ICU Medical, Inc. (ICUI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.91	$2.37	+24.1%	—	—	—
Q4 26	$1.11	$1.22	+9.9%	—	—	—
Q3 26	$1.69	$1.91	+13.0%	—	—	—
Q2 26	$1.43	$2.03	+42.0%	—	—	—
Q1 26	$1.5	$2.1	+40.0%	—	—	—
Q4 25	$1.28	$1.72	+34.4%	—	—	—
Q3 25	$1.48	$2.11	+42.6%	—	—	—
Q2 25	$1.25	$1.59	+27.2%	—	—	—
Q1 25	$1	$1.56	+56.0%	—	—	—
Q4 24	$0.82	$0.96	+17.1%	—	—	—
Q3 24	$1.19	$1.57	+31.9%	—	—	—
Q2 24	$1.39	$1.57	+12.9%	—	—	—
Q1 24	$1.6	$1.88	+17.5%	—	—	—
Q4 23	$1.43	$1.74	+21.7%	—	—	—
Q3 23	$1.56	$1.6	+2.6%	—	—	—
Q2 23	$1.46	$1.75	+19.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.03	—	—	$2.2B	—
FY24	—	-$4.83	—	—	$2.4B	—
FY23	—	-$1.23	—	—	$2.3B	—
FY22	—	-$3.11	—	—	$2.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$379.4M	$1.3B	$1.4B	$1.3B	$1.3B	$1.3B	$2.3B	$2.3B	$2.4B	$2.2B
YoY change	+11%	+240.7%	+8.31%	-9.56%	+0.38%	+3.56%	+73.2%	-0.92%	+5.44%	-6.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	379.4M	1.3B	1.4B	1.3B	1.3B	1.3B	2.3B	2.3B	2.4B	2.2B
Cost of revenue	178M	866.5M	830M	794.3M	809.5M	824.8M	1.6B	1.5B	1.6B	1.4B
Gross profit	201.4M	426.1M	570M	471.9M	461.5M	491.5M	697.8M	739.9M	824.8M	822M
Gross margin	53.1%	33%	40.7%	37.3%	36.3%	37.3%	30.6%	32.8%	34.6%	36.8%
Research & development	13M	51.3M	52.9M	48.6M	42.9M	47.5M	93M	85.3M	88.6M	87.5M
Selling, general & administrative	89.4M	302.2M	320M	277M	284M	302.6M	608.3M	606.7M	638.8M	625.2M
Operating expenses	102.4M	361.4M	414.5M	331.3M	325.9M	350.2M	701.3M	692M	727.4M	712.7M
Operating income	99M	72.7M	155.5M	140.5M	135.6M	141.3M	-3.6M	47.8M	97.4M	109.3M
Operating margin	26.1%	5.62%	11.1%	11.1%	10.7%	10.7%	-0.16%	2.12%	4.09%	4.9%
Non-operating income, net	-13.7M	-19.3M	-132.5M	-25.3M	-40M	-20.1M	-44.5M	-30.9M	-67.7M	-21.9M
Pretax income	85.2M	51.3M	22.4M	114.7M	97.5M	123.2M	-114.4M	-78.3M	-66M	4.4M
Income tax	22.1M	-17.4M	-6.4M	13.7M	10.6M	20.1M	-40.1M	-48.6M	51.7M	2.4M
Net income	63.1M	68.6M	28.8M	101M	86.9M	103.1M	-74.3M	-29.7M	-117.7M	732K
Net margin	16.6%	5.31%	2.06%	7.98%	6.83%	7.84%	-3.26%	-1.31%	-4.94%	0.03%
EBITDA	119M	135M	223.6M	225.3M	227.7M	234.4M	239.2M	284.3M	325.9M	320.7M
EPS	3.9	3.5	1.41	4.9	4.16	4.86	-3.11	-1.23	-4.83	0.03
Diluted EPS	3.66	3.29	1.33	4.69	4.02	4.74	-3.11	-1.23	-4.83	0.03

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	553.3M	587.9M	566.7M	596.5M	589.1M	629.8M	604.7M	548.9M	537M	540.7M	530.2M	551.7M
Cost of revenue	369.4M	416.3M	381.4M	389M	384.3M	402.5M	394.6M	340.8M	336.1M	337.7M	324M	316.6M
Gross profit	183.9M	171.6M	185.2M	207.4M	204.9M	227.3M	210.1M	208.1M	200.9M	203M	206.2M	235.1M
Gross margin	33.2%	29.2%	32.7%	34.8%	34.8%	36.1%	34.7%	37.9%	37.4%	37.5%	38.9%	42.6%
Research & development	20.9M	22.4M	21.8M	23.4M	21M	22.4M	23.3M	21.9M	21.3M	21.1M	21.3M	22.7M
Selling, general & administrative	148.6M	154.6M	157.7M	159.5M	162.7M	158.8M	157.2M	159.4M	152.8M	155.8M	154.6M	151.9M
Operating expenses	169.5M	177M	179.5M	182.9M	183.7M	181.2M	180.5M	181.3M	174M	176.9M	175.8M	174.6M
Operating income	14.4M	-5.4M	5.7M	24.5M	21.1M	46.1M	29.6M	26.8M	26.9M	26.1M	30.4M	60.4M
Operating margin	2.61%	-0.93%	1.01%	4.11%	3.58%	7.31%	4.89%	4.88%	5%	4.82%	5.73%	11%
Non-operating income, net	4.4M	-6.8M	-18.7M	-20.2M	-14.4M	-14.4M	-18.5M	27.4M	-9.6M	-21.3M	-17.9M	-21.5M
Pretax income	-5.4M	-36.7M	-36.8M	-19.5M	-17.9M	8.2M	-10.9M	33.7M	-2.5M	-15.9M	-4M	23.1M
Income tax	-12.6M	-19.5M	2.7M	1.9M	15.1M	32M	4.6M	1.2M	-658K	-2.7M	-34.7M	7.1M
Net income	7.2M	-17.1M	-39.5M	-21.4M	-33M	-23.8M	-15.5M	35.3M	-3.4M	-15.7M	30.1M	19.1M
Net margin	1.31%	-2.92%	-6.97%	-3.59%	-5.6%	-3.78%	-2.56%	6.44%	-0.63%	-2.91%	5.68%	3.46%
EBITDA	74M	55.7M	63.2M	81.7M	79.1M	102M	82.5M	78.9M	80.3M	79M	82.4M	114.1M
EPS	0.3	—	-1.63	-0.88	-1.35	-0.97	-0.63	1.43	-0.14	-0.64	1.22	0.76
Diluted EPS	0.3	—	-1.63	-0.88	-1.35	-0.97	-0.63	1.43	-0.14	-0.64	1.2	0.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.4B	—	4.7B	3.9B	4.5B	5B	—	2.4B	3.8B	3.5B	4.1B
Enterprise value	1.9B	—	4.3B	3.6B	4.1B	4.5B	—	3.9B	5.1B	4.5B	5.1B
Shares outstanding	16.2M	19.6M	20.4M	20.6M	20.9M	21.2M	23.9M	24.1M	24.4M	24.6M	24.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	37.8	—	162.6	38.2	51.6	48.8	—	—	—	4.8K	138.6
P/S	6.28	—	3.34	3.05	3.53	3.82	—	1.06	1.59	1.58	1.91
P/B	3.61	—	3.71	2.8	2.99	3.11	—	1.13	1.93	1.66	1.92
EV/EBITDA	16.3	—	19.2	16	18.1	19.2	—	13.5	15.7	14.2	15.7
EV/Sales	5.11	—	3.07	2.85	3.25	3.43	—	1.71	2.15	2.03	2.37
Earnings yield	2.65%	—	0.61%	2.62%	1.94%	2.05%	—	—	—	0.02%	0.72%
FCF yield	2.74%	—	1.27%	-0.11%	2.73%	3.7%	—	3.02%	3.01%	2.36%	3.99%
PEG	—	—	—	—	—	—	—	—	—	—	-2.96

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.1%	33%	40.7%	37.3%	36.3%	37.3%	30.6%	32.8%	34.6%	36.8%	42.6%
Operating margin	26.1%	5.62%	11.1%	11.1%	10.7%	10.7%	-0.16%	2.12%	4.09%	4.9%	7.53%
Net margin	16.6%	5.31%	2.06%	7.98%	6.83%	7.84%	-3.26%	-1.31%	-4.94%	0.03%	1.39%
ROE	9.56%	5.73%	2.28%	7.34%	5.78%	6.38%	-3.55%	-1.4%	-5.99%	0.03%	1.41%
ROA	8.95%	4.59%	1.82%	5.97%	4.93%	5.48%	-1.65%	-0.68%	-2.8%	0.02%	1.93%
ROIC	34.1%	8.09%	17.6%	11%	10.6%	10.8%	-0.1%	1.34%	2.95%	1.53%	4.6%
Return on tangible assets	9.72%	5.79%	2.22%	8.37%	6.67%	7.28%	21.3%	9.64%	82.2%	-0.34%	-22.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	14	4.11	3.72	3.55	4.71	5.13	2.5	2.53	2.59	2.39	2.43
Quick ratio	12.8	2.74	2.47	2.19	3.1	3.68	1.09	1.06	1.54	1.15	1.21
Debt / equity	—	—	0	0.03	0.03	0.03	0.83	0.8	0.84	0.63	0.6
Debt / assets	—	—	0	0.02	0.03	0.02	0.38	0.39	0.39	0.33	0.32
Net debt / EBITDA	—	—	-1.71	-1.14	-1.58	-2.23	6.36	5.1	4.09	3.19	2.74
Interest coverage	722.7	26.1	32.6	209.9	56.6	144.6	-0.62	0.24	0.38	1.05	1.01
Effective tax rate	25.9%	0%	0%	11.9%	10.9%	16.3%	0%	0%	0%	55.9%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23.5	65.9	68.6	61.4	60.8	62.1	95.5	93.8	97.7	90.6	87.1
EPS (basic)	3.9	3.5	1.41	4.9	4.16	4.86	-3.11	-1.23	-4.83	0.03	0.03
EPS (diluted)	3.66	3.29	1.33	4.69	4.02	4.74	-3.11	-1.23	-4.83	0.03	1.19
Book value per share	40.8	61.1	62	66.8	71.9	76.2	87.6	88.1	80.6	86.2	86
FCF per share	4.04	3.81	2.91	-0.2	5.85	8.79	-6.76	3.01	4.67	3.36	5.78
Cash per share	27.5	15.3	18.7	14.2	19.6	26.7	8.92	10.6	12.7	12.5	12.1
Capex per share	1.44	3.8	4.55	4.72	4.4	3.23	3.78	3.48	3.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.16%	5.76%	6.62%	7.69%	7.24%	5.21%	3.96%	3.71%	3.33%	—	—
Capex / operating cash flow	24.8%	34.8%	55.9%	89%	36.4%	25.7%	-243.1%	58.1%	43.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$553.3M	$587.9M	$566.7M	$596.5M	$589.1M	$629.8M	$604.7M	$548.9M	$537M	$540.7M	$530.2M	$551.7M
YoY change	-7.45%	+1.7%	-0.35%	+8.58%	+6.47%	+7.14%	+6.71%	-7.98%	-8.85%	-14.1%	-12.3%	+0.51%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	445.1M	300.1M	382.1M	292.6M	410.8M	567.2M	213M	254.7M	308.6M	308M
Receivables	56.2M	112.7M	176.3M	202.2M	124.1M	105.9M	221.7M	161.6M	182.8M	180.5M
Inventory	49.3M	288.7M	311.2M	337.6M	314.9M	290.2M	696M	709.4M	584.7M	615.9M
Total current assets	569.1M	864.7M	927M	882.2M	920.8M	1B	1.2B	1.2B	1.4B	1.2B
Property, plant & equipment	149.2M	605.5M	432.6M	490.6M	516.1M	510.9M	713.6M	685.5M	499.3M	511.9M
Goodwill & intangibles	55.9M	312.2M	289.2M	485.3M	460.5M	463.5M	4.9B	4.7B	4.3B	4.3B
Total assets	704.7M	1.5B	1.6B	1.7B	1.8B	1.9B	4.5B	4.4B	4.2B	4.1B
Accounts payable	14.6M	78.2M	120.5M	128.6M	71.9M	81.1M	215.9M	150M	148M	154.4M
Short-term debt	—	—	—	7.4M	8.7M	9M	47.9M	71.2M	66.7M	18.8M
Total current liabilities	40.5M	210.3M	249.3M	248.5M	195.5M	200.8M	494.6M	481.8M	556.2M	498.9M
Long-term debt	—	—	0	28.9M	43.4M	36M	1.7B	1.6B	1.6B	1.3B
Total liabilities	44.5M	298.7M	321.7M	315.1M	261.4M	264.7M	2.4B	2.3B	2.2B	1.9B
Shareholders' equity	660.2M	1.2B	1.3B	1.4B	1.5B	1.6B	2.1B	2.1B	2B	2.1B
Total debt	—	—	0	36.3M	52.1M	45M	1.7B	1.7B	1.6B	1.3B
Net debt	—	—	-344.8M	-232.4M	-343.9M	-507.8M	1.5B	1.4B	1.3B	1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	199M	254.7M	251.4M	302.6M	312.5M	308.6M	289.7M	300M	299.7M	308M	288.3M	298.3M
Receivables	161.8M	161.6M	145.2M	151.8M	174M	182.8M	170.9M	179.5M	191.5M	180.5M	201.1M	183.5M
Inventory	759.6M	709.4M	693M	682.9M	692M	584.7M	590.3M	616.5M	622.4M	615.9M	605.6M	607.4M
Total current assets	1.2B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.2B	1.2B	1.2B	1.2B	1.2B
Property, plant & equipment	685.3M	685.5M	670.1M	663.8M	658.5M	499.3M	503.3M	511.3M	512.6M	511.9M	495.9M	485.4M
Goodwill & intangibles	4.7B	4.7B	4.6B	4.5B	4.5B	4.3B	4.3B	4.4B	4.3B	4.3B	4.2B	4.1B
