InfuSystem Holdings (INFU) Company Report

InfuSystem Holdings' CADD-Solis™ and Sapphire™ electronic infusion pumps have been added to the list of qualifying products for separate Medicare payment under the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act.
This separate payment for qualified non-opioid treatments, when provided with a covered surgical procedure, will be effective starting January 1, 2026, and is mandated through December 31, 2027.
The Centers for Medicare and Medicaid Services (CMS) has set a payment limitation of up to $1,997.16 for these products.
InfuSystem's CEO, Carrie Lachance, stated that this rule change has the potential to act as a catalyst for volume growth in the company's Pain Management business.

Dec 10, 2025, 10:37 PM

Press Release

InfuSystem's Pain Management Pumps Qualify for Separate Medicare Payment Under NOPAIN Act

INFU

Guidance Update

Revenue Acceleration/Inflection

InfuSystem Holdings, Inc. announced that the Centers for Medicare and Medicaid Services (CMS) has added two of its electronic infusion pumps, the CADD-SolisTM and SapphireTM, to the list of qualifying products for separate payment under the NOPAIN Act.
This decision, effective January 1, 2026, allows Hospital Outpatient Departments (HOPDs) and Ambulatory Surgical Centers (ASCs) using these pumps to receive separate Medicare reimbursement, with a payment limitation of up to $1,997.16.
The NOPAIN Act mandates separate payments for qualified non-opioid treatments through December 31, 2027, when provided with a covered surgical procedure, as part of a broader strategy to combat the opioid crisis.
InfuSystem's CEO, Carrie Lachance, stated that this rule change has the potential to act as a catalyst for volume growth in the company's Pain Management business, although the forward outlook will remain tempered until reimbursement requirements are clearer and customer adoption is observed.

Dec 10, 2025, 10:23 PM

8-K

InfuSystem Holdings, Inc. Publishes Investor Presentation Highlighting Financial Performance and Capital Allocation

INFU

Earnings

Share Buyback

New Projects/Investments

InfuSystem Holdings, Inc. reported six consecutive years of record revenue through 2024, with net revenues of $134.9 million and Adjusted EBITDA of $25.3 million for 2024.
For the twelve months ended September 30, 2025, the company achieved net revenues of $141.1 million and Adjusted EBITDA of $30.2 million.
As of September 30, 2025, the company reported a strong balance sheet with a net leverage ratio of 0.66x and total available liquidity of $54.6 million.
The company's capital allocation strategy includes a $20 million stock repurchase program, renewed on May 20, 2024, under which $9.7 million of shares had been purchased as of September 30, 2025.
2024 revenue was segmented with Patient Services contributing $80.4 million (60%) and Device Solutions contributing $54.5 million (40%).

Nov 13, 2025, 9:30 PM

8-K

InfuSystem Reports Third Quarter 2025 Financial Results

INFU

Earnings

Guidance Update

Share Buyback

InfuSystem reported record net revenues of $36.5 million for the third quarter of 2025, marking a 3% increase from the prior year.
Net income rose 25% to $2.3 million, resulting in $0.11 per diluted share for the quarter.
Adjusted EBITDA increased 6% to $8.3 million, with the Adjusted EBITDA margin expanding to 22.8%.
Year-to-date net operating cash flow grew 38% to $17.3 million, and $2.2 million in stock was repurchased during the quarter.
The company reaffirmed its full-year 2025 guidance, expecting net revenue growth of 6% to 8% and an Adjusted EBITDA margin of 20% or higher.

Nov 4, 2025, 11:30 AM

Press Release

InfuSystem Holdings, Inc. Reports Strong Q3 2025 Financial Results and Reaffirms Full-Year Guidance

INFU

Earnings

Guidance Update

Share Buyback

InfuSystem Holdings, Inc. reported record net revenues of $36.5 million for the third quarter of 2025, marking a 3% increase from the prior year.
Net income for Q3 2025 rose by 25% to $2.3 million, resulting in $0.11 per diluted share.
Adjusted EBITDA (non-GAAP) increased by 6% to $8.3 million, with the margin expanding by 0.5% to 22.8%.
The company reaffirmed its full-year 2025 guidance, projecting net revenue growth in the 6% to 8% range and an Adjusted EBITDA margin of 20% or higher.
InfuSystem generated $17.3 million in net operating cash flow year-to-date, a 38% increase, and completed $2.2 million in stock repurchases during the third quarter of 2025.

