InfuSystems Holdings, Inc.
INFU Healthcare Medical Devices
InfuSystems Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $143.4 million, up 6.36% from fiscal 2024. In the quarter to June 2026, revenue grew 2.59%, EPS grew 33.3%, free cash flow fell 66.5% and total debt fell 22.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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InfuSystems Holdings, Inc. (INFU) Beneish M-score
InfuSystems Holdings, Inc.'s Beneish M-score for fiscal 2025 is −3.30; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.30 | (0.06) |
| FY2024 | −3.24 | (0.52) |
| FY2023 | −2.72 | 0.50 |
| FY2022 | −3.22 | (0.08) |
| FY2021 | −3.14 | (0.72) |
| FY2020 | −2.42 | 0.51 |
| FY2019 | −2.94 | 0.65 |
| FY2018 | −3.58 | 0.93 |
| FY2017 | −4.51 | (1.59) |
| FY2016 | −2.92 | (0.37) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.18) | — | −0.83 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.30 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TLSI TriSalus Life Sciences, Inc. compare | −5.1× |
| RCEL Avita Medical Inc. compare | −4.1× |
| TMCI Treace Medical Concepts, Inc. compare | −3.5× |
| INFU InfuSystems Holdings, Inc. | −3.3× |
| LAB Standard BioTools Inc. compare | −2.9× |
| ELMD Electromed, Inc. compare | −2.2× |
| CLPT ClearPoint Neuro, Inc. compare | −1.7× |
| CATX Perspective Therapeutics, Inc. compare | 0.6× |
| QSI Quantum-Si Incorporated compare | 2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI