InfuSystem (INFU) Investor update summary

Business overview and growth strategy

• Operates a national home healthcare services platform focused on durable medical equipment (DME), enabling complex therapies outside hospitals, with a core in oncology and expanding into wound care, lymphedema, and pain management markets.

• Holds 70% market share in oncology ambulatory/home infusion, serving 18 of the top 20 U.S. hospital systems, with 800+ payer contracts covering over 97% of insured lives.

• Serves over 4,500 customer locations and 100,000+ patients annually, leveraging a large device fleet and robust payer contract portfolio.

• Achieved seven consecutive years of record growth (11% CAGR), with 2025 revenue at $143.4 million and adjusted EBITDA of $31.5 million; margins are expanding with a 2025 margin of 21.9% and a long-term target of 22%-25%.

• Growth is driven by capital-efficient expansion into adjacent therapies, selective tuck-in acquisitions, and strong cash generation with $58 million in liquidity.

Operational efficiency and margin expansion

• Recent investments in ERP and revenue cycle systems have improved scalability and efficiency, reducing the need for additional headcount.

• Margin expansion is supported by contract optimization, exiting non-profitable contracts, and a shift toward less capital-intensive segments like wound care and lymphedema.

• Patient Services (~60% of revenue) is the primary growth and margin driver, while Device Solutions (~40%) provides recurring revenue and stability.

• Multi-year payer contracts and a diversified revenue base de-risk the business, with no single customer or contract exceeding 10% of revenue.

• Transitioned from investment phase to accelerated margin expansion as ERP and IT investments roll off, supporting sustainable profitability.

Market expansion and innovation

• Wound care revenue grew 103% year-over-year and lymphedema revenue grew 154% year-over-year, driven by new reimbursement and partnerships.

• The company is device-agnostic, partnering with multiple manufacturers and offering a broad range of products.

• Embedded in clinical and reimbursement workflows with API and EMR connectivity, creating strong customer stickiness and barriers to entry.

• Selective acquisitions have enhanced biomedical services and revenue cycle technology.

• Actively evaluates new verticals and products, focusing on reimbursement, competition, and strategic fit.