INFU · InfuSystem Holdings, Inc

InfuSystem Holdings, Inc., through its subsidiaries, provides infusion pumps and related products and services in the United States and Canada. It operates through two segments: Patient Services and Device Solutions. The company supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology, infusion, and hospital outpatient chemotherapy clinics for the treatment of various cancers, including colorectal cancer, pain management, and other disease states. It also sells and rents new and pre-owned pole-mounted and ambulatory infusion pumps, and other durable medical equipment; sells treatment-related consumables; and provides biomedical recertification, maintenance, and repair services for oncology practices, as well as other healthcare site settings comprising hospitals, home care and home infusion providers, skilled nursing and acute care facilities, pain centers, and others. In addition, the company offers local and field-based customer support, as well as operates pump service and repair centers. The company was incorporated in 2005 and is headquartered in Rochester Hills, Michigan.

Cap structure and valuation

Cap structure
SP	$8.21
SO	20.2M
Options	0.4M
Warrants	0.0M
FD SO	20.6M
MC	$169.0M

Cash	$2.1M
Total debt	$19.6M
EV	$186.6M

TTM Multiples
EV / Revenue	1.3x
EV / EBITDA	7.1x
MC / Net Income	21.4x
EV / FCF	8.1x
MC / FCF	7.3x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	33.68	36.23	36.49	36.00
Revenue YoY %	(3.0%)	7.0%	3.3%	6.8%
Cost of Revenue	14.00	15.79	15.67	16.13
Gross Profit	19.68	20.43	20.82	19.87
Gross Profit YoY %	2.7%	12.2%	9.3%	19.2%
Gross Margin %	58.4%	56.4%	57.1%	55.2%

SG&A	17.88	16.51	16.80	15.85
Operating Expense	18.09	16.72	17.01	16.10

Operating Income	1.59	3.71	3.81	3.78
Operating Income YoY %	157.3%	42.0%	16.7%	103.6%
Operating Margin %	4.7%	10.3%	10.4%	10.5%
EBITDA	4.84	7.06	7.09	7.12
EBITDA Margin %	14.4%	19.5%	19.4%	19.8%

Interest Expense	0.26	0.26	0.33	0.37
Pretax Income	1.42	3.50	3.43	3.45
Tax Provision	0.40	1.46	1.17	0.85
Net Income	1.02	2.04	2.26	2.60
Net Margin %	3.0%	5.6%	6.2%	7.2%

Diluted EPS	$0.05	$0.09	$0.11	$0.12
Basic EPS	$0.05	$0.10	$0.11	$0.12
Diluted Avg Shares	20.9	-0.1	20.9	21.1
Basic Avg Shares	20.2	-0.1	20.4	20.8

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	142.40	143.44	134.86	125.78	109.91
Revenue YoY %	(0.7%)	6.4%	7.2%	14.4%	—
Cost of Revenue	61.59	63.14	64.46	62.68	49.35
Gross Profit	80.81	80.30	70.40	63.11	60.56
Gross Profit YoY %	0.6%	14.1%	11.6%	4.2%	—
Gross Margin %	56.7%	56.0%	52.2%	50.2%	55.1%

SG&A	67.04	67.46	62.52	58.03	56.41
Operating Expense	67.92	68.38	63.51	59.02	58.91

Operating Income	12.89	11.92	6.89	4.09	1.65
Operating Income YoY %	8.2%	73.0%	68.6%	147.2%	—
Operating Margin %	9.1%	8.3%	5.1%	3.2%	1.5%
EBITDA	26.12	25.21	19.39	16.60	15.01
EBITDA Margin %	18.3%	17.6%	14.4%	13.2%	13.7%

Interest Expense	1.22	1.30	1.78	2.17	1.40
Pretax Income	11.79	10.62	5.06	1.85	0.13
Tax Provision	3.88	4.00	2.71	0.98	0.11
Net Income	7.91	6.63	2.35	0.87	0.02
Net Margin %	5.6%	4.6%	1.7%	0.7%	0.0%

Diluted EPS	$0.37	$0.31	$0.11	$0.04	$0.00
Basic EPS	$0.38	$0.32	$0.11	$0.04	$0.00
Diluted Avg Shares	20.9	21.1	21.7	21.6	21.5
Basic Avg Shares	20.2	20.7	21.3	21.0	20.6

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	2.11	3.19	0.95	0.72
Receivables	23.98	22.90	24.31	24.48
Inventory	5.83	5.39	5.59	5.67
Total Current Assets	36.66	36.34	35.57	34.80

