ROCHESTER HILLS, Michigan—InfuSystem Holdings, Inc., a national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, reported financial results for the fourth quarter and full year ended Dec. 31, 2025.
Fourth Quarter Overview:
- Net revenues totaled $36.2 million, an increase of 7% vs. prior year.
- Patient Services net revenue was $21.9 million, an increase of 5% vs. prior year.
- Device Solutions net revenue was $14.4 million, an increase of 10% vs. prior year.
- Gross profit was $20.4 million, an increase of 12% vs. prior year.
- Gross margin was 56.4%, an increase of 2.6% vs. prior year.
- Operating income was $3.7 million, an increase of 42% vs. prior year.
- Net income of $2.0 million, an increase of 118% vs prior year.
- Earnings per diluted share of $0.10, an increase of 150% vs prior year.
- Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) (non-GAAP) was $8.8 million, an increase of 17% vs. prior year.
- Adjusted EBITDA margin was 24.3%, an increase of 2.1% vs. prior year.
- Net cash provided by operations was $7.1 million, a decrease of 10% vs. prior year.
"During the fourth quarter, we closed out the 2025 reporting period by delivering solid top line growth of 7.0%, with full-year Adjusted EBITDA expanding 24% to $31.5 million and strong operating cash flow of $7.1 million," said Carrie Lachance, CEO of InfuSystem. "We further strengthened our balance sheet, with net debt declining 30% year-over-year, while returning capital to our shareholders through our share repurchase program, retiring 137 thousand shares in the fourth quarter and 1.3 million shares for the full year."
Net revenues for the quarter ended Dec. 31, 2025 were $36.2 million, an increase of $2.4 million, or 7.0%, compared to $33.8 million for the quarter ended Dec. 31, 2024. The increase was attributable to both the patient services and device solutions segments.