Form 8-K

8-K — InfuSystem Holdings, Inc

Accession: 0001628280-26-031649

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001337013

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Documents

8-K — infu-20260507.htm (Primary)

EX-99.1 (infu-20260331xexx991earnin.htm)

GRAPHIC (infusystem_safesmarttruste.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: infu-20260507.htm · Sequence: 1

infu-20260507

0001337013false00013370132026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 7, 2026

___________________________________

InfuSystem Holdings, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

Delaware

(State or other jurisdiction of

incorporation or organization)

001-35020

(Commission File Number)

20-3341405

(I.R.S. Employer Identification Number)

3851 West Hamlin Road

Rochester Hills, Michigan 48309

(Address of principal executive offices) (Zip Code)

248 291-1210

(Registrant's telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Stock, par value $.0001 per share

INFU

NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition

On May 7, 2026, InfuSystem Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the first quarter of 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 2.02 — “Results of Operations and Financial Condition” of this Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits

Exhibit No.

Description

99.1

Press Release of InfuSystem Holdings, Inc. dated May 7, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INFUSYSTEM HOLDINGS, INC.

By:

/s/ Barry Steele

Barry Steele

Chief Financial Officer

Dated: May 7, 2026

EX-99.1

Filename: infu-20260331xexx991earnin.htm · Sequence: 2

Document

Exhibit 99.1

InfuSystem Holdings, Inc.

3851 W. Hamlin Road

Rochester Hills, MI 48309

(248) 291-1210

Contact:

Barry Steele

Chief Financial Officer

(248) 260-2211

InfuSystem Announces Financial Results for

First Quarter 2026

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, Michigan, May 7, 2026 – 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

Page 2 of 10

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).

Page 3 of 10

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.

Page 4 of 10

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.

Page 5 of 10

FINANCIAL TABLES FOLLOW

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

March 31,

(in thousands, except share and per share data)

2026

2025

Net revenues

33,684

34,716

Cost of revenues

14,002

15,549

Gross profit

19,682

19,167

Selling, general and administrative expenses:

Amortization of intangibles

209

248

Selling and marketing

3,080

2,985

General and administrative

14,803

15,316

Total selling, general and administrative

18,092

18,549

Operating income

1,590

618

Other expense:

Interest expense

(255)

(336)

Other income (expense)

(29)

Income before income taxes

1,417

253

Provision for income taxes

(400)

(520)

Net income (loss)

1,017

(267)

Net income (loss) per share:

Basic

0.05

(0.01)

Diluted

0.05

(0.01)

Weighted average shares outstanding:

Basic

20,211,045

21,125,019

Diluted

20,893,767

21,125,019

Page 6 of 10

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

SEGMENT REPORTING

(UNAUDITED)

Three Months Ended

March 31,

Better/

(Worse)

(in thousands)

2026

2025

Net revenues:

Patient Services

22,105

20,774

1,331

Device Solutions

13,221

15,824

(2,603)

Less: elimination of inter-segment revenues (a)

(1,642)

(1,882)

240

Total Device Solutions

11,579

13,942

(2,363)

Total

33,684

34,716

(1,032)

Gross profit:

Patient Services

14,323

13,185

1,138

Device Solutions

5,359

5,982

(623)

Total

19,682

19,167

515

(a)Inter-segment allocations are for cleaning and repair services performed on medical equipment.

Page 7 of 10

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:

Three Months Ended

March 31,

(in thousands)

2026

2025

GAAP net income (loss)

1,017

(267)

Adjustments:

Interest expense

255

336

Income tax provision

400

520

Depreciation

3,045

3,072

Amortization

209

248

Non-GAAP EBITDA

4,926

3,909

Stock compensation costs

1,233

1,108

Medical equipment reserve and disposals (1)

187

222

Management reorganization/transition costs (2)

—

1,028

Certain other non-recurring costs

Non-GAAP Adjusted EBITDA

6,355

6,323

GAAP Net Revenues

33,684

34,716

Net Revenue Growth from Prior Year

(3.0)

Pro-Forma Net Revenue Adjustment (3)

—

(1,605)

Non-GAAP Pro-Forma Net Revenue

33,684

33,111

Non-GAAP Pro-Forma Net Revenue Growth from Prior Year

1.7

Net Income Margin (4)

3.0

(0.8)

Non-GAAP Adjusted EBITDA Margin (5)

18.9

18.2

Business Application (“ERP”) Upgrade Investment (6)

883

466

(1)Amounts represent a non-cash (benefit) expense recorded to adjust the reserve for missing medical equipment and is being added back due to its similarity to depreciation.

(2)Includes severance compensation for the outgoing CEO totaling $1.0 million.

(3)Amount represents effect on net revenue related to a restructuring of a Biomedical Services Contract which took effect on January 1, 2026. Net revenue adjustment amount for 2025 presents the impact as though the change in the contract had occurred on January 1, 2025.

(4)Net Income Margin is defined as GAAP Net Income as a percentage of GAAP Net Revenues.

(5)Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA as a percentage of GAAP Net Revenues.

(6)Represents expenses associated with a project to upgrade the Company’s information technology and business applications including a replacement of our main enterprise resource planning (“ERP”) application. The project was launched during the second quarter of 2024 and was completed during the first quarter of 2026. Amounts are included in GAAP net income and have not been added back in the measurement of Non-GAAP Adjusted EBITDA.

Page 8 of 10

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

As of

(in thousands, except par value and share data)

March 31,

2026

December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

2,106

3,186

Accounts receivable, net

23,980

22,901

Inventories, net

5,832

5,391

Other current assets

4,744

4,858

Total current assets

36,662

36,336

Medical equipment for sale or rental

3,669

4,589

Medical equipment in rental service, net of accumulated depreciation

34,255

34,456

Property & equipment, net of accumulated depreciation

3,217

3,359

Goodwill

3,710

Intangible assets, net

6,656

6,866

Operating lease right of use assets

3,844

4,178

Deferred income taxes

4,232

4,640

Derivative financial instruments

766

748

Other assets

1,646

1,678

Total assets

98,657

100,560

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

9,632

10,821

Other current liabilities

7,510

9,361

Total current liabilities

17,142

20,182

Long-term debt

19,646

19,625

Operating lease liabilities, net of current portion

3,120

3,427

Total liabilities

39,908

43,234

Stockholders’ equity:

Preferred stock, $0.0001 par value: authorized 1,000,000 shares; none issued

—

Common stock, $0.0001 par value: authorized 200,000,000 shares; 20,178,890 issued and outstanding as of March 31, 2026 and 20,209,636 issued and outstanding as of December 31, 2025

Additional paid-in capital

118,713

117,461

Accumulated other comprehensive income

575

565

Retained deficit

(60,541)

(60,702)

Total stockholders’ equity

58,749

57,326

Total liabilities and stockholders’ equity

98,657

100,560

Page 9 of 10

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended March 31,

(in thousands)

2026

2025

OPERATING ACTIVITIES

Net income (loss)

1,017

(267)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Provision for doubtful accounts

Depreciation

3,044

3,072

Loss on disposal of and reserve adjustments for medical equipment

202

257

Loss (gain) on sale of medical equipment

123

(838)

Amortization of intangible assets

209

248

Amortization of deferred debt issuance costs

Stock-based compensation

1,233

1,108

Deferred income taxes

400

520

Changes in assets - (increase)/decrease:

Accounts receivable

(2,250)

(2,095)

Inventories

(203)

433

Other current assets

(130)

126

Other assets

563

729

Changes in liabilities - (decrease)/increase:

Accounts payable and other liabilities

(3,328)

(1,577)

NET CASH PROVIDED BY OPERATING ACTIVITIES

970

1,780

INVESTING ACTIVITIES

Purchase of medical equipment

(1,680)

(3,284)

Purchase of property and equipment

(157)

(131)

Proceeds from sale of medical equipment, property and equipment

577

754

NET CASH USED IN INVESTING ACTIVITIES

(1,260)

(2,661)

FINANCING ACTIVITIES

Principal payments on long-term debt

(6,145)

(14,407)

Cash proceeds from long-term debt

6,145

19,231

Common stock repurchased as part of share repurchase program

(809)

(2,895)

Common stock repurchased to satisfy statutory withholding on employee stock-based compensation plans

(165)

(228)

Cash proceeds from exercise of options and ESPP

184

159

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

(790)

1,860

Net change in cash and cash equivalents

(1,080)

979

Cash and cash equivalents, beginning of period

3,186

527

Cash and cash equivalents, end of period

2,106

1,506

Page 10 of 10

GRAPHIC

Filename: infusystem_safesmarttruste.jpg · Sequence: 6

Binary file (778170 bytes)

Download infusystem_safesmarttruste.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

May 07, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 07, 2026

Entity Registrant Name

InfuSystem Holdings, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-35020

Entity Tax Identification Number

20-3341405

Entity Address, Address Line One

3851 West Hamlin Road

Entity Address, City or Town

Rochester Hills

Entity Address, State or Province

Entity Address, Postal Zip Code

48309

City Area Code

248

Local Phone Number

291-1210

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, par value $.0001 per share

Trading Symbol

INFU

Security Exchange Name

NYSEAMER

Entity Emerging Growth Company

false

Entity Central Index Key

0001337013

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration