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what it is
InfuSystem runs a $143M clinic equipment and support business for oncology and other outpatient providers.
how it gets paid
Last year Infusystem made $143M in revenue. Patient Services was the main engine at $64.4M, or 45% of sales.
why it's growing
Revenue grew 6.4% last year. Revenue was up 194% vs. prior year, and EPS doubled from the prior period.
what just happened
InfuSystem posted $107M in quarterly revenue, with EPS at $0.22 and gross margin at 55.8%.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
33.3x trailing p/e — you're paying up for this one
4.0% return on capital — nothing to write home about
$0.11 fy2024 eps est
xvary composite: 48/100 — below average
What they do
InfuSystem runs a $143M clinic equipment and support business for oncology and other outpatient providers.
You are not buying a flashy app. You are buying a 502-employee business with $143M in annual revenue. Patient Services is 43% of sales, and Device Solutions is 57%. That split means your risk lives in contracts and workflows, not consumer taste.
How they make money
$143M
annual revenue · their business grew +6.4% last year
Patient Services
$64.4M
Device Solutions
$28.6M
Consumable Sales
$21.5M
Biomedical Support Services
$14.3M
Logistics and Billing
$14.3M
The products that matter
medical equipment sales and rentals
Product Sales
$81.7M · 57% of revenue
This is the larger segment at $81.7M. It gives you scale, but not immunity. INFU is still small enough that one customer change can leak into the whole story.
largest segment
oncology and patient-services support
Patient Services
$61.7M · 43% of revenue
This segment is nearly half the business. It also carries the reimbursement exposure. If payer terms get worse, you feel it in a big part of the model, not in some side project.
reimbursement exposed
equipment economics
Gross Margin
56.4% in Q4 2025
Gross margin is what the business keeps before overhead. In human-speak: INFU kept 56.4 cents of each revenue dollar before operating costs. That is why profit rose much faster than sales.
the number that mattered
Key numbers
$143M
annual revenue
That is the size of the whole business. A $143M company does not get to hide a bad quarter.
55.8%
gross margin
gross margin → sales left after direct costs → so what: 55.8% means more than half the revenue survives.
33.3x
price-to-earnings
price-to-earnings ratio → price divided by last year's profit → so what: 33.3x says you are paying a lot for each dollar of profit.
4.0%
return on capital
return on capital → profit earned on invested money → so what: 4.0% is weak next to a 33.3x earnings multiple.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 15 / 100
- long-term debt $25M (12% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for INFU right now.
source: institutional data · return history unavailable
What just happened
beat estimates
InfuSystem posted $107M in quarterly revenue, with EPS at $0.22 and gross margin at 55.8%.
Revenue was up 194% vs. prior year, and EPS doubled from the prior period. Gross margin stayed high at 55.8%, which kept the math clean.
$36M
revenue
$0.22
eps
55.8%
gross margin
the number that mattered
The $107M quarterly revenue print mattered most because it showed the business is still scaling fast on a $143M annual base.
source: company earnings report, 2026
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What could go wrong
INFU is not dealing with abstract risk. The biggest issue is already on the page: a $7.1M contract restructuring against a $143.4M revenue base. If you own this stock, you are underwriting management's ability to replace that business fast enough to keep the recovery story intact.
med
Contract reset becomes a growth drag
A restructured customer contract will cut 2026 revenue by $7.1M.
A restructured customer contract will cut 2026 revenue by $7.1M.
med
Patient Services carries reimbursement pressure
Patient Services was $61.7M in 2025, or 43% of total revenue, and it depends on third-party reimbursement.
Patient Services was $61.7M in 2025, or 43% of total revenue, and it depends on third-party reimbursement.
med
The stock already prices in cleaner execution
INFU trades at 33.3x trailing earnings while consensus revenue for 2026 is only $148.1M, about 3.3% above 2025.
INFU trades at 33.3x trailing earnings while consensus revenue for 2026 is only $148.1M, about 3.3% above 2025.
med
New leadership still has to prove the full playbook
Carrie Lachance became CEO in April 2025, so investors have not seen a full operating cycle under the current leadership team.
Carrie Lachance became CEO in April 2025, so investors have not seen a full operating cycle under the current leadership team.
The risk stack is simple. Revenue concentration is real, reimbursement matters, and the valuation is no longer giving you a free pass. What would change our mind: evidence that replacement business closes the $7.1M hole while gross margin stays above roughly 54%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
reset
how fast management replaces the $7.1M gap
This is the first question, not the second. If new oncology clients and wound care launches do not fill that hole, the 6–8% growth guide starts looking more aspirational than earned.
event
38th annual ROTH conference
Management is presenting on March 17, 2026. Listen for specifics on customer wins, not just confidence about the setup.
demand
wound care launches and NOPAIN Act demand
Management pointed to wound care and CMS payment changes tied to the NOPAIN Act. If the offset is real, it should show up here first.
capital
buybacks versus operating needs
The company repurchased 1.3M shares in 2025. That looks disciplined if margins hold. It looks less clever if the business needs cash to support growth.
Analyst rankings
earnings predictability
30 / 100
30 / 100 is low. in human-speak, analysts do not trust INFU to deliver smooth, repeatable earnings yet.
risk rank
2
A risk rank of 2 reads cleaner than the balance sheet grade. Translation: this is not a distress story, but it is still an execution story.
source: institutional data
Institutional activity
institutional ownership data for INFU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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