InfuSystem Reports Third Quarter 2025 Financial Results

Core Insights - InfuSystem reported record net revenues of $36.5 million for Q3 2025, representing a 3% growth from the prior year [1][4][6] - Net income increased by 25% to $2.3 million, with adjusted EBITDA rising 6% to $8.3 million [1][4][15] - The company reaffirmed its full-year 2025 guidance, expecting net revenue growth of 6% to 8% and an adjusted EBITDA margin of 20% or higher [1][18] Financial Performance - Net revenues for Q3 2025 were $36.5 million, up $1.2 million or 3.3% from $35.3 million in Q3 2024 [4][6] - Patient Services segment net revenue was $22.4 million, an increase of 8% year-over-year, while Device Solutions segment net revenue decreased by 3% to $14.1 million [4][7][8] - Gross profit for Q3 2025 was $20.8 million, a 9% increase from the prior year, with a gross margin of 57.1% [4][9] Segment Analysis - Wound care revenue increased by nearly $1.0 million, or 115%, year-over-year, attributed to a new supplier relationship for Pneumatic Compression Devices [3][7] - Oncology revenue saw a record quarter, benefiting from a new contract with a large hospital system [3][7] - Device Solutions segment experienced a decrease in medical equipment sales by $0.8 million, or 33%, but a 5.2% increase in biomedical services revenue [8][11] Cost Management - Selling and marketing expenses decreased by 14.1% to $2.4 million, reflecting a reduction in sales team members and improved cost coverage [12] - General and administrative expenses increased by 12.9% to $14.4 million, driven by IT upgrades and personnel costs related to revenue growth [13] Cash Flow and Liquidity - Year-to-date net operating cash flow was $17.3 million, up 38% compared to the prior year [1][16] - As of September 30, 2025, the company had liquidity of $54.6 million, consisting of $53.6 million in available borrowing capacity and $1.0 million in cash [17] Future Outlook - The company anticipates continued growth in its core business areas and plans to enhance service coverage and pricing through a multi-year extension with a national insurance payer [3][5] - Management is focused on profitable growth and improving operational processes to lower costs [3]