ICUI

Let’s dig into the relative performance of ICU Medical (NASDAQ:ICUI) and its peers as we unravel the now-completed Q2 medical devices & supplies - cardiology, neurology, vascular earnings season. The medical devices and supplies industry, particularly in the fields of cardiology, neurology, and vascular care, benefits from a business model that balances innovation with relatively predictable revenue streams. These companies focus on developing life-saving devices such as stents, pacemakers, neurostimulation implants, and vascular access tools, which address critical and often chronic conditions. The recurring need for these devices, coupled with growing global demand for advanced treatments, provides stability and opportunities for long-term growth. However, the industry faces hurdles such as high research and development costs, rigorous regulatory approval processes, and reliance on reimbursement from healthcare systems, which can exert downward pressure on pricing. Looking ahead, the industry is positioned to benefit from tailwinds such as aging populations (which tend to have higher rates of disease) and technological advancements like minimally invasive procedures and connected devices that improve patient monitoring and outcomes. Innovations in robotic-assisted surgery and AI-driven diagnostics are also expected to accelerate adoption and expand treatment capabilities. However, potential headwinds include pricing pressures stemming from value-based care models and continued complexity changing from navigating regulatory frameworks that may prioritize further lowering healthcare costs. The 4 medical devices & supplies - cardiology, neurology, vascular stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.6%. Thankfully, share prices of the companies have been resilient as they are up 6.6% on average since the latest earnings results. Founded in 1984 and named for its initial focus on intensive care units, ICU Medical (NASDAQ:ICUI) develops and manufactures medical products for infusion therapy, vascular access, and vital care applications used in hospitals and other healthcare settings. ICU Medical reported revenues of $547.9 million, flat year on year. This print exceeded analysts’ expectations by 2.8%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates. Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Second quarter results were ahead of our expectations for Infusion Systems and generally in line with expectations for the remainder of the business." ICU Medical delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 9.9% since reporting and currently trades at $182.84. Is now the time to buy ICU Medical? Access our full analysis of the earnings results here, it’s free. Founded in 1987 and now offering over 1,700 patented products across global markets, Merit Medical Systems (NASDAQ:MMSI) manufactures and markets specialized medical devices used in minimally invasive procedures for cardiology, radiology, oncology, critical care, and endoscopy. Merit Medical Systems reported revenues of $418.8 million, up 9.5% year on year, outperforming analysts’ expectations by 3.3%. The business had an exceptional quarter with an impressive beat of analysts’ organic revenue estimates and an impressive beat of analysts’ full-year EPS guidance estimates. Merit Medical Systems achieved the highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 8.9% since reporting. It currently trades at $90.79. Is now the time to buy Merit Medical Systems? Access our full analysis of the earnings results here, it’s free. Founded in 2004 to address challenging medical conditions with significant unmet needs, Penumbra (NYSE:PEN) develops and manufactures innovative medical devices for treating vascular diseases and providing immersive healthcare rehabilitation solutions. Penumbra reported revenues of $390 million, up 14.9% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates. Penumbra delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. Interestingly, the stock is up 1.7% since the results and currently trades at $325.29. Read our full analysis of Penumbra’s results here. Formerly known as CryoLife until its 2022 rebranding, Artivion (NYSE:AORT) develops and manufactures medical devices and preserves human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. Artivion reported revenues of $125.8 million, up 11.3% year on year. This result surpassed analysts’ expectations by 4.4%. Overall, it was a very strong quarter as it also produced a beat of analysts’ EPS estimates and full-year EBITDA guidance slightly topping analysts’ expectations. Artivion scored the biggest analyst estimate beat but had the weakest full-year guidance update in the group. The stock is up 5.7% since reporting and currently trades at $28.08. Read our full, actionable report on Artivion here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

ICU Medical has had an impressive run over the past six months as its shares have beaten the S&P 500 by 9.3%. The stock now trades at $182.79, marking a 23.3% gain. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move. Is there a buying opportunity in ICU Medical, or does it present a risk to your portfolio? Get the full breakdown from our expert analysts, it’s free. We’re happy investors have made money, but we’re sitting this one out for now. Here are three reasons you should be careful with ICUI, plus one stock we’d rather own. Long-term growth is the most important, but within healthcare, a stretched historical view may miss new innovations or demand cycles. ICU Medical’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 2.5% over the last two years. Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. ICU Medical’s EPS grew at an unimpressive 2.9% compounded annual growth rate over the last five years, lower than its 11.6% annualized revenue growth. This tells us the company became less profitable on a per-share basis as it expanded. Growth gives us insight into a company’s long-term potential, but how capital-efficient was that growth? Enter ROIC, a metric showing how much operating profit a company generates relative to the money it has raised (debt and equity). ICU Medical historically did a mediocre job investing in profitable growth initiatives. Its five-year average ROIC was 0.9%, lower than the typical cost of capital (how much it costs to raise money) for healthcare companies. ICU Medical isn’t a terrible business, but it doesn’t pass our quality test. With its shares outperforming the market lately, the stock trades at 20.6× forward P/E (or $182.79 per share). Investors with a higher risk tolerance might like the company, but we think the potential downside is too great. We’re pretty confident there are more exciting stocks to buy at the moment. We’d recommend looking at one of our top software and edge computing picks. WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

ICU Medical’s second quarter results were well received by the market, with management highlighting robust performance in the Infusion Systems and Consumables segments as key drivers. CEO Vivek Jain emphasized that North America led growth, and noted that “record quarters” in both pumps and consumables reflected broad-based demand and incremental wins. Operational efficiencies stemming from IT system integration and facility consolidation also contributed to improved operating margins. Management pointed out that ongoing challenges from currency fluctuations and tariffs were offset by core business execution and stable customer demand. Is now the time to buy ICUI? Find out in our full research report (it’s free). Revenue: $547.9 million vs analyst estimates of $532.8 million (flat year on year, 2.8% beat) Adjusted EPS: $2.37 vs analyst estimates of $1.91 (23.8% beat) Adjusted EBITDA: $110 million vs analyst estimates of $101.1 million (20.1% margin, 8.9% beat) Adjusted EPS guidance for the full year is $8.80 at the midpoint, beating analyst estimates by 7.8% EBITDA guidance for the full year is $425 million at the midpoint, above analyst estimates of $417 million Operating Margin: 11%, up from 4.9% in the same quarter last year Market Capitalization: $4.48 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jayson Bedford (Raymond James) asked whether the Infusion Systems strength was due to an uptick in the replacement cycle. CEO Vivek Jain clarified that most growth came from competitive wins and earlier installations, not the broader replacement cycle. Jason Bednar (Piper Sandler) inquired about the timing and impact of early installations in Infusion Systems. Jain responded that while some installations were pulled forward, organic growth should continue at or above a 6% rate. Will (KeyBanc Capital Markets) sought updates on SKU rationalization and its impact on Vital Care. Jain explained that most SKU rationalization is complete and expects the segment to stabilize moving forward. Lawrence Solow (CJS Securities) questioned the durability of the gross margin expansion and timing of facility consolidation benefits. Jain and Bonnell confirmed that most actions are completed, but further gains depend on pricing and product mix. Michael Matson (Needham & Company) asked about the prospects for additional tariff refunds. Jain indicated that while further refunds are possible, the process remains uncertain and any future refunds are likely to be smaller. In the coming quarters, the StockStory team will watch closely for (1) continued momentum in Infusion Systems and Consumables product launches and upgrades, (2) sustained improvement in gross and operating margins from integration and cost initiatives, and (3) updates on the regulatory approval and commercial rollout of the Medfusion 5000 pump. Progress toward achieving leverage and free cash flow targets will also be critical for tracking execution. ICU Medical currently trades at $179.30, up from $166.37 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Chief Executive Officer and Chairman - Vivek Jain Chief Financial Officer - Brian Bonnell ICR Managing Partner - John Mills Operator: Good afternoon, everyone, and welcome to today's ICU Medical's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Also, please note that today's event is being recorded. I'd now like to turn the conference over to John Mills, ICR Managing Partner. Please go ahead. John Mills: Good afternoon, everyone. Thank you for joining us to discuss ICU Medical financial results for the second quarter of 2026. On the call today representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer. We wanted to let everyone know that we have a presentation accompanying today's prepared remarks. To view the presentation, please go to our Investor page and click on Events Calendar and will be under the Second Quarter 2026 Events. Before we start our prepared remarks, we want to touch upon any forward-looking statements made during the call, including beliefs and expectations about the company's future results. Please be aware they are based on the best available information to management and assumptions that are reasonable. Such statements are not intended to be a representation of future results and are subject to risks and uncertainties. Future results may differ materially from management's current expectations. We refer all of you to the company's SEC filings for more detailed information on the risks and uncertainties that have a direct bearing on operating results and financial position. Please note that during today's call, we will also discuss non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into ICU Medical's ongoing results of operations, particularly when comparing underlying results from period to period. We've also included a reconciliation of these non-GAAP measures in today's release and provide as much detail as possible on any addendums that are added back. And with that, it is my pleasure to turn the call over to Vivek. Vivek Jain: Thanks, John, and good afternoon, everyone. And we know it's again a busy earnings day, so I'll try to be brief. I'll walk through our Q2 revenue and earnings performance and provide some color on the businesses and then turn it over to Brian, who will recap the full Q2 results and detail our revised guidance for the year. After that, I'll come back with a few comments on our assessment of progress against our near and midterm financial goals that we've outlined for a while now, our mission of creating a comprehensive infusion therapy company and our capital allocation strategy. Revenue for Q2 was $548 million for total company growth, 6% on an organic basis or 1% reported. And as a reminder, the reported results for the last time are impacted by the mid-2025 creation of the Otsuka ICU Medical JV and the resulting deconsolidation of IV Solutions from our income statement. Adjusted gross margins were 41%, adjusted EBITDA improved to $110 million and adjusted EPS was $2.37. Organic free cash flow was strong. And when combined with tariff refunds, which are excluded from our P&L commentary today, we were able to repay $50 million of debt in the quarter and believe we're on track to hit our target of approximately 2x leverage by the end of the year. The broader demand and utilization environment in Q2 continued to be stable with volume in line with our guidance assumptions for the year. The capital environment is status quo, and it does appear investments that customers need to get done do get done. Certain currencies for us continue to be painful, particularly the Costa Rican Colon and Mexican peso, where we have large production environments as is the Japanese Yen, where we still have a meaningful commercial business selling products made in North America. In terms of geographic mix in Q2, North America drove the growth as the previously mentioned OEM wind down was recognized in international geographies. Getting into our businesses more specifically, our Consumables business grew 6% in Q1 reported and 5% organic and was a record in absolute sales. Growth was balanced across all 4 product families in Consumables and improved -- and all improved year-over-year. For the remainder of the year, we continue to believe the business will attain mid-single-digit growth. And please remember, Q3 of 2025 was a healthy growth quarter for consumables last year. Our IV Systems business grew 13% reported and 12% organic, and it was again a record quarter in pumps. Dedicated sets generally follow the same trend as consumables and capital sales and were strong through the quarter, offset by declines in the OEM revenues that will continue to impact growth rates for the remainder of the year. We did have some earlier-than-expected installations, which will come out later in the year. For Q3 in the near term, we would hold to our comments from the last call and expect organic growth to continue at or above the 6% rate. Just wrapping up the businesses, Vital Care decreased 4% on an organic basis and reduced 32% reported due to the deconsolidation of IV Solutions. But as expected, we did have sequential improvement, and we expect stability for the balance of the year with the business down slightly for the year given the Q1 results. We wanted to jump right into the financials today. So I'll turn it over to Brian and then come back with some commentary to assess our financial performance and how it aligns with our strategic goals. Brian, over to you. Brian Bonnell: Thanks, Vivek, and good afternoon, everyone. Since Vivek covered the Q2 revenue for each of the businesses, I'll focus my remarks on recapping the Q2 performance for the remainder of the P&L, along with the Q2 balance sheet and cash flow and then provide commentary on updates to our full year guidance. As you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the second quarter was 41%, which was in line with our expectations. Relative to the assumptions underlying our original full year guidance, we did experience higher logistics expense from elevated diesel costs, which was offset by lower tariff expense as the Section 122 tariffs in effect during the second quarter carried a lower average rate compared to the IEEPA tariffs incorporated into our original guidance. During the quarter, we recognized $8 million of tariff expense, which represents approximately 1.5% of adjusted revenue. We also received $20 million of tariff refunds. We have excluded the full amount of the tariff refunds from our non-GAAP income statement, and they, therefore, had no impact on the 41% adjusted gross margin rate. The tariff refunds are, however, included in our free cash flow results for the quarter. Adjusted SG&A expense was $112 million in Q2, and adjusted R&D was $22 million, representing 20.4% and 4.0% of adjusted revenue, respectively. The adjusted SG&A rate of 20.4% declined by 1 percentage point compared to both the second quarter of last year as well as Q1 of this year. The improvement was driven by operational efficiencies from our IT systems integration, along with favorable expense timing in the quarter. Restructuring, integration and strategic transaction expenses were $21 million in the second quarter, which was higher than previous quarters as a result of $10 million of non-cash asset write-offs and other charges related to the exit of several manufacturing and distribution center facilities as we near completion of the consolidation of those facilities. The remaining $11 million of spend related primarily to manufacturing transfer activities and IT systems integration. Actual cash spend in Q2 was down sequentially compared to Q1, and we continue to anticipate reductions in both the level of activity and the amount of spend in the second half of this year as we closed out several of these longer-term projects. Adjusted EBITDA for Q2 was $110 million, reflecting a 20% margin rate and 10% growth compared to last year. However, similar to the past several quarters, the year-over-year comparability is impacted by 2 discrete items. The first is the deconsolidation of the IV Solutions business, which contributed $2 million of earnings in Q2 2025 when it was included in our consolidated results for 1 month. And the second item is the increase in tariff expense of approximately $6 million year-over-year. The combined $8 million year-over-year drag from these 2 items was essentially offset by higher earnings from the core business of $19 million. We have now lapped the impact of the JV deconsolidation and tariffs. And going forward, these items are expected to have little or no impact on year-over-year earnings growth. It's also worth noting the earnings from our 40% equity investment in the joint venture contributed $3 million of EBITDA in the second quarter, a similar level of profitability as last year, reflecting typical seasonality for the business and a few onetime favorable items. And similar to last year, we expect the full year earnings contribution from the JV to be breakeven or a small loss, which implies offsetting losses in the back half of this year. And finally, adjusted diluted earnings per share for the quarter was $2.37 compared to $2.10 last year, an increase of 13%. The current quarter results reflect net interest expense of $16 million and adjusted effective tax rate of 23%. Diluted shares outstanding for the quarter were 25.0 million. Now moving on to cash flow and the balance sheet. For the quarter, free cash flow was $62 million, and it was another solid free cash flow quarter, reflecting strong quality of earnings, along with the $20 million from tariff refunds. During the quarter, we invested $11 million of cash spend for quality system and product-related remediation activities, $11 million on restructuring and integration and $19 million on CapEx for general maintenance and capacity expansion at our facilities as well as placement of revenue-generating infusion pumps with customers outside the U.S. And just to wrap up on the balance sheet, we finished the quarter with $1.24 billion of debt and $298 million of cash. The strong free cash flow allowed us to pay down $50 million of debt, bringing our net leverage ratio down to 2.3x. Turning now to our 2026 guidance. As we reach the midpoint of the fiscal year and in consideration of the factors I've mentioned, we are updating our full year guidance for adjusted EBITDA and adjusted EPS. For full year adjusted EBITDA, we are raising and narrowing our previous guidance range of $400 million to $430 million to a range of $415 million to $435 million. And for