InfuSystem Holdings, Inc.

Second-quarter revenue was $36.9 million, up from $36.0 million last year; on a GAAP basis that was 2.6% growth, and pro forma growth was 7.5% after adjusting for the GE Healthcare contract restructuring, which reduced revenue by $1.6 million in the quarter. Gross profit rose 7.7% to $21.4 million and gross margin expanded to 58.0% from 55.2%. Net income increased to $3.2 million, or $0.15 per diluted share, from $2.6 million, or $0.12 per diluted share. Adjusted EBITDA was about $8.6 million, up 7.6%, with margin at 23.4% versus 22.3% a year ago. For full-year 2026, management continues to expect pro forma revenue growth of 6% to 8% and adjusted EBITDA margin in the low- to mid-20% range, consistent with a longer-term target of 22% to 25%.

Carrie Lachance said the quarter showed measurable progress on both growth and profitability, driven by core Oncology and accelerating Wound Care. She highlighted that Oncology remains strong with added customers and better collections, while Wound Care’s newer compression offerings are benefiting from manufacturing partnerships and a more favorable reimbursement environment. Her tone was upbeat but disciplined, emphasizing execution, profitable growth, and a focus on the existing compression opportunity rather than broad expansion.

Barry Steele walked through the quarter’s financial bridge: revenue of $36.9 million, gross profit of $21.4 million, gross margin of 58.0%, net income of $3.2 million, and adjusted EBITDA of $8.6 million. He noted Device Solutions gross profit stayed stable at about $6.1 million despite a 16.1% revenue decline, while Device Solutions margin improved to 50.2% from 41.9% due to the GE restructuring, procurement gains, productivity improvements, and mix. He also pointed to six-month operating cash flow of $7.7 million, $6.5 million invested in rental equipment, $4.4 million returned via buybacks, and ending liquidity of $55.2 million with net debt of $19.5 million, or 0.61x trailing 12-month adjusted EBITDA.

Analysts focused on whether Oncology’s 6.4% growth is sustainable, and management said it likely is, citing continued volume growth, new customers, and better reimbursement/collections. Questions on Wound Care centered on why lymphedema is working now versus earlier attempts; management said better partnerships, cleaner paperwork/claims workflows, and the Patient Lymphedema Treatment Act have helped the market and their execution. On ERP spending and benefits, Barry said spending has tapered post-launch, but the system should create gains in working capital, device utilization, throughput, and lower process labor over the next 2 to 3 years. Analysts also asked about CMS prior authorization for lymphedema and the NOPAIN Act; management said neither has caused a significant negative impact so far, and pain management remains relatively steady.