InfuSystem (INFU) investor relations material

Executive summary

• Achieved seventh consecutive year of record net revenues, reaching $143.4 million for 2025, up 6% year-over-year, with Q4 net revenue up 7% to $36.2 million.

• Full-year adjusted EBITDA rose 24% to $31.5 million, with Q4 adjusted EBITDA at $8.8 million (24.3% margin), both record highs.

• Net income surged 183% to $6.6 million for 2025, with Q4 net income up 118% to $2.0 million.

• Net debt declined 30% year-over-year, with $58.2 million in liquidity at year-end and 1.3 million shares repurchased in 2025.

• Completed migration of Wound Care business to a new revenue cycle application, enhancing efficiency and capacity.

Financial highlights

• Full-year gross profit rose 14% to $80.3 million, with gross margin improving 3.8% to 56.0%.

• Operating income for 2025 was $11.9 million, up 73% year-over-year.

• Operating cash flow for 2025 was $24.4 million, up 19% from 2024.

• Capital expenditures decreased 51% to $8.7 million, reflecting a shift toward less capital-intensive products.

• Net debt to adjusted EBITDA ratio was 0.52x at year-end 2025.

Outlook and guidance

• 2026 annual revenue growth expected in the 6%-8% range after adjusting for a $7.1 million reduction from a restructured biomedical services contract.

• Adjusted EBITDA margin projected to remain in the mid to low 20% range, with IT/ERP project costs tapering after Q1 2026.

• Revenue growth to be driven mainly by Patient Services, especially Wound Care and new product launches.

• Chemo Mouthpiece revenue excluded from low end of guidance; upside possible if approval is received.

• Management anticipates margin expansion and cash flow improvements to continue.