INFU

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 9:00 a.m. ET Investor Relations - Glen Akselrod Chief Executive Officer - Carrie Lachance Chief Financial Officer - Barry Steele Operator: Good morning, and welcome to the InfuSystem Holdings, Inc. Reports Second Quarter Fiscal Year 2026 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Glen Akselrod, Investor Relations. Please go ahead. Glen Akselrod: Good morning, and thank you for joining us today to review InfuSystem's Second Quarter 2026 Financial Results ended June 30, 2026. With us today on the call are Carrie Lachance, Chief Executive Officer; and Barry Steele, Chief Financial Officer. After the conclusion of today's prepared remarks, we will open the call for questions. Before we begin with prepared remarks, I would like to remind everyone certain statements made by the management team of InfuSystem during this conference call constitute forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under the Risk Factors in the documents filed by the company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as of the date the statements were made. The company can give no assurance that such forward-looking statements will prove to be correct. InfuSystem does not undertake and specifically disclaims any obligation to update any forward-looking statements, except as required by law. Now I'd like to turn the call over to Carrie Lachance, Chief Executive Officer of InfuSystem. Carrie? Carrie Lachance: Thank you, Glen, and good morning, everyone. Welcome to InfuSystem's Second Quarter Fiscal Year 2026 Earnings Call. Thank you all for joining us today. I will provide a second quarter overview, highlighting our progress in the quarter, then Barry will provide a detailed summary of our financial results. I will then come back with some closing comments before opening the line to questions. During the 2026 second quarter, we made measurable progress in our efforts to drive revenue growth and to improve our operational capacity and efficiency to make the revenue growth more profitable. This morning, we reported second quarter of 2026 revenue of $36.9 million. This represented a new quarterly record and an increase from the prior year of just over $1 million or 2.6% on a GAAP basis and a 7.5% increase on a non-GAAP pro forma basis. On a GAAP basis, the increase was achieved despite the impact of restructuring of our biomedical services contract with GE Healthcare, which reduced revenue by $1.6 million during the second quarter and is the basis for the adjustment to providing pro forma revenue growth. As previously mentioned, this restructuring improves our earnings because it allowed for an even larger reduction in direct contract expenses. As a result of the increased revenue and the benefits of the GE restructuring and other initiatives, we generated approximately $8.6 million in adjusted EBITDA this quarter, representing a 7.6% increase over the prior year and resulting in an increase of more than 1% in our EBITDA margin, which came in at 23.4%. These results were driven by both continued steady growth in our core Oncology business and accelerating growth in Wound Care. Quarterly Oncology revenue surpassed the $20 million mark for the first time during the second quarter and grew 6.4% over the prior year, further extending our large share of the outpatient oncology ambulatory infusion market, where we serve 18 of the top 20 U.S. hospital systems. Within Wound Care, compression devices for lymphedema patients represent the main growth driver. In total, Wound Care net revenue grew by $2.1 million or 154% year-over-year during the second quarter. Compression devices represented nearly 90% of that increase. As the newest offering in our portfolio added less than a year ago during the last year's third quarter, we are pleased with the growth in partnerships that we have in place today. We are now working with 2 manufacturers, which bring us a breadth of product offerings, covering both Pneumatic Compression Devices or PCDs, which use sequential compression technology and Adjustable Compression Wraps, which feature Velcro closures that are easier for patients with limited mobility as compared to traditional products such as compression stockings. This new product line is expected to continue to drive near-term growth with these existing suppliers while also opening up potential opportunities by adding additional manufacturing relationships in the future. We believe our capabilities and payer contract portfolio make us an attractive DME partner to current and potential future manufacturing partners. Less noticeable in the current period results is continued progress on our new enterprise resource planning application or ERP and other business applications that we've been updating. During our first quarter call, we reported that our new ERP was launched successfully and that we were continuing to work to stabilize certain areas of the system. During the second quarter, we made significant progress towards that effort and as a result, brought down the spending rate. While refinement and enhancement work continues, we see additional opportunities and are laser-focused on using the new application to drive improved capacity and efficiencies in the many processes that operate in that application. As we look towards the second half of the year and after adjusting for the expected $7.1 million lower annual revenue related to the GE Healthcare contract restructuring, on a pro forma basis, we continue to anticipate annual revenue growth in a range of 6% to 8%. Additionally, we continue to anticipate that our adjusted EBITDA margin will remain in the low to mid-20% range, consistent with our longer-term target of a 22% to 25% margin. This is inclusive of the impact of costs related to our information technology systems upgrades. We are excited about the opportunities ahead, and we'll look to update you again in future quarters. Now I'll turn it over to Barry for a detailed review of the second quarter financial