Revenue: As of FY2025, the actual value is USD 143.44 M, missing the estimate of USD 143.88 M.EPS: As of FY2025, the actual value is USD 0.31.EBIT: As of FY2025, the actual value is USD 13.22 M.<h4>Segment Revenue</h4>InfuSystem Holdings, Inc.’s total net revenues for the year ended December 31, 2025, were $143.4 million, an increase of $8.6 million or 6.4% compared to $134.9 million in 2024, with growth in both Patient Services and Device Solutions segments .<ul><li>Patient Services Segment Revenue<ul><li>Net revenue for Patient Services increased by $6.2 million, or 7.7%, to $86.5 million in 2025 from $80.4 million in 2024 . This increase was primarily due to an additional treatment volume of $6.5 million, partially offset by - $0.3 million lower revenue from sales-type leases of Negative Pressure Wound Therapy (NPWT) pumps . Oncology revenue benefited by $3.6 million (5.0%), and Wound Care revenue increased by $3.2 million (148.7%), while Pain Management revenue decreased by - $0.3 million (6.2%) . In 2025, the Oncology Business generated approximately 87% of total Patient Services segment net revenues .</li></ul></li><li>Device Solutions Segment Revenue<ul><li>Net revenue for Device Solutions increased by $2.4 million, or 4.4%, to $56.9 million in 2025 from $54.5 million in 2024 . This segment saw higher rental revenue of $1.0 million (4.9%), increased medical equipment sales of $0.5 million (7.3%), higher biomedical services revenue of $0.7 million (4%), and increased disposable medical supplies revenue of $0.2 million (2.0%) . The biomedical services contract with GE Healthcare was restructured in 2025, leading to an expected reduced revenue volume of - $7.1 million (5.5% annually) starting in 2026 .</li></ul></li></ul><h4>Gross Profit</h4>Total gross profit for [InfuSystem Holdings, Inc.] increased by $9.9 million, or 14.1%, to $80.3 million in 2025 from $70.4 million in 2024 . The overall gross margin improved to 56.0% in 2025 from 52.2% in 2024, an increase of 3.8% .<ul><li>Patient Services Segment Gross Profit<ul><li>Gross profit for Patient Services was $55.4 million in 2025, an increase of $2.5 million or 4.8% from the prior year . The gross margin for Patient Services decreased by 1.8% to 64.0% in 2025 .</li></ul></li><li>Device Solutions Segment Gross Profit<ul><li>Gross profit for Device Solutions was $24.9 million in 2025, an increase of $7.4 million or 41.9% over 2024 . The Device Solutions gross margin increased to 43.8% in 2025, an 11.6% rise from 2024 .</li></ul></li></ul><h4>Operating Expenses</h4><ul><li>Amortization of Intangible Assets<ul><li>Amortization expense decreased by - $0.1 million, or 7%, to - $0.9 million in 2025 from - $1.0 million in 2024 .</li></ul></li><li>Selling and Marketing Expenses<ul><li>Selling and marketing expenses decreased by - $0.8 million to - $10.5 million in 2025 compared to - $11.3 million in 2024 . As a percentage of net revenues, these expenses decreased to 7.3% in 2025 from 8.4% in 2024 .</li></ul></li><li>General and Administrative (G&amp;A) Expenses<ul><li>G&amp;A expenses increased by $5.8 million, or 11.2%, to - $57.0 million in 2025 from - $51.2 million in 2024 . The 2025 amount included a one-time accrued severance expense of - $1.0 million for the outgoing CEO . As a percentage of net revenues, G&amp;A expenses increased to 39.7% in 2025 from 38.0% in 2024 .</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Operating Income<ul><li>Operating income increased to $11.9 million in 2025 from $6.9 million in 2024, a rise of $5.0 million .</li></ul></li><li>Interest Expense<ul><li>Interest expense decreased by - $0.5 million to - $1.3 million in 2025 from - $1.8 million in 2024 .</li></ul></li><li>Income Before Income Taxes<ul><li>Income before income taxes increased by $5.6 million to $10.6 million in 2025 from $5.1 million in 2024 .</li></ul></li><li>Provision for Income Taxes<ul><li>The provision for income taxes was - $4.0 million in 2025, compared to - $2.7 million in 2024 . The effective tax rate was 37.6% in 2025 on pre-tax income of $10.6 million, and 54% in 2024 on pre-tax income of $5.1 million .</li></ul></li><li>Net Income<ul><li>Net income increased by $4.3 million to $6.6 million in 2025 from $2.3 million in 2024 .</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities<ul><li>Net cash provided by operating activities increased by $3.9 million, or 19.3%, to $24.4 million in 2025 from $20.5 million in 2024 .</li></ul></li><li>Net Cash Used in Investing Activities<ul><li>Net cash used in investing activities decreased by $6.4 million to - $6.8 million in 2025 from - $13.2 million in 2024 .</li></ul></li><li>Net Cash Used in Financing Activities<ul><li>Net cash used in financing activities increased to - $15.0 million in 2025 from - $6.9 million in 2024 . This included net revolving line of credit repayments of - $4.1 million and common stock repurchases of - $9.9 million in 2025 .</li></ul></li></ul><h4>Unique Metrics and Capital Resources</h4><ul><li>Available Liquidity<ul><li>Available liquidity was $58.2 million as of December 31, 2025, compared to $51.4 million as of December 31, 2024 .</li></ul></li><li>Medical Equipment Fleet<ul><li>The rental fleet of medical equipment had a historical cost of $109.1 million as of December 31, 2025, up from $107.0 million at the end of 2024 . New and used equipment held for sale or rental had a historical cost of $4.6 million in 2025, up from $3.2 million in 2024 .</li></ul></li><li>Share Repurchases<ul><li>In 2025, [InfuSystem Holdings, Inc.] repurchased and retired approximately - $11.0 million, or 1,498,376 shares, under its Share Repurchase Program .</li></ul></li><li>Payer Networks<ul><li>As of December 31, 2025, [InfuSystem Holdings, Inc.] had contracts with nearly 840 third-party payer networks, a 1% increase over the prior year .</li></ul></li></ul><h4>Outlook / Guidance</h4>[InfuSystem Holdings, Inc.] expects to maintain compliance with its financial covenants through fiscal year 2026 . The restructuring of its biomedical services contract with GE Healthcare is anticipated to have an immediate favorable impact on reported earnings and cash flows in 2026 due to an expected larger reduction in expenses . Furthermore, amortization expense for intangible assets is projected to decrease in 2026 and beyond based on the current schedule .

Infusystem | 10-K: FY2025 Revenue Misses Estimate at USD 143.44 M