InfuSystem Holdings, Inc. (INFU) 10-Year Financial Performance & Capital Metrics

INFU • • Industrial / General

HealthcareMedical InstrumentsInfusion & Drug Delivery SystemsInfusion Pumps & Systems

AboutInfuSystem Holdings, Inc., through its subsidiaries, provides infusion pumps, and related products and services in the United States and Canada. The company operates in two segments, Integrated Therapy Services (ITS) and Durable Medical Equipment Services (DME Services). It supplies electronic ambulatory infusion pumps and associated disposable supply kits to oncology, infusion, and hospital outpatient chemotherapy clinics for the treatment of various cancers, including colorectal cancer, pain management, and other disease states. The company also sells, rents, and leases new and pre-owned pole-mounted and ambulatory infusion pumps, and other durable medical equipment; sells treatment-related consumables; and provides biomedical recertification, maintenance, and repair services for oncology practices, as well as other alternate site settings comprising home care and home infusion providers, skilled nursing facilities, pain centers, hospital market, and others. In addition, it offers local and field-based customer support, as well as operates pump service and repair centers. The company was incorporated in 2005 and is headquartered in Rochester Hills, Michigan.Show more

Revenue $135M +7.2%
EBITDA $19M +16.8%
Net Income $2M +168.9%
EPS (Diluted) 0.11 +175.0%
Gross Margin 52.2% +4.1%
EBITDA Margin 14.38% +9.0%
Operating Margin 5.11% +57.2%
Net Margin 1.74% +150.8%
ROE 4.27% +145.6%
ROIC 6% +67.9%
Debt/Equity 0.49 -26.0%
Interest Coverage 3.88 +105.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.7%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak 3Y average ROE of 2.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.33%

5Y10.7%

3Y9.62%

TTM6.23%

Profit (Net Income) CAGR

10Y-3.52%

5Y11.5%

3Y18.2%

TTM272.24%

EPS CAGR

10Y-3.05%

5Y10.99%

3Y22.39%

TTM315.32%

ROCE

10Y Avg4.68%

5Y Avg6.33%

3Y Avg4.89%

Latest7.96%

Peer Comparison

Infusion Pumps & Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INFUInfuSystem Holdings, Inc.	174.89M	8.60	78.18	7.22%	3.92%	9.96%	1.5%	0.49
BAXBaxter International Inc.	10.47B	20.37	-16.04	2.66%	-3.09%	-4.73%	5.34%	1.91
KRMDKORU Medical Systems, Inc.	262.65M	5.67	-43.62	17.98%	-9.5%	-22.55%		0.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	72.13M	70.5M	71.08M	67.14M	81.11M	97.39M	102.38M	109.91M	125.78M	134.86M
Revenue Growth %	0.08%	-0.02%	0.01%	-0.06%	0.21%	0.2%	0.05%	0.07%	0.14%	0.07%
Cost of Goods Sold+	20.94M	25.76M	27.72M	28.12M	34.23M	38.63M	43.85M	49.35M	62.68M	64.46M
COGS % of Revenue	0.29%	0.37%	0.39%	0.42%	0.42%	0.4%	0.43%	0.45%	0.5%	0.48%
Gross Profit+	51.18M	44.74M	43.36M	39.02M	46.88M	58.76M	58.54M	60.56M	63.11M	70.4M
Gross Margin %	0.71%	0.63%	0.61%	0.58%	0.58%	0.6%	0.57%	0.55%	0.5%	0.52%
Gross Profit Growth %	0.08%	-0.13%	-0.03%	-0.1%	0.2%	0.25%	-0%	0.03%	0.04%	0.12%
Operating Expenses+	42.32M	43.77M	46.18M	38.6M	43.36M	49.93M	55.72M	58.91M	59.02M	63.51M
OpEx % of Revenue	0.59%	0.62%	0.65%	0.57%	0.53%	0.51%	0.54%	0.54%	0.47%	0.47%
Selling, General & Admin	34.2M	34.29M	34.98M	33.95M	38.92M	44.86M	51.45M	56.41M	58.03M	62.52M
SG&A % of Revenue	0.47%	0.49%	0.49%	0.51%	0.48%	0.46%	0.5%	0.51%	0.46%	0.46%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	13K	6K	-113K	-37K	4.44M	5.08M	4.26M	2.49M	990K	991K
Operating Income+	8.86M	974K	-3.81M	415K	3.52M	8.83M	2.82M	1.65M	4.09M	6.89M
Operating Margin %	0.12%	0.01%	-0.05%	0.01%	0.04%	0.09%	0.03%	0.02%	0.03%	0.05%
Operating Income Growth %	-0.05%	-0.89%	-4.91%	1.11%	7.49%	1.5%	-0.68%	-0.41%	1.47%	0.69%
EBITDA+	17.11M	11.72M	8.71M	11.72M	15.87M	22.85M	17.45M	15.01M	16.6M	19.39M
EBITDA Margin %	0.24%	0.17%	0.12%	0.17%	0.2%	0.23%	0.17%	0.14%	0.13%	0.14%
EBITDA Growth %	0.11%	-0.32%	-0.26%	0.35%	0.35%	0.44%	-0.24%	-0.14%	0.11%	0.17%
D&A (Non-Cash Add-back)	8.24M	10.74M	12.52M	11.31M	12.34M	14.03M	14.63M	13.36M	12.51M	12.5M
EBIT	5.69M	980K	-3.92M	378K	3.43M	8.8M	2.63M	1.53M	4.02M	7.53M
Net Interest Income+	-1.71M	-1.34M	-1.33M	-1.42M	-1.9M	-1.25M	-1.38M	-1.4M	-2.17M	-1.78M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.71M	1.34M	1.33M	1.42M	1.9M	1.25M	1.38M	1.4M	2.17M	1.78M
Other Income/Expense	-3.29M	-1.34M	-1.45M	-1.46M	-2M	-1.28M	-1.56M	-1.52M	-2.24M	-1.83M
Pretax Income+	5.57M	-364K	-5.26M	-1.04M	1.52M	7.54M	1.26M	130K	1.85M	5.06M
Pretax Margin %	0.08%	-0.01%	-0.07%	-0.02%	0.02%	0.08%	0.01%	0%	0.01%	0.04%
Income Tax+	1.83M	-142K	15.45M	53K	163K	-9.79M	-163K	112K	979K	2.71M
Effective Tax Rate %	0.67%	0.61%	3.94%	1.05%	0.89%	2.3%	1.13%	0.14%	0.47%	0.46%
Net Income+	3.74M	-222K	-20.71M	-1.09M	1.36M	17.33M	1.42M	18K	872K	2.35M
Net Margin %	0.05%	-0%	-0.29%	-0.02%	0.02%	0.18%	0.01%	0%	0.01%	0.02%
Net Income Growth %	0.11%	-1.06%	-92.27%	0.95%	2.24%	11.73%	-0.92%	-0.99%	47.44%	1.69%
Net Income (Continuing)	2.79M	-222K	-20.71M	-1.09M	1.36M	17.33M	1.42M	18K	872K	2.35M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.16	-0.01	-0.91	-0.05	0.07	0.80	0.06	0.00	0.04	0.11
EPS Growth %	0.07%	-1.06%	-	0.94%	2.28%	11.25%	-0.93%	-0.99%	-	1.75%
EPS (Basic)	0.17	-0.01	-0.91	-0.05	0.07	0.86	0.07	0.00	0.04	0.11
Diluted Shares Outstanding	22.84M	22.62M	22.74M	21.42M	20.84M	21.72M	22.05M	21.55M	21.65M	21.71M
Basic Shares Outstanding	22.41M	22.2M	22.74M	21.42M	19.73M	20.11M	20.52M	20.65M	21.02M	21.27M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	20.54M	20.77M	17.67M	17.54M	19.3M	29.77M	22.07M	24.78M	30.62M	32.16M
Cash & Short-Term Investments	818K	3.4M	3.47M	4.32M	2.65M	9.65M	186K	165K	231K	527K
Cash Only	818K	3.4M	3.47M	4.32M	2.65M	9.65M	186K	165K	231K	527K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	12.62M	11.58M	11.28M	9.59M	12.1M	14.72M	15.4M	16.87M	19.83M	21.16M
Days Sales Outstanding	63.88	59.96	57.95	52.15	54.43	55.17	54.92	56.02	57.54	57.26
Inventory	1.92M	2.17M	1.76M	2.25M	2.9M	3M	3.94M	4.82M	6.4M	6.53M
Days Inventory Outstanding	33.4	30.69	23.23	29.26	30.91	28.36	32.79	35.65	37.28	36.97
Other Current Assets	3.6M	3.62M	1.15M	1.37M	1.66M	2.4M	2.54M	2.92M	4.16M	3.96M
Total Non-Current Assets+	75.91M	75.58M	51.21M	46.54M	59.92M	67.22M	75.52M	74.61M	72.3M	71.45M
Property, Plant & Equipment	30.21M	30.03M	25M	24.93M	42.99M	44.37M	48.63M	48M	45.95M	9.4M
Fixed Asset Turnover	2.39x	2.35x	2.84x	2.69x	1.89x	2.20x	2.11x	2.29x	2.74x	14.34x
Goodwill	0	0	0	0	0	0	3.71M	3.71M	3.71M	3.71M
Intangible Assets	31.53M	31.24M	24.51M	19.86M	15.46M	11.18M	10.93M	8.44M	7.45M	6.46M
Long-Term Investments	134K	0	-62K	0	0	0	41.97M	44.2M	0	44.54M
Other Non-Current Assets	2.53M	1.87M	1.7M	1.74M	1.46M	1.71M	-39.76M	-39.37M	6.07M	151K
Total Assets+	96.45M	96.34M	68.88M	64.07M	79.22M	96.99M	97.59M	99.39M	102.92M	103.61M
Asset Turnover	0.75x	0.73x	1.03x	1.05x	1.02x	1.00x	1.05x	1.11x	1.22x	1.30x
Asset Growth %	0.2%	-0%	-0.29%	-0.07%	0.24%	0.22%	0.01%	0.02%	0.04%	0.01%
Total Current Liabilities+	15.29M	16.44M	12.47M	14.79M	21.85M	23M	12.9M	14.47M	15.71M	17.66M
Accounts Payable	6.59M	5.32M	5.52M	7.09M	7.96M	6.78M	7.86M	8.34M	8.01M	9.85M
Days Payables Outstanding	114.79	75.32	72.64	92.04	84.89	64.05	65.45	61.69	46.64	55.77
Short-Term Debt	1.84M	5.31M	3.54M	4.94M	8.08M	9.42M	349K	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	1000K	0	0
Other Current Liabilities	3.64M	2.87M	2.91M	2.73M	5.8M	6.79M	4.68M	-6.8M	7.7M	7.81M
Current Ratio	1.34x	1.26x	1.42x	1.19x	0.88x	1.29x	1.71x	1.71x	1.95x	1.82x
Quick Ratio	1.22x	1.13x	1.27x	1.03x	0.75x	1.16x	1.41x	1.38x	1.54x	1.45x
Cash Conversion Cycle	-17.52	15.34	8.54	-10.63	0.45	19.47	22.26	29.99	48.18	38.46
Total Non-Current Liabilities+	29.88M	29.22M	25.45M	28.84M	35.04M	33.24M	36.42M	36.92M	34.9M	28.42M
Long-Term Debt	26.55M	26.58M	25.35M	28.84M	30.3M	29.38M	32.75M	33.16M	29.1M	23.86M
Capital Lease Obligations	3.23M	2.57M	33K	0	4.64M	3.86M	3.67M	3.76M	5.8M	4.56M
Deferred Tax Liabilities	5.15M	6.63M	62K	0	104K	0	0	0	0	0
Other Non-Current Liabilities	0	66K	7K	0	0	0	0	0	0	0
Total Liabilities	45.17M	45.66M	37.93M	43.63M	56.89M	56.24M	49.31M	51.38M	50.61M	46.09M
Total Debt+	34.94M	37.4M	29.43M	33.78M	43.02M	42.66M	36.77M	36.92M	34.9M	28.42M
Net Debt	34.13M	34M	25.96M	29.46M	40.37M	33.02M	36.58M	36.75M	34.67M	27.9M
Debt / Equity	0.68x	0.74x	0.95x	1.65x	1.93x	1.05x	0.76x	0.77x	0.67x	0.49x
Debt / EBITDA	2.04x	3.19x	3.38x	2.88x	2.71x	1.87x	2.11x	2.46x	2.10x	1.47x
Net Debt / EBITDA	1.99x	2.90x	2.98x	2.51x	2.54x	1.44x	2.10x	2.45x	2.09x	1.44x
Interest Coverage	5.20x	0.72x	-2.86x	0.29x	1.85x	7.03x	2.05x	1.18x	1.88x	3.88x
Total Equity+	51.28M	50.69M	30.95M	20.44M	22.33M	40.75M	48.27M	48M	52.3M	57.53M
Equity Growth %	0.1%	-0.01%	-0.39%	-0.34%	0.09%	0.82%	0.18%	-0.01%	0.09%	0.1%
Book Value per Share	2.24	2.24	1.36	0.95	1.07	1.88	2.19	2.23	2.42	2.65
Total Shareholders' Equity	51.28M	50.69M	30.95M	20.44M	22.33M	40.75M	48.27M	48M	52.3M	57.53M
Common Stock	2K	2K	2K	2K	2K	2K	2K	2K	2K	2K
Retained Earnings	-39.96M	-41.14M	-61.63M	-62.73M	-61.37M	-44.03M	-53.9M	-59.34M	-58.63M	-57.46M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-27.9M	-34.56M	-38.57M	-42.02M	0	0	268K	1.49M	1.09M	1.12M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.05M	7.91M	7.58M	11.39M	13.88M	20.28M	18.32M	17.52M	11.22M	20.46M
Operating CF Margin %	0.1%	0.11%	0.11%	0.17%	0.17%	0.21%	0.18%	0.16%	0.09%	0.15%
Operating CF Growth %	-0.03%	0.12%	-0.04%	0.5%	0.22%	0.46%	-0.1%	-0.04%	-0.36%	0.82%
Net Income	3.74M	-222K	-20.71M	-1.09M	1.36M	17.33M	1.42M	18K	872K	2.35M
Depreciation & Amortization	8.24M	10.74M	12.52M	11.31M	12.34M	14.03M	14.63M	13.36M	12.51M	12.5M
Stock-Based Compensation	996K	462K	682K	957K	997K	2.61M	6.4M	3.83M	4.07M	4.46M
Deferred Taxes	1.76M	-240K	15.39M	-62K	104K	-10.07M	-153K	19K	633K	1.92M
Other Non-Cash Items	5.11M	5.07M	5.07M	5.23M	-741K	-2.35M	-1.29M	-90K	-1.3M	-1.42M
Working Capital Changes	-12.8M	-7.91M	-5.38M	-4.95M	-188K	-1.26M	-2.69M	385K	-5.56M	652K
Change in Receivables	-9.14M	-4.59M	-5.45M	-4.41M	-1.56M	-2.63M	829K	-1.15M	-2.36M	-701K
Change in Inventory	-158K	-250K	402K	-490K	-645K	-102K	-864K	-882K	-1.58M	-126K
Change in Payables	-2.78M	-3.15M	-352K	183K	2.44M	2.39M	-2.36M	2.94M	2.42M	-676K
Cash from Investing+	-11.91M	-5.34M	1.05M	-4.98M	-19.64M	-12.16M	-21.32M	-11.48M	-6.73M	-13.24M
Capital Expenditures	-10.24M	-8.79M	-3.6M	-8.3M	-22.59M	-16.91M	-16.66M	-15.08M	-11.12M	-1.09M
CapEx % of Revenue	0.14%	0.12%	0.05%	0.12%	0.28%	0.17%	0.16%	0.14%	0.09%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4.49M	3.82M	4.65M	3.32M	0	0	3.32M	3.6M	4.38M	-12.15M
Cash from Financing+	5.16M	15K	-8.56M	-5.56M	4.1M	-1.12M	-6.46M	-6.06M	-4.42M	-6.92M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	108K	197K	93K	64K	246K	190K	738K	605K	835K	387K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.19M	-886K	3.99M	3.09M	-8.72M	3.37M	1.66M	2.44M	106K	2.63M
FCF Margin %	-0.04%	-0.01%	0.06%	0.05%	-0.11%	0.03%	0.02%	0.02%	0%	0.02%
FCF Growth %	-0.3%	0.72%	5.5%	-0.23%	-3.82%	1.39%	-0.51%	0.47%	-0.96%	23.77%
FCF per Share	-0.14	-0.04	0.18	0.14	-0.42	0.15	0.08	0.11	0.00	0.12
FCF Conversion (FCF/Net Income)	1.88x	-35.63x	-0.37x	-10.40x	10.19x	1.17x	12.90x	973.17x	12.87x	8.72x
Interest Paid	1.51M	1.23M	1.2M	1.38M	1.71M	1.21M	1.11M	1.31M	2.05M	1.75M
Taxes Paid	146K	105K	139K	159K	111K	102K	171K	153K	213K	753K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.66%	-0.44%	-50.73%	-4.26%	6.36%	54.95%	3.19%	0.04%	1.74%	4.27%
Return on Invested Capital (ROIC)	8.48%	0.86%	-4.04%	0.58%	4.7%	9.7%	2.67%	1.46%	3.57%	6%
Gross Margin	70.97%	63.46%	61.01%	58.12%	57.8%	60.33%	57.17%	55.1%	50.17%	52.2%
Net Margin	5.19%	-0.31%	-29.13%	-1.63%	1.68%	17.8%	1.39%	0.02%	0.69%	1.74%
Debt / Equity	0.68x	0.74x	0.95x	1.65x	1.93x	1.05x	0.76x	0.77x	0.67x	0.49x
Interest Coverage	5.20x	0.72x	-2.86x	0.29x	1.85x	7.03x	2.05x	1.18x	1.88x	3.88x
FCF Conversion	1.88x	-35.63x	-0.37x	-10.40x	10.19x	1.17x	12.90x	973.17x	12.87x	8.72x
Revenue Growth	8.48%	-2.26%	0.82%	-5.54%	20.82%	20.06%	5.13%	7.36%	14.44%	7.22%

Revenue by Segment

	2021	2022	2023	2024
Patient Services	-	-	76.54M	80.38M
Patient Services Growth	-	-	-	5.01%
Device Solutions	-	-	55.83M	61.74M
Device Solutions Growth	-	-	-	10.59%
ITS	-	55.54M	-	-
ITS Growth	-	-	-	-
DME Services	-	7.07M	-	-
DME Services Growth	-	-	-	-
Third-Party Payer Rental	52.85M	-	-	-
Third-Party Payer Rental Growth	-	-	-	-
Service	4.72M	-	-	-
Service Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

InfuSystem Holdings, Inc. (INFU) has a price-to-earnings (P/E) ratio of 78.2x. This suggests investors expect higher future growth.

Growth & Financials

InfuSystem Holdings, Inc. (INFU) reported $141.1M in revenue for fiscal year 2024. This represents a 158% increase from $54.6M in 2011.

InfuSystem Holdings, Inc. (INFU) grew revenue by 7.2% over the past year. This is steady growth.

Yes, InfuSystem Holdings, Inc. (INFU) is profitable, generating $5.5M in net income for fiscal year 2024 (1.7% net margin).

Dividend & Returns

InfuSystem Holdings, Inc. (INFU) has a return on equity (ROE) of 4.3%. This is below average, suggesting room for improvement.

InfuSystem Holdings, Inc. (INFU) generated $18.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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