Total assets	4.4B	4.4B	4.3B	4.3B	4.3B	4.2B	4.2B	4.1B	4.1B	4.1B	4B	4B
Accounts payable	149.3M	150M	152.5M	155.5M	168.6M	148M	180.4M	168.8M	171.8M	154.4M	174M	149.2M
Short-term debt	65.5M	71.2M	69.5M	68.9M	68.1M	66.7M	61.3M	—	—	18.8M	18.8M	18.8M
Total current liabilities	464M	481.8M	455.4M	511.9M	549.6M	556.2M	549M	482.8M	492.9M	498.9M	517.9M	498.4M
Long-term debt	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.4B	1.4B	1.3B	1.3B	1.3B
Total liabilities	2.3B	2.3B	2.2B	2.2B	2.3B	2.2B	2.2B	2B	2B	1.9B	1.9B	1.8B
Shareholders' equity	2.1B	2.1B	2.1B	2B	2B	2B	2B	2.1B	2.1B	2.1B	2.1B	2.2B
Total debt	1.7B	1.7B	1.7B	1.7B	1.7B	1.6B	1.6B	1.4B	1.4B	1.3B	1.3B	1.3B
Net debt	1.5B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.1B	1.1B	1B	1B	973.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	63.1M	68.6M	28.8M	101M	86.9M	103.1M	-74.3M	-29.7M	-117.7M	732K
Depreciation & amortization	19.1M	66.6M	74.7M	76.9M	85.6M	89.7M	235.2M	228.8M	219.5M	200.7M
Stock-based compensation	15.2M	19.4M	24.2M	21.9M	24M	27.3M	36M	40.6M	46.9M	55.8M
Change in working capital	-4.5M	46.9M	-6.9M	-76.5M	16.7M	16.8M	-270.8M	-132.8M	-14.4M	-42.1M
Operating cash flow	94.3M	214.2M	165.8M	109.4M	252.7M	266.4M	-37.1M	144.5M	182.7M	179.8M
Capital expenditure	-23.4M	-74.5M	-92.7M	-97.3M	-92M	-68.5M	-90.3M	-83.9M	-79.4M	—
Investing cash flow	17.5M	-261.7M	-95.3M	-158.2M	-89.8M	-78.1M	-1.9B	-78.2M	-78.1M	219.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-17.2M	-4.1M	-6.3M	-18.6M	—	—	—	—	—	—
Financing cash flow	-14.9M	-76.4M	-12.5M	-37.3M	-163.2M	-26.2M	1.6B	-40M	-66.7M	-317.6M
Net change in cash	96.9M	-123.8M	58M	-86M	-317K	162.1M	-309.3M	26.3M	37.9M	81.5M
Free cash flow	65.4M	74.7M	59.4M	-4.1M	122.4M	186.4M	-161.5M	72.5M	113.8M	82.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	7.2M	-17.1M	-39.5M	-21.4M	-33M	-23.8M	-15.5M	35.3M	-3.4M	-15.7M	30.1M	19.1M
Depreciation & amortization	58.4M	57.2M	55.5M	55.4M	55.7M	53M	49.4M	49.7M	50.8M	50.8M	50M	49.6M
Stock-based compensation	10.9M	10.7M	11.6M	11M	11.8M	12.5M	12.2M	14.5M	15.2M	13.9M	14M	11.9M
Change in working capital	-35.6M	17.6M	26.3M	-5.4M	-15.2M	-20.2M	32.9M	-64.8M	-17.6M	7.5M	-39.7M	-16.3M
Operating cash flow	37.5M	78.5M	68.2M	53.1M	31M	31.6M	90.8M	11.2M	56.7M	60.6M	38.9M	80.2M
Capital expenditure	-21.5M	-29.9M	-15.9M	-19.5M	-19.9M	-24.1M	-14.6M	—	—	—	—	—
Investing cash flow	-21.4M	-28.6M	-14.9M	-19.3M	-19.9M	-24M	-14.6M	209.5M	1.7M	8M	2M	21K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-8.2M	-7.8M	-27M	-13.3M	-13.2M	-13.2M	-56.5M	-200.9M	-25.7M	-34.9M	-44.1M	-50.7M
Net change in cash	7.9M	42.1M	26.3M	20.6M	-2.1M	-5.7M	19.8M	19.8M	32.7M	33.7M	-3.2M	29.4M
Free cash flow	10.6M	59.3M	26.9M	60.1M	13.2M	13.6M	34.5M	-10.8M	25M	34.2M	25.7M	60M

ICU Medical, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement