 2026, InfuSystem Holdings, Inc. (INFU) stock was 13.15 USD (+2.73% on the day), with market capitalisation 261.9 m USD, P/E 32.3 on diluted EPS of 0.41 USD over the last 12 months, beta 1.18, 52-week range 7.42–14.45 USD. Latest reported quarter (Q2 2026): revenue of 36.9 m USD (+2.6% YoY), net income of 3.2 m USD (+24.3% YoY), diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.0
- weak (30–45)
- Bollinger (20, 2)
- 12.98 – 14.59
- in the lower half of the band · %B 0.11 · band width 11.7%
- SMA 50 / 200
- 13.04 / 10.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.5% | −1.1% | −1.4 pp | — |
| 3 months | +8.2% | −0.5% | +8.7 pp | — |
| 6 months | +29.7% | +4.4% | +25.3 pp | — |
| Year to date | +46.6% | +12.3% | +34.3 pp | — |
| 1 year | +39.0% | +13.5% | +25.5 pp | −5.2% |
| 3 years | +36.3% | +76.4% | −40.1 pp | +14.6% |
| 5 years | −20.7% | +63.7% | −84.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35.3 m | 33.8 m | 34.7 m | 36.0 m | 36.5 m | 36.2 m | 33.7 m | 36.9 m |
| Cost of revenue | 16.3 m | 15.6 m | 15.5 m | 16.1 m | 15.7 m | 15.8 m | 14.0 m | 15.5 m |
| Gross profit | 19.0 m | 18.2 m | 19.2 m | 19.9 m | 20.8 m | 20.4 m | 19.7 m | 21.4 m |
| Operating income | 3.3 m | 2.6 m | 618.0 k | 3.8 m | 3.8 m | 3.7 m | 1.6 m | 4.2 m |
| Depreciation & amortisation | 3.1 m | 3.4 m | 3.3 m | 3.3 m | 3.3 m | 3.3 m | 3.3 m | 3.2 m |
| Interest expense | 476.0 k | 361.0 k | 336.0 k | 373.0 k | 330.0 k | 260.0 k | 255.0 k | 255.0 k |
| Pre-tax income | 2.8 m | 2.3 m | 253.0 k | 3.4 m | 3.4 m | 3.5 m | 1.4 m | 3.9 m |
| Income tax | 978.0 k | 1.3 m | 520.0 k | 847.0 k | 1.2 m | 1.5 m | 400.0 k | 640.0 k |
| Net income | 1.8 m | 933.0 k | -267.0 k | 2.6 m | 2.3 m | 2.0 m | 1.0 m | 3.2 m |
| Diluted EPS | 0.08 | 0.04 ≈ | -0.01 | 0.12 | 0.11 | 0.10 ≈ | 0.05 | 0.15 |
| Operating cash flow | 9.8 m ≈ | 7.9 m | 1.8 m | 7.0 m ≈ | 8.5 m ≈ | 7.1 m | 970.0 k | 6.8 m ≈ |
| Capex | 43.0 k ≈ | 530.0 k | 131.0 k | 217.0 k ≈ | 79.0 k ≈ | 133.0 k | 157.0 k | 91.0 k ≈ |
| Share repurchases | 698.0 k ≈ | 199.0 k | 2.9 m | 3.5 m ≈ | 2.2 m ≈ | 1.3 m | 809.0 k | 3.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 32 percentile of its own 25-quarter history (min 23.6, median 82.1, max 2,587.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67.1 m | 81.1 m | 97.4 m | 102.4 m | 109.9 m | 125.8 m | 134.9 m | 143.4 m |
| Revenue YoY | −5.5% | +20.8% | +20.1% | +5.1% | +7.4% | +14.4% | +7.2% | +6.4% |
| Net income | -1.1 m | 1.4 m | 17.3 m | 1.4 m | 18.0 k | 872.0 k | 2.3 m | 6.6 m |
| Net income YoY | unavailable | unavailable | +1,173.5% | −91.8% | −98.7% | +4,744.4% | +168.9% | +182.6% |
| Diluted EPS | -0.05 | 0.07 | 0.80 | 0.06 | 0.00 | 0.04 | 0.11 | 0.31 |
| Diluted EPS YoY | unavailable | unavailable | +1,042.9% | −92.5% | −100.0% | unavailable | +175.0% | +181.8% |
| net % | -1.6% | 1.7% | 17.8% | 1.4% | 0.0% | 0.7% | 1.7% | 4.6% |
| Free cash flow | 11.1 m | 10.9 m | 19.2 m | 17.3 m | 16.5 m | 10.2 m | 19.4 m | 23.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.2 m USD
- Financial debt
- 19.6 m USD
- Net debt
- 16.4 m USD
- Equity
- 57.3 m USD
- Total assets
- 100.6 m USD
- Debt / equity
- 0.34x
- Current ratio
- 1.80x
- ROE
- 11.5%
- ROA
- 6.5%
- FCF margin
- 16.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 97.4 m | 102.4 m | 109.9 m | 125.8 m | 134.9 m | 143.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 38.6 m | 43.8 m | 49.4 m | 62.7 m | 64.5 m | 63.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 58.8 m | 58.5 m | 60.6 m | 63.1 m | 70.4 m | 80.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 8.8 m | 2.8 m | 1.7 m | 4.1 m | 6.9 m | 11.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 14.0 m | 14.6 m | 13.4 m | 12.5 m | 12.5 m | 13.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 22.9 m ≈ | 17.4 m ≈ | 15.0 m ≈ | 16.6 m ≈ | 19.4 m ≈ | 25.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 1.3 m | 1.4 m | 1.4 m | 2.2 m | 1.8 m | 1.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 7.5 m | 1.3 m | 130.0 k | 1.9 m | 5.1 m | 10.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -9.8 m | -163.0 k | 112.0 k | 979.0 k | 2.7 m | 4.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 17.3 m | 1.4 m | 18.0 k | 872.0 k | 2.3 m | 6.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.80 | 0.06 | 0.00 | 0.04 | 0.11 | 0.31 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 21.7 m | 22.0 m | 21.5 m | 21.6 m | 21.7 m | 21.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.6 m | 186.0 k | 165.0 k | 231.0 k | 527.0 k | 3.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 14.7 m | 15.4 m | 16.9 m | 19.8 m | 21.2 m | 22.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 3.0 m | 3.9 m | 4.8 m | 6.4 m | 6.5 m | 5.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 29.8 m | 22.1 m | 24.8 m | 30.6 m | 32.2 m | 36.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 4.3 m | 4.5 m | 4.4 m | 4.3 m | 4.0 m | 3.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 0 | 3.7 m | 3.7 m | 3.7 m | 3.7 m | 3.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 11.2 m | 10.9 m | 8.4 m | 7.4 m | 6.5 m | 6.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 97.0 m | 97.6 m | 99.4 m | 102.9 m | 103.6 m | 100.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 6.8 m | 7.9 m | 8.3 m | 8.0 m | 9.8 m | 10.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 9.4 m | 349.0 k | 0 | 0 | 0 | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 29.4 m | 32.7 m | 33.2 m | 29.1 m | 23.9 m | 19.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 23.0 m | 12.9 m | 14.5 m | 15.7 m | 17.7 m | 20.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 56.2 m | 49.3 m | 51.4 m | 50.6 m | 46.1 m | 43.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 40.8 m † | 48.3 m † | 48.0 m † | 52.3 m † | 57.5 m † | 57.3 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.3 m | 18.3 m | 17.5 m | 11.2 m | 20.5 m | 24.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 1.1 m | 980.0 k | 982.0 k | 1.0 m | 1.1 m | 560.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 19.2 m ≈ | 17.3 m ≈ | 16.5 m ≈ | 10.2 m ≈ | 19.4 m ≈ | 23.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -12.2 m | -21.3 m | -11.5 m | -6.7 m | -13.2 m | -6.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -1.1 m | -6.5 m | -6.1 m | -4.4 m | -6.9 m | -15.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 0 | 560.0 k | 5.5 m | 153.0 k | 1.2 m | 9.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 261.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation78
- Returns43
- Quality76
- Balance sheet83
- Growth77
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.05 – 27.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)17.18 – 27.36 (Mid 21.09)WACC 8.9% · starting FCFF 23.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -9.7%
- Peers: EV/EBITDA16.23 – 23.98 (Mid 20.47)10 companies used · median multiple 16.2x · quartiles 13.0x – 18.9xBDX, BSX, EMBC, HAE, ICUI, MMM, MMSI, RMD, SOLV, SYK
- Peers: P/E7.05 – 13.95 (Mid 10.43)12 companies used · median multiple 25.6x · quartiles 17.3x – 34.2xBSX, DXCM, EMBC, GCTK, GMED, LMAT, MMM, MMSI, RMD, SOLV, SYK, WST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.7% | 72 (vs peers) | 12% |
| Net margin · Quality | 6.0% | 59 (vs peers) | 7% |
| FCF conversion · Quality | 268.1% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.3% | 77 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.7x | 67 (vs peers) | 12% |
| Interest coverage · Balance sheet | 12.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 32.3x | 56 (vs peers) | 12% |
| EV/EBITDA · Valuation | 10.7x | 83 (vs peers) | 12% |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet83/100 · 3/3 factors with a value
- Growth· partial77/100 · 1/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns· partial43/100 · 1/2 factors with a value
- Valuation78/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INFUSYSTEM HOLDINGS, INC (INFU). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 143.4 m USD in 2025; YoY growth 6.4%; net margin 6.0%; ROE 15.0%; net debt/EBITDA 0.7x.
