ICU MEDICAL INC/DE ICUI

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived Nasdaq

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.

Last close 166.62 2026-10-23
Market cap $4.17B 2026-06-30 share count
52-week range 113.37 - 192.85

Valuation FY2025 figures against the last close

P/S1.9x
P/E5,554.0x
P/FCF45.4x
EV/EBITDA21.1x
Dividend yield—
Diluted EPS0.03

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Emea
  • Apac
  • Other foreign countries
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.4B (60.8%) 61% United States Emea, FY2025: 411.7M (18.5%) 18% Emea Apac, FY2025: 232.9M (10.4%) 10% Apac Other foreign countries, FY2025: 230.6M (10.3%) 10% FY2024 United States, FY2024: 1.5B (64.3%) 64% Emea, FY2024: 393.5M (16.5%) 17% Apac, FY2024: 232.8M (9.8%) 10% Other foreign countries, FY2024: 223.6M (9.4%) 9% FY2023 United States, FY2023: 1.4B (63.7%) 64% Emea, FY2023: 373.6M (16.5%) 17% Apac, FY2023: 241.7M (10.7%) 11% Other foreign countries, FY2023: 203.8M (9.0%) 9%
Region FY2025FY2024FY2023
United States $1.36B $1.53B $1.44B
Emea $411.7M $393.5M $373.6M
Apac $232.9M $232.8M $241.7M
Other foreign countries $230.6M $223.6M $203.8M

As the company reported it, from the “Revenue Disaggregation of Revenue by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.03-4.83-1.23-3.114.864.164.901.413.503.90
EPS, diluted 0.03-4.83-1.23-3.114.744.024.691.333.293.66
Shares, diluted (wtd. avg.) 24.9M24.4M24.1M23.9M21.8M21.6M21.5M21.6M20.9M17.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 379.4M Gross profit, FY2016: 201.4M Net income, FY2016: 63.1M Revenue, FY2017: 1.3B Gross profit, FY2017: 426.1M Net income, FY2017: 68.6M Revenue, FY2018: 1.4B Gross profit, FY2018: 570M Net income, FY2018: 28.8M Revenue, FY2019: 1.3B Gross profit, FY2019: 471.9M Net income, FY2019: 101M Revenue, FY2020: 1.3B Gross profit, FY2020: 461.5M Net income, FY2020: 86.9M Revenue, FY2021: 1.3B Gross profit, FY2021: 491.5M Net income, FY2021: 103.1M Revenue, FY2022: 2.3B Gross profit, FY2022: 697.8M Net income, FY2022: -74.3M Revenue, FY2023: 2.3B Gross profit, FY2023: 739.9M Net income, FY2023: -29.7M Revenue, FY2024: 2.4B Gross profit, FY2024: 824.8M Net income, FY2024: -117.7M Revenue, FY2025: 2.2B Gross profit, FY2025: 822M Net income, FY2025: 732K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $379.4M $1.29B $1.40B $1.27B $1.27B $1.32B $2.28B $2.26B $2.38B $2.23B
Gross profit $201.4M $426.1M $570.0M $471.9M $461.5M $491.5M $697.8M $739.9M $824.8M $822.0M
Net income $63.1M $68.6M $28.8M $101.0M $86.9M $103.1M -$74.3M -$29.7M -$117.7M $732.0K

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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