results. Barry? Barry Steele: Thank you, Carrie, and thank you, everyone, on the call for joining us today. As Carrie mentioned, second quarter revenue increased 2.6% to $36.9 million compared to $36 million in the prior year. Importantly, this result includes a $1.6 million reduction in biomedical services revenue from the restructuring of our GE Healthcare contract. Excluding that impact, revenue growth would have been approximately 7.5% year-over-year, demonstrating continued strength in our core operations. Patient services continued to perform exceptionally well, with revenue increasing 15.2% to $24.8 million. That includes Oncology revenue, which grew 6.4% or $1.2 million, driven by higher treatment volumes and improved reimbursement collections, while Wound Care revenue increased by 154% or $2.1 million, benefiting from the successful launch and expansion of Pneumatic Compression Devices and Adjustable Compression Wraps. Device Solutions revenue declined by 16.1% to $12.1 million, primarily due to the planned reduction in biomedical services revenue associated with the GE Healthcare contract restructuring and a 49% decline in equipment sales, resulting from a large rental customer buyout that occurred last year. However, despite the lower revenue, Device Solutions gross profit remained stable at approximately $6.1 million, reflecting significantly improved profitability. Consolidated gross profit increased 7.7% to $21.4 million, while gross margin expanded to 58% from 55.2% last year, an improvement of 2.8%. This margin improvement was largely driven by Device Solutions, where gross margin increased to 50.2% from 41.9%, an improvement of 8.3%. The GE contract restructuring alone improved Device Solutions margin by approximately 4.8%, while procurement initiatives, productivity improvements and a favorable revenue mix provided additional benefits. In Patient Services, gross profit increased 10.9% to $15.3 million as higher revenue more than offset a modest decline in gross margin to 61.8% from 64.2%, a decrease of 2.4%. The margin decline was primarily attributable to a larger mix of Wound Care revenue, which carries lower margins than our Oncology business and increased pump maintenance costs in the segment. Net income increased to $3.2 million or $0.15 per diluted share, compared to $2.6 million or $0.12 per diluted share a year ago. Adjusted EBITDA increased 7.6% to $8.6 million, representing 23.4% of revenue, compared to $8 million or 22.3% of revenue in the prior year period. While we continued investing in growth, operating expenses increased as expected. Selling and marketing expenses increased 10.5% to $3 million, reflecting additional sales resources and higher travel costs. G&A expense increased 7.2% to $14.1 million, driven by higher stock-based compensation, wage inflation, health care costs and investments to support our expanding Patient Services business. Spending on our new ERP decreased sequentially as we anticipated and was focused on post go-live stabilization and enhancement activities. From a cash flow and balance sheet perspective, we generated $7.7 million of operating cash flow during the first 6 months of the year, invested $6.5 million in rental equipment to support growth and returned $4.4 million to shareholders through share repurchases. We ended the quarter with $55.2 million of available liquidity, including $54.2 million of revolver availability and maintain a conservative leverage profile with net debt of $19.5 million, representing only 0.61x trailing 12-month adjusted EBITDA. This financial flexibility supports both our continued investment in organic growth and selective tuck-in acquisitions. I will now turn the call back over to Carrie. Carrie Lachance: Thanks, Barry. As we reflect on our second quarter progress, the update shared today and our priorities through the remainder of 2026, we remain focused on the strategic objectives we previously outlined for shareholders, executing with discipline, delivering profitable growth and driving long-term value creation. Underpinning that is a diversified derisked revenue base, where no single customer represents more than 10% of our revenue. Our Medicare exposure remains below 10% and our 800-plus payer contracts cover more than 97% of U.S. insured lives, providing strong visibility and predictability. Operator, we are ready for the Q&A portion of the call. Operator: [Operator Instructions] Our first question comes from Jim Sidoti with Sidoti & Company. James Sidoti: The oncology business, it continues to perform very well, up 6% in the quarter. Is that something you think is sustainable? Carrie Lachance: Jim, thanks for the question. I think we've continued to see a little bit higher than that single kind of lower digit growth over the years. We're seeing -- starting to see some great volume. We've added some new customers this year. And then our collections and reimbursement improvements are also contributing to that. So I do think it's pretty sustainable moving forward. James Sidoti: And the other big surprise to me was the -- I guess it's the lymphedema business that's really boosting sales for the Wound Care business. Is that correct? Is that really the product that's growing? And is that something that continues to grow throughout the course of 2026 and into 2027? Carrie Lachance: Yes. We've seen great success growing. We have a couple of new partners there. As we've talked about in the past, I think we're 154% growth. So we continue to see volume coming in. That is improving, and we continue to foresee that happening through the remainder of 2026 and certainly beyond. So yes, I would expect some continued growth there. James Sidoti: And the big difference between this time with lymphedema and when you tried to get into that market a couple of years ago, is that the contracts or the product? Or why is it so strong this time? Carrie Lachance: Yes. I would say it's certainly the partnerships. Again, we were in this a few years ago. We have to have a good partner that's going to get us the paper that we need to be able to submit claims, and that process just has to work really well. We struggled in that in the past. We've learned a lot since then. We have a couple of new partners on board. As I said, we continue to work on looking for additional partners as well. And that's really the key. If you have a really good partner that's going to get you all of the paperwork and work with their patients and their clinics to make sure that you have what you need is perfect. I think an additional piece of that is that Patient Lymphedema Treatment Act that was enacted in 2024, really, I think we saw a take off in '25. That's seeing the whole market really is growing and that which is great for patients, right? That's a needed treatment and necessary. So the reimbursement around that has been very helpful. James Sidoti: All right. And then just a couple more. The decline in ERP expenses, I think you said that was about $300,000. Is that year-over-year? And do you think that number grows as the year progresses? Or do you think you'll make increased investments in the ERP system? Barry Steele: Yes, it was a sequential decrease. We highlighted that because this is a period -- the post go-live period where we're kind of just refining things. It definitely was a significant and larger decrease from the prior year where we're still in the process of going through the implementation phase. We do expect it to continue to taper down. As we've launched it, there's tons of opportunities to improve our processes and even enhance it. So it probably won't go to 0 because we see great opportunities to make investments that give us real efficiency and cost improvement savings. So it should taper down and certainly be more of the enhancement type as opposed to stabilization spend. James Sidoti: So how did we compare the ERP spending this quarter to the year-over-year quarter? Barry Steele: I think it was about half. They were about $600,000, $700,000 last year, and we're in the $300,000 range this quarter. James Sidoti: Okay. So that $300,000 is -- that's a year-over-year number. Barry Steele: Yes. James Sidoti: And any changes on pain management? I know there was some new reimbursement there. Carrie Lachance: Yes. No, we continue to be relatively steady from a pain management, that's the NOPAIN Act, the 2 devices that we use in that platform were both added to that program. So we continue to be steady. We haven't won significant amount of new customers. We have added a few with that from a reimbursement perspective. So I would consider it's going to be relatively stable. James Sidoti: All right. And then last one for me. You seem to be doing very well with the wound management business. The oncology business seems to be doing well. Do you have enough on your plate right now? Or do you look to expand into any other markets? Carrie Lachance: Yes, I wouldn't expect any expansion. We always have our eye out for what makes sense for InfuSystem if we have a new manufacturer or a partner that has come to us asking for some help, which does tend to happen. So -- but we do have a lot on our plate right now. We're excited about the compression market. We see the growth there. We want to continue to focus there and enjoy that growth. Operator: The next question is from Matt Hewitt with Craig-Hallum Capital Group. Tollef Kohrman: This is Tollef Kohrman on for Matt Hewitt. One quick one from us. So you mentioned your long-term adjusted EBITDA margin target. Can you provide a time frame for us on that? Barry Steele: Yes. So we obviously didn't give a time frame, but we think that there's probably more upside than downside as we work within that range. Clearly, we -- the growth is definitely helping. Some of the new products are a little bit lower gross margin, but we see opportunities to be accretive to the EBITDA margin, some work to do there. And as we step back, we do see opportunities to take cost out generally the ERP improving processes and things like that. So I wouldn't want to pin any specific time to it, but I think it's within the next 2 or 3 years probably for us to be able to work up in that range. That's what we're going to try to do. Operator: The next question is from Benjamin Haynor with Lake Street Capital Markets. Benjamin Haynor: First off for me on the lymphedema side of things, are you seeing anything specific with the prior authorization that CMS has put in place? I think it was in April. Is that any different than what you'd experienced earlier? Is it similar to what you've seen with private insurers? Any color on the impact there would be great. Carrie Lachance: Yes. We haven't seen a significant change for us. Again, we're a little bit newer in the lymphedema space. So it's really just part of that process that we're developing with those new -- as I said, our partnerships are really important. So for them to work with the clinics to make sure that we're getting all of the paperwork, including any kind of prior auth or anything is really the importance there. So it has not impacted us tremendously. Obviously, we need all of the paperwork. So as long as that partnerships and those partnerships and any that we continue moving forward, any new partners that we may be speaking to, that's part of that process. So no big hits for us. Benjamin Haynor: That makes sense. And then just on the ERP system, it sounds like you may be starting to see some of the benefits. Are there opportunities that you could call out that you think will make a really big difference? Any more color on how that's gone and how you see that going? Barry Steele: What I would say is there's not any specific thing, but there's a lot of points of light, I'd say, in what we think we can do. And it's everything from managing working capital better to provide better cash flow as we grow to making push our throughput of devices and turning around devices to help us our utilization of devices. And clearly, all the departments that are affected by the ERP, getting those -- the processes are high, actually taking us a little longer today as we're still going through the learning curve, but we expect that we'd be able to reduce the effort that goes into a lot of different things that we do. So it will be across the board, I again, working capital, pump utilization and asset utilization as well as just lowering the need for team members and how long they have to do to get the jobs done. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Carrie Lachance for any closing remarks. Carrie Lachance: Thank you, Debbie, and thank you, everyone, for joining today's call. We look forward to speaking to you again on our third quarter call, where we will provide an update on the results and progress. Operator: This concludes our conference. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in InfuSystem, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and InfuSystem wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. 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InfuSystem (INFU) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

InfuSystems Holdings, Inc. (INFU) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced earnings of $0.05, delivering a surprise of +25%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. InfuSystems Holdings, which belongs to the Zacks Medical - Products industry, posted revenues of $36.93 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.19%. This compares to year-ago revenues of $36 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. InfuSystems Holdings shares have added about 2.8% since the beginning of the year versus the S&P 500's gain of 11%. While InfuSystems Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for InfuSystems Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $37.7 million in revenues for the coming quarter and $0.46 on $145.7 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Prestige Consumer Healthcare (PBH), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This medicine distributor is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of -6.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Prestige Consumer Healthcare's revenues are expected to be $250.25 million, up 0.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report InfuSystems Holdings, Inc. (INFU) : Free Stock Analysis Report Prestige Consumer Healthcare Inc. (PBH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly revenue of $36.9 million, driven by a 154% year-over-year surge in Wound Care and steady 6.4% growth in the core Oncology business. Restructured the GE Healthcare biomedical services contract, which intentionally reduced GAAP revenue by $1.6 million to achieve a larger reduction in direct expenses and improve overall profitability. Expanded the Wound Care portfolio by adding a second manufacturer, providing a breadth of offerings including Pneumatic Compression Devices and Adjustable Compression Wraps. Leveraged a dominant market position in Oncology, currently serving 18 of the top 20 U.S. hospital systems and surpassing $20 million in quarterly segment revenue for the first time. Improved adjusted EBITDA margin by more than 1% to 23.4%, benefiting from the GE contract pivot and favorable revenue mix despite investments in IT infrastructure. Successfully stabilized the new Enterprise Resource Planning (ERP) system, shifting focus from implementation to process refinement and operational efficiency. Maintained pro forma annual revenue growth guidance of 6% to 8%, accounting for the $7.1 million expected annual revenue reduction from the GE contract restructuring. Anticipates adjusted EBITDA margins to remain in the low to mid-20% range, targeting a long-term window of 22% to 25% over the next two to three years. Expects continued near-term growth in the compression device market, supported by the Lymphedema Treatment Act and potential new manufacturing partnerships. Projects a continued tapering of ERP-related spending as the company moves from stabilization to enhancement activities aimed at improving asset utilization and working capital. Maintains a conservative leverage profile with $55.2 million in available liquidity to support organic growth and selective tuck-in acquisitions. Device Solutions revenue declined 16.1% due to the planned GE contract restructuring and a 49% drop in equipment sales following a large customer buyout in the prior year. Patient Services gross margin saw a modest decline to 61.8% due to a higher mix of Wound Care revenue, which carries lower margins than the Oncology segment. Management highlighted that no single customer represents more than 10% of revenue, and Medicare exposure remains below 10%, mitigating concentration risk. The Lymphedema Treatment Act of 2024 is cited as a primary market catalyst, improving reimbursement and patient access for the company's newest product lines. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes growth is sustainable due to new customer acquisitions and ongoing improvements in collections and reimbursement processes. Oncology remains a stable foundation, recently surpassing the $20 million quarterly revenue milestone. Success is attributed to improved partnerships that ensure proper documentation for claims, a challenge the company faced in previous market entries. The Patient Lymphedema Treatment Act has significantly expanded the total addressable market by improving reimbursement for these necessary treatments. Spending decreased sequentially to approximately $300,000 this quarter and is expected to continue tapering as the system moves toward enhancement rather than stabilization. Efficiency gains are expected across working capital management, pump utilization, and reduced labor requirements for internal processes. Management reported no significant impact from the April CMS changes, noting that their partnership-driven documentation process is designed to handle these requirements. The company remains focused on existing growth opportunities in compression rather than immediate expansion into new markets.