The estimated value range is 16.23–23.98 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 20.47 USD, the price of 13.15 USD leaves a potential of 55.7% (value / price − 1) and a margin of safety of 35.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.7%
- FCF conversion: 268.1%
- Revenue CAGR 3Y: 9.3%
- Interest coverage: 12.1x
- Current ratio: 2.5x
- EV/EBITDA: 10.7x
- FCF yield: 8.7%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
| TMCITreace Medical Concepts, Inc. | 292.7 m | — | -72.0% | -29.0% | +1.6% | +51% / −49% |
1- and 3-year price returns: for INFU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.58 Total return -35% · Per year -35% | 15.13 Total return 15% · Per year 15% | 22.74 Total return 73% · Per year 73% |
| 3 years | 9.14 Total return -30% · Per year -11% | 18.07 Total return 37% · Per year 11% | 29.70 Total return 126% · Per year 31% |
| 5 years | 9.74 Total return -26% · Per year -6% | 21.57 Total return 64% · Per year 10% | 38.79 Total return 195% · Per year 24% |
- Exit P/E± 4.52
- Net margin± 3.16
- Annual revenue growth± 2.48
- Annual dilution± 0.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
InfuSystem Holdings is a national healthcare service provider that facilitates outpatient care, notably ambulatory infusion pumps for oncology treatments delivered at home. The company reported growth in revenue and adjusted EBITDA margin in its latest quarter, driven by the Patient Services segment, while Device Solutions declined after restructuring a major contract. Net revenues were 143.4 million USD in fiscal 2025, up 6.4% 1.
SWOT
Strengths
- A broad network of third-party payer contracts and long experience in durable medical equipment give the company a solid position.
- A large pump fleet and same-day or next-day delivery capability support customer service.
- Solid liquidity and rising adjusted EBITDA margin provide financial flexibility.
Weaknesses
- Heavy dependence on one oncology segment makes the company vulnerable to changes in colorectal cancer treatment.
- Device Solutions revenue declined after the restructuring of a major contract.
- Reliance on one major supplier for electronic pumps could delay deliveries.
Opportunities
- Expansion into other cancers and into pain and wound care therapies could open new revenue sources.
- Acquisitions of smaller regional providers could extend geographic reach and payer coverage.
- The new ERP system could bring long-term operational efficiencies.
Threats
- Changes in the reimbursement system or fee cuts could directly affect revenues.
- Oral therapies or other treatments that do not need pumps could reduce demand.
- Supply chain disruptions or shortages of chemotherapy drugs could affect operations.
Risks
- Reliance on reimbursementhigh
Revenues depend on payments from insurers and government, and changes in fee schedules could materially reduce profitability.
- Dependence on Medicare Supplier Numberhigh
Losing the Medicare supplier number could block billing to Medicare and many third-party payer contracts.
- Dependence on one pump suppliermedium
Most new electronic pumps come from one major supplier, and a disruption could affect deliveries.
- Payer auditsmedium
Periodic reviews and billing audits by government and private payers could produce adverse results.
- Drug availabilitymedium
Shortages of chemotherapy drugs used in the pump systems could reduce treatment volume.
Investment thesis
What would need to be true (bull case)
- Growth in Patient Services revenue and expansion in wound care show the business model can diversify.
- The restructuring of the biomedical contract improved gross margin, which could support profitability in coming periods.
- The 2026 pro forma growth guidance suggests management expects continued expansion if execution stays disciplined.
What would break the thesis
- Dependence on reimbursement and fee levels could limit revenue growth if payments decline.
- The decline in Device Solutions revenue shows the vulnerability of the secondary segment after losing a major contract.
- If oral therapies become as effective, demand for continuous infusion could fall.
What to watch
- Development of Patient Services revenue and wound care growthQ3 2026
- Stabilization of the ERP system and any additional costs2026
- Delivery against the 6% to 8% pro forma revenue growth guidance2026
- Changes in reimbursement policy and in the number of payer contractsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
InfuSystem Holdings, Inc. is a Delaware corporation formed in 2005 that operates through its subsidiary InfuSystem, Inc. Its headquarters are in Rochester Hills, Michigan, and it operates from seven locations in the United States and Canada 1. The company describes itself as a national healthcare service provider facilitating outpatient care for durable medical equipment manufacturers and healthcare providers 1. Its model rests on two platforms: Patient Services, the lead platform, and Device Solutions, which complements existing provider relationships 1.
Patient Services covers equipment and consumables, order and delivery logistics, 24/7 nursing support, billing of third-party payers and biomedical services for infusion pumps 1. Device Solutions covers equipment rental and sales, consumable sales and biomedical recertification, maintenance and repair services 1. The company does no research and development on pumps but invests in information technology 1.
The strategy aims at sustainable growth by extending the oncology model to other durable medical equipment therapies, through acquisitions of smaller regional providers and partnerships with equipment manufacturers 1. In 2025 the company added pneumatic compression devices and acquired the assets of Apollo Medical Supply, supplementing its wound care business 1.
Segments
Patient Services
Patient Services is the main growth engine and centres on home-based oncology infusion therapy. In 2025, Oncology generated approximately 87% of segment net revenues 1. In the second quarter of 2026, segment revenue rose 15% year on year to 24.8 million USD, supported by treatment volume and new wound care products 3.
Device Solutions
Device Solutions covers pump sales and rentals, consumable sales and biomedical services. In the second quarter of 2026 revenue fell 16% to 12.1 million USD after the restructuring of the biomedical services contract with GE Healthcare, which reduced revenue but improved gross margin 3.
Market context
The company operates in the market for durable medical equipment and outpatient care, notably for colorectal cancer treatment, where continuous chemotherapy infusion is the standard of care 1. It holds contracts with nearly 840 third-party payer networks, a barrier to entry for new competitors 1. NCCN Guidelines recommend continuous infusion for numerous cancer diagnoses, which supports long-term demand 2.
For 2026 the company guides to 6% to 8% pro forma revenue growth while maintaining strong EBITDA margins 3. Liquidity stood at 55.2 million USD as of June 30, 2026 3.
Trends
- Changes in reimbursementheadwind
Revenues depend on reimbursement from private insurers and government agencies, and reduced fees or delayed payments could weigh on profitability 1.
- Growth of continuous infusion therapytailwind
Evidence of better clinical outcomes and lower toxicity supports the expansion of continuous infusion in oncology, which could support treatment volume 1.
- Wound care and compressiontailwind
The launch of compression devices and wraps through new supplier relationships drove strong growth in the second quarter of 2026 3.
- Oral therapies and clinical changeheadwind
If clinical trials show oral medications are as effective, demand for electronic ambulatory pumps could decline 1.
Competitive position
The company argues its advantages come from its long reputation, relationships with manufacturers and payers, economies of scale and large pump fleet 1. Competition comes from home healthcare providers offering similar services and from alternative treatment methods, and the company cites competitive pressure from home healthcare companies 1.
- Home healthcare service providers
Companies offering home healthcare services that compete for the same patients and providers, as cited in the company risk factors.
- Infusion pump manufacturers
Equipment makers supplying electronic pumps, on which the company relies heavily for purchases.
- Oral therapy providers
Oral treatments that could replace continuous infusion if shown to be as effective.
- Biomedical service providers
Companies offering equipment repair and recertification that compete with the Device Solutions segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Unique Payer Network Strengthens InfuSystem (INFU)Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Regulation FD disclosure
- Current report27 Oct 2026Regulation FD disclosure
- Current report17 Sept 2026Regulation FD disclosure
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Regulation FD disclosure
- Current report04 Aug 2026Results of operations
- Current report28 Jul 2026Regulation FD disclosure
- Current report18 May 2026Regulation FD disclosure
- Current report14 May 2026Departure or appointment of officers
- Current report12 May 2026Departure or appointment of officers · Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / InfuSystem Holdings, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / InfuSystem Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / InfuSystem Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.