InfuSystem Holdings, Inc
INFU · Surgical & Medical Instruments & Apparatus · 20.2M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $1M, SBC $4M)
Reference price $8.46 · est. market cap ~$171M — last insider purchase, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Infusion-pump services company — profitable with strong free cash flow and an earnings rebound.
Strengths
- Strong free cash flow — FCF $24M (80th), FCF margin 17%
- Profitable, good returns — operating margin 8% (75th), ROA 7% (82nd)
- Earnings rebound — net income +183%
Risks
- Customer/payer concentration — per 10-K
- Equipment-financing leverage — per 10-K
- Modest growth — +6%
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Customer concentration~10% of revenue from one customer/distributor — No single payer represented more than 10% of net revenue in 2025 or 2024
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 5 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$150,375, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
56.0%
Operating margin
8.3%
Net margin
4.6%
Return on equity
11.6%
Return on assets
6.6%
ROIC
12.2%
Revenue growth (QoQ)
-7.0%
Net-income growth
182.6%
Debt / equity
0.3×
Net debt / EBITDA
0.7×
Current ratio
1.8×
Free cash flow
$24M
EBITDA
$25M
Tangible book value
$47M
Cash & investments
$3M
Stock comp / revenue
3.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-18 | Lachance Carrie | Option exercise | 8.9K | — |
| 2026-05-18 | Lachance Carrie | Tax withheld | 3.5K | $8.90 |
| 2026-05-18 | Chupa Addam | Option exercise | 5.4K | — |
| 2026-05-18 | Chupa Addam | Tax withheld | 2.0K | $8.90 |
| 2026-05-18 | Steele Barry G | Option exercise | 8.7K | — |
| 2026-05-18 | Steele Barry G | Tax withheld | 3.8K | $8.90 |
| 2026-05-17 | Lachance Carrie | Grant | 22K | — |
| 2026-05-17 | Lachance Carrie | Tax withheld | 5.3K | $8.77 |
| 2026-05-17 | Funke Jerod | Grant | 15K | — |
| 2026-05-17 | Funke Jerod | Tax withheld | 6.5K | $8.77 |
| 2026-05-17 | Steele Barry G | Grant | 21K | — |
| 2026-05-17 | Steele Barry G | Tax withheld | 9.3K | $8.77 |
| 2026-05-17 | Chupa Addam | Grant | 12K | — |
| 2026-05-17 | Chupa Addam | Tax withheld | 4.5K | $8.77 |
| 2026-05-16 | Lachance Carrie | Tax withheld | 4.1K | $8.77 |
| 2026-05-16 | Steele Barry G | Tax withheld | 3.3K | $8.77 |
| 2026-05-16 | Funke Jerod | Option exercise | 5.2K | — |
| 2026-05-16 | Funke Jerod | Tax withheld | 2.3K | $8.77 |
| 2026-05-16 | Lachance Carrie | Option exercise | 10K | — |
| 2026-05-16 | Steele Barry G | Option exercise | 7.5K | — |
| 2026-05-16 | Chupa Addam | Option exercise | 4.4K | — |
| 2026-05-16 | Chupa Addam | Tax withheld | 1.6K | $8.77 |
| 2026-05-11 | Lachance Carrie | Buy | 1.0K | $8.46 |
| 2026-05-08 | Lachance Carrie | Buy | 2.0K | $8.83 |
| 2026-05-08 | Steele Barry G | Buy | 7.0K | $8.71 |
| 2026-05-08 | GENDRON PAUL ANDREW | Buy | 5.0K | $8.88 |
| 2026-03-02 | Steele Barry G | Buy | 2.1K | $9.16 |
| 2025-10-09 | Funke Jerod | Option exercise | 12K | — |
| 2025-10-09 | Funke Jerod | Tax withheld | 3.7K | $9.61 |
| 2025-09-23 | Lachance Carrie | Tax withheld | 20K | $10.22 |
| 2025-09-23 | Lachance Carrie | Grant | 50K | — |
| 2025-08-22 | Shuda Scott | Sell | 5.8K | $9.67 |
| 2025-07-07 | Shuda Scott | Other | 2.2K | — |
| 2025-05-28 | Eichenbaum Kenneth D. | Buy | 2.0K | $5.18 |
| 2025-05-19 | Hundzinski Ronald T | Buy | 5.0K | $6.09 |
| 2025-05-17 | Lachance Carrie | Tax withheld | 6.1K | $6.15 |
| 2025-05-17 | Lachance Carrie | Option exercise | 18K | — |
| 2025-05-17 | Chupa Addam | Option exercise | 10K | — |
| 2025-05-17 | Chupa Addam | Tax withheld | 3.7K | $6.15 |
| 2025-05-17 | Dilorio Richard | Option exercise | 41K | — |
| 2025-05-17 | Dilorio Richard | Tax withheld | 20K | $6.15 |
| 2025-05-17 | Steele Barry G | Option exercise | 14K | — |
| 2025-05-17 | Steele Barry G | Tax withheld | 5.9K | $6.15 |
| 2025-05-16 | Lachance Carrie | Buy | 2.0K | $6.10 |
| 2025-05-15 | Lachance Carrie | Buy | 1.2K | $6.00 |
| 2025-05-14 | Steele Barry G | Buy | 3.0K | $5.76 |
| 2025-03-07 | Dilorio Richard | Option exercise | 25K | $2.60 |
| 2025-03-07 | Dilorio Richard | Tax withheld | 18K | $6.18 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-18 | 2026-05-12 | 0001628280-26-035967 ↗ |
| 8-K | 2026-05-14 | 2026-05-11 | 0001628280-26-034839 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0001628280-26-034217 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032737 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031649 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001628280-26-028564 ↗ |
| 8-K | 2026-03-19 | 2026-03-13 | 0001628280-26-019649 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001628280-26-018216 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001628280-26-012895 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001628280-26-012804 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001628280-26-010859 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001628280-26-008296 ↗ |