This article first appeared on GuruFocus. Revenue: $36.9 million, a 2.6% increase year-over-year (7.5% on a non-GAAP pro forma basis). Adjusted EBITDA: $8.6 million, up 7.6% year-over-year, with margin expanding to 23.4% from 22.3%. Net Income: $3.2 million, or $0.15 per diluted share, compared to $2.6 million, or $0.12 per diluted share, in the prior year. Gross Profit: $21.4 million, up 7.7%, with gross margin expanding to 58% from 55.2%. Patient Services Revenue: $24.8 million, up 15.2% year-over-year. Oncology Revenue: Surpassed $20 million for the first time, growing 6.4% year-over-year. Wound Care Revenue: $2.1 million increase, up 154% year-over-year, driven by compression devices. Device Solutions Revenue: $12.1 million, down 16.1%, due to GE Healthcare contract restructuring and a prior-year customer buyout. Device Solutions Gross Margin: Improved to 50.2% from 41.9%. Patient Services Gross Margin: Declined to 61.8% from 64.2%. Operating Cash Flow: $7.7 million generated during the first six months of the year. Rental Equipment Investment: $6.5 million invested to support growth. Share Repurchases: $4.4 million returned to shareholders. Liquidity: $55.2 million available, including $54.2 million of revolver availability. Net Debt: $19.5 million, representing 0.61 times trailing 12-month adjusted EBITDA. Warning! GuruFocus has detected 2 Warning Sign with INFU. Is INFU fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. InfuSystems Holdings Inc (INFU) achieved a new quarterly revenue record of $36.9 million, a 2.6% increase year-over-year on a GAAP basis and a 7.5% increase on a non-GAAP pro forma basis. The company's oncology business surpassed the $20 million quarterly revenue mark for the first time, growing 6.4% year-over-year and serving 18 of the top 20 U.S. hospital systems. Wound care revenue surged 154% year-over-year, driven by the successful launch and expansion of pneumatic compression devices and adjustable compression wraps for lymphedema patients. Adjusted EBITDA increased 7.6% to $8.6 million, with the margin expanding by over 1% to 23.4%, driven by the GE Healthcare contract restructuring and other operational improvements. The company maintains a strong balance sheet with $55.2 million in available liquidity and a conservative leverage profile of 0.61 times trailing 12-month adjusted EBITDA, supporting future investments and acquisitions. Gross margin expanded significantly to 58% from 55.2% in the prior year, driven by an 8.3% improvement in Device Solutions gross margin due to the GE restructuring and procurement initiatives. GAAP revenue growth was impacted by the restructuring of the GE Healthcare contract, which reduced revenue by $1.6 million during the quarter. Device Solutions revenue declined by 16.1% year-over-year, primarily due to the GE contract restructuring and a 49% decline in equipment sales from a large customer buyout last year. Patient services gross margin declined to 61.8% from 64.2% in the prior year, due to a larger mix of lower-margin wound care revenue and increased pump maintenance costs. Selling and marketing expenses increased 10.5% and G&A expenses rose 7.2%, reflecting higher stock-based compensation, wage inflation, healthcare costs, and investments to support growth. The company continues to incur costs related to its ERP system implementation, though spending has tapered down sequentially, it remains a drag on profitability. The company expects annual revenue to be $7.1 million lower due to the GE Healthcare contract restructuring, and it has not provided a specific timeframe for achieving its long-term adjusted EBITDA margin target of 22% to 25%. Q: The oncology business continues to perform very well, up 6% in the quarter. Is that something you think is sustainable?A: Yes, we believe it is sustainable. We've seen growth a little higher than the single lower digits over the years. We've added new customers this year, and improvements in collections and reimbursements are also contributing to that growth. Q: The other big surprise was the lymphedema business boosting wound care sales. Is that really the product that's growing, and is that something that continues to grow throughout 2026 and into 2027?A: Yes, we've seen great success and growth with a couple of new partners. We saw 154% growth, and we continue to see volume improving. We foresee that happening through the remainder of 2026 and certainly beyond. Q: What is the big difference between this time with lymphedema and when you tried to get into that market a couple of years ago? Is it the contracts, the product, or why is it so strong this time?A: It's certainly the partnerships. We have to have a good partner to get us the paperwork needed to submit claims, which we struggled with in the past. We've learned a lot and have new partners on board. Additionally, the Patient Lymphedema Treatment Act enacted in 2024 has helped the whole market grow, which is great for patients. Q: The decline in ERP expenses, I think you said that was about $300,000. Is that year-over-year, and do you think that number grows as the year progresses or will you make increased investments in the ERP system?A: It was a sequential decrease, as we are in the post-go-live period refining things. It was a significant decrease from the prior year. We expect it to continue to taper down, but it probably won't go to zero because we see opportunities to make investments that give us real efficiency and cost savings. It should become more enhancement-type spend as opposed to stabilization spend. Q: So how did the ERP spending this quarter compare to the year-over-year quarter?A: It was about half. We spent about $600,000 to $700,000 last year and are in the $300,000 range this quarter. Q: Any changes on pain management? I know there was some new reimbursement there.A: We continue to be relatively steady. The two devices we use in that platform were both added to the No Pain Act program. We haven't won a significant amount of new customers, but we have added a few from a reimbursement perspective. It's going to be relatively stable. Q: You seem to be doing very well with the wound management and oncology businesses. Do you have enough on your plate right now, or do you look to expand into any other markets?A: We wouldn't expect any expansion. We always keep an eye out for what makes sense, and new manufacturers or partners do come to us for help. But we have a lot on our plate right now. We're excited about the compression market and want to continue to focus there and enjoy that growth. Q: You mentioned your long-term adjusted EBITDA margin target. Could you provide a timeframe for us on that?A: We didn't give a specific timeframe, but we think there's probably more upside than downside as we work within that range. The growth is definitely helping. Some new products have lower gross margins, but we see opportunities to be accretive to the EBITDA margin. We see opportunities to take costs out generally through ERP improvements. We wouldn't want to pin a specific time, but within the next two or three years we should be able to work up in that range. Q: On the lymphedema side, are you seeing anything specific with the prior authorization that CMS put in place in April? Is that any different than what you'd experienced earlier, or is it similar to what you've seen with private insurers?A: We haven't seen a significant change. We're a bit newer in the lymphedema space, so it's part of the process we're developing with our partnerships. They work with clinics to ensure we get all the paperwork, including prior authorizations. It has not impacted us tremendously. Q: On the ERP system, it sounds like you may be starting to see some benefits. Are there opportunities you could call out that will make a big difference?A: There's not one specific thing, but there are a lot of points of light. It's everything from managing working capital better to improving cash flow, to increasing throughput and turnaround of devices, and improving device utilization. The processes are probably taking a little longer today as we're in the learning curve, but we expect to reduce the effort. It will be across the board, including working capital, pump utilization, asset utilization, and lowering the need for team members. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Net Revenues of $36.9 million Representing a 2.6% Increase from the Prior YearNet income of $3.2 millionAdjusted EBITDA (non-GAAP) of $8.6 millionAdjusted EBITDA (non-GAAP) margin expanded by 1% to 23%Reaffirms Full-Year 2026 Guidance ROCHESTER HILLS, Mich., August 04, 2026--(BUSINESS WIRE)--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 second quarter ended June 30, 2026. 2026 Second Quarter Overview: Net revenues totaled $36.9 million, an increase of 2.6% vs. prior year. Gross profit was $21.4 million, an increase of 8% vs. prior year. Gross margin was 58%, an increase of 3% vs. prior year. Net income was $3.2 million, or $0.15 per diluted share vs. prior year net income of $2.6 million, or $0.12 per diluted share. Adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") (non-GAAP) was $8.6 million, an increase of 8% vs. prior year. Adjusted EBITDA margin was 23.4%, an increase of 1.1% vs. prior year. Stock Repurchases totaled $3.5 million for the quarter. Company liquidity totaled $55.2 million, as of June 30, 2026. Management Discussion Carrie Lachance, Chief Executive Officer of InfuSystem commented, "We delivered another strong quarter, achieving record revenue of $36.9 million and growing Adjusted EBITDA by 7.6%. Our Oncology business continued its steady momentum, surpassing $20 million in quarterly revenue for the first time, while Wound Care delivered exceptional growth driven by strong adoption of our new lymphedema compression therapy offerings. As our business continues to diversify, we remain focused on pursuing profitable growth while driving ever greater efficiencies." "The previously reported restructuring of our GE Healthcare contract reduced reported revenue in our Device Solutions business unit, but it also improved the Company’s profitability through a greater reduction in direct costs. This has resulted in margin expansion and higher reported profits. The rapid growth of our compression therapy business has provided new revenue resources and we believe our payer network, operational capabilities, and manufacturer partnerships position us well for continued expansion. Behind the scenes, we made meaningful progress optimizing our new ERP platform, laying the foundation for greater scalability, efficiency, and long-term productivity improvements across the organization." "Looking ahead, we remain focused on disciplined execution, delivering 6% to 8% pro forma revenue growth in 2026, maintaining strong EBITDA margins, and creating long-term value for our shareholders." concluded Ms. Lachance. 2026 Second Quarter Financial Review Net revenues for the quarter ended June 30, 2026 ("2026 Second Quarter") were $36.9 million, an increase of $0.9 million, or 2.6%, compared to $36.0 million for the quarter ended June 30, 2025 ("2025 Second Quarter"). The increase included higher net revenues for the Patient Services segment partially offset by lower net revenues for the Device Solutions segment. 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 for the 2026 Second Quarter and $7.1 million 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 7.5% during the 2026 Second Quarter as compared with the prior year period. Patient Services net revenue of $24.8 million increased $3.3 million, or 15.2%, during the Second Quarter of 2026 compared to the prior year period. This increase was primarily attributable to additional treatment volume and increased third-party payer collections in Oncology and Wound Care. The improved volume and collections benefited Oncology revenue by $1.2 million, or 6.4% and Wound Care by $2.1 million, or 154%. The Wound Care net revenues included sales of Pneumatic Compression Devices (PCDs) and Adjustable Compression Wraps (ACW’s) stemming from two new supplier relationships. There was no PCD or ACW revenue in the second quarter of 2025 because the new products launched during the third quarter of 2025, with the first manufacturer, and during the first quarter of 2026, with the second manufacturer. Device Solutions net revenue of $12.1 million decreased $2.3 million, or 16.1%, during the second quarter of 2026 compared to the prior year period. This decrease included a $1.8 million, or 39.4%, decrease in biomedical services revenue and decreased medical equipment sales of $1.0 million, or 49.0%. These decreases were partially offset by an increase in disposable medical supplies of $0.3 million and an increase in equipment rental revenue of $0.1 million. A portion of the decrease in biomedical services revenue totaling $1.6 million reflected the aforementioned reduction in the volume and service level of devices on contract with GE Healthcare which was restructured during the third quarter of 2025. The decrease in equipment sales is related to a large customer rental buyout that began in the prior year period. The buyout, which started during the prior year’s first quarter, elevated the amount of equipment sales in the prior year and reduced quarterly rental revenues during the subsequent quarters including the just completed three-month period. Rental revenues increased during the quarter despite the unfavorable impact from the rental buyout. Gross profit for the Second Quarter of 2026 of $21.4 million increased by $1.5 million, or 7.7%, compared to the Second Quarter of 2025. This increase was due to the increase in net revenues and by a higher gross profit percentage of net revenue ("gross margin"). Gross margin was 58.0% during the Second Quarter of 2026 compared to 55.2% during the prior year period, an increase of 2.8%. Gross profit was higher in both the Patient Services and Device Solutions segments. Gross margin was higher in the Device Solutions segment and was lower in the Patient Services segment. Patient Services gross profit was $15.3 million during the Second Quarter of 2026, representing an increase of $1.5 million, or 10.9%, compared to the prior year period. The increase reflected the higher net revenue offset partially by lower gross margin, which decreased from the prior year by 2.4% to 61.8%. The decrease in gross margin reflected an unfavorable product mix change toward lower gross margin revenue categories and higher pump maintenance expenses. These impacts were offset partially by improved coverage of fixed costs from higher net revenue. The unfavorable revenue mix impacting gross margin was mainly related to the increase in revenue related to the higher wound care net revenue, which has a lower average gross margin than other Patient Services revenue categories. Pump maintenance expenses include annual preventative maintenance certification and repairs and are performed by the Device Solutions segment. Device Solutions gross profit during the Second Quarter of 2026 was $6.1 million, which was the same as the prior year despite the decrease in net revenue due to an increase in the gross margin. The Device Solutions gross margin was 50.2% during the current period, which was 8.3% 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 4.8%. Additionally, improved product mix impacts favoring higher gross margin revenues, such as rental revenue, increased gross margin by 1.7%. The increased gross margin also included improvements totaling 2.7% attributable to 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 1.0%. Selling and marketing expenses were $3.0 million for the Second Quarter of 2026, representing an increase of 10.5%, compared to the prior year. Selling and marketing expenses as a percentage of net revenues increased to 8.1% compared to 7.5% in the prior year period. This increase reflected an increase in sales team headcount, increased travel expenses and inflationary impacts including an increase in employee healthcare expenses. General and administrative ("G&A") expenses for the Second Quarter of 2026 were $14.1 million, an increase of $1.0 million, or 7.2%, from the Second Quarter of 2025. The increase over the prior year included $0.1 million in additional personnel directly related to the increased Patient Services net revenue including revenue cycle personnel, a $0.6 million increase in stock-based compensation expenses, cost inflation impacts from increased employee wage rates and higher healthcare expenses totaling $0.5 million and a $0.2 million increase in the company's bad debt accrual which was a benefit in the prior year but an expense amount during 2026. These increases were partially offset by a $0.3 million reduction in the accrual for management bonuses and a $0.3 million decrease in expenses related to information technology and business applications upgrades including the replacement of the Company’s enterprise resource planning system ("ERP"). The ERP system upgrade project expenses were lower during the current period due to a lower intensity of activities after the system go-live event on March 1, 2026. While additional costs are expected to be incurred during the ongoing post go-live phase to support system stabilization and enhancement activities, project expenses are expected to continue to taper down during future quarterly periods. Similar to impacts to gross margin and selling and marketing expenses, 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 experienced in prior years. G&A expenses as a percentage of net revenues for the Second Quarter of 2026 increased to 38.2% from 36.5% for the prior year period. Net income for the Second Quarter of 2026 was $3.2 million, or $0.15 per diluted share, compared to net income of $2.6 million, or $0.12 per diluted share, for the Second Quarter of 2025. Adjusted EBITDA, a non-GAAP measure, for the second quarter of 2026 was $8.6 million, or 23.4% of net revenue, and increased by $0.6 million, or 7.6%, compared to Adjusted EBITDA for the same prior year quarter of $8.0 million, or 22.3% of prior period net revenue. The increase reflected the higher revenue and gross margin offset partially by higher selling, general and administrative expenses. Balance sheet, cash flows and liquidity During the six-month period ended June 30, 2026, operating cash flow was $7.7 million, representing a $1.0 million, or 12%, decrease over operating cash flow during the same prior year six-month period. The decrease reflected higher working capital utilization during 2026 as compared to 2025 offset partially by higher operating income. Capital expenditures during the first half of 2026 included purchases of medical devices totaling $6.5 million, which was $2.2 million, or 52%, higher than the amount purchased during the same prior year period mainly due to normal variations in the timing of purchase of medical equipment used to replace devices taken out of service or to support new customer growth. Also, during 2026 the Company used cash to repurchase $4.4 million in common stock under the Company’s ongoing share repurchase program. As of June 30, 2026, available liquidity for the Company totaled $55.2 million and consisted of $54.2 million in available borrowing capacity under its revolving line of credit plus cash and cash equivalents of $1.0 million. Net debt, a non-GAAP measure (calculated as total debt of $20.4 million less cash and cash equivalents of $1.0 million) as of June 30, 2026 was $19.5 million representing an increase of $3.0 million 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 0.61 to 1.00 (calculated as net debt of $19.5 million divided by Adjusted EBITDA of $32.1 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 Tuesday, August 4, 2026, at 9:00 a.m. Eastern Time to discuss its second 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 6164241, through November 4, 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 June 30, 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 View source version on businesswire.com: https://www.businesswire.com/news/home/20260804145346/en/ Contacts Barry SteeleChief Financial Officer(248) 260-2211

Reported GAAP revenue decline of $1 million primarily due to the strategic restructuring of the GE Healthcare biomedical services contract, which reduced revenue by $1.6 million but improved overall earnings by lowering direct contract expenses. Achieved 1.7% pro forma revenue growth when adjusting for the GE contract impact, supported by a 6.4% increase in Patient Services revenue. Wound Care revenue surged nearly 112% to $2.1 million, driven by the expansion of the compression device product line and the addition of a second supplier for adjustable compression wraps. Successfully launched the new Enterprise Resource Planning (ERP) system on March 1, 2026, marking a 20-month milestone to integrate disparate legacy workflows into a common platform. Device Solutions revenue decreased by 17%, with 70% of the drop attributed to the GE restructuring and the remainder impacted by a large customer rental buyout that elevated prior-year equipment sales. Management successfully replaced a portion of lost GE revenue through non-GE biomedical services, which grew by $340,000 and contributed to a 7% increase in device services gross margin. Maintained pro forma annual revenue growth guidance of 6% to 8% for 2026, assuming the $7.1 million annual revenue reduction from the GE contract restructuring. Anticipate adjusted EBITDA margins to remain in the low to mid-20% range, inclusive of ongoing IT system upgrade costs. Expect ERP project expenses to begin tapering down after the second quarter of 2026 as the company moves from the go-live phase to stabilization and enhancement. Oncology RCM platform migration is scheduled for the second half of 2026, intentionally staggered to follow the ERP implementation to manage internal resource capacity. Projected capital expenditures for 2026 are expected to remain moderate and similar to 2025 levels as revenue growth shifts toward less capital-intensive sources like Wound Care. The first month of the ERP go-live was not entirely seamless, with management currently addressing initial bugs and process adjustments to stabilize the system. Experienced a significant increase in health care benefit costs, which rose by $374,000 during the quarter, representing a sharper increase than in prior years. The Chemo Mouthpiece (CMP) initiative was excluded from 2026 guidance after failing to receive the expected coding approval from CMS in early 2026. Gross margin was negatively impacted by approximately 2.5% due to cost inflation related to higher employee wage rates and health care expenses. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management confirmed that while initial glitches occurred, they do not anticipate disruptions to billings, collections, or overall cash flow. Cost savings from the new system are expected to be more clearly articulated by year-end, with actual financial payback anticipated to begin in 2027. Current success in the compression space is attributed to improved partnerships that provide cleaner referrals and necessary billing paperwork, which were missing in previous failed attempts. The Lymphedema Patient Treatment Act is providing a favorable regulatory tailwind for the compression device market. New oncology accounts typically take a few months to fully transition as existing patients must often finish therapy cycles on their original devices before switching to InfuSystem equipment. The large customer signed in late 2025 is now largely onboarded and contributing to current volumes. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

InfuSystems Holdings, Inc. (INFU) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.1, delivering a surprise of +42.86%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. InfuSystems Holdings, which belongs to the Zacks Medical - Products industry, posted revenues of $33.68 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.37%. This compares to year-ago revenues of $34.72 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. InfuSystems Holdings shares have added about 13% since the beginning of the year versus the S&P 500's gain of 7.6%. While InfuSystems Holdings has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for InfuSystems Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $36.15 million in revenues for the coming quarter and $0.39 on $145.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Medtronic (MDT), has yet to report results for the quarter ended April 2026. The results are expected to be released on June 3. This medical device company is expected to post quarterly earnings of $1.58 per share in its upcoming report, which represents a year-over-year change of -2.5%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. Medtronic's revenues are expected to be $9.66 billion, up 8.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report InfuSystems Holdings, Inc. (INFU) : Free Stock Analysis Report Medtronic PLC (MDT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net Revenues of $33.7 million Representing a 3% Reduction from the Prior Year Net income of $1.0 million Adjusted EBITDA (non-GAAP) of $6.4 million Adjusted EBITDA (non-GAAP) margin expanded by 1% to 19% Reaffirms Full-Year 2026 Guidance ROCHESTER HILLS, Mich., May 07, 2026--(BUSINESS WIRE)--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) INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS SEGMENT REPORTING (UNAUDITED) 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: INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) View source version on businesswire.com: https://www.businesswire.com/news/home/20260507062705/en/ Contacts Barry Steele Chief Financial Officer (248) 260-2211