Net PPE	3.22	3.36	3.65	3.81
Goodwill	3.71	3.71	3.71	3.71
Total Assets	98.66	100.56	98.88	100.85

Accounts Payable	9.63	10.82	10.02	9.32
Total Current Liabilities	17.14	20.18	18.72	15.86
Long-term Debt	19.65	19.62	20.93	26.35
Total Liabilities	39.91	43.23	43.41	46.31

Retained Earnings	(60.54)	(60.70)	(61.43)	(61.52)
Total Equity	58.75	57.33	55.47	54.53

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	2.11	3.19	0.53	0.23	0.17
Receivables	23.98	22.90	21.20	19.83	16.87
Inventory	5.83	5.39	6.53	6.40	4.82
Total Current Assets	36.66	36.34	32.16	30.62	24.78

Net PPE	3.22	3.36	4.03	4.32	4.38
Goodwill	3.71	3.71	3.71	3.71	3.71
Total Assets	98.66	100.56	103.61	102.92	99.39

Accounts Payable	9.63	10.82	9.85	8.01	8.34
Total Current Liabilities	17.14	20.18	17.66	15.71	14.47
Long-term Debt	19.65	19.62	23.86	29.10	33.16
Total Liabilities	39.91	43.23	46.09	50.61	51.38

Retained Earnings	(60.54)	(60.70)	(57.46)	(58.62)	(59.34)
Total Equity	58.75	57.33	57.53	52.30	48.00

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	1.02	2.04	2.26	2.60
D&A	3.25	3.35	3.28	3.34
Stock-Based Comp	1.23	1.27	1.32	0.66
Operating Cash Flow	0.97	7.13	8.49	7.01

CapEx	(0.16)	(0.13)	(0.08)	(0.22)
Investing Cash Flow	(1.26)	(2.19)	(0.25)	(1.69)

Stock Buyback	(0.81)	(1.31)	(2.17)	(3.50)
Financing Cash Flow	(0.79)	(2.70)	(8.01)	(6.11)

Free Cash Flow	0.81	6.99	8.41	6.79

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	7.91	6.63	2.35	0.87	0.02
D&A	13.23	13.29	12.50	12.51	13.36
Stock-Based Comp	4.49	4.36	4.46	4.07	3.83
Operating Cash Flow	23.60	24.41	20.46	11.22	17.52

CapEx	(0.59)	(0.56)	(1.09)	(1.02)	(0.98)
Investing Cash Flow	(5.39)	(6.79)	(13.24)	(6.73)	(11.48)

Stock Buyback	(7.78)	(9.87)	(1.18)	(0.15)	(5.46)
Financing Cash Flow	(17.61)	(14.96)	(6.92)	(4.42)	(6.06)