full year adjusted EPS, we are raising and narrowing our previous guidance range of $7.75 to $8.45 per share to $8.60 to $9 per share. For gross margin, we now expect full year adjusted gross margins to be higher at around 41.5%, reflecting the benefits from lower tariffs and accelerated synergy capture more than offsetting the negative impacts of higher oil prices. Our guidance assumes a stable macroeconomic environment with inflation, currency and interest rates in line with today's levels, and it assumes the latest forecast for oil and diesel prices and no changes to the tariff policy and rates that are currently in place. We continue to expect adjusted operating expenses to be approximately 25% of revenue for the full year. Net interest expense should be approximately $65 million. And for modeling purposes, you can assume an adjusted tax rate of 25% and diluted shares outstanding of 25.2 million. And as previously noted, the full year earnings contribution from the JV should be breakeven or a small loss. To wrap up, we're pleased with the business performance through the first half of this year, including record revenues for both Infusion Systems and Consumables and the continued gross margin expansion as the benefits from some of the long-term integration projects are realized. The goals we've previously laid out for 2026 have not changed, deliver at or above our long-term revenue targets for our core businesses, expand our margins by capturing some of the remaining 2 percentage points of opportunity and improve free cash flow generation. Although, recent volatility in the macroeconomic environment can make forecasting more challenging, we believe the momentum we have in the business positions us to exceed the goals we've established at the beginning of the year. And with that, I'll hand the call back over to Vivek for some comments on how these results fit in with our commentary over the last 2 years. Vivek Jain: Okay. Thanks, Brian. I hope that was straightforward for investors on the current financial performance, and I wanted to put these Q2 results and our view of the full year into context with our comments over the last 2 years. In early 2024, we said we have to prove that we could deliver consistent revenue growth in our differentiated businesses, and that was a combination of commercial execution and innovation. When we schedule our quarterly revenue growth, as shown on Slide 3 of the attached presentation, we feel that at least for the last 9 quarters and going forward for the balance of this year, we've had an acceptable revenue growth in our differentiated businesses. Underlying these revenue trends, we remain committed to innovation and did not skimp on R&D investments or capital investments even through some difficult times. We believe in all of our differentiated product lines, we're at the beginning of new product cycles, which fulfill our mission of creating a comprehensive infusion therapy company. Of course, there may be quarter-to-quarter variances, but it's obvious that new products should support our delivery of long-term predictable revenue growth and ensure our businesses are bigger every year. In Infusion, Consumables, we continue to drive incremental innovation and have scale underpinned by leading brands with great clinical data. Our innovation in the core and adjacencies of this business adapt to the different methods by which medications may be prepared, conserved and delivered both in the hospital and the home. In Infusion Systems, the LifeShield, Plum Duo and Solo family of products are being well received in the marketplace. The biggest update since the last call is that we made substantial progress on the additional verification testing required by FDA for the Medfusion 5000 syringe pump and believe an amended package will go back into the FDA this year. Both the Plum Duo and Solo Plum and new Medfusion 5000 pumps offer the opportunity for value creation through competitive wins and upgrades of our existing installed base. The core tenet of the Smiths Medical acquisition was to have the most modern infusion devices connected to a single software solution across hospital LVP, syringe and ambulatory pumps with platforms that anchor the business for the next 10-plus years as the product life cycles are incredibly long. We want customers to have the right tool for the right job, all connected with a common user interface and software solution that minimizes training, speeds onboarding, supports interoperability and enables standardization for our enterprise customers. We're close to delivering this vision. For the longer term, we've spent more time and energy over the last year and have a clear development plan for the final frontier, connecting the home care CADD environment back into the same common software framework. There was some news during the quarter from our IV Solutions joint venture, and this is important even if the revenues do not flow through our income statement as it's part of creating the most comprehensive infusion therapy company and IV Solutions are still commercially co-mingled with our differentiated lines in the U.S. market. Our joint venture partner announced funding of a $0.5 billion investment into IV Solutions production to bring their PVC-free products and production technologies to the U.S. market. On August 24, we'll have a groundbreaking ceremony for the first and largest greenfield IV Solutions production site in the U.S. in this century on adjacent land to the current facility. We had mentioned their technologies previously, and we're so fortunate to have found Otsuka as a partner. Their financial commitment, novel technologies, availability of additional resources and long-term cultural philosophy make this the win-win for U.S. customers we described at inception. So we'll eventually have new offerings here too for customers alongside our new pumps and consumables. The other comment we made in early 2024 was that it was clear we were under earning. And while we are pleased with our improved earnings power, we believe we still have room to go. But before that, I'll try to put the current year EBITDA levels into some context. While we will have record EBITDA this year, we're still burdened by 2 painful headwinds. First, we're still bearing incremental tariffs, which are in the $30 million to $40 million annual range. Second, a specific basket of currencies, the ones I mentioned in the introduction, the Costa Rican colon, Japanese yen and Mexican peso have made a negative impact of plus or minus $60 million over the last 4 years with the colon the strongest and the yen weak -- with the Cologne in the strongest and the yen in the weakest position against the U.S. dollar in 20 years. But these are reality, so we have to focus on the items we control, and these are specifically the 2 points of additional gross margin to hit our targets that Brian referenced. These gains will come from the realization of synergies from our various plant and logistics consolidations, some incremental pricing and overall product mix. These opportunities will still take a number of quarters for full achievement. While improved EBITDA is great, it must show up in free cash flow to create value. And the key point we've been stating and Brian just reiterated, was a reduction in cash consumption for all the restructuring and remediation work. This point dovetails with the capital allocation discussion as we believe the reduced cash needs will allow us to be at or near our 2x leverage target by the end of the year. We've been pursuing both operational and strategic choices in Vital Care. But as we've made all these lines cash flow positive, we don't feel the need to do something value destructive to chase a small improvement in the growth rate given the performance of the differentiated businesses. Again, our team has shown the ability to be creative in finding the most logical strategic outcomes. Even independent of the portfolio discussion, our goal has always been to be 2x or less leverage, which felt appropriate for a mid-single-digit growing manufacturing company. We are now just slightly over a quarter turn from that, and we got there the old-fashioned way. Since our time here, we've tried to protect the share base with the only meaningful equity dilution resulting from the shares used in the Hospira and Smiths transactions. We know returning capital can be attractive on a thin share base and our external M&A needs are minimal as we enough organic innovation in-house and with the only wildcard being a changing interest rate environment. In summary, it's a good place to be with our best business growing. Both again, will reach record revenues in 2026, and we could see a vast number of projects nearing completion. We expect our consumables and systems businesses to be reliable growers with an industry acceptable profit margin, the tightest and most optimized manufacturing network and each with a multiyear innovation portfolio. And ultimately, we want to transfer value from debt to equity. There's no confusion within the company in the pursuit of these goals, and we don't really have any frivolous activities here. We produce essential items that require significant clinical training, hold manufacturing barriers and in general, items that customers do not want to switch unless they must. The market needs ICU Medical to be an innovative, reliable supplier and our company is stronger from all the events of the last few years. Thank you to all team members and customers. And with that, we'll open it up to questions. Operator: [Operator Instructions] And we will take our first question from Jayson Bedford with Raymond James. Jayson Bedford: Congrats on the progress. I wanted to ask on the system strength, which at 12%, obviously stood out. Is any of the strength here reflective of an uptick in the replacement cycle? Or is that still on the come? Vivek Jain: Jason, thanks for the question. Yes, it was a good quarter in pumps. Some stuff came in early. Some installs came in early, as we mentioned. I think it's very much consistent with our commentary to date, which is we haven't really started our upgrade cycle in earnest. So this was insulation of competitive wins from last year or earlier in the year. Jayson Bedford: Okay. And just on LVP pricing dynamics with Duo and Solo, is it fair to assume that price is sticking? Vivek Jain: Again, I think we've tried -- as we brought innovation to the market, we believe in any of these categories, price should be in line with value, and we think the value of the device merits what we're charging and offers a unique value proposition to the customer. So we feel good about where we've been able to hold that in the marketplace. Jayson Bedford: Okay. Maybe Brian or Vivek, on the first quarter call, you had talked about a $10 million impact from an increase in crude. Is that still part of the guidance framework? Or is that excluded now? Brian Bonnell: I would say we have incorporated kind of the latest oil and diesel prices that we're seeing in the market into our guidance. And the economics as to what the impact is on an increase in either oil or diesel has on our financials is still the same. And I would say now it is reflected in the updated guidance. Operator: And we will take our next question from Jason Bednar with Piper Sandler. Jason Bednar: I'll add my congrats here on a nice quarter. Vivek, I'll start at the same place that Jayson Bedford did on Infusion Systems, any ability to size those earlier-than-expected installations in Infusion Systems just as we try to think about maybe the cadence of demand here in growth, third quarter and fourth quarter? Vivek Jain: Jason, thank you for the question. I don't know that it's that precise. I think we would say we feel pretty confident in the words we said in the last call and this call, which was at or above 6% for the next bit of time. So if you kind of just reverse engineer the math, that would give you some direction, a couple of million bucks. I'm not sure we'd say a lot more than that right now. Jason Bednar: Okay. All right. Still really good performance. The competitive dynamics that you referenced as driving that infusion system strength, benefiting from wins earlier this year. Can you talk about real-time dynamics you're seeing out there in the market as you go into bids? I don't know if you're willing to talk about like order inflows, backlog where you sit today and just as we start thinking about the back half of this year and the jumping off point into '27. Vivek Jain: I think our -- we've been in this infusion industry for a long time. Despite the headlines, nothing really goes that fast. So I think it's obviously very valuable. That's why many participants are talking about the situation. We felt pretty good at the end of last year, what we had signed and had installed. We continue to feel pretty good about it. I don't think the dynamics -- I wouldn't want to mislead you that there's some uber acceleration of the market. It feels pretty normal, and it's just about delivering good technology. So I don't think it's some out-of-sync acceleration or something like that, that's going. We feel good about our own book and what we're holding. Jason Bednar: And I heard you on the Medfusion resubmission. Good to hear that's going well or the package is coming together. Any thoughts on submission timing just so we can approximate potential approval timing knowing that we're still having the deal or be at the limit of the FDA? Vivek Jain: It's a great question. We tried to at least directionally say this year, we felt like we got a little burned on the Duo or the Solo -- excuse me, on the Duo, we never even talked about its filing until it was approved. That's what we've always done in consumables. Given we were in tougher times, we have to be more transparent. And then this one, of course, didn't happen on the first pass. So I think we'd rather just leave it as this year. The testing was not hard, as we said on the last call, and we're just plowing through it. And for today, I'd like to leave it that it's just sometime this year. It is valuable to get it done because there's a large upgrade base available on Medfusion pumps out there also. So we have every incentive of the world to get it done as fast as we can. Operator: And we will move next to Brett Fishbin with KeyBanc Capital Markets. Unknown Analyst: This is Will on for Brett. Last quarter, you mentioned that you were mostly done with the undergoing the SKU rationalization and those efforts. Could you just talk about how much more there is to squeeze on that? And if you could just comment on any contribution you saw as a result of those prior actions? Vivek Jain: Will, thanks for participating. I think those comments were also really at the end of the year call, the February Q4 call, where we said Vital Care would be impacted by some product choices we were making there. We did most of that, as we said in the pre -- and we reaffirmed that on the Q1 call. We did most of that earlier in the year. That's why Q1 was so negative in Vital Care. It's still negative, but the point is that the -- for what it's worth, the comps get a little bit easier and starts to stabilize from here. So it was only specific to the Vital Care line, and that work is largely done. We highlighted a small product line exit on the strategic side, and I think it's in the queue in an international geography, that will kind of get lapped out from an organic basis, too. So most of that work is done. Unknown Analyst: Got it. And then it's good to hear about the Medfusion update. Any update on CADD timing? Vivek Jain: I think as we said in the last call, we really want to prioritize Medfusion, and we put all the resources. There's a finite amount of testing resources and we tilted them all to Medfusion to start. So it will follow it. I don't think we want to give specific timing. Operator: And we will take our next question from Larry Solow with CJS Securities. Lawrence Solow: I echo the congrats on the quarter. Just another question on the strong systems growth. Can you just help us give us an idea -- you mentioned 12% growth, obviously, and you still had in the face of this OEM decline on the ambulatory side. Could you give us an idea, I guess, is that completely now wound down? And what was that number? What was that headwind approximately year-over-year? Vivek Jain: Thanks, Larry. I mean I think we talked about the OEM business in rough numbers. It was meaningful to us. Obviously, the rest of the pump segment did quite well this quarter. We wouldn't want to mislead you or anyone else to say that is the baseline, right? It was unnaturally high to the question that was just asked this quarter, which helped offset that. That OEM, I think we've talked about it, Brian, as being a point or 2 drag on the segment over the balance of the year. And so we overcame that by obviously more in the LVP and other lines. But I don't want that spread for you to think that's permanent. It was a bit of timing this quarter. Lawrence Solow: No, that's fair. And you mentioned all the sales up until today are competitive wins, nothing on the replacement yet, which I think is more -- supposed to be more beginning in '27. But just curious, have you had any discussions with customers? Is there any feedback? Just anecdotally on that? Vivek Jain: To be clear, some of it is upgrades to existing customers. The majority is competitive. I certainly, we don't want to. There is some -- always some upgrading going on. We have been in contact with customers, and it's -- each one is a unique situation. It's a little bit like the car analogy I always use, right? The thing depends how many more miles you got available to you. Some of these devices have been in the market more recently. There's less of an urgency to upgrade. Some are older and they're on their natural time horizon. And so I think people who -- there's not a nice way to say who stuck with the original Plum platform, obviously believed in it, and we continue to give them the reliability and safety of that platform with a whole bunch of upgrades. And so we feel good about it. We don't want to squeeze our customers into having to upgrade or get an off capital cycle earlier than they need to. So we're trying to be cautious about that. Lawrence Solow: And a couple for Brian. On the free cash flow, really nice quarter even without the $20 million, it would still have been a pretty good quarter there, $44 million. Year-to-date, I think you're up to over $90 million. What's the outlook for the back half of the year? And also just on the remediation and other expenses that is impacting you guys. And I think it sounds like this quarter was still some more in there. What's the outlook for that as we go out to next year and beyond? Brian Bonnell: Yes. Thanks, Larry. I think, yes, year-to-date free cash flow has been $89 million, which does include $20 million of tariffs. So if you were to even exclude that, we still feel okay about that. We did say that, our goal for this year was $150 million. And so I would say kind of given we're not really officially updating our guidance there, but we would say we feel good about where we are year-to-date relative to hitting that target. And the items that you mentioned, that being spending on the restructuring and remediation activities, we did say that would come down in the back half of the year. We believe that -- we continue to believe that to be true. And so I think we have pretty good line of sight to hitting our goals on free cash flow for this year as a result of that. Vivek Jain: I that's why we can make the comments on the leverage ratio. Lawrence Solow: Yes. No, absolutely. If I could squeeze one more, just the 200 bps kind of gross margin longer-term target. Is that -- or just kind of from -- is that on actions mostly you've already completed facility consolidations and stuff like that and should start coming through over the next few quarters? Is that kind of what you're referencing? Vivek Jain: Yes, sure. I wouldn't say the majority of it is, but not all. We still have to get some price, and we still have to continue to make sure the mix of the most valuable products are growing faster than the rest of the portfolio. So in flight, we were very clear on the targets, obviously got knocked down a little bit because of tariffs. The goal is to look like a normal medical device company. Lawrence Solow: Got you. So it's a little more than blocking and tackling, but you kind of have a pretty good line of sight, hopefully, maybe not so much on timing, and there's always things that could interfere with that, but feel. Vivek Jain: Well, that's a little bit we wanted this extended discussion on currencies, right? Obviously, the money went somewhere and the impact of the change in the production currencies and 1 or 2 key selling currencies made a big difference. Operator: And we will move next to Mike Matson with Needham & Company. Michael Matson: So just on the tariff refunds, hearing from some of the other companies that we follow this quarter, it sounds like there's been some refunds in some cases, but there's potentially more coming later this year, even next year. I mean, is this kind of a one-and-done thing? Or do you think you could see additional refunds? Vivek Jain: Yes. Thanks, Mike. On the tariff refunds, the $20 million that we received at the end of the quarter, that represents the majority of what we paid in IEEPA tariffs, but it's not all of it. So there is the potential for some further refunds. We don't know if that's going to happen in the back half of this year or sometime next year. I think that's -- the process is still very uncertain here. But there is some additional amounts that we could potentially receive, but it would not approach the $20 million that we've received so far. Michael Matson: Okay. Got it. The other thing that I've heard from some other companies today is that in some cases, the inflation that they're seeing and kind of the impact of oil prices has been a bit worse than they anticipated. I guess from what I'm hearing from you guys, it doesn't sound like that's the case, but I just wanted to get your take on that. Vivek Jain: I think that the impact from oil prices is I would say, largely kind of -- for the second quarter, largely in line with what we had expected after our first quarter call. It's still obviously a negative relative to our original expectations for this year. And I guess it is hard to say exactly what the outlook is going to be, just given the volatility that we've seen just on a day-to-day basis. And so our guidance, we think, takes into consideration kind of where oil prices are today and where they're expected to go this year. But obviously, no one really knows. Michael Matson: Yes, understand. And then finally, this -- you called out this IT systems efficiency improvement that helped lower the SG&A to some degree. So is that something that will continue to help on a go-forward basis? Or is that kind of a temporary thing? Brian Bonnell: I wouldn't say it's temporary. I think we'll continue to see the benefits. I think though, most of the benefits are probably incorporated into the results in the second quarter. That -- and then the other thing I would point out is that the reduction in SG&A spend as a percent of revenue in part was driven by some of these efficiencies, but we also had, I would say, just a few kind of onetime items or let's call it, expense timing benefits that probably contributed this quarter, but won't -- Vivek Jain: I mean, just to be more direct, the current Q2 run rate is not the right run rate for SG&A. If we had the chance to invest more, we would do it, too, right through all those things. Operator: And we will take our next question from Sam Eiber with U.S. Bancorp BTIG. Sam Eiber: Nice to be on the call here. I want to come to Consumables. I don't think it's been asked about yet, but back to sort of that mid-single-digit organic growth rate. Vivek, I think I heard in your prepared remarks that each of the end markets you participate grew in the quarter. So curious if there's any more detail in terms of maybe what's driving end market performance, census, new customer wins and then the durability of growth there? Vivek Jain: Sam, welcome to the call. Thank you for following us. I don't think there's any unique commentary there. I think just like many of the reports and companies over the last week, census was solid and stable, that's the biggest and most important thing. Admissions were solid. And then a little bit of incremental wins, et cetera, not a lot of price this year. I would say, it was less price this year than last year as we talked about earlier in the year, more on wins and a little bit sort of better performance in North America maybe than some of the international regions. Those will be the main drivers. Sam Eiber: Vital Care, I think I heard the prepared remarks that -- and maybe I'm reading between the lines here, you're not going to rush into any sort of deal of that business. It looks like it's stabilizing a bit. But I guess, any catalyst that we should be looking out for in terms of when might be the right time, if you need to get through more remediation efforts, the warning letter. Just curious the state of Vital Care. Vivek Jain: I mean, I think we'd answer it more directly, which is it takes two to tango, and we haven't sort of found the right intersection of fit and value and circumstance and ease of doing something. And the line, I'd say where we found the most strategic alternatives just or most logical things just means we're trying. And we still think there's logical things to do. It just sort of has to line up right, hasn't yet. I wouldn't -- I don't think there's any secrets beyond that. Operator: This concludes the Q&A portion of today's call. I will now turn the program over to Vivek Jain for closing remarks. Vivek Jain: Thanks, folks, for making the time and a busy day to hear about ICU's Q2 results. We look forward to updating you on Q3, and everyone, have a great rest of summer. Thanks very much. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in ICU Medical, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ICU Medical wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ICU Medical (ICUI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record absolute sales in Consumables and Infusion Systems, driven by solid hospital census and successful competitive wins in the pump market. Performance attribution for the 12% organic growth in Infusion Systems was primarily linked to competitive wins from previous periods and some earlier-than-expected installations. Management is executing a 'single software solution' strategy to connect hospital LVP, syringe, and ambulatory pumps, aiming to reduce training and support interoperability. Operational headwinds persist from a specific basket of currencies (Costa Rican colon, Japanese yen, and Mexican peso), creating a cumulative negative impact of approximately $60 million over four years. The Otsuka joint venture is strategically significant as it brings PVC-free production technologies to the U.S. market, with a new greenfield site groundbreaking scheduled for August 24. Strategic positioning in Vital Care has shifted toward stabilization and cash flow positivity rather than pursuing value-destructive exits to chase growth rates. Full-year adjusted EBITDA guidance raised to $415 million–$435 million, assuming stable macro conditions and current oil/diesel price forecasts. Management expects to reach a target leverage ratio of approximately 2x by the end of the year, driven by reduced cash consumption for restructuring and remediation. The Medfusion 5000 syringe pump is expected to be resubmitted to the FDA this year following additional verification testing, which will unlock a large upgrade base. Organic growth for Infusion Systems is projected to continue at or above 6% in the near term, though Q2's 12% growth included some timing benefits that may not repeat. Gross margin expansion of an additional 2 percentage points remains the long-term goal, to be achieved through synergy realization, plant consolidations, and product mix. Recognized $20 million in tariff refunds in Q2, which were excluded from adjusted earnings but contributed significantly to free cash flow. Incurred $21 million in restructuring and integration expenses, including $10 million in non-cash asset write-offs related to the consolidation of manufacturing and distribution facilities. Annual tariff headwinds remain a significant burden, currently estimated in the $30 million to $40 million range. The IV Solutions joint venture is expected to be breakeven or a small loss for the full year, implying offsetting losses in the second half of 2026. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the strength was not yet due to a replacement cycle but rather competitive wins and some installations occurring earlier than anticipated. The 'replacement cycle' is expected to be more of a 2027 event, as customers typically upgrade based on the 'miles' left on their current devices. Resources have been prioritized toward the Medfusion 5000 resubmission this year; the CADD home care pump timeline will follow as testing resources are finite. The Medfusion testing was described as 'not hard,' and the company has high incentive to finish it to address the existing upgrade base. The Q2 SG&A rate of 20.4% benefited from IT system integration efficiencies but also included favorable expense timing. Management cautioned that the Q2 run rate is likely not the permanent baseline, as they would prefer to invest more if opportunities arise.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ICU Medical Inc (NASDAQ:ICUI) delivered strong Q2 2026 results with total company organic revenue growth of 6%, driven by record sales in both consumables and infusion systems. Adjusted EBITDA improved to $110 million with a 20% margin, and adjusted EPS rose 13% year-over-year to $2.37, reflecting solid operational execution. The company raised and narrowed its full-year 2026 adjusted EBITDA guidance to $415-$435 million and adjusted EPS to $8.60-$9.00, signaling confidence in continued momentum. Free cash flow generation was robust at $62 million in Q2, enabling a $50 million debt repayment and bringing net leverage down to 2.3x, on track to reach the 2x target by year-end. Significant progress was made on the FDA verification testing for the MedFusion 5000 syringe pump, with an amended submission expected this year, supporting future growth in the infusion systems segment. The company is realizing benefits from IT systems integration and facility consolidations, contributing to a 1-point improvement in adjusted SG&A as a percentage of revenue and supporting gross margin expansion. ICU Medical Inc (NASDAQ:ICUI) continues to face headwinds from tariffs, with $8 million in tariff expense recognized in Q2 and an estimated $30-$40 million annual impact, pressuring margins. Currency fluctuations, particularly in the Costa Rican colon, Mexican peso, and Japanese yen, have negatively impacted results by approximately $60 million over the past four years, with the yen at a 20-year low. The Vital Care business declined 4% organically in Q2, and while stabilizing, it is expected to be down slightly for the full year due to weak Q1 performance. The company incurred $21 million in restructuring, integration, and strategic transaction expenses in Q2, including $10 million in non-cash asset write-offs related to facility exits, though cash spend is expected to decline in H2. The IV Solutions joint venture is expected to contribute only break-even or a small loss for the full year, with typical seasonality and one-time items masking underlying profitability. Higher logistics costs from elevated diesel prices are pressuring gross margins, partially offsetting benefits from lower tariffs and synergy capture. Warning! GuruFocus has detected 9 Warning Signs with ICUI. Is ICUI fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more detail on the strength in the infusion systems business, which grew 12% organically? Is this reflective of an uptick in the replacement cycle, or is that still to come? A: Vivek Jain (CEO and Chairman): The strong quarter was driven by installations of competitive wins from last year or earlier this year, not the beginning of our upgrade cycle in earnest. We haven't really started the upgrade cycle yet, so this was installation of competitive wins from last year or earlier in the year. Q: You raised and narrowed your full-year adjusted EBITDA and EPS guidance. Can you walk us through the key drivers behind this update? A: Brian Bunnell (CFO): We are raising and narrowing our previous guidance range for adjusted EBITDA from $400-$430 million to $415-$435 million, and for adjusted EPS from $7.75-$8.45 to $8.60-$9.00. This reflects benefits from lower tariffs and accelerated synergy capture, which more than offset the negative impacts of higher oil prices. We now expect full-year adjusted gross margins to be higher at around 41.5%. Q: You mentioned receiving $20 million in tariff refunds during the quarter. Is this a one-time event, or could there be additional refunds coming later this year or next year? A: Brian Bunnell (CFO): The $20 million received at the end of the quarter represents the majority of what we paid in IEPA tariffs, but not all of it. There is potential for some further refunds, though we don't know if that will happen in the back half of this year or sometime next year. The process is still very uncertain, but any additional amounts would not approach the $20 million we've already received. Q: Can you size the earlier-than-expected installations in the infusion systems business to help us think about the cadence of demand and growth in Q3 and Q4? A: Vivek Jain (CEO and Chairman): We don't have that level of precision, but we feel confident in our previous commentary of at or above 6% growth for the next bit of time. If you reverse engineer the math, that would give you some directionlikely a couple million dollars, but not much more than that. Q: Regarding the Medfusion 5000 syringe pump, you mentioned substantial progress on the additional verification testing required by the FDA. Can you provide any thoughts on submission timing and potential approval timing? A: Vivek Jain (CEO and Chairman): We'd rather leave it as "this year" for the amended package to go back to the FDA. The testing was not hard, as we said last call, and we're just following through. It's valuable to get it done because there's a large upgrade base available on the Medfusion pumps, so we have every incentive to get it done as fast as we can. Q: You mentioned that the SG&A rate improved by 1 percentage point due to operational efficiencies from IT systems integration. Is this a temporary benefit or something that will continue on a go-forward basis? A: Brian Bunnell (CFO): I wouldn't say it's temporary; we'll continue to see the benefits. However, most of the benefits are probably incorporated into the Q2 results. The reduction was also partly driven by some one-time items or expense timing benefits that contributed this quarter but won't repeat. The current Q2 run rate is not the right run rate for SG&A going forward. Q: On the consumables business, which grew 5% organically, can you provide more detail on what's driving the growth and the durability of that growth? A: Vivek Jain (CEO and Chairman): There's no unique commentary there. Census was solid and stable, which is the most important thing. Admissions were solid, and we had a little bit of incremental wins. There wasn't a lot of price this yearless price than last yearso growth was more driven by wins and better performance in North America compared to some international regions. Q: Regarding the Vital Care business, which decreased 4% organically, you mentioned you're not going to rush into any deal. What's the current state of Vital Care and what catalysts should we look out for? A: Vivek Jain (CEO and Chairman): It takes two to tango, and we haven't found the right intersection of fit, value, and circumstance. We're still trying and still think there are logical things to do, but it just hasn't lined up yet. We've made all these lines cash flow positive, so we don't feel the need to do something value-destructive to chase a small improvement in the growth rate. Q: You mentioned the OEM wind-down in the infusion systems business. Can you quantify the headwind from that in Q2 and what the impact will be for the balance of the year? A: Vivek Jain (CEO and Chairman): In rough numbers, it was meaningful to us, but the rest of the pump segment did quite well this quarter, which helped offset that OEM decline. We've talked about it as being a point or two drag on the segment over the balance of the year. We overcame that with more strength in the LVP and other lines, but we don't want you to think that the 12% growth rate is permanentit was a bit of a timing thing this quarter. Q: On the gross margin target of 200 basis points of improvement, is that mostly from actions you've already completed, like facility consolidations, or is there still more work to do? A: Vivek Jain (CEO and Chairman): I wouldn't say the majority is done, but not all. We still have to get some price and continue to ensure the mix of our most valuable products grows faster than the rest of the portfolio. The goal was to look like a normal medical device company, but we were knocked down a little bit by tariffs. It's still a little more than blocking and tackling, but we have a pretty good line of sight, though timing is uncertain. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in ICU Medical, Inc.? Here are five stocks we like better. Strong second-quarter performance: Revenue reached $548 million, with organic growth of 6%; adjusted EBITDA rose 10% to $110 million and adjusted EPS increased 13% to $2.37. Growth in consumables and infusion systems offset weakness in Vital Care and the IV Solutions deconsolidation. Full-year outlook raised: ICU Medical increased adjusted EBITDA guidance to $415 million–$435 million and adjusted EPS guidance to $8.60–$9.00, while maintaining its approximately $150 million free-cash-flow target and aiming for roughly 2.0x leverage by year-end. Vital Care stabilizing amid ongoing headwinds: The segment declined organically but improved sequentially, and management expects relative stability for the rest of 2026. The company continues to face tariff and currency pressures while advancing its Medfusion 5000 pump submission and supporting Otsuka’s planned $500 million IV Solutions production investment. ICU Medical (NASDAQ:ICUI) reported second-quarter revenue of $548 million, up 6% organically and 1% on a reported basis, as growth in its consumables and infusion systems businesses helped offset continued pressure in Vital Care and the effects of the IV Solutions joint venture deconsolidation. Adjusted EBITDA rose 10% year over year to $110 million, while adjusted diluted earnings per share increased 13% to $2.37. The company raised and narrowed its full-year adjusted EBITDA guidance to $415 million to $435 million, from $400 million to $430 million, and lifted adjusted EPS guidance to $8.60 to $9.00, from $7.75 to $8.45. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth CEO and Chairman Vivek Jain said consumables revenue reached a record in absolute sales, increasing 6% reported and 5% organically. Growth was balanced across the segment’s four product families, all of which improved from a year earlier. Management continues to expect mid-single-digit growth in consumables for the full year. Infusion systems revenue increased 13% reported and 12% organically, driven by a record quarter in pumps. Dedicated sets tracked the favorable consumables trend, while capital sales were also strong. However, declines in OEM revenue are expected to remain a headwind to growth for the rest of the year. → Visa’s BioCatch Deal Could Make Fraud Prevention a Bigger Business Jain said some installations occurred earlier than expected during the second quarter and will shift out of later periods. He reiterated that the company expects infusion systems organic growth to continue at or above 6% in the near term. During the question-and-answer session, Jain said the pump results primarily reflected installation of competitive wins secured last year or earlier in 2026, rather than a broad acceleration in replacement activity. Some sales were upgrades for existing customers, but he said the majority were competitive wins. The company does not expect customers to accelerate upgrades ahead of their normal capital cycles. → Ulta's Growth Is Real, But So Are the Risks Jain also said pricing for the company’s Duo and Solo large-volume pumps has held in the market, which he attributed to the products’ value proposition. Vital Care revenue declined 4% organically and 32% on a reported basis. The reported decline reflected the mid-2025 formation of Otsuka ICU Medical LLC and the resulting deconsolidation of the IV Solutions business from ICU Medical’s income statement. Management said Vital Care improved sequentially and expects the business to be relatively stable through the remainder of 2026, though down slightly for the full year due to first-quarter performance. Jain said much of the SKU rationalization work in the business was completed earlier in the year, contributing to the sharp first-quarter decline. He added that the company has also identified a small product-line exit in an international market. On potential strategic actions involving Vital Care, Jain said the company has considered operational and strategic alternatives but has not found the right alignment of “fit and value and circumstance.” He said ICU Medical does not feel compelled to pursue a value-destructive transaction solely to achieve a modest increase in growth. Adjusted gross margin was 41% in the second quarter, in line with management’s expectations. CFO Brian Bonnell said higher logistics costs associated with elevated diesel prices were offset by lower tariff expense, as Section 122 tariffs carried a lower average rate than the IEEPA tariffs included in the company’s original guidance. ICU Medical recognized $8 million in tariff expense during the quarter, equivalent to about 1.5% of adjusted revenue, and received $20 million in tariff refunds. The refunds were excluded from the company’s non-GAAP income statement and therefore did not affect adjusted gross margin, but they were included in free cash flow. Adjusted SG&A expense was $112 million, or 20.4% of adjusted revenue, down one percentage point from both the prior-year quarter and the first quarter. Bonnell attributed the improvement partly to operational efficiencies from IT systems integration, as well as favorable expense timing. He cautioned that the second-quarter SG&A run rate should not be viewed as a normalized level. Restructuring, integration and strategic transaction expenses totaled $21 million, including $10 million of non-cash asset write-offs and charges related to exiting manufacturing and distribution facilities. Bonnell said cash spending on these activities declined sequentially and is expected to fall further during the second half as longer-term projects are completed. Free cash flow was $62 million, including the tariff refunds. ICU Medical spent $11 million on quality-system and product-related remediation activities, $11 million on restructuring and integration, and $19 million on capital expenditures. The company paid down $50 million of debt during the quarter, ending with $1.24 billion of debt and $298 million of cash. Net leverage declined to 2.3 times. Management maintained its goal of approximately $150 million in free cash flow for 2026 and said it believes it is on track to reach a leverage ratio of about two times by year-end. For the full year, ICU Medical now expects adjusted gross margin of about 41.5%, reflecting lower tariffs and faster synergy capture, partially offset by higher oil prices. The company continues to project adjusted operating expenses of approximately 25% of revenue, net interest expense of about $65 million, an adjusted tax rate of 25%, and diluted shares outstanding of 25.2 million. The outlook assumes stable macroeconomic conditions, including inflation, currency and interest rates near current levels, along with no changes in existing tariff policies or rates. Bonnell said the company has incorporated current expectations for oil and diesel prices into its updated forecast. The company expects its 40% equity investment in the IV Solutions joint venture to be breakeven or generate a small loss for the full year. The venture contributed $3 million of EBITDA in the second quarter, but management expects losses in the second half to offset that contribution. Jain said the company has made substantial progress on additional FDA verification testing for its Medfusion 5000 syringe pump and expects to submit an amended package to the FDA this year. He said the company is prioritizing Medfusion before advancing timing for its CAD platform. ICU Medical also highlighted products including LifeShield, Plum Duo and Solo, which Jain said are being well received. The company’s strategy is to offer hospital large-volume, syringe and ambulatory pumps connected through a common software platform and user interface. Separately, Jain noted that Otsuka, ICU Medical’s joint venture partner, announced funding for a $500 million investment in IV Solutions production intended to bring PVC-free products and manufacturing technology to the U.S. market. The companies plan to hold an Aug. 24 groundbreaking ceremony for a greenfield IV Solutions production site adjacent to the current facility. Jain said ICU Medical still faces annual tariff headwinds of roughly $30 million to $40 million and has experienced approximately $60 million of negative impact over the past four years from movements in the Costa Rican colón, Japanese yen and Mexican peso. Management said it remains focused on capturing an additional two percentage points of gross-margin opportunity through plant and logistics consolidations, pricing and product mix improvements. ICU Medical, Inc, together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy, vascular access, and vital care applications worldwide. Its infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoClave and ChemoLock closed system transfer devices, which are used to limit the escape of hazardous drugs or vapor concentrations, block the transfer of environmental contaminants into the system, and eliminates the risk of needlestick injury; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; and ClearGuard, SwabCap, and SwabTip disinfection caps. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ICU Medical Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

ICU Medical (ICUI) came out with quarterly earnings of $2.37 per share, beating the Zacks Consensus Estimate of $1.91 per share. This compares to earnings of $2.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +24.08%. A quarter ago, it was expected that this medical device maker would post earnings of $1.78 per share when it actually produced earnings of $1.97, delivering a surprise of +10.67%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. ICU Medical, which belongs to the Zacks Medical - Products industry, posted revenues of $547.88 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.33%. This compares to year-ago revenues of $543.57 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ICU Medical shares have added about 16.6% since the beginning of the year versus the S&P 500's gain of 12.8%. While ICU Medical has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ICU Medical was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.09 on $549.4 million in revenues for the coming quarter and $8.17 on $2.17 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Accendra Health (ACH), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This medical supply distributor is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of -150%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Accendra Health's revenues are expected to be $631.2 million, down 7.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ICU Medical, Inc. (ICUI) : Free Stock Analysis Report Accendra Health, Inc. (ACH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SAN CLEMENTE, Calif., Aug. 06, 2026 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended June 30, 2026. Second Quarter 2026 Results The following year-over-year results reflect the strategic divestiture of the IV Solutions business on May 1, 2025. Second quarter 2026 GAAP revenue increased 1% year-over-year; however, excluding the impact of the IV Solutions divestiture and foreign currency, non-GAAP organic revenue increased 6%. Second quarter 2026 GAAP revenue was $551.7 million, as compared to $548.9 million in the same period in the prior year. GAAP gross profit for the second quarter of 2026 was $235.1 million, as compared to $208.1 million in the same period in the prior year. GAAP gross margin for the second quarter of 2026 was 43%, as compared to 38% in the same period in the prior year. GAAP net income for the second quarter of 2026 was $19.1 million, or $0.76 per diluted share, as compared to GAAP net income of $35.3 million, or $1.43 per diluted share, for the second quarter of 2025. Adjusted diluted earnings per share for the second quarter of 2026 was $2.37 as compared to $2.10 for the second quarter of 2025. Adjusted EBITDA was $110.0 million for the second quarter of 2026 as compared to $100.3 million for the second quarter of 2025. Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures. Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Second quarter results were ahead of our expectations for Infusion Systems and generally in line with expectations for the remainder of the business." Revenues by product line for the three and six months ended June 30, 2026 and 2025 were as follows (in millions): *On May 1, 2025, we disposed of our IV Solutions business which was included within our Vital Care product line. Vital Care includes contract manufacturing revenue of $3.8 million and $8.2 million for the three and six months ended June 30, 2026, respectively, as compared to $5.3 million and $10.5 million for the three and six months ended June 30, 2025, respectively.** Totals may differ from the income statement due to the rounding of product lines. Fiscal Year 2026 Guidance For Fiscal Year 2026 the Company is updating its estimates of GAAP net income from a range of $26 million to $44 million to a range of $73 million to $83 million and GAAP diluted earnings per share from a range of $1.03 to $1.74 to a range of $2.89 to $3.29. The Company is updating the estimate of its full year 2026 guidance of Adjusted EBITDA from a range of $400 million to $430 million to a range of $415 million to $435 million and diluted earnings per share from a range of $7.75 to $8.45 to a range of $8.60 to $9.00. Conference Call The Company will host a conference call to discuss its second quarter financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 420-1459, conference ID "ICUMED". The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. About ICU Medical ICU Medical (Nasdaq: ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future and financial outlook for 2026. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to: risks from doing business in foreign countries, including related to tariffs and other barriers to trade; the Company’s ability to compete successfully, including with larger international companies and established local companies; decreased demand for the Company's products; costs related to product development; cost volatility or potential loss of supply of raw materials due to our dependence on single and limited source third-party suppliers; ability to achieve operating efficiencies; risks related to significant sales through our distributors; inflation and foreign currency exchange rates; impacts from global macroeconomic and geopolitical conditions, including from escalated conflicts in the Middle East and associated disruptions to shipping and increased oil costs; healthcare costs and reimbursement levels; disruptions at the FDA and other governmental agencies; damage at the Company’s manufacturing or supply facilities; risks associated with the IV Solutions joint venture and the Smiths Medical integration; risks associated with the timing and resolution of the 2025 warning letter; risks related to protection of our information technology systems and compliance with privacy laws and regulations; risks related to our intellectual property; and the other important factors described under “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our subsequent filings with the SEC. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law. Use of Non-GAAP Financial Information This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. We use non-GAAP financial measures in addition to and in conjunction with GAAP financial measures to analyze and assess the overall performance of our business, in making financial, operating and planning decisions, and in determining executive incentive compensation. The non-GAAP financial measures as shown in the tables below, exclude special items because they are highly variable or unusual and impact year-over-year comparisons. For the three months ended June 30, 2026 and 2025, special items include the following: Contract manufacturing: We manufacture certain products or product components in accordance with manufacturing services agreements. We do not include the contract revenue in our adjusted revenue, or any gross profit impact in our adjusted gross profit as the commercial relationship under these types of agreements are originally negotiated contemporaneously with a business combination or other transactions and are not indicative of normal market transactions. Stock compensation expense: Stock-based compensation is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. The value of our restricted stock awards is determined using the grant date stock price, which may not be indicative of our operational performance over the expense period. Additionally, in order to establish the fair value of performance-based stock awards, which are currently an element of our ongoing stock-based compensation, we are required to apply judgment to estimate the probability of the extent to which performance objectives will be achieved. Based on the above factors, we believe it is useful to exclude stock-based compensation in order to better understand our operating performance. Intangible asset amortization expense: We do not acquire businesses or capitalize certain patent costs on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition. Capitalized patent costs can vary significantly based on our current level of development activities. We believe that excluding amortization of intangible assets provides the users of our financial statements with a consistent basis for comparison across accounting periods. Restructuring, strategic transaction and integration: We incur restructuring and strategic transaction charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our ongoing operations with prior and future periods. Settlements: Occasionally, we are involved in contract renegotiations or other events that may result in one-time settlements. We exclude these settlements as they have no direct correlation to the operation of our ongoing business. Quality system and product-related remediation: We exclude certain quality system and product-related remediation charges in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Noncash release of loss on contract provision: We provide certain services under fixed priced arrangements in accordance with a transition services arrangement. We do not include the loss on contract provision or subsequent release net of the related interest accretion as a result of providing those services in our non-GAAP financial measures as the agreement was negotiated contemporaneously with a disposition and is not indicative of a normal market transaction. The loss provision and subsequent release is a non-recurring noncash adjustment that if included may limit the comparability of our ongoing operations with prior and future periods. Gain on sale of business: We exclude any non-cash gains/losses on the sale of a business in determining our non-GAAP financial measures as the inclusion may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Tariff Refunds: We exclude certain IEEPA tariff refunds in determining our non-GAAP financial measures because these regulatory adjustments are infrequent, non-operational items that may limit the comparability of our ongoing operations with prior and future periods. From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. In addition to the above special items, Adjusted EBITDA additionally excludes the following items from net income: Depreciation expense: We exclude depreciation expense in deriving adjusted EBITDA because companies utilize productive assets of different ages and the depreciable lives can vary significantly resulting in considerable variability in depreciation expense among companies. Interest, net: We exclude interest in deriving adjusted EBITDA as interest can vary significantly among companies depending on a company's level of income generating instruments and/or level of debt. Taxes: We exclude taxes in deriving adjusted EBITDA as taxes are deemed to be non-core to the business and may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance. Adjusted Diluted EPS excludes from diluted EPS, net of tax, the special items listed above. The tax effect on the special items is calculated using the specific tax rate applied to each adjustment based on the nature of the item/or the tax jurisdiction in which the item has been recorded. Additionally, adjusted diluted EPS may exclude the income tax impact of certain non-recurring discrete tax items that are not reflective of income tax expense/benefit incurred as a result of current period earnings/ loss, as well as the impact of certain deferred tax valuation allowances when assessed against non-GAAP profitability. We also present Free cash flow as a non-GAAP financial measure as management believes that this is an important measure for use in evaluating overall company financial performance as it measures our ability to generate additional cash flow from business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows. We also present organic revenue growth as a non-GAAP financial measure as management believes that this measure provides a more representative view of the Company's underlying growth trajectory by excluding the impact of revenue from non-arm's length transactions, the impact of foreign currency and the revenue associated with acquisitions and divestitures. We calculate constant currency revenue by translating current period foreign currency revenue at prior period comparable exchange rates and we calculate the constant currency growth percentages by dividing the current period constant currency revenue by the prior year comparable period revenue. The following tables reconcile our non-GAAP financial measures for the periods presented: ______________________ * The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets, as well as, the tax benefit on the release of income tax reserves in foreign jurisdictions for tax years which are no longer subject to an assessment from the local taxing authorities. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2026. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate. Tax reserves were released as a result of the expiration of statute of limitations which resulted in a discrete tax benefit for GAAP purposes. This tax benefit is excluded from our non-GAAP annual effective tax rate to the extent it is not related to on-going business operations. ** Amounts may not foot due to rounding. _____________* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2025. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.** Amounts may not foot due to rounding _____________________________________________ (1) We manufacture certain products or product components in accordance with manufacturing services agreements. We do not include the contract revenue in our adjusted revenue as the commercial relationship under these types of agreements are originally negotiated contemporaneously with a business combination or other transactions and are not indicative of normal market transactions.(2) For businesses divested, non-GAAP organic revenue growth excludes prior period revenue associated with the divested business for the same length of time they were not owned by the company in the current year. The divested business prior period revenue in this line item does not include MSA revenue, which is excluded on a separate line.(3) We exclude the impact of foreign exchange rate changes to show a constant currency comparison of our underlying business performance. CONTACT: ICU Medical, Inc.                                        Brian Bonnell, Chief Financial Officer(949) 366-2183      ICR, Inc.John Mills, Partner(646) 277-1254