Overview

• U.S. healthcare service provider's preliminary Q1 revenue fell 3%, missing analyst expectations

• Adjusted EPS for Q1 beat analyst expectations; net income also exceeded estimates

• Revenue decline driven by strategic restructuring of major biomedical services contract

Outlook

• InfuSystem reaffirms 2026 pro-forma net revenue growth guidance of 6% to 8%

• Company continues to forecast 2026 Adjusted EBITDA margin in the mid to low 20%s

• Guidance includes implementation expenses for upgraded ERP system launched in March 2026

Result Drivers

• CONTRACT RESTRUCTURING - Revenue declined mainly due to the strategic restructuring of the GE Healthcare biomedical services contract, which reduced revenue but led to greater expense savings and improved margins

• PATIENT SERVICES GROWTH - Patient Services revenue rose 6%, driven by higher treatment volumes in Oncology and Wound Care, with Wound Care revenue more than doubling year-over-year due to new compression therapy devices

• DEVICE SOLUTIONS DECLINE - Device Solutions revenue fell 17% due to lower biomedical services revenue from the contract restructuring, reduced equipment rentals, and fewer equipment sales, partially offset by higher disposable medical supplies sales

Company press release: ID:nBw3tt3jFa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$33.68 mln	$34.35 mln (5 Analysts)
Q1 EPS	Beat	$0.05	$0.03 (5 Analysts)
Q1 Net Income	Beat	$1.02 mln	$914,000 (4 Analysts)
Q1 Operating Income	Miss	$1.59 mln	$1.65 mln (4 Analysts)
Q1 Pretax Profit	Beat	$1.42 mln	$1.39 mln (3 Analysts)
Q1 Gross Profit		$19.68 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for InfuSystem Holdings Inc is $15.00, about 47.9% above its May 6 closing price of $10.14

• The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 20 three months ago

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