InfuSystem Holdings reported record third-quarter revenue of $37.6 million, up 3% from a year earlier, as growth in Patient Services offset a decline in Device Solutions. The medical-equipment services company also posted higher profit and adjusted EBITDA, and reaffirmed its full-year 2026 guidance.
Management said revenue growth was stronger after adjusting for the previously announced restructuring of its GE Healthcare contract: on that pro forma basis, revenue increased 10.2% year over year.
Key details
- Revenue: $37.6 million, up 3% from the third quarter of 2025.
- Patient Services revenue rose 15% to $25.8 million.
- Device Solutions revenue fell 17% to $11.8 million.
- Profitability: Gross profit increased 4% to $21.7 million. Gross margin was 58%, up 1 percentage point from a year earlier.
- Net income: $3.2 million, or $0.15 per diluted share, compared with $2.3 million, or $0.11 per share, a year earlier.
- Adjusted EBITDA: $9.4 million, up about 12% year over year. Adjusted EBITDA margin was 24.9%, compared with 22.8% a year earlier.
- Liquidity: The company reported $64.1 million in liquidity as of September 30, 2026.
- Outlook: InfuSystem reaffirmed its full-year 2026 guidance. The announcement did not provide the guidance figures.
- Investor call: Management plans to discuss the results on November 10 at 9:00 a.m. Eastern.
What the results show
Patient Services was the main source of reported growth, while the decline in Device Solutions limited the company’s overall increase. The gap between 3% reported revenue growth and 10.2% pro forma growth reflects the effect of the GE Healthcare contract restructuring on the year-over-year comparison. Adjusted EBITDA grew faster than revenue, and the margin widened by 2.1 percentage points.