InfuSystem 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.
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Here are 1-3 brief analogies to describe InfuSystems (INFU):
- United Rentals for critical medical equipment: Think of them as a highly specialized United Rentals, focused entirely on durable medical equipment like infusion pumps for cancer treatment and wound care, complete with supplies, maintenance, and patient support.
- Amazon Logistics for home healthcare devices: They are like the Amazon Logistics for essential medical equipment, ensuring patients receive vital infusion pumps and supplies directly for home-based care, along with technical support and billing.
- ADP for medical equipment management: InfuSystems can be thought of as the ADP for specialized medical equipment, handling the complex logistics, supplies, and patient support for vital devices like infusion pumps, outsourcing this critical function for clinics and home care.
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- Ambulatory Infusion Pump Rental: Rents specialized portable infusion pumps for various medical therapies, primarily in oncology and pain management (Medical Equipment Rental Service).
- Disposable Medical Supplies: Sells a full line of disposable supplies, including tubing sets and medication bags, essential for use with infusion pumps.
- Biomedical Services: Provides comprehensive maintenance, repair, and recertification for infusion pumps (Medical Equipment Maintenance Service).
- Clinical & Technical Support: Offers training, patient education, and technical assistance to healthcare professionals and patients for optimal infusion therapy use (Healthcare Support Service).
- Patient Data Management: Delivers solutions for tracking therapy adherence and providing outcome analytics to enhance patient care and reporting (Healthcare IT/Analytics Service).
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InfuSystems (INFU) primarily sells to other companies and organizations within the healthcare industry. According to its public filings, no single customer accounted for more than 10% of its total revenues for the years ended December 31, 2023, 2022, or 2021. Therefore, specific named major customers are not individually disclosed as such in their public reports.
InfuSystems' customer base is diversified across the following categories of healthcare providers:
- Oncology practices
- Other clinics
- Ambulatory infusion centers
- Home care providers
- Hospitals
As no specific customer companies are individually identified by name in their public disclosures, no corresponding public company symbols can be provided.
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- Baxter International Inc. (Symbol: BAX)
- B. Braun Medical Inc.
- ICU Medical, Inc. (Symbol: ICUI)
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Carrie Lachance
President and Chief Executive Officer
Carrie Lachance joined InfuSystem in 2010 and currently serves as the Company's president and chief executive officer (CEO). Prior to her appointment as CEO, she held numerous positions with the Company, including chief operating officer (COO) and management roles in Clinical Resources and Clinical Sales. Lachance brings extensive clinical knowledge from more than 20 years in the medical field, with her medical career beginning in 1996 as a hospital corpsman in the U.S. Navy and Naval Reserves.
Barry Steele
Executive Vice President and Chief Financial Officer
Barry Steele joined InfuSystem in March 2020 as Executive Vice President and Chief Financial Officer. He brings over 22 years of senior-level financial experience, including prior CFO positions at Gentherm, a global developer and marketer of innovative thermal management technologies, and Horizon Global, a manufacturer of towing and trailering equipment. Steele also held various finance positions with Advanced Accessory Systems, LLC, and was a Senior Auditor at Pricewaterhouse Coopers (PwC).
Addam Chupa
Executive Vice President and Chief Information Officer
Addam Chupa is the Executive Vice President and Chief Information Officer (CIO) at InfuSystem, providing leadership for the Company's IT infrastructure, security, and technology development. He joined InfuSystem in January 2020 as Senior Vice President of Information Technology, bringing over 20 years of experience in healthcare, financial services, and manufacturing.
Jerod Funke
Executive Vice President and Chief Human Resources Officer
Jerod Funke joined InfuSystem in October 2023 as Executive Vice President and Chief Human Resources Officer. He is an accomplished HR leader with deep expertise as an HR generalist, talent acquisition and talent management strategist, and a diversity, equity, and inclusion champion. Funke has over 25 years of experience in various organizations, most recently with Insulet Corporation.
Richard DiIorio
Former Chief Executive Officer
Richard DiIorio served as the Chief Executive Officer of InfuSystem until stepping down on May 19, 2025. He joined InfuSystem in January 2004 and held various leadership roles, including Executive Vice President of Oncology Sales and General Manager of Oncology. Prior to InfuSystem, DiIorio held sales and sales leadership roles at Stryker Medical, Novartis Pharmaceuticals, and Thermo Scientific.
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The increasing development and adoption of miniaturized, wearable, and self-contained drug delivery devices (e.g., patch pumps, on-body injectors, advanced auto-injectors) for therapies that traditionally required larger, external infusion pumps. These integrated systems offer greater patient convenience and autonomy, potentially reducing the demand for InfuSystems' core offerings of traditional infusion pump rentals, associated supplies, and maintenance services for applicable therapies. This trend could lead to pharmaceutical manufacturers developing proprietary delivery systems that bypass traditional durable medical equipment (DME) providers.
