ICU Medical, Inc.
- Open
- 147.70
- Day high
- 152.53
- Day low
- 146.47
- Prev close
- 146.60
- Volume
- 73K
- Mkt cap
- $3.7B
- P/E (TTM)
- 78.5
- EPS (TTM)
- $1.94
- P/B
- 1.7
- P/S
- 1.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$882K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
ICU Medical, Inc. (ICUI) is a Healthcare company listed on NASDAQ. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
ICU Medical, Inc. (ICUI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICUI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.78 | $1.97 | +10.7% | $526M | +1.0% |
| Feb 19, 2026 | $1.68 | $1.91 | +13.7% | $540M | +3.6% |
| Nov 6, 2025 | $1.43 | $2.03 | +42.0% | $537M | +5.0% |
| Aug 7, 2025 | $1.44 | $2.10 | +45.8% | $549M | +7.3% |
| May 8, 2025 | $1.23 | $1.72 | +39.8% | $605M | +0.2% |
| Feb 27, 2025 | $1.48 | $2.11 | +42.6% | $630M | +5.1% |
| Feb 27, 2024 | $1.18 | $1.57 | +33.1% | $588M | +4.4% |
| Feb 27, 2023 | $1.50 | $1.60 | +6.7% | $578M | -0.1% |
| Feb 24, 2022 | $1.63 | $1.82 | +11.7% | $341M | +6.4% |
| Nov 3, 2021 | $1.79 | $2.07 | +15.6% | $336M | +6.9% |
| Aug 4, 2021 | $1.64 | $1.88 | +14.6% | $322M | +3.3% |
| May 6, 2021 | $1.53 | $1.62 | +5.9% | $318M | +5.7% |
ICUI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 22, 2026 | Woolson Danielofficer: President | Sell | 2,123 | $132.21 |
| May 15, 2026 | Sanzone Virginia Ruthofficer: VP, General Counsel | Sell | 2,447 | $124.08 |
| May 13, 2026 | Hoffmeister David Fdirector | Option | 1,254 | — |
| May 13, 2026 | Abbey Donalddirector | Option | 1,254 | — |
| May 13, 2026 | Abbey Donalddirector | Grant | 1,475 | — |
| May 13, 2026 | Greenberg David C.director | Option | 1,254 | — |
| May 13, 2026 | FINNEY ELISHA Wdirector | Option | