INFU InfuSystem Holdings, Inc
Price Chart
Executive Summary
InfuSystem reported Q1 2026 GAAP revenue of $33.7M, down 3% YoY due to the GE Healthcare contract restructuring, but net income improved to $1.0M ($0.05/diluted share) vs a net loss of $0.3M in Q1 2025. Adjusted EBITDA was flat at $6.4M, while margins expanded to 18.9%. The company reaffirmed its full-year 2026 guidance for 6-8% pro-forma revenue growth and mid-to-low 20% Adjusted EBITDA margins. The beat on EPS vs consensus ($0.05 actual vs $0.04 estimate) and maintained guidance are positive, but the GAAP revenue decline tempers the outlook.
Key Financial Metrics
Actionable Insight
The GAAP revenue decline is structural (contract restructuring) and was expected, but the 1.7% pro-forma growth is below the 6-8% full-year guidance, raising execution risk. Monitor upcoming quarters for acceleration in Patient Services and Wound Care to validate the guidance trajectory. The EPS beat and margin expansion provide near-term support, but the stock may remain range-bound until revenue growth re-accelerates.
Key Facts
- Q1 2026 net revenues of $33.7M, down 3% YoY from $34.7M
- GAAP net income of $1.0M ($0.05/diluted share) vs net loss of $0.3M ($0.01/diluted share) in Q1 2025
- Adjusted EBITDA (non-GAAP) of $6.4M, essentially flat vs $6.3M in Q1 2025
- Adjusted EBITDA margin expanded to 18.9% from 18.2% in Q1 2025
- Patient Services revenue grew 6% YoY to $22.1M; Device Solutions revenue fell 17% YoY to $11.6M
- Wound Care revenue more than doubled to $2.1M, now 6% of total revenue
- GE Healthcare contract restructuring reduced Q1 revenue by $1.6M; pro-forma revenue growth was 1.7%
- Full-year 2026 guidance reaffirmed: pro-forma net revenue growth of 6-8%, Adjusted EBITDA margin in mid-to-low 20% range
- Stock repurchases totaled $856K in Q1 2026
- Operating cash flow was $1.0M vs $1.8M in Q1 2025
Financial Impact
GAAP revenue decline of 3% YoY ($1.0M reduction) due to contract restructuring; EPS beat of $0.01 vs consensus; Adjusted EBITDA flat at $6.4M
Risk Factors
- Pro-forma revenue growth of 1.7% in Q1 is well below the 6-8% full-year guidance, creating downside risk if growth does not accelerate
- Device Solutions revenue declined 17% YoY, driven by the GE Healthcare restructuring and a large customer rental buyout, which may persist
- Operating cash flow declined to $1.0M from $1.8M in Q1 2025, reflecting higher working capital needs
- ERP system go-live in March 2026 may cause near-term operational disruptions and elevated expenses
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031649 |
| Document: infu-20260507.htm | 0001628280-26-031649 |
| Document: 0001628280-26-031649-index-headers.html | 0001628280-26-031649 |
| Document: 0001628280-26-031649-index.html | 0001628280-26-031649 |
| Document: 0001628280-26-031649.txt | 0001628280-26-031649 |
| 8-K Data (Synthetic) | 0001628280-26-031649 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 18, 2026
25d ago
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8-K
| $9.67 $9.45 | ▼ −2.28% | ▼ −4.52% | $9.14 (−5.48%) |
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May 14, 2026
29d ago
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8-K
| $8.61 $9.94 | ▲ +15.45% | ▲ +16.16% | $9.14 (+6.16%) |
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May 12, 2026
4w ago
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8-K
| $8.21 $9.67 | ▲ +17.78% | ▲ +18.94% | $9.14 (+11.33%) |
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May 8, 2026
5w ago
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Insider Cluster
| $8.41 $8.61 | ▲ +2.38% | ▲ +0.91% | $9.14 (+8.68%) |
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May 8, 2026
5w ago
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Insider Cluster
| $8.41 $8.61 | ▲ +2.38% | ▲ +0.91% | $9.14 (+8.68%) |
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May 7, 2026
5w ago
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8-K
| $8.97 $8.21 | ▼ −8.47% | ▼ −9.98% | $9.14 (+1.90%) |
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Apr 30, 2026
6w ago
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8-K
| $10.13 $8.97 | ▼ −11.45% | ▼ −13.18% | $9.14 (−9.77%) |
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