InfuSystem Holdings, Inc. Investor update

of today's presentation, simply email me at Glenn, G-L-E-N, @bristolir.com. We will break for questions at the end of the formal presentation. When we do break, we encourage those questions. As a reminder, we are only going to take questions through the webinar portal. If you are listening over the telephone, please access the web link sent earlier to ask a question. You could submit a question using the text box at any time. I will read the questions on the air for everyone to hear, and Carrie or Barry will then answer. I am not going to reference any names, but simply read the questions asked. As a reminder, we are only going to take questions through the webinar portal. If you are listening over the telephone, please access the web link sent earlier today.

I am not going to read the forward-looking statements, but simply state that they apply and refer to them on page 2 of this PowerPoint. With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. Now I will turn the call over to Carrie to start the discussion and presentation.

Thanks, Glenn, I appreciate it. I just want to take a couple minutes to introduce myself, and I will kick it over to Barry to go over his background as well. Carrie LaChance, CEO of InfuSystem. I have been with InfuSystem about 16 years. Actually 16 years this month. Prior to InfuSystem, my background is nursing, so I am still a nurse. I think that is important as we are a healthcare company, and so we look to drive this business with a patient-first mentality. So every decision we made, we have to keep the patients in mind, certainly. So I joined InfuSystem 16 years ago, actually as a sales rep. I ran our Northeast territory, our Boston territory. Some of our largest customers are in the Boston territory. I think that is also important to know as from a sales perspective, it is beneficial to understand how we win our clinics, right?

What we are doing for clinics, what they need from InfuSystem. So to keep that in mind, to continue to grow this business is really important. So I think those two pieces are key to how I decide to, and the choices we make to drive this company. So I was a sales rep for several years, and ended up we had some backend changes at the company. I ended up taking over our customer service department, which led to our clinical department as well. In 2019, was appointed as Chief Operating Officer of the company. So I ran as Chief Operating Officer with our prior CEO and Barry to make decisions over the past several years until May of last year when I was appointed CEO. So it has been a busy 14, 15 months in this role.

Barry and I are certainly driving the company differently as we have in the past, and we will get into some of that during the slides.

Thanks, Carrie. I am Barry Steele. I am the Chief Financial Officer. I have been with InfuSystem for 6 years now. Prior to joining the company, I worked as a CFO at a couple different companies that were automotive suppliers. One company called Gentherm. I joined the company when it was about $20 million in revenue, and by the time I left, we were about $1 billion in revenue. I have been through growth experiences, and that is what, when I joined InfuSystem, what we are trying to do here and what I look forward to.

Perfect. Thanks, Barry. Who are we? Who is InfuSystem? Truly a home healthcare services platform. Our core is really the durable medical equipment space. We like to say we are the DME of choice for patients, providers, physicians, hospitals, and the payer. Our markets are really oncology. We are in wound care and lymphedema. We will talk a lot about the lymphedema space as that is a growing space today. We do have some platforms underneath that, such as biomedical services and some rentals and supply sales and distribution as well. Today we are about 450 employees, covering about 4,500 customer locations individually throughout the country, as you can see the map here on the right-hand side. We do so through 7 centers of excellence. We have 6 within the U.S. and 1 in Canada covering, again, those 4,500 customers. We do have a large device fleet.

Again, durable medical equipment, so we need a large device fleet to maintain all of those products for our customers. 100,000 devices, mostly ambulatory infusion devices, some regular hospital infusion pumps as well. Infusion is our specialty today, but we do have other devices such as EKGs, ESUs, and other ambulatory devices that hospitals use. From a market perspective, our core is really oncology. It is how we started. We have been in the business for 40 years, started as an oncology company. We do have 70% market share from a patient perspective in the market for patients that are going home with their chemotherapy on an infusion pump. We do service 18 of the top 20 U.S. hospital systems, and we do all of this through our 800-plus payer contracts. Again, we are a durable medical equipment company.

Coverage is vitally important for the amount of growth we have, the new products that we can bring on board. Our 800-plus payer contracts are certainly important to cover the 97% of patient lives within the country. We are a growing company. Very strong financial performance. We are in our seventh record year of growth for the company. In 2025, $143 million in revenue, $31.5 million in adjusted EBITDA. We are expanding our margins. As I said, Barry and I are running this company a little bit differently today. We are focused on not just revenue for revenue's sake, but revenue with profitability. Our margins are expanding. We will get into some reasons for that here shortly. We are a very strong cash-generating company, as well as great liquidity. Why invest in InfuSystem? As I mentioned, we have this core of DME, right?

This really strong DME company with other platforms and growth vectors underneath that. Not just within oncology, but adding new platforms, adding new services underneath that really core of what we are doing. Again, seven consecutive years of growth, and capital efficiency expansion into some other areas. Again, wound care, the lymphedema market. Lymphedema space is an exciting space and a growing space today. We will talk about that as well. Again, $58 million in liquidity to support our growth. We have a very large fleet as we look to get into new products. We have the cash that we are able to support growth opportunities to include tuck-in acquisitions if we see the need, if we see the opportunity. Certainly from a diligence perspective, we are a little bit picky on who we do look at from a tuck-in acquisitions perspective. We do have expanding margins.

We have been investing infrastructure in the company to be more efficient, to be able to scale faster. We have a new ERP that we just implemented, a new revenue cycle system that we also just implemented, which has been allowing us to bring in and scale faster, without necessarily adding headcount. We also are shifting towards less capital-intensive opportunities within the platforms that we are. Oncology, as my example, it is a little capital-intensive. We have a lot of devices that are needed to maintain that equipment and send more equipment out to hospitals. Some of the newer businesses that we are looking at, and we are aimed at continuing to look at areas that are less capital-intensive. For instance, in wound care, in our lymphedema space, the new DME markets that we are involved in, we do not have to own that device.

That device is actually paid for by the insurance company for the patient, and the patient owns that device. We will get into that a little bit more as well. Expanding margins 21.9% for fiscal year of 2025, with a long-term target of 22% to 25%, and we are comfortably in that 22% to 25% this year, and we will talk a little bit more about our margin expansions here shortly. We do have a de-risk revenue profile. We have no one customer that represents more than 10% of our total revenue. Our Medicare exposure is far beneath 10%. We have no contract that is more than 10% of our revenue that comes in as well. Multi-year payer contracts. We have had some of our contracts for 30 to 40 years. We have great relationships with our payers.

Most of the overhang from a DME perspective is there's a worry for reimbursement cuts. What we can see from our payers are increases in our rates every year. We have actually increased our cash per pump, for instance, in oncology over the years. We aren't everything to everyone, so we're not a DME that provides wheelchairs and crutches, et cetera. We're kind of niche markets. Our payers enjoy that. We're certainly a compliant company, and so we have these long-standing contracts to provide predictability and visibility. Certainly a de-risk company to invest in. Then we have certainly a hard-to-replicate competitive moat. Challenging for our competitors to become InfuSystem. We own the market from an oncology perspective for ambulatory infusion, and hospitals that are sending their patients home on electronic infusion devices going home.

We have our 800 payer contracts covering the majority of the patient lives, and really deep relationships with 1,800 oncology practices, and large hospital systems. When I say deep relationships, I really want to share that we partner with our hospitals. Again, I gave the example that I was a sales rep when I started with this company. Our sales reps really don't go to the waiting room when they're waiting to get into that practice. They have deep partnerships where we're helping our clinics. We have badges to get in and out of maybe a pharmacy or a nursing department, and really partner with that clinic to care for that patient and take the burden off of the management of everything that we do for that clinic. Certainly a barrier to entry for others that are coming into the market.