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InfuSystem Holdings, Inc. (INFU)
:INFU
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InfuSystem Holdings
(NYSE MKT:INFU)
Rating:73Outperform
Price Target:
$10.00
▲(16.28% Upside)
Positive Factors
Financial Performance
The Company showed notable progress in gross margin improvement of 122 basis points Y/Y and AEBITDA margin improvement of 282 basis points Y/Y.
Operating Cash Flow
Operating cash flow was $20.5M in 2024, an 82% increase Y/Y.
Negative Factors
Earnings
EPS of $0.04 was below our estimate and consensus of $0.08 and $0.09, respectively.
Revenue
Revenue came in below our forecast and consensus due to delays in onboarding new wound care initiatives as the Company looks to improve referral processes with newer partners.
InfuSystem Holdings (INFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$175.66M
Dividend YieldN/A
Average Volume (3M)145.77K
Price to Earnings (P/E)36.3
Beta (1Y)1.58
Revenue Growth8.13%
EPS Growth1293.06%
CountryUS
Employees502
SectorHealthcare
Sector Strength38
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.12
Shares Outstanding20,425,964
10 Day Avg. Volume206,383
30 Day Avg. Volume145,773
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)3.12
Price to Sales (P/S)1.33
P/FCF Ratio68.45
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.15
Enterprise Value/Gross Profit2.11
Enterprise Value/Ebitda8.00
Forecast
1Y Price Target
$12.67Price Target Upside47.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
InfuSystem Holdings Business Overview & Revenue Model
Company DescriptionInfuSystem Holdings, Inc., through its subsidiaries, provides infusion pumps, and related products and services in the United States and Canada. The company operates in two segments, Integrated Therapy Services (ITS) and Durable Medical Equipment Services (DME Services). It supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology, infusion, and hospital outpatient chemotherapy clinics for the treatment of various cancers, including colorectal cancer, pain management, and other disease states. The company also sells, rents, and leases new and pre-owned pole-mounted and ambulatory infusion pumps, and other durable medical equipment; sells treatment-related consumables; and provides biomedical recertification, maintenance, and repair services for oncology practices, as well as other alternate site settings comprising home care and home infusion providers, skilled nursing facilities, pain centers, hospital market, and others. In addition, it offers local and field-based customer support, as well as operates pump service and repair centers. The company was incorporated in 2005 and is headquartered in Rochester Hills, Michigan.
How the Company Makes MoneyInfuSystem generates revenue through multiple key streams, primarily from the rental and sale of infusion pumps and related equipment. The company charges healthcare facilities for the leasing of their infusion devices, which can include both short-term and long-term contracts. Additionally, InfuSystem earns income through the provision of consumables, such as IV administration sets and related supplies necessary for the operation of their infusion systems. Service agreements, which encompass maintenance, repair, and technical support, also contribute significantly to the company's revenue. Strategic partnerships with healthcare providers and manufacturers further enhance their market reach and service offerings, allowing InfuSystem to secure recurring revenue and build long-term customer relationships.
InfuSystem Holdings Earnings Call Summary
Earnings Call Date:Aug 05, 2025
(Q2-2025)
| % Change Since: 47.01%|
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of strong financial performance with record revenue and margin expansion, alongside challenges such as a reduced revenue growth outlook and uncertainties in specific business areas. The company's focus on operational efficiency and shareholder returns were notable positives.Q2-2025 Updates
Positive Updates
Record Revenue and Margin Expansion
Revenue grew 7% to $36 million with gross margins expanding by 574 basis points to 55.2%, resulting in a 32% year-over-year increase in adjusted EBITDA to $8 million.
Significant Increase in Net Income and Cash Flow
Net income increased by 262%, and cash flows from operations more than doubled for the quarter and year-to-date.
Operational Efficiency and Shareholder Returns
Operating cash flow increased by $6 million over the prior year with a significant reduction in capital expenditures by $4.2 million. Approximately $3.5 million was returned to shareholders through stock repurchases during the quarter.
Positive Outlook for Oncology and Device Solutions
Oncology revenue increased by 4.5% and investments in Device Solutions are paying off, contributing to increased revenue and maintaining high operating cash margins.
Negative Updates
Lowered Revenue Growth Outlook for 2025
Revenue growth outlook for 2025 was updated to a range of 6% to 8% from the previous 8% to 10% due to delays and restructuring in certain business areas.
Challenges in Advanced Wound Care Volume Rollout
Delays in increasing Advanced Wound Care volumes are needed to address billing process inefficiencies. Current billing processes lack productivity, affecting economics.
ChemoMouthpiece Reimbursement Uncertainty
Forecasted revenue for ChemoMouthpiece was removed due to changes in CPT reimbursement code, causing uncertainty in product launch and coverage.
Biomedical Services Margin Concerns with GE Healthcare
The current business with GE Healthcare does not meet margin expectations, leading to restructuring efforts to adjust price and service levels, which could impact revenue.
Company Guidance
During the InfuSystem Holdings Second Quarter Fiscal Year 2025 Earnings Call, the company reported a revenue increase of 7% to $36 million and an expansion in gross margins by 574 basis points to 55.2%, leading to a 32% year-over-year rise in adjusted EBITDA to $8 million and an improvement in EBITDA margin by 427 basis points to 22.3%. Net income surged by 262%, and cash flows from operations more than doubled for both the quarter and year-to-date. The company returned $3.5 million to shareholders through stock repurchases in Q2, totaling $6.4 million for the first half of the year. For the first six months of 2025, operating cash flow was $8.7 million, an increase of $6 million from the previous year, while net capital expenditures decreased by $4.2 million to $2.9 million. The company adjusted its 2025 revenue growth outlook to a range of 6% to 8% from the previous 8% to 10%, while raising its adjusted EBITDA margin outlook by approximately 120 basis points to 20% or higher, despite ongoing investments in a new ERP system expected to cost $2.5 million in 2025.InfuSystem Holdings Financial Statement Overview
Summary
InfuSystem Holdings shows a commendable financial position with strong revenue growth and efficient cash flow management. The balance sheet is stable with manageable leverage, though there is room for enhancing profitability and returns on equity.Income Statement
InfuSystem Holdings has shown a consistent revenue growth trajectory with a TTM revenue of $137.6M, reflecting a growth rate of approximately 2.02%. The gross profit margin stands solid at 52.75%, indicating efficient cost management. However, the net profit margin of 3.08% suggests room for improvement in profitability. EBITDA margin is robust at 13.05%, supporting strong operational performance.74
Positive
Balance Sheet
The company's balance sheet reveals a debt-to-equity ratio of 0.60, which is manageable but indicates a reliance on debt financing. The equity ratio is 52.89%, showcasing a stable asset base. Return on equity is moderate at 7.67%, suggesting reasonable returns to shareholders but with potential improvement needed.68
Positive
Cash Flow
InfuSystem demonstrates strong cash flow management with a free cash flow growth rate of 518.13% in the TTM period. The operating cash flow to net income ratio of 5.17 indicates strong cash conversion, while the free cash flow to net income ratio of 3.84 reflects efficient capital allocation and liquidity.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 139.89M | 134.86M | 125.78M | 109.91M | 102.38M | 97.39M |
| Gross Profit | 76.30M | 70.40M | 63.11M | 62.57M | 60.20M | 58.76M |
| EBITDA | 20.14M | 20.03M | 16.50M | 15.09M | 17.15M | 22.82M |
| Net Income | 6.77M | 2.35M | 872.00K | 18.00K | 1.42M | 17.33M |
Balance Sheet | ||||||
| Total Assets | 100.85M | 103.61M | 102.92M | 99.39M | 97.59M | 96.99M |
| Cash, Cash Equivalents and Short-Term Investments | 720.00K | 527.00K | 231.00K | 165.00K | 186.00K | 9.65M |
| Total Debt | 30.45M | 28.42M | 36.37M | 36.92M | 36.77M | 42.66M |
| Total Liabilities | 46.31M | 46.09M | 50.61M | 51.38M | 49.31M | 56.24M |
| Stockholders Equity | 54.53M | 57.53M | 52.30M | 48.00M | 48.27M | 40.75M |
Cash Flow | ||||||
| Free Cash Flow | 21.06M | 2.63M | 106.00K | 2.44M | 1.66M | 3.37M |
| Operating Cash Flow | 26.56M | 20.46M | 11.22M | 17.52M | 18.32M | 20.28M |
| Investing Cash Flow | -10.47M | -13.24M | -6.73M | -11.48M | -21.32M | -12.16M |
| Financing Cash Flow | -15.52M | -6.92M | -4.42M | -6.06M | -6.46M | -1.12M |
InfuSystem Holdings Technical Analysis
Positive
8.60
Price Trends
6.22
Positive
5.77
Positive
6.82
Positive
Market Momentum
0.67
Negative
83.40
Negative
85.87
Negative
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 8.6 is above the 20-day moving average (MA) of 6.39, above the 50-day MA of 6.22, and above the 200-day MA of 6.82, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 83.40 is Negative, neither overbought nor oversold. The STOCH value of 85.87 is Negative, 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
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $182.71M | 15.04 | 10.39% | 2.16% | -16.64% | ― | |
73 Outperform | $175.66M | 36.26 | 9.39% | ― | 8.13% | 1293.06% | |
65 Neutral | ¥339.25B | 10.33 | -0.16% | 2.41% | 10.20% | -8.92% | |
64 Neutral | $225.63M | ― | -198.62% | ― | 33.94% | -6.91% | |
59 Neutral | $186.79M | ― | -25.63% | ― | 19.57% | 61.81% | |
47 Neutral | $47.10M | ― | -88.36% | ― | -9.13% | 30.04% | |
44 Neutral | $238.73M | ― | -28.58% | ― | 34.65% | -128.56% |
* Healthcare Sector Average
Performance Comparison
INFU
InfuSystem Holdings
9.43
2.77
41.59%
STXS
Stereotaxis
2.54
0.53
26.37%
UTMD
Utah Medical Products
56.25
-9.34
-14.24%
MLSS
Milestone Scientific
0.62
-0.40
-39.22%
KRMD
REPRO-MED Systems
4.04
1.67
70.46%
SMTI
Sanara MedTech
26.86
-5.18
-16.17%
InfuSystem Holdings Corporate Events
Financial Disclosures
InfuSystem Holdings to Announce Q2 2025 Results
Neutral
Jul 29, 2025
InfuSystem Holdings, Inc. announced it will release its second quarter 2025 financial results on August 5, 2025, before the market opens. The company will also host a conference call on the same day to discuss the financial results, providing stakeholders with insights into its financial performance and strategic direction.
The most recent analyst rating on (INFU) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.
Private Placements and FinancingBusiness Operations and Strategy
InfuSystem Holdings Extends Credit Agreement Maturity Date
Positive
Jul 17, 2025
On July 15, 2025, InfuSystem Holdings, Inc. and its subsidiaries entered into a Second Amendment to their Credit Agreement with JPMorgan Chase Bank, extending the maturity date to July 15, 2030. This amendment signifies a strategic financial maneuver, potentially enhancing the company’s financial stability and operational flexibility, which may positively impact its market positioning and stakeholder confidence.
The most recent analyst rating on (INFU) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.
Executive/Board ChangesShareholder Meetings
InfuSystem Holdings Announces New CEO Employment Agreement
Neutral
Jun 3, 2025
InfuSystem Holdings, Inc. announced a Second Amended and Restated Employment Agreement with its President and CEO, Carrie Lachance, reflecting her transition from COO to CEO on May 19, 2025. The agreement includes changes in compensation, stock options, and performance-based incentives, along with severance benefits and confidentiality provisions. Additionally, on May 15, 2025, the company’s stockholders approved Charter Amendments to its Certificate of Incorporation, removing outdated provisions and designating exclusive forums for certain claims.
The most recent analyst rating on (INFU) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.
Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
InfuSystem Holdings Approves Equity Plan Amendment, New Chairman
Neutral
May 20, 2025
At the 2025 Annual Meeting of Stockholders held on May 15, 2025, InfuSystem Holdings, Inc. announced the approval of the Second Amendment to its 2021 Equity Incentive Plan, increasing the maximum number of shares reserved for issuance to 6,000,000. This amendment, along with other approved proposals, aims to enhance the company’s operational flexibility and governance structure. Additionally, Ronald Hundzinski was elected as the Chairman of the Board of Directors, reflecting a shift in leadership dynamics. The meeting also saw the approval of several amendments to the company’s Certificate of Incorporation, including changes to forum selection for stockholder actions and officer exculpation, as well as the ratification of Deloitte & Touche LLP as the independent accounting firm for 2025.
The most recent analyst rating on (INFU) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on InfuSystem Holdings stock, see the INFU Stock Forecast page.
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.