InfuSystem Pro Forma Growth Accelerates to 10.2%
The healthcare services company posted $37.6 million of third-quarter revenue and $9.4 million of Adjusted EBITDA, and reaffirmed 6% to 8% full-year pro-forma growth.
InfuSystem Holdings, Inc. (INFU), a national healthcare service provider for durable medical equipment manufacturers, reported net revenues of $37.6 million for the third quarter ended September 30, 2026, up 3.0% from $36.5 million a year earlier, after a 2.6% year-over-year increase in the second quarter.
After adjusting for the previously announced GE Healthcare biomedical contract restructuring, which reduced third-quarter revenue by $2.4 million, pro-forma revenue growth accelerated to 10.2% from 7.5% in the second quarter and 1.7% in the first quarter. The company said that streak of accelerating pro-forma growth continued for a third straight period.
Net income was $3.2 million, or $0.15 a share, compared with $2.3 million, or $0.11 a share, a year earlier. Adjusted EBITDA, a non-GAAP measure, was $9.4 million, up 12.5% from $8.3 million, after an 8% year-over-year increase in the second quarter. Adjusted EBITDA margin was 24.9%, up 2.1 percentage points from 22.8%.
Patient Services net revenue was $25.8 million, up 15.4% from $22.4 million a year earlier, matching the 15% year-over-year increase reported in the second quarter. The company said the increase was primarily attributable to additional treatment volume and increased third-party payer collections in Oncology and Wound Care. Oncology revenue rose $1.4 million, or 7.2%. Wound Care revenue increased $2.0 million, or 112%, including about $1.6 million from compression therapy product lines for lymphedema. Pneumatic compression device shipments in the year-ago quarter were limited to initial launch volumes, and adjustable compression wraps generated no revenue then because that manufacturer launch occurred in the first quarter of 2026.
Device Solutions net revenue was $11.8 million, down 16.6% from $14.1 million a year earlier, after a 16% year-over-year decline in the second quarter. Biomedical services revenue fell $1.9 million, or 41.3%, including the $2.4 million GE Healthcare volume reduction and a $0.6 million non-recurring 2025 price-increase adjustment. Excluding the lost GE volume, biomedical services grew 19.8% pro forma, the company said. Equipment sales and disposable medical supplies also declined, related to a large customer rental buyout that began in the prior year’s first quarter.
Gross profit was $21.7 million, up 4.4% from $20.8 million a year earlier. Gross margin was 57.8%, up 0.7 percentage points from 57.1%. Patient Services gross profit was $15.9 million, up 9.6%, while Patient Services gross margin fell 3.3 percentage points to 61.5% on mix toward lower-margin Wound Care revenue. Device Solutions gross profit was $5.9 million, down 7.6%, while Device Solutions gross margin rose 4.8 percentage points to 49.7%; the company said the GE restructuring lifted that segment’s gross margin by 5.4% because contract expenses fell more than related revenue.
General and administrative expenses were $14.1 million, down 2.2%, including a $0.5 million decline in ERP-related costs after the March 1, 2026 go-live. Selling and marketing expenses were $2.7 million, up 14.3%, and 7.2% of revenue.
Third-quarter operating cash flow was $10.4 million despite about $5.0 million of temporary working-capital pressure from ERP-related invoicing disruptions, which the company said was not driven by customer demand, reimbursement changes or credit deterioration. About $1.3 million of that amount had converted to cash by October.
The company reaffirmed full-year 2026 guidance of 6% to 8% pro-forma net revenue growth and Adjusted EBITDA margins in the low-to-mid 20% range, unchanged from the second-quarter outlook. Liquidity was $64.1 million as of September 30, 2026, including $55.0 million of revolving capacity and $9.1 million of cash. Net debt was $10.6 million, down $5.9 million from $16.4 million at year-end 2025, after $5.0 million of 2026 share repurchases.
Stronger demand supports expansion as pricing diverges