Free Cash Flow	23.01	23.85	19.37	10.20	16.54

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	2.14	1.80	1.90	2.19
Quick Ratio	1.80	1.53	1.60	1.84
Debt / Equity	0.68	0.75	0.78	0.85
EBITDA Margin %	14.4%	19.5%	19.4%	19.8%
Working Capital	19.52	16.15	16.85	18.94
Net Debt	17.54	16.44	19.98	25.63
ROE %	1.7%	3.6%	4.1%	4.8%
ROA %	1.0%	2.0%	2.3%	2.6%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	2.14	1.80	1.82	1.95	1.71
Quick Ratio	1.80	1.53	1.45	1.54	1.38
Debt / Equity	0.68	0.75	0.80	0.97	1.07
EBITDA Margin %	18.3%	17.6%	14.4%	13.2%	13.7%
Working Capital	19.52	16.15	14.50	14.91	10.31
Net Debt	17.54	16.44	23.34	28.87	32.99
ROE %	13.5%	11.6%	4.1%	1.7%	0.0%
ROA %	8.0%	6.6%	2.3%	0.8%	0.0%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-12	Lachance Carrie	Director, Officer (President and CEO)	2026-05-11	P	1,000	$8.46	$8,460
2026-05-12	GENDRON PAUL ANDREW	Director	2026-05-08	P	5,000	$8.88	$44,400
2026-05-12	Lachance Carrie	Director, Officer (President and CEO)	2026-05-08	P	2,000	$8.83	$17,660
2026-05-12	Steele Barry G	Officer (Executive VP and CFO)	2026-05-08	P	7,000	$8.71	$60,949
2026-03-02	Steele Barry G	Officer (Executive VP and CFO)	2026-03-02	P	2,064	$9.16	$18,906
2025-10-14	Funke Jerod	Officer (EVP-Chief HR Officer)	2025-10-09	M	12,500	—	$0
2025-10-14	Funke Jerod	Officer (EVP-Chief HR Officer)	2025-10-09	F	(3,669)	$9.61	-$35,259
2025-10-14	Funke Jerod	Officer (EVP-Chief HR Officer)	2025-10-09	M	(12,500)	—	$-0
2025-09-25	Lachance Carrie	Director, Officer (President and CEO)	2025-09-23	A	50,000	—	$0
2025-09-25	Lachance Carrie	Director, Officer (President and CEO)	2025-09-23	F	(19,675)	$10.22	-$201,078
2025-08-22	Shuda Scott	Director	2025-08-22	S	(5,752)	$9.67	-$55,622
2025-08-22	Shuda Scott	Director	2025-07-07	J	(2,242)	—	$-0
2025-05-28	Eichenbaum Kenneth D.	Director	2025-05-28	P	2,000	$5.18	$10,360
2025-05-20	Hundzinski Ronald T	Director	2025-05-19	P	5,000	$6.09	$30,450
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-17	M	17,727	—	$0
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-17	F	(6,090)	$6.15	-$37,454
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-17	M	(17,727)	—	$-0
2025-05-20	Chupa Addam	Officer (Executive VP and CIO)	2025-05-17	M	10,000	—	$0
2025-05-20	Chupa Addam	Officer (Executive VP and CIO)	2025-05-17	F	(3,660)	$6.15	-$22,509
2025-05-20	Chupa Addam	Officer (Executive VP and CIO)	2025-05-17	M	(10,000)	—	$-0
2025-05-20	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-05-17	M	40,909	—	$0
2025-05-20	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-05-17	F	(19,509)	$6.15	-$119,980
2025-05-20	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-05-17	M	(40,909)	—	$-0
2025-05-20	Steele Barry G	Officer (Executive VP and CFO)	2025-05-17	M	13,636	—	$0
2025-05-20	Steele Barry G	Officer (Executive VP and CFO)	2025-05-17	F	(5,946)	$6.15	-$36,568
2025-05-20	Steele Barry G	Officer (Executive VP and CFO)	2025-05-17	M	(13,636)	—	$-0
2025-05-20	Eichenbaum Kenneth D.	Director	2025-05-16	A	39,588	—	$0
2025-05-20	Funke Jerod	Officer (EVP-Chief HR Officer)	2025-05-16	A	15,546	—	$0
2025-05-20	Funke Jerod	Officer (EVP-Chief HR Officer)	2025-05-16	A	36,926	—	$0
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-16	A	74,228	—	$0
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-16	A	128,000	—	$0
2025-05-20	Lachance Carrie	Director, Officer (President and COO)	2025-05-16	A	31,250	—	$0
2025-05-20	GENDRON PAUL ANDREW	Director	2025-05-16	A	39,588	—	$0
2025-05-20	Hundzinski Ronald T	Director	2025-05-16	A	39,588	—	$0
2025-05-20	Chupa Addam	Officer (Executive VP and CIO)	2025-05-16	A	31,176	—	$0
2025-05-20	Chupa Addam	Officer (Executive VP and CIO)	2025-05-16	A	13,125	—	$0
2025-05-20	Shuda Scott	Director	2025-05-16	A	39,588	—	$0
2025-05-20	Shuda Scott	Director	2025-05-16	A	11,876	—	$0
2025-05-20	Steele Barry G	Officer (Executive VP and CFO)	2025-05-16	A	53,518	—	$0
2025-05-20	Steele Barry G	Officer (Executive VP and CFO)	2025-05-16	A	22,531	—	$0
2025-05-20	HUSS BEVERLY A	Director	2025-05-16	A	39,588	—	$0
2025-05-19	Lachance Carrie	Director, Officer (President and COO)	2025-05-16	P	1,967	$6.10	$11,991
2025-05-19	Lachance Carrie	Director, Officer (President and COO)	2025-05-15	P	1,165	$6.00	$6,996
2025-05-14	Steele Barry G	Officer (Executive VP and CFO)	2025-05-14	P	3,000	$5.76	$17,280
2025-03-11	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-03-07	M	25,000	$2.60	$65,000
2025-03-11	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-03-07	F	(17,976)	$6.18	-$111,092
2025-03-11	Dilorio Richard	Director, Officer (Chief Executive Officer)	2025-03-07	M	(25,000)	—	$-0
2024-12-06	Shuda Scott	Director	2024-12-05	J	(42,241)	—	$-0
2024-11-27	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-11-27	S	(5,398)	$8.87	-$47,885
2024-11-27	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-11-26	S	(14,602)	$8.91	-$130,165
2024-11-27	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-11-25	S	(20,000)	$9.32	-$186,416
2024-11-04	Chupa Addam	Officer (Executive VP and CIO)	2024-10-31	M	20,000	—	$0
2024-11-04	Chupa Addam	Officer (Executive VP and CIO)	2024-10-31	F	(8,720)	$6.19	-$53,977
2024-11-04	Chupa Addam	Officer (Executive VP and CIO)	2024-10-31	M	(20,000)	—	$-0
2024-10-11	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-10-09	M	12,500	—	$0
2024-10-11	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-10-09	F	(3,669)	$6.77	-$24,839
2024-10-11	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-10-09	M	(12,500)	—	$-0
2024-09-25	Eichenbaum Kenneth D.	Director	2024-09-23	P	4,000	$5.89	$23,560
2024-06-28	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-06-26	M	50,000	$2.69	$134,500
2024-06-28	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-06-26	F	(34,347)	$6.83	-$234,590
2024-06-28	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-06-26	M	(50,000)	—	$-0
2024-05-23	BOYD RALPH F JR	Director	2024-05-23	P	4,000	$7.13	$28,520
2024-05-23	HUSS BEVERLY A	Director	2024-05-22	P	4,300	$6.86	$29,486
2024-05-21	Chupa Addam	Officer (Executive VP and CIO)	2024-05-21	P	1,000	$6.67	$6,670
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-20	P	3,000	$6.47	$19,398
2024-05-21	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-05-20	P	1,000	$6.39	$6,388
2024-05-21	GENDRON PAUL ANDREW	Director	2024-05-20	P	5,000	$6.54	$32,700
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-18	M	7,051	—	$0
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-18	F	(3,286)	$6.44	-$21,162
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-18	M	(7,051)	—	$-0
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-18	M	14,103	—	$0
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-18	F	(6,819)	$6.44	-$43,914
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-18	M	(14,103)	—	$-0
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-18	M	8,077	—	$0
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-18	F	(3,179)	$6.44	-$20,473
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-18	M	(8,077)	—	$-0
2024-05-21	BOYD RALPH F JR	Director	2024-05-17	A	35,685	—	$0
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-17	A	3,886	—	$0
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-17	F	(1,811)	$6.44	-$11,663
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-17	A	20,702	—	$0
2024-05-21	Steele Barry G	Officer (Executive VP and CFO)	2024-05-17	A	93,674	—	$0
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-17	A	11,659	—	$0
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-17	F	(5,639)	$6.44	-$36,315
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-17	A	49,685	—	$0
2024-05-21	Dilorio Richard	Director, Officer (Chief Executive Officer)	2024-05-17	A	224,817	—	$0
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-17	A	5,052	—	$0
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-17	F	(1,988)	$6.44	-$12,803
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-17	A	21,219	—	$0
2024-05-21	Lachance Carrie	Director, Officer (President and COO)	2024-05-17	A	96,016	—	$0
2024-05-21	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-05-17	A	14,146	—	$0
2024-05-21	Funke Jerod	Officer (EVP-Chief HR Officer)	2024-05-17	A	64,010	—	$0
2024-05-21	Chupa Addam	Officer (Executive VP and CIO)	2024-05-17	A	2,850	—	$0
2024-05-21	Chupa Addam	Officer (Executive VP and CIO)	2024-05-17	F	(987)	$6.44	-$6,356
2024-05-21	Chupa Addam	Officer (Executive VP and CIO)	2024-05-17	A	11,830	—	$0
2024-05-21	Chupa Addam	Officer (Executive VP and CIO)	2024-05-17	A	53,528	—	$0
2024-05-21	Shuda Scott	Director	2024-05-17	A	35,685	—	$0
2024-05-21	GENDRON PAUL ANDREW	Director	2024-05-17	A	35,685	—	$0
2024-05-16	Shuda Scott	Director	2024-05-14	M	35,000	$4.70	$164,500
2024-05-16	Shuda Scott	Director	2024-05-14	F	(23,500)	$7.00	-$164,500
2024-05-16	Shuda Scott	Director	2024-05-14	M	(35,000)	—	$-0