Nov 4, 2025, 11:28 AM

8-K

InfuSystem Reports Strong Q3 2025 Results and Strategic Growth

INFU

Earnings

Share Buyback

Revenue Acceleration/Inflection

InfuSystem Holdings, Inc. reported Q3 2025 revenue of $36.49 million and net income of $2.26 million, with earnings per share of $0.11.
For the nine months ended September 30, 2025, the company achieved sales of $107.21 million and net operating cash flow of $17.3 million, with its adjusted EBITDA margin increasing to 22.8% for Q3 2025.
The Patient Services segment experienced growth, driven by increased treatment volume and new supplier relationships, notably a 115% increase in wound care revenue.
InfuSystem repurchased $2.2 million in stock during Q3 2025 and secured a significant oncology contract expected to increase patient volumes by the end of Q4.
Analysts maintain a "buy" rating with a median 12-month price target of $14.00.

Nov 3, 2025, 2:43 PM

Morningstar

InfuSystem Holdings, Inc. Highlights Record Revenue Streak and Strong Financial Position

INFU

Earnings

Share Buyback

Revenue Acceleration/Inflection

InfuSystem Holdings, Inc. has achieved six consecutive years of record revenue, demonstrating a 12% revenue CAGR and 11% Adjusted EBITDA CAGR.
For the second quarter of 2025, the company reported Net Revenue of $36.0 million and Adjusted EBITDA of $8.0 million.
As of June 30, 2025, InfuSystem maintained a strong financial position with a Net Leverage Ratio of 0.86x and $49.1 million in total available liquidity.
The company's capital allocation strategy includes a $20 million share repurchase program, renewed on May 20, 2024, under which $7.6 million of shares had been purchased as of June 30, 2025.

Oct 6, 2025, 9:23 PM

8-K

InfuSystem Holdings, Inc. Amends Credit Agreement

INFU

Debt Issuance

M&A

New Projects/Investments

InfuSystem Holdings, Inc. entered into a Second Amendment to its Credit Agreement on July 15, 2025.
The amendment specifies limits on acquisitions, with a maximum total consideration of $340,000,000 for any single acquisition and an aggregate of $5580,000,000 for all acquisitions made after the Second Amendment Effective Date.
After giving effect to an acquisition, the company's Leverage Ratio must be less than 3.25:1.00 on a pro forma basis.
The company may make other Restricted Payments up to $10,000,000 annually, provided its Leverage Ratio is between 2.00:1.00 and 3.25:1.00.

Jul 17, 2025, 12:00 AM

8-K

InfuSystem Appoints New CEO with Updated Compensation Structure

INFU

Executive Compensation

CEO Change

Management Change

Carrie Lachance has been confirmed as the new President and CEO, transitioning from COO, with a base salary of $500,000, eligibility for an annual bonus up to 100% of that base, and awards including 200,000 performance-based restricted stock units and 128,000 stock options vesting over four years.
The agreement also outlines comprehensive severance and termination provisions, including a lump sum severance payment (equal to 12 or 18 months’ base salary) and COBRA benefits in the event of an involuntary termination or change of control.

Jun 3, 2025, 12:00 AM

8-K

InfuSystem Approves Equity Plan Amendment and Board Changes

INFU

Board Change

Executive Compensation

Proxy Vote Outcomes

Equity Incentive Plan Amendment: Shareholders approved a second amendment to the 2021 Equity Incentive Plan, increasing the share reserve for equity awards to 6,000,000 shares.
Board and Proxy Vote Outcomes: At the 2025 Annual Meeting, shareholders confirmed the amendment, elected Ronald Hundzinski as Chairman, and approved several proposals impacting board composition and governance.

May 20, 2025, 12:00 AM

8-K