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1. Company Snapshot

1.a. Company Description

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy and critical care applications worldwide.The company's infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; SwabCap and SwabTip disinfecting caps; Tego hemodialysis connectors; ClearGuard HD, an antimicrobial barrier cap for hemodialysis catheters; and ChemoClave and ChemoLock closed system transfer devices, as well as Diana hazardous drug compounding system for the preparation of hazardous drugs.It also provides IV therapy and diluents, such as sodium chloride, dextrose, balanced electrolyte solutions, lactated ringer's, ringer's, mannitol, sodium chloride/dextrose, and sterile water; and irrigation comprising sodium chloride and sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options.


The company offers infusion pumps under the Plum 360 and LifeCare PCA brands; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform that connects smart pumps to hospital's electronic health records, asset tracking systems, and alarm notification platforms; and related professional services.It also provides critical care products, such as Cogent 2-in-1 and CardioFlo hemodynamic monitoring systems; TDQ and OptiQ cardiac output monitoring catheters; TriOx venous oximetry catheters; Transpac blood pressure transducers; and SafeSet closed blood sampling and conservation systems.The company sells its products to acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, including outpatient clinics, home health care providers, and long-term care facilities.


ICU Medical, Inc.was founded in 1984 and is headquartered in San Clemente, California.

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1.b. Last Insights on ICUI

ICU Medical's recent performance was positively driven by its Q3 2025 earnings beat, with quarterly earnings of $2.03 per share, surpassing the Zacks Consensus Estimate of $1.54 per share. The company's strong financial results and growth prospects have garnered attention from analysts, with a consensus recommendation of "Moderate Buy" from six brokerages. Additionally, institutional investors such as AlphaQuest LLC and KLP Kapitalforvaltning AS have increased their stakes in the company. Management's participation in upcoming conferences, including the Piper Sandler 37th Annual Healthcare Conference, may further enhance visibility.

1.c. Company Highlights

2. ICU Medical's Q3 2025 Earnings: A Mixed Bag

ICU Medical reported third-quarter 2025 revenue of $533 million, representing 5% organic growth, but an 8% reported decline year-over-year due to the mid-year creation of the Otsuka ICU Medical JV and resulting deconsolidation of IV Solutions. Consumables grew 8% reported and 7% organic, driven by new customer implementations and rapid growth in niche markets. IV Systems grew 9% reported and 8% organic, driven by all three main product families. Adjusted EBITDA was $106 million, and EPS was $2.03, beating analyst estimates of $1.43. Gross margin was 41%, with a one-time benefit from settling the Italy medical device payback liability and the deconsolidation of IV Solutions.

Publication Date: Nov -15

📋 Highlights
  • Q3 2025 Revenue:: $533 million, 5% organic growth but 8% reported decline YoY due to deconsolidation of IV Solutions post-JV creation with Otsuka.
  • Segment Growth:: Consumables up 8% (7% organic) and IV Systems up 9% (8% organic), driven by new customers, niche markets, and product family growth.
  • Adjusted EBITDA & EPS:: $106 million and $2.03, respectively, with $28 million free cash flow and $25 million Term Loan B principal repayment.
  • Gross Margin Progress:: 41% margin (45% target), aided by Italy liability settlement and deconsolidation, despite tariff headwinds.
  • Full-Year Guidance:: EBITDA $395–$405 million and adjusted EPS $7.35–$7.65, with leverage ratio target of 2.5x by 2025 end.

Segment Performance

The company's Consumables and Systems businesses showed strength, driven by factors such as winning new customers, market share gains, growth in niche markets, and international markets. The company stands by its mid-single-digit growth guidance for Consumables for the year. IV Systems growth was driven by all three main product families, indicating a robust product portfolio.

Guidance and Outlook

The company expects a full-year EBITDA guidance range of $395 million to $405 million and adjusted EPS guidance range of $7.35 to $7.65 per share. ICU Medical is progressing towards its gross margin goals, despite headwinds from tariffs and deconsolidation, and targets a 45% gross margin. The company is focused on returning capital to shareholders and sees free cash flow as an opportunity to drive value.

Valuation

With a P/E Ratio of -578.88, the company's valuation is skewed due to negative earnings in previous periods. However, the P/S Ratio of 1.45 and EV/EBITDA of 15.94 indicate a reasonable valuation. The company's ROE is -0.28%, and ROIC is 0.13%, indicating room for improvement in profitability. Analysts estimate next year's revenue growth at -2.3%, which may put pressure on the stock.

Management's Strategy

Vivek Jain, the company's management, has been transparent about its strategic plans, exploring all available avenues to drive growth. The company is working to offset the impact of tariffs and has made progress on gross margin improvement. As Jain stated, "We continue to explore all available avenues... We don't want to do things that are value destructive." The company's focus on R&D and capital investments positions it for long-term growth.

3. NewsRoom

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Creative Planning Grows Holdings in ICU Medical, Inc. $ICUI

Dec -02

Source: defenseworld.net

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

Nov -20

Source: globenewswire.com

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ICU Medical, Inc. $ICUI Shares Sold by Envestnet Asset Management Inc.

Nov -17

Source: defenseworld.net

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ICU Medical (ICUI) Surpasses Q3 Earnings and Revenue Estimates

Nov -07

Source: zacks.com

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ICU Medical, Inc. (ICUI) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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

Nov -06

Source: globenewswire.com

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AlphaQuest LLC Acquires 1,468 Shares of ICU Medical, Inc. $ICUI

Nov -03

Source: defenseworld.net

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ICU Medical, Inc. (NASDAQ:ICUI) Given Average Recommendation of “Moderate Buy” by Analysts

Oct -29

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.78%)

6. Segments

Consumables

Expected Growth: 2.5%

ICU Medical's Consumables segment growth is driven by increasing demand for infusion therapy and critical care products, expansion into emerging markets, and strategic partnerships. Additionally, the company's focus on product innovation, such as its needlefree connector technology, and cost savings initiatives contribute to the 2.5% growth rate.

Vital Care

Expected Growth: 2.8%

Vital Care's 2.8% growth is driven by increasing demand for infusion therapy, rising hospital-acquired infection rates, and an aging population requiring critical care. Additionally, ICU Medical's strategic acquisitions and product innovations, such as the MedNet safety software, have expanded Vital Care's market share and enhanced its product offerings.

Infusion Systems

Expected Growth: 3.2%

ICU Medical's Infusion Systems segment growth of 3.2% is driven by increasing demand for safe and efficient infusion therapies, particularly in the oncology and pediatrics markets. Additionally, the company's strategic acquisitions and product innovations, such as the MedNet safety software, have expanded its market share and enhanced its product offerings.

7. Detailed Products

Infusion Systems

ICU Medical's Infusion Systems provide a comprehensive range of infusion pumps, software, and accessories for the safe and efficient delivery of medications and fluids to patients.

IV Solutions

ICU Medical's IV Solutions offer a wide range of intravenous fluids, electrolytes, and medications for patient care.

Critical Care Products

ICU Medical's Critical Care Products include a range of medical devices and consumables for critical care patients, such as vascular access devices and hemodynamic monitoring systems.

Medication Management

ICU Medical's Medication Management solutions provide automated medication dispensing systems and software for safe and efficient medication management.

Needlefree Connectors

ICU Medical's Needlefree Connectors provide a safe and convenient way to connect and disconnect IV lines, reducing the risk of needlestick injuries.

8. ICU Medical, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ICU Medical, Inc. has a diversified product portfolio, which reduces the threat of substitutes. The company's products are specialized and have limited substitutes, making it difficult for customers to switch to alternative products.

Bargaining Power Of Customers

ICU Medical, Inc. has a large customer base, which reduces the bargaining power of individual customers. However, the company's customers are large hospitals and healthcare systems, which can still exert some bargaining power.

Bargaining Power Of Suppliers

ICU Medical, Inc. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's suppliers are primarily contract manufacturers and raw material suppliers, which are easily replaceable.

Threat Of New Entrants

ICU Medical, Inc. operates in a highly regulated industry, which creates barriers to entry for new entrants. The company's established relationships with customers and its strong brand recognition also make it difficult for new entrants to gain traction.

Intensity Of Rivalry

ICU Medical, Inc. operates in a highly competitive industry, with several established players competing for market share. The company's products are highly differentiated, but the industry is characterized by frequent product launches and intense marketing efforts.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.72%
Debt Cost 7.55%
Equity Weight 56.28%
Equity Cost 7.55%
WACC 7.55%
Leverage 77.70%

11. Quality Control: ICU Medical, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
DENTSPLY SIRONA

A-Score: 4.0/10

Value: 7.7

Growth: 1.4

Quality: 3.1

Yield: 6.0

Momentum: 0.0

Volatility: 5.7

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Envista

A-Score: 3.9/10

Value: 4.5

Growth: 1.2

Quality: 5.1

Yield: 0.0

Momentum: 7.0

Volatility: 5.7

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Masimo

A-Score: 3.8/10

Value: 4.6

Growth: 4.2

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

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ICU Medical

A-Score: 3.1/10

Value: 5.6

Growth: 4.4

Quality: 3.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Cooper

A-Score: 2.9/10

Value: 2.9

Growth: 1.2

Quality: 5.9

Yield: 0.0

Momentum: 1.0

Volatility: 6.3

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Azenta

A-Score: 2.8/10

Value: 5.1

Growth: 2.6

Quality: 4.2

Yield: 0.0

Momentum: 1.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

142.51$

Current Price

142.51$

Potential

-0.00%

Expected Cash-Flows