Rochester Hills, Mich. — InfuSystem Holdings, Inc. reported net income of $3.2 million, or 15 cents per diluted share, for the second quarter of 2026, up from $2.6 million, or 12 cents per share, a year earlier.
The health care services provider said quarterly revenue increased 2.6 percent to a record $36.9 million, compared with $36 million in the same period last year. Adjusted EBITDA rose 7.6 percent to $8.6 million, while the adjusted EBITDA margin increased to 23.4 percent from 22.3 percent.
Gross profit climbed 7.7 percent to $21.4 million, and gross margin expanded to 58 percent from 55.2 percent.
“We delivered another strong quarter, achieving record revenue of $36.9 million and growing Adjusted EBITDA by 7.6%,” Chief Executive Officer Carrie Lachance said. “Our Oncology business continued its steady momentum, surpassing $20 million in quarterly revenue for the first time, while Wound Care delivered exceptional growth driven by strong adoption of our new lymphedema compression therapy offerings.”
Patient Services revenue increased 15.2 percent to $24.8 million, primarily because of higher treatment volumes and improved third-party payer collections in the company’s Oncology and Wound Care businesses.
Oncology revenue rose $1.2 million, or 6.4 percent, while Wound Care revenue increased $2.1 million, or 154 percent. The Wound Care gains included sales of pneumatic compression devices and adjustable compression wraps introduced through two new supplier relationships.
Device Solutions revenue fell 16.1 percent to $12.1 million. Biomedical services revenue declined $1.8 million, while medical equipment sales decreased by $1 million. The declines were partially offset by higher revenue from disposable medical supplies and equipment rentals.
The company said the Device Solutions results reflected the previously announced restructuring of its biomedical services agreement with GE Healthcare. The restructuring reduced quarterly revenue by about $1.6 million but produced a larger reduction in direct expenses, improving profitability and margins.
“The previously reported restructuring of our GE Healthcare contract reduced reported revenue in our Device Solutions business unit, but it also improved the company’s profitability through a greater reduction in direct costs,” Lachance said.
Excluding the impact of the GE Healthcare contract restructuring, InfuSystem said its second-quarter pro forma revenue growth rate was 7.5 percent.
Patient Services gross profit increased 10.9 percent to $15.3 million, although its gross margin declined to 61.8 percent because of a shift toward lower-margin Wound Care products and higher pump maintenance costs.
Device Solutions gross profit remained at $6.1 million despite lower revenue. Its gross margin increased 8.3 percentage points to 50.2 percent, benefiting from lower expenses associated with the GE Healthcare contract, improved procurement costs and increased biomedical productivity.
Selling and marketing expenses rose 10.5 percent to $3 million because of increased sales staffing, travel costs and higher employee health care expenses.
General and administrative expenses increased 7.2 percent to $14.1 million. The increase included higher stock-based compensation, wages, health care costs and bad-debt expenses, partially offset by lower management bonus accruals and reduced spending on information technology and business application upgrades.
Operating cash flow totaled $7.7 million during the first six months of 2026, down 12 percent from the same period last year. The company spent $6.5 million on medical devices and repurchased $4.4 million of its common stock during the six-month period.
InfuSystem had total liquidity of $55.2 million as of June 30, including $54.2 million of available borrowing capacity and $1 million in cash and cash equivalents. Net debt totaled $19.5 million.
The company reaffirmed its full-year 2026 outlook. After adjusting for reduced revenue associated with the GE Healthcare contract, InfuSystem expects pro forma revenue growth of 6 percent to 8 percent and an adjusted EBITDA margin in the low- to mid-20 percent range.
“Looking ahead, we remain focused on disciplined execution, delivering 6% to 8% pro forma revenue growth in 2026, maintaining strong EBITDA margins, and creating long-term value for our shareholders,” Lachance said.
