ICU Medical Announces Second Quarter 2025 Results and Updates its Fiscal Year 2025 Guidance

SAN CLEMENTE, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended June 30, 2025. Second Quarter 2025 Results Second quarter 2025 revenue was $548.9 million, as compared to $596.5 million in the same period in the prior year. GAAP gross profit for the second quarter of 2025 was $208.1 million, as compared to $207.4 million in the same period in the prior year. GAAP gross margin for the second quarter of 2025 was 38%, as compared to 35% in the same period in the prior year. GAAP net income for the second quarter of 2025 was $35.3 million, or $1.43 per diluted share, as compared to GAAP net loss of $(21.4) million, or $(0.88) per diluted share, for the second quarter of 2024. Adjusted diluted earnings per share for the second quarter of 2025 was $2.10 as compared to $1.56 for the second quarter of 2024. Adjusted EBITDA was $100.3 million for the second quarter of 2025 as compared to $91.3 million for the second quarter of 2024. Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures. Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Second quarter results were generally in line with our expectations." Revenues by product line for the three and six months ended June 30, 2025 and 2024 were as follows (in millions): Three months ended June 30, Six months ended June 30, Product Line 2025 2024 $ Change 2025 2024 $ ChangeConsumables $273.1 $261.8 $11.3 $539.4 $505.9 $33.5 Infusion Systems 167.7 163.7 4.0 334.0 321.0 13.0 Vital Care* 108.0 171.0 (63.0) 280.2 336.3 (56.1)Total** $548.8 $596.5 $(47.7) $1,153.6 $1,163.2 $(9.6) *Vital Care includes contract manufacturing revenue of $5.3 million and $10.5 million for the three and six months ended June 30, 2025, respectively, as compared to $15.5 million and $29.5 million for the three and six months ended June 30, 2024, respectively.** Totals may differ from the income statement due to the rounding of product lines. Fiscal Year 2025 Guidance For Fiscal Year 2025 the Company is updating its estimates of GAAP net loss from a range of $(45) million to $(28) million to a range of $(43) million to $(35) million and GAAP diluted loss per share from a range of $(1.81) to $(1.11) to a range of $(1.68) to $(1.38). The Company is updating the estimate of the range of its full year 2025 guidance, inclusive of the previously disclosed impact of the IV Solutions joint venture, of adjusted EBITDA from a range of $380 million to $405 million to a range of $380 million to $390 million and diluted earnings per share from a range of $6.55 to $7.25 to a range of $6.85 to $7.15. Conference Call The Company will host a conference call to discuss its second quarter 2025 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 267-6316, conference ID "ICUMED". The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. About ICU Medical ICU Medical (Nasdaq: ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future and financial outlook for 2025. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to: risks from doing business in foreign countries, including related to tariffs and other barriers to trade; the Company’s ability to compete successfully, including with larger international companies and established local companies; decreased demand for the Company's products; costs related to product development; cost volatility or potential loss of supply of raw materials due to our dependence on single and limited source third-party suppliers; ability to achieve operating efficiencies; risks related to significant sales through our distributors; inflation and foreign currency exchange rates; impacts from global macroeconomic and geopolitical conditions; healthcare costs and reimbursement levels; disruptions at the FDA and other governmental agencies; damage at the Company’s manufacturing or supply facilities; risks associated with the IV Solutions joint venture and the Smiths Medical acquisition; risks associated with the timing and resolution of the 2025 warning letter; risks related to protection of our information technology systems and compliance with privacy laws and regulations; risks related to our intellectual property; and the other important factors described under “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and our subsequent filings with the SEC, including, without limitation, in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law. ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In thousands) June 30,2025 December 31,2024 ASSETS CURRENT ASSETS: Cash and cash equivalents$300,025 $308,566 Accounts receivable, net of allowance for doubtful accounts 179,495 182,828 Inventories 616,474 584,676 Prepaid expenses and other current assets 84,121 81,531 Assets held for sale — 284,382 TOTAL CURRENT ASSETS 1,180,115 1,441,983 PROPERTY, PLANT AND EQUIPMENT, net 452,442 442,746 OPERATING LEASE RIGHT-OF-USE ASSETS 58,888 53,295 GOODWILL 1,501,920 1,432,772 INTANGIBLE ASSETS, net 698,009 740,789 DEFERRED INCOME TAXES 23,068 24,211 OTHER ASSETS 61,322 65,097 EQUITY METHOD INVESTMENTS 131,625 3,038 TOTAL ASSETS$4,107,389 $4,203,931 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable$168,820 $148,020 Accrued liabilities 313,798 306,923 Current portion of long-term debt — 51,000 Income tax payable 159 17,328 Liabilities held for sale — 32,911 TOTAL CURRENT LIABILITIES 482,777 556,182 LONG-TERM DEBT 1,337,731 1,531,858 OTHER LONG-TERM LIABILITIES 96,289 66,745 DEFERRED INCOME TAXES 43,220 48,814 INCOME TAX LIABILITY 31,596 35,097 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none — — Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —24,686 and 24,518 shares at June 30, 2025 and December 31, 2024, respectively, and outstanding — 24685 and 24,517 shares at June 30, 2025 and December 31, 2024, respectively 2,469 2,452 Additional paid-in capital 1,435,935 1,412,118 Treasury stock, at cost (6) (92)Retained earnings 710,020 690,158 Accumulated other comprehensive loss (32,642) (139,401)TOTAL STOCKHOLDERS' EQUITY 2,115,776 1,965,235 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$4,107,389 $4,203,931 ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 TOTAL REVENUES$548,866 $596,455 $1,153,568 $1,163,110 COST OF GOODS SOLD 340,802 389,027 735,395 770,438 GROSS PROFIT 208,064 207,428 418,173 392,672 OPERATING EXPENSES: Selling, general and administrative 159,392 159,549 316,625 317,206 Research and development 21,867 23,390 45,158 45,232 Restructuring, strategic transaction and integration 16,218 17,136 32,915 33,241 Change in fair value of contingent earn-out — (339) — (44)TOTAL OPERATING EXPENSES 197,477 199,736 394,698 395,635 INCOME (LOSS) FROM OPERATIONS 10,587 7,692 23,475 (2,963)INTEREST EXPENSE, net (20,549) (23,841) (42,580) (47,613)OTHER INCOME (EXPENSE), net 1,818 (3,384) 55 (5,725)GAIN ON SALE OF BUSINESS 41,823 — 41,823 — INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES 33,679 (19,533) 22,773 (56,301)PROVISION FOR INCOME TAXES (1,178) (1,873) (5,748) (4,576)NET INCOME (LOSS) FROM CONSOLIDATED COMPANIES 32,501 (21,406) 17,025 (60,877)EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES 2,837 — 2,837 — NET INCOME (LOSS)$35,338 $(21,406) $19,862 $(60,877)NET INCOME (LOSS) PER SHARE Basic$1.43 $(0.88) $0.81 $(2.51)Diluted$1.43 $(0.88) $0.80 $(2.51)WEIGHTED AVERAGE NUMBER OF SHARES Basic 24,645 24,393 24,593 24,295 Diluted 24,708 24,393 24,746 24,295 ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In thousands) Six months ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income$19,862 $(60,877)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 99,110 110,844 Noncash lease expense 9,308 10,524 Stock compensation 26,636 22,596 Loss (gain) on disposal of property, plant and equipment and other assets 1,753 (78)Undistributed equity in earnings of unconsolidated affiliates (2,837) — Debt issuance costs amortization 3,482 3,411 Change in fair value of contingent earn-out liability — (44)Product-related charges — — Gain on sale of business (41,823) — Other 8,037 12,781 Changes in operating assets and liabilities, net of amounts acquired: Accounts receivable 16,691 6,715 Inventories (29,213) 21,095 Prepaid expenses and other current assets (9,208) (12,638)Other assets (5,682) (11,124)Accounts payable 14,382 9,432 Accrued liabilities (19,835) 20,245 Income taxes, including excess tax benefits and deferred income taxes (28,125) (5,138)Net cash provided by operating activities 62,538 127,744 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (34,317) (35,382)Proceeds from the sale of business 209,464 — Proceeds from sale of assets 42 692 Intangible asset additions (4,541) (5,364)Proceeds from sale and maturities of investment securities — 500 Net cash provided by (used in) investing activities 170,648 (39,554)CASH FLOWS FROM FINANCING ACTIVITIES: Principal repayments of long-term debt (247,750) (25,500)Proceeds from exercise of stock options 5,972 3,074 Payments on finance leases (885) (518)Payments of contingent earn-out liability — (2,600)Tax withholding payments related to net share settlement of equity awards (8,688) (11,685)Net cash used in financing activities (251,351) (37,229)Effect of exchange rate changes on cash 9,624 (2,535)NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (8,541) 48,426 CASH AND CASH EQUIVALENTS, beginning of period 308,566 254,222 CASH AND CASH EQUIVALENTS, end of period$300,025 $302,648 Use of Non-GAAP Financial Information This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. We use non-GAAP financial measures in addition to and in conjunction with GAAP financial measures to analyze and assess the overall performance of our business, in making financial, operating and planning decisions, and in determining executive incentive compensation. The non-GAAP financial measures as shown in the tables below, exclude special items because they are highly variable or unusual and impact year-over-year comparisons. For the three months ended June 30, 2025 and 2024, special items include the following: Contract manufacturing: We manufacture certain products or product components in accordance with manufacturing services agreements. We do not include the contract revenue in our adjusted revenue, or any gross profit impact in our adjusted gross profit as the commercial relationship under these types of agreements are originally negotiated contemporaneously with a business combination or other transactions and are not indicative of normal market transactions. Stock compensation expense: Stock-based compensation is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. The value of stock options is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. The value of our restricted stock awards is determined using the grant date stock price, which may not be indicative of our operational performance over the expense period. Additionally, in order to establish the fair value of performance-based stock awards, which are currently an element of our ongoing stock-based compensation, we are required to apply judgment to estimate the probability of the extent to which performance objectives will be achieved. Based on the above factors, we believe it is useful to exclude stock-based compensation in order to better understand our operating performance. Intangible asset amortization expense: We do not acquire businesses or capitalize certain patent costs on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition. Capitalized patent costs can vary significantly based on our current level of development activities. We believe that excluding amortization of intangible assets provides the users of our financial statements with a consistent basis for comparison across accounting periods. Depreciation expense reduction - Assets Held For Sale Classification: Once classified as held for sale, depreciation expense is not recorded for any long-lived assets included in the disposal group even though these assets continue to be utilized in the normal course of business. As such, we adjust for the impact of the discontinuation of depreciation with respect to assets classified as held for sale during the period as these unique transactions may limit the comparability of our ongoing operations with prior and future periods. Restructuring, strategic transaction and integration: We incur restructuring and strategic transaction charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our ongoing operations with prior and future periods. Contract settlement: Occasionally, we are involved in contract renegotiations that may result in one-time settlements. We exclude these settlements as they have no direct correlation to the operation of our ongoing business. Change in fair value of contingent earn-out: We exclude the impact of certain amounts recorded in connection with business combinations. We exclude items that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Quality system and product-related remediation: We exclude certain quality system and product-related remediation charges in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Noncash release of loss on contract provision: We provide certain services under fixed priced arrangements in accordance with a transition services arrangement. We do not include the loss on contract provision or subsequent release net of the related interest accretion as a result of providing those services in our non-GAAP financial measures as the agreement was negotiated contemporaneously with a disposition and is not indicative of a normal market transaction. The loss provision and subsequent release is a non-recurring noncash adjustment that if included may limit the comparability of our ongoing operations with prior and future periods. Asset write-offs and similar charges: Occasionally, we may write-off certain assets or we may sell certain assets. We exclude the non-cash gain/loss on the write-off/sale of these assets in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Gain on sale of business: We exclude any non-cash gains/losses on the sale of a business in determining our non-GAAP financial measures as the inclusion may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. In addition to the above special items, Adjusted EBITDA additionally excludes the following items from net income: Depreciation expense: We exclude depreciation expense in deriving adjusted EBITDA because companies utilize productive assets of different ages and the depreciable lives can vary significantly resulting in considerable variability in depreciation expense among companies. Interest, net: We exclude interest in deriving adjusted EBITDA as interest can vary significantly among companies depending on a company's level of income generating instruments and/or level of debt. Taxes: We exclude taxes in deriving adjusted EBITDA as taxes are deemed to be non-core to the business and may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Adjusted Diluted EPS excludes from diluted EPS, net of tax, the special items listed above. The tax effect on the special items is calculated using the specific tax rate applied to each adjustment based on the nature of the item/or the tax jurisdiction in which the item has been recorded. Additionally, adjusted diluted EPS may exclude the income tax impact of certain non-recurring discrete tax items that are not reflective of income tax expense/benefit incurred as a result of current period earnings/ loss, as well as the impact of certain deferred tax valuation allowances when assessed against non-GAAP profitability. We also present Free cash flow as a non-GAAP financial measure as management believes that this is an important measure for use in evaluating overall company financial performance as it measures our ability to generate additional cash flow from business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows. The following tables reconcile our non-GAAP financial measures for the periods presented: ICU MEDICAL, INC. AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(In thousands, except per share data) Adjusted EBITDA Three months endedJune 30, 2025 2024 GAAP net income (loss)$35,338 $(21,406) Non-GAAP adjustments: Interest, net 20,549 23,841 Stock compensation expense 14,457 10,998 Depreciation and amortization expense 49,665 55,318 Restructuring, strategic transaction and integration 16,218 17,136 Contract settlement 150 — Change in fair value of contingent earn-out — (339)Quality system and product-related charges 5,706 3,924 Asset write-offs and similar charges — (8)Gain on sale of business (41,823) — Noncash release of loss on contract provision (717) — Gross profit on contract manufacturing (412) — Provision for income taxes 1,178 1,873 Total non-GAAP adjustments 64,971 112,743 Adjusted EBITDA$100,309 $91,337 ICU MEDICAL, INC. AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(In thousands, except percentages and per share) The Company’s U.S. GAAP results for the three months ended June 30, 2025 included special items which impacted the U.S. GAAP measures as follows: Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationIncome (loss) from operationsInterest expense, netGain on sale of businessIncome (loss) before income taxes and equity in earnings of unconsolidated affiliatesProvision for income taxesNet income from consolidated companiesEquity in earnings of unconsolidated affiliatedNet incomeDiluted earnings (loss) per shareReported (GAAP)$548,866 $208,064 $159,392 $21,867 $16,218 $10,587 $(20,549)$41,823 $33,679 $(1,178)$32,501 $2,837 $35,338 $1.43 Reported percent of total revenues or (percent of income (loss) before income taxes and equity in earnings of unconsolidated affiliates) 38% 29% 4% 3% 2%(4)% 8% 6% 3.5% 6% Contract manufacturing (5,293) (412) — — — (412) — — (412) 101 (311) — (311) (0.01)Stock compensation expense — 1,851 (11,990) (616) — 14,457 — — 14,457 (3,511) 10,946 — 10,946 0.44 Amortization expense — 1,038 (31,690) — — 32,728 — — 32,728 (8,068) 24,660 — 24,660 1.00 Depreciation expense reduction - assets held for sale classification — (1,074) — — — (1,074) — — (1,074) 263 (811) — (811) (0.03)Restructuring, strategic transaction and integration — — — — (16,218) 16,218 — — 16,218 (3,973) 12,245 — 12,245 0.50 Contract settlement — — (150) — — 150 — — 150 (37) 113 — 113 — Quality system and product-related remediation — 5,706 — — — 5,706 — — 5,706 (1,268) 4,438 — 4,438 0.18 Gain on sale of business — — — — — — — (41,823) (41,823) 10,247 (31,576) — (31,576) (1.28)Noncash release of loss on contract provision — — 717 — — (717) 247 — (470) 115 (355) — (355) (0.01)Tax expense from valuation allowance* — — — — — — — — — (2,699) (2,699) — (2,699) (0.11)Tax expense from equity in earnings of unconsolidated affiliates — — — — — — — — — 695 695 (695) — — Adjusted (Non-GAAP)**$543,573 $215,173 $116,279 $21,251 $— $77,643 $(20,302)$— $59,159 $(9,313)$49,846 $2,142 $51,988 $2.10 Adjusted percent of total revenues or (percent of income (loss) before income taxes and equity in earnings of unconsolidated affiliates) 40% 21% 4% —% 14%(4)% —% 11% 15.7% 9% _______________________* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2025. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.** Amounts may not foot due to rounding. ICU MEDICAL, INC. AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)(In thousands, except percentages and per share) The Company’s U.S. GAAP results for the three months ended June 30, 2024 included special items which impacted the U.S. GAAP measures as follows: Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationChange in fair value of contingent earn-out(Loss) income from operationsOther expense, net(Loss) income before income taxesProvision for income taxesNet (loss) incomeDiluted (loss) earnings per shareReported (GAAP)$596,455 $207,428 $159,549 $23,390 $17,136 $(339)$7,692 $(3,384)$(19,533)$(1,873)$(21,406)$(0.88)Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes) 35% 27% 4% 3% —% 1%(1)%(3)%(9.6)%(4)% Contract manufacturing (15,473) — — — — — — — — — — Stock compensation expense — 1,524 (9,071) (403) — — 10,998 — 10,998 (2,640) 8,358 0.34 Amortization expense — — (33,059) — — — 33,059 — 33,059 (8,037) 25,022 1.02 Restructuring, strategic transaction and integration — — — — (17,136) — 17,136 — 17,136 (4,124) 13,012 0.53 Change in fair value of contingent earn-out — — — — — 339 (339) — (339) — (339) (0.01)Quality system and product-related remediation — 3,924 — — — — 3,924 — 3,924 (885) 3,039 0.12 Asset write-offs and similar charges — — — — — — — (8) (8) 2 (6) — Tax expense from valuation allowance* — — — — — — — — — 10,387 10,387 0.42 Adjusted (Non-GAAP)**$580,982 $212,876 $117,419 $22,987 $— $— $72,470 $(3,392)$45,237 $(7,170)$38,067 $1.56 Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes) 37% 20% 4% —% —% 12%(1)% 8% 15.8% 7% _______________________* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2024. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.* Amounts may not foot due to rounding ICU MEDICAL, INC. AND SUBSIDIARIESReconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)(In thousands) Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Net cash provided by operating activities$11,211 81,953 $62,538 $127,744 Purchase of property, plant and equipment (19,696) (19,467) (34,317) (35,382)Proceeds from sale of assets — 185 42 692 Free cash flow$(8,485) $62,671 $28,263 $93,054 ICU MEDICAL, INC. AND SUBSIDIARIESFiscal Year 2025 Outlook (Unaudited)(In millions, except per share data) Low End of Guidance High End of GuidanceGAAP net loss$(43) $(35) Non-GAAP adjustments: Interest, net 83 83 Stock compensation expense 53 53 Depreciation and amortization expense 209 209 Restructuring, strategic transaction and integration 59 59 Quality and regulatory initiatives and remediation 43 43 Gain on sale of business (42) (42)Noncash release of loss on contract provision 2 2 Gross profit on contract manufacturing (2) (2)Provision for income taxes 18 20 Total non-GAAP adjustments$423 $425 Adjusted EBITDA$380 $390 GAAP loss per share$(1.68) $(1.38) Non-GAAP adjustments: Stock compensation expense 2.11 2.11 Amortization expense 5.47 5.47 Restructuring, strategic transaction and integration 2.36 2.36 Quality and regulatory initiatives and remediation 1.73 1.73 Depreciation expense reduction - assets held for sale classification (0.17) (0.17)Gain on sale of business (1.68) (1.68)Noncash release of loss on contract provision 0.08 0.08 Gross profit on contract manufacturing (0.06) (0.06)Estimated income tax impact from adjustments (1.31) (1.31)Adjusted earnings per share$6.85 $7.15 CONTACT: ICU Medical, Inc. Brian Bonnell, Chief Financial Officer(949) 366-2183 ICR, Inc.John Mills, Partner(646) 277-1254

ICU Medical Announces Second Quarter 2025 Results and Updates its Fiscal Year 2025 Guidance

FAQ

Why Bullish?

How important is it?

Why Short Term?

Related Companies

Related News