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InfuSystem (INFU) operates in several addressable markets related to infusion therapy and medical equipment services, primarily within the United States and Canada.
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Home Infusion Therapy Market: The U.S. home infusion therapy market was valued at approximately USD 19.65 billion in 2024 and is projected to grow to USD 38.02 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 8.8%. North America held the largest share of the home infusion therapy market in 2023, at 41.78%. Globally, the home infusion therapy market is estimated to be USD 26.18 billion in 2025 and is expected to reach USD 41.49 billion by 2032, exhibiting a CAGR of 6.8%.
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Outpatient Oncology Infusion Market: The global outpatient oncology infusion market size was valued at USD 12.99 billion in 2024, with a projection to reach USD 14.02 billion in 2025 at a CAGR of 7.9%, and further to USD 18.81 billion by 2029 at a CAGR of 7.6%. North America was identified as the largest region in this market in 2024.
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Pain Management Devices Market (including Infusion Pumps): The global pain management devices market, which includes infusion pumps, was valued at USD 3,768.6 million in 2024 and is projected to grow to USD 5,835.8 million by 2029, at a CAGR of 9.1%. North America dominates this market and is projected to reach USD 2.92 billion by 2029, with a CAGR of 9.3%. Another report indicates the global market was valued at USD 3,922.9 million in 2018 and is projected to reach USD 14,123.9 million by 2032, exhibiting a CAGR of 9.6%.
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Infusion Pump Market (overall): The global infusion pump market size was valued at USD 17.3 billion in 2023 and is poised to grow to USD 29.48 billion by 2032, at a CAGR of 6.1%.
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InfuSystems (NYSE American: INFU) is expected to drive future revenue growth over the next two to three years through several key initiatives:
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Continued Growth in Patient Services (Oncology and Wound Care): InfuSystem has demonstrated consistent growth in its Patient Services segment, particularly within oncology and wound care. The company reported increased patient treatment volumes in Oncology and SI Wound Care in Q3 2025. Similarly, Q1 2025 results indicated improved volume in oncology and wound care contributing to revenue increases. Management commentary has consistently highlighted strong performance in these areas, expecting continued expansion of market share and revenue growth exceeding expectations in oncology.
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Strategic Partnerships and Acquisitions: New partnerships and the successful integration of acquisitions are significant drivers. InfuSystem has entered into distribution agreements and partnerships, such as with Smith & Nephew for wound therapy, which are anticipated to strengthen future prospects and drive revenue growth. The integration of Apollo, acquired in May, has also streamlined billing for wound care and enhanced cost-efficient claims processing, contributing to overall revenue growth.
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Launch of New Technology Platforms and Automation Enhancements: The company is focused on strategic initiatives that include the launch of new technology platforms and investments in AI and automation enhancements. These improvements are aimed at increasing operational efficiency and expanding service capabilities, which are expected to contribute to future revenue generation.
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Price Increases and Improved Contract Terms: InfuSystem has been actively securing favorable contract terms, including price increases with major national insurance payers. A multiyear extension with a significant payer includes enhanced service coverage in key product areas like negative pressure wound therapy devices and pneumatic compression devices, alongside a price increase, which will positively impact revenue.
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Expansion of Market Presence and Increased Market Share: InfuSystem continues to expand its market presence and gain market share through new contracts. For instance, a new contract with a large hospital system for Oncology is expected to significantly increase market share and drive oncology revenue growth. The company's overall strategy includes expanding its market presence and focusing on profitable revenue growth.
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Share Repurchases
- In May 2024, InfuSystem announced a new stock repurchase program, authorizing the repurchase of up to $20 million of its common stock through June 30, 2026.
- Under a previous authorization, the company repurchased approximately 550,000 shares for about $6.2 million before the program was superseded in May 2024.
- During 2025, InfuSystem repurchased $8.6 million in common stock through September 30, 2025, including $3.5 million in the second quarter.
Outbound Investments
- In the second quarter of 2025, InfuSystem acquired a small company for $1.4 million to advance its strategy in Advanced Wound Care.
- The company has strategically partnered with entities such as GE Healthcare, Smith & Nephew, and Sanara MedTech to diversify its business into wound care and biomedical services.
Capital Expenditures
- Capital expenditures, primarily for medical devices, totaled $17.8 million in 2024, marking a 60% increase from 2023, driven by revenue growth in capital-intensive areas like Oncology, Pain Management, and Rental services.
- Capital expenditures significantly moderated in 2025, with $5.3 million spent during the first nine months, a 56% decrease compared to the same period in 2024.
- The company anticipates that overall capital spending requirements will continue to moderate as future revenue growth becomes more focused on less capital-intensive initiatives.
