ICU MEDICAL INC/DE ICUI
First person pronouns used in this Annual Report on Form 10-K, such as "we," "us," and "our," refer to ICU Medical, Inc. ("ICU") and its subsidiaries unless context requires otherwise.
ICU develops, manufactures and sells innovative medical products used in infusion therapy, vascular access, and vital care applications. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU's product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, peripheral IV catheters, sharps safety products, and sterile IV solutions offered on behalf of our joint venture; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.38B | $2.26B | $2.28B | $1.32B | $1.27B | $1.27B | $1.40B | $1.29B | $379.4M |
| Cost of revenue | $1.41B | $1.56B | $1.52B | $1.58B | $824.8M | $809.5M | $794.3M | $830.0M | $866.5M | $178.0M |
| Gross profit | $822.0M | $824.8M | $739.9M | $697.8M | $491.5M | $461.5M | $471.9M | $570.0M | $426.1M | $201.4M |
| R&D | $87.5M | $88.6M | $85.3M | $93.0M | $47.5M | $42.9M | $48.6M | $52.9M | $51.3M | $13.0M |
| SG&A | $625.2M | $638.8M | $606.7M | $608.3M | $302.6M | $284.0M | $277.0M | $320.0M | $302.2M | $89.4M |
| Total operating expenses | $779.2M | $781.8M | $717.0M | $740.7M | $368.2M | $363.3M | $364.5M | $540.3M | $439.4M | $118.5M |
| Operating income | $42.8M | $43.0M | $22.8M | -$42.9M | $123.2M | $98.2M | $107.4M | $29.8M | -$13.3M | $82.9M |
| Interest expense | $93.3M | $106.5M | $102.7M | $70.8M | $858.0K | $1.8M | $549.0K | $709.0K | $2.0M | $118.0K |
| Pre-tax income | $4.4M | -$66.0M | -$78.3M | -$34.2M | $123.2M | $97.5M | $114.7M | $22.4M | $51.3M | $85.2M |
| Income tax | $2.4M | $51.7M | $48.6M | $40.1M | $20.1M | $10.6M | $13.7M | $6.4M | $17.4M | $22.1M |
| Net income | $732.0K | -$117.7M | -$29.7M | -$74.3M | $103.1M | $86.9M | $101.0M | $28.8M | $68.6M | $63.1M |
| EPS, basic | 0.03 | -4.83 | -1.23 | -3.11 | 4.86 | 4.16 | 4.90 | 1.41 | 3.50 | 3.90 |
| EPS, diluted | 0.03 | -4.83 | -1.23 | -3.11 | 4.74 | 4.02 | 4.69 | 1.33 | 3.29 | 3.66 |
| Shares, diluted (wtd. avg.) | $24.9M | $24.4M | $24.1M | $23.9M | $21.8M | $21.6M | $21.5M | $21.6M | $20.9M | $17.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $308.0M | $308.6M | $254.2M | $208.8M | $552.8M | $396.1M | $268.7M | $344.8M | $290.1M | $445.1M |
| Short-term investments | — | $0 | $501.0K | $4.2M | $14.4M | $14.7M | — | — | — | — |
| Receivables | $180.5M | $182.8M | $161.6M | $221.7M | $105.9M | $124.1M | $202.2M | $176.3M | $112.7M | $56.2M |
| Inventory | $615.9M | $584.7M | $709.4M | $696.0M | $290.2M | $314.9M | $337.6M | $311.2M | $288.7M | $49.3M |
| Total current assets | $1.19B | $1.44B | $1.22B | $1.24B | $1.03B | $920.8M | $882.2M | $927.0M | $864.7M | $569.1M |
| Property, plant and equipment | $451.8M | $442.7M | $612.9M | $636.1M | $468.4M | $466.6M | $456.1M | $432.6M | $398.7M | $85.7M |
| Goodwill | $1.50B | $1.43B | $1.47B | $1.45B | $43.4M | $33.0M | $31.2M | $11.2M | $12.4M | $5.6M |
| Other intangibles | $633.6M | $740.8M | $870.6M | $982.8M | $188.3M | $197.2M | $211.4M | $133.4M | $143.8M | $22.4M |
| Total assets | $4.05B | $4.20B | $4.38B | $4.52B | $1.88B | $1.76B | $1.69B | $1.59B | $1.50B | $704.7M |
| Accounts payable | $154.4M | $148.0M | $150.0M | $215.9M | $81.1M | $71.9M | $128.6M | $120.5M | $78.2M | $14.6M |
| Short-term debt | $18.8M | $51.0M | $51.0M | $29.7M | $0 | — | — | — | — | — |
| Total current liabilities | $498.9M | $556.2M | $481.8M | $494.6M | $200.8M | $195.5M | $248.5M | $249.3M | $210.3M | $40.5M |
| Long-term debt | $1.27B | $1.53B | $1.58B | $1.62B | — | — | — | — | — | — |
| Retained earnings | $690.9M | $690.2M | $807.8M | $837.5M | $911.8M | $808.7M | $721.8M | $620.7M | $585.6M | $517.0M |
| Total equity | $2.12B | $1.97B | $2.12B | $2.09B | $1.62B | $1.50B | $1.38B | $1.26B | $1.20B | $660.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $179.8M | $204.0M | $166.2M | -$62.1M | $267.5M | $222.8M | $101.9M | $160.2M | $154.4M | $89.9M |
| Depreciation and amortisation | $200.7M | $219.5M | $228.8M | $235.2M | $89.7M | $85.6M | $76.9M | $74.7M | $66.6M | $19.1M |
| Stock-based compensation | $55.8M | $46.9M | $40.6M | $36.0M | $27.3M | $24.0M | $21.9M | $24.2M | $19.4M | $15.2M |
| Capital expenditure | $88.0M | $79.4M | $83.9M | $90.3M | $68.5M | $92.0M | $97.3M | $92.7M | $74.5M | $23.4M |
| Investing cash flow | $122.2M | -$89.0M | -$87.9M | -$1.91B | -$90.7M | -$98.1M | -$166.9M | -$103.4M | -$266.9M | $16.3M |
| Financing cash flow | -$311.5M | -$55.8M | -$36.0M | $1.64B | -$16.9M | -$40.0K | -$10.9M | $8.0M | -$44.3M | $2.5M |
| Buybacks | $8.8M | $12.0M | $9.3M | $10.9M | $8.3M | $12.9M | $18.6M | $6.3M | $4.1M | $17.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000883984-26-000008.
Others in SIC 3841
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SYK | STRYKER CORP | $116.27B | 36.1x | 11.2% |
| MMM | 3M CO | $86.93B | 28.1x | 1.5% |
| BSX | BOSTON SCIENTIFIC CORP | $69.27B | 24.6x | 19.9% |
| BDX | BECTON DICKINSON & CO | $50.32B | 31.7x | 8.2% |
| DXCM | DEXCOM INC | $33.17B | 42.1x | 15.6% |
| RMD | RESMED INC | $32.94B | 21.9x | 9.9% |
| MDLN | Medline Inc. | $31.35B | — | 11.5% |
| WST | WEST PHARMACEUTICAL SERVICES INC | $23.93B | 50.1x | 6.3% |