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ICUI

ICU Medical, Inc.

ICUI

ICU Medical, Inc. • NASDAQ
$148.44 ▼ -0.47% (-0.70)
Market Cap $3.66 B
52w High $175.51
52w Low $107.00
Dividend Yield 0%
P/E -449.82
Volume 81.46K
Outstanding Shares 24.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $536.99M ▼ $187.162M ▼ $-3.396M ▼ -0.632% ▼ $-0.14 ▼ $66.556M ▼
Q2-2025 $548.866M ▼ $197.477M ▲ $35.338M ▲ 6.438% ▲ $1.43 ▲ $106.409M ▲
Q1-2025 $604.702M ▼ $197.221M ▲ $-15.476M ▲ -2.559% ▲ $-0.63 ▲ $63.802M ▼
Q4-2024 $629.805M ▲ $189.567M ▼ $-23.828M ▲ -3.783% ▲ $-0.97 ▲ $87.417M ▲
Q3-2024 $589.131M $196.616M $-32.983M -5.599% $-1.35 $64.959M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $299.732M ▼ $4.103B ▼ $1.976B ▼ $2.127B ▲
Q2-2025 $300.025M ▲ $4.107B ▼ $1.992B ▼ $2.116B ▲
Q1-2025 $289.704M ▼ $4.185B ▼ $2.197B ▼ $1.988B ▲
Q4-2024 $308.566M ▼ $4.204B ▼ $2.239B ▼ $1.965B ▼
Q3-2024 $312.512M $4.305B $2.256B $2.049B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.396M ▼ $56.71M ▲ $-30.028M ▼ $-25.689M ▲ $-293K ▼ $27.63M ▲
Q2-2025 $35.338M ▲ $11.211M ▼ $187.459M ▲ $-195.015M ▼ $10.321M ▲ $-10.794M ▼
Q1-2025 $-15.476M ▲ $51.327M ▲ $-16.811M ▲ $-56.336M ▼ $-18.862M ▼ $36.706M ▲
Q4-2024 $-23.828M ▲ $40.192M ▲ $-26.546M ▼ $-8.191M ▲ $-3.946M ▼ $13.595M ▼
Q3-2024 $-32.983M $36.097M $-22.86M $-10.38M $9.864M $21.551M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Equipment revenue
Equipment revenue
 $0 ▲$0 ▲$30.00M ▲$50.00M ▲
Government Grant Revenue
Government Grant Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Other deferred revenue
Other deferred revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Software revenue
Software revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Infusion Consumables
Infusion Consumables
 $270.00M ▲$270.00M ▲$0 ▼$0 ▲
Infusion Systems
Infusion Systems
 $170.00M ▲$170.00M ▲$0 ▼$0 ▲
Vital Care
Vital Care
 $190.00M ▲$170.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully compared with a few years ago, helped by acquisitions, but has been fairly flat over the last three years. Gross profit has improved in absolute terms, yet profitability remains thin. Operating income has hovered just above break‑even recently, and the company has reported net losses for three consecutive years after being solidly profitable before the big expansion. This suggests that integration costs, higher interest and amortization, and pressure on margins are still weighing on reported earnings even though the core business is sizeable and growing modestly.

Balance Sheet

Balance Sheet The balance sheet shows a much larger company than a few years back, with total assets and equity both higher after acquisitions. However, this growth has come with a heavy increase in debt, shifting the capital structure from almost no leverage to a clearly leveraged profile. Cash on hand is reasonable but not especially large relative to the debt load, which means the company depends on steady cash generation to stay comfortable. Equity remains solid, but the combination of recurring losses and higher debt leaves less room for prolonged underperformance.

Cash Flow

Cash Flow Cash generation looks better than the income statement suggests. Operating cash flow has been positive in most recent years, and free cash flow has recovered after a weak year during integration. Investment in equipment and facilities remains moderate and quite stable, indicating a capital‑light model once the platform is in place. The key point is that the business is again producing cash after acquisition-related disruption, but it is not yet at a level that makes the current debt load feel trivial, so maintaining and improving cash flow is critical.

Competitive Edge

Competitive Edge ICU Medical operates in a specialized corner of healthcare, centered on infusion therapy and IV systems, where reliability, safety, and integration with hospital IT systems matter a great deal. Its strength lies in an ecosystem approach: pumps, software, connectors, and related disposables that work together. This creates a “razor‑and‑blades” model with recurring consumable sales and high switching costs once hospitals are locked into the platform and clinical workflows. Acquisitions have broadened the product range and customer reach, but also brought integration challenges. Competition from large med‑tech players, pricing pressure from hospitals, and regulatory scrutiny remain ongoing competitive risks.

Innovation and R&D

Innovation and R&D The company’s innovation is focused on safer, smarter drug delivery. Its Plum infusion platform, newer Solo and Duo pumps, and LifeShield software emphasize interoperability with electronic health records and better clinical workflows. ICU Medical also has differentiated infection‑prevention and oncology safety products, such as needle‑free connectors and closed transfer devices. R&D appears targeted and practical rather than speculative, building incremental improvements into an already integrated system. Future value will hinge on successful rollout of next‑generation pumps, cloud‑connected solutions, and pipeline products like syringe and ambulatory pumps, while managing cybersecurity, regulatory approvals, and product quality risks.

Summary

ICU Medical today is a larger, more complex company than it was a few years ago, with a broader product portfolio and deeper integration into hospital workflows. Revenue has scaled up, but margins are thin and earnings have been volatile and negative as the company absorbs acquisition costs and higher financing burdens. The balance sheet shows meaningful leverage, making the quality and consistency of cash flow particularly important. Strategically, ICU Medical benefits from a strong ecosystem in infusion therapy, recurring consumable sales, and high customer switching costs, all reinforced by steady, clinically focused innovation. The main opportunities lie in improving margins, fully realizing integration synergies, and driving adoption of its next‑generation platforms, while key risks center on execution, debt management, competitive pressure, and regulatory or product‑quality setbacks.

NEWS

November 20, 2025 · 8:30 AM UTC

ICU Medical to Participate at the Piper Sandler 37th Annual Healthcare Conference

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November 6, 2025 · 4:05 PM UTC

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

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October 23, 2025 · 8:30 AM UTC

ICU Medical Announces Time of Third Quarter 2025 Earnings Conference Call

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