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InfuSystem Holdings
(NYSE MKT:INFU)
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Rating:72Outperform
Price Target:
$14.00
▲(16.28% Upside)
Action:Upgraded
Date:09/18/26
INFU scores well on improving fundamentals and strong cash generation, reinforced by positive price trends and supportive guidance for mid-single-digit growth with mid-20% EBITDA margins. The score is held back by a relatively high P/E valuation and identifiable operating headwinds (GE-related revenue reduction, Device Solutions volatility, and Patient Services margin pressure).
Positive Factors
Recurring market position
A scaled platform serving thousands of locations and more than 100,000 patients supports durable customer relationships and operating leverage. Leading outpatient oncology share, embedded logistics, clinical support, and reimbursement services can reinforce InfuSystem’s position as therapies move beyond hospitals.
Negative Factors
GE contract revenue loss
The GE Healthcare contract restructuring creates a material recurring revenue headwind rather than a one-day fluctuation, reducing the reported base for future periods. Although the change improves margins through lower direct costs, InfuSystem must replace a meaningful amount of annual revenue to sustain growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring market position
A scaled platform serving thousands of locations and more than 100,000 patients supports durable customer relationships and operating leverage. Leading outpatient oncology share, embedded logistics, clinical support, and reimbursement services can reinforce InfuSystem’s position as therapies move beyond hospitals.
Read all positive factors
InfuSystem Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across the company’s different business units, showing where growth is coming from and how concentrated the revenue base is. For InfuSystem, a shift toward recurring service and rental revenue improves predictability, while dependence on a few products or customers raises exposure to reimbursement and procurement cycles.
Breaks down sales across the company’s different business units, showing where growth is coming from and how concentrated the revenue base is. For InfuSystem, a shift toward recurring service and rental revenue improves predictability, while dependence on a few products or customers raises exposure to reimbursement and procurement cycles.
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The Fly
The FlyInfuSystem Holdings (INFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$253.15M
Dividend YieldN/A
Average Volume (3M)121.86K
Price to Earnings (P/E)30.6
Beta (1Y)1.77
Revenue Growth2.47%
EPS Growth75.23%
CountryUS
Employees467
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.42
Shares Outstanding19,917,181
10 Day Avg. Volume171,819
30 Day Avg. Volume121,865
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)3.23
Price to Sales (P/S)1.29
P/FCF Ratio11.79
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.75Price Target Upside55.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.46
Revenue Forecast (FY)$145.16M
InfuSystem Holdings Business Overview & Revenue Model
Company Description
InfuSystem Holdings, Inc. delivers infusion pumps, along with associated products and support services, to clients across the United States and Canada. The enterprise operates through two principal divisions: Integrated Therapy Services (ITS) and ...
How the Company Makes Money
InfuSystem makes money mainly by providing infusion pump management services and charging for the use of pumps and related products, supported by service offerings that keep those devices in clinical use. Key revenue streams include: (1) Pump rent...
InfuSystem Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial picture: record quarterly revenue, double-digit growth in Wound Care, expansion of margins (consolidated and in Device Solutions), adjusted EBITDA growth and strong cash/liquidity metrics. Offsetting items include a material near-term revenue reduction from the GE contract restructuring (partly margin-accretive), a meaningful decline in Device Solutions revenue and equipment sales, pressure on Patient Services margins due to product mix and higher operating expenses, and continued ERP-related spend during stabilization. On balance, the improvements in revenue, EBITDA, margins, product-market expansion (lymphedema/compression devices), and conservative leverage outweigh the headwinds.Positive Updates
Record Quarterly Revenue
Revenue of $36.9 million in Q2 2026, a new quarterly record; up $1.0 million or 2.6% year-over-year on a GAAP basis and up 7.5% on a non-GAAP pro forma basis (excluding GE Healthcare contract restructuring).
Negative Updates
GE Healthcare Contract Restructuring Reduced Revenue
Restructuring of the biomedical services contract with GE Healthcare reduced Q2 revenue by $1.6 million and is expected to lower annual revenue by approximately $7.1 million — a material near-term revenue headwind, albeit improving margins through reduced direct contract expenses.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Revenue of $36.9 million in Q2 2026, a new quarterly record; up $1.0 million or 2.6% year-over-year on a GAAP basis and up 7.5% on a non-GAAP pro forma basis (excluding GE Healthcare contract restructuring).
Read all positive updates
Company Guidance
Management guided that, after adjusting for the $7.1 million annual revenue reduction from the GE Healthcare contract restructuring, it expects pro forma annual revenue growth of 6–8% for 2026 and to maintain adjusted EBITDA margins in the low- to mid-20% range (consistent with a longer‑term 22–25% target), inclusive of IT upgrade costs, with management suggesting the 22–25% range is achievable within roughly 2–3 years; for context, Q2 revenue was $36.9M (GAAP +2.6% YoY; pro forma +7.5%), adjusted EBITDA was $8.6M (23.4% margin), Oncology exceeded $20M (up 6.4%), Wound Care grew $2.1M (154%), Device Solutions revenue was $12.1M (down 16.1%), consolidated gross profit was $21.4M (gross margin 58% vs 55.2% LY), net income was $3.2M ($0.15/diluted), operating cash flow for the first six months was $7.7M, investments in rental equipment were $6.5M, share repurchases were $4.4M, available liquidity was $55.2M, and net debt was $19.5M (0.61x TTM adjusted EBITDA).InfuSystem Holdings Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 143.34M | 143.44M | 134.86M | 125.78M | 109.91M | 102.38M |
| Gross Profit | 82.35M | 80.30M | 70.40M | 63.11M | 60.56M | 58.54M |
| EBITDA | 22.82M | 25.22M | 20.03M | 16.53M | 14.89M | 17.26M |
| Net Income | 8.54M | 6.63M | 2.35M | 872.00K | 18.00K | 1.42M |
Balance Sheet | ||||||
| Total Assets | 97.70M | 100.56M | 103.61M | 102.92M | 99.39M | 97.59M |
| Cash, Cash Equivalents and Short-Term Investments | 964.00K | 3.19M | 527.00K | 231.00K | 165.00K | 186.00K |
| Total Debt | 23.25M | 3.43M | 28.42M | 34.90M | 36.92M | 36.77M |
| Total Liabilities | 38.55M | 43.23M | 46.09M | 50.61M | 51.38M | 49.31M |
| Stockholders Equity | 59.15M | 57.33M | 57.53M | 52.30M | 48.00M | 48.27M |
Cash Flow | ||||||
| Free Cash Flow | 19.09M | 15.72M | 2.63M | 106.00K | 2.44M | 1.66M |
| Operating Cash Flow | 23.37M | 24.41M | 20.46M | 11.22M | 17.52M | 18.32M |
| Investing Cash Flow | -8.23M | -6.79M | -13.24M | -6.73M | -11.48M | -21.32M |
| Financing Cash Flow | -14.89M | -14.96M | -6.92M | -4.42M | -6.06M | -6.46M |
InfuSystem Holdings Technical Analysis
Positive
12.04
Price Trends
11.63
Positive
10.43
Positive
9.77
Positive
Market Momentum
0.31
Positive
64.03
Neutral
62.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INFU, the sentiment is Positive. The current price of 12.04 is below the 20-day moving average (MA) of 12.42, above the 50-day MA of 11.63, and above the 200-day MA of 9.77, indicating a bullish trend. The MACD of 0.31 indicates Positive momentum. The RSI at 64.03 is Neutral, neither overbought nor oversold. The STOCH value of 62.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INFU.
InfuSystem Holdings Risk Analysis
InfuSystem Holdings disclosed 14 risk factors in its most recent earnings report. InfuSystem Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
InfuSystem Holdings Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $235.43M | 22.71 | 8.74% | 1.66% | -7.00% | -12.28% | |
72 Outperform | $253.15M | 30.62 | 14.81% | ― | 2.47% | 75.23% | |
60 Neutral | $148.21M | -78.06 | -10.63% | ― | 22.41% | 60.02% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $322.13M | -9.44 | -473.55% | 0.00% | 12.93% | -219.19% | |
50 Neutral | $271.05M | -5.72 | -14.73% | ― | -18.86% | -0.63% |
* General Sector Average
INFU
InfuSystem Holdings
13.03
2.67
25.77%
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SMTI
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35.09
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10.59%
InfuSystem Holdings Corporate Events
Business Operations and Strategy
InfuSystem to Host Investor Webcast on Strategy
Positive
Sep 17, 2026
InfuSystem Holdings, Inc., a national provider of outpatient health care services for durable medical equipment manufacturers and health care providers, operates through Patient Services and Device Solutions platforms that support complex clinic-t...
Business Operations and StrategyFinancial Disclosures
InfuSystem Highlights Strong 2025 Results and Growth Outlook
Positive
Aug 4, 2026
InfuSystem Holdings, listed on NYSE American as INFU, operates a scaled home healthcare services platform focused on delivering complex therapies such as oncology infusion, wound care and pain management outside hospital settings, supported by emb...
Financial Disclosures
InfuSystem Schedules Second Quarter 2026 Results Release
Neutral
Jul 28, 2026
On July 28, 2026, InfuSystem Holdings announced it will release its second quarter 2026 financial results on August 4, 2026, before U.S. markets open. The company will host an investor conference call that same day at 9:00 a.m. Eastern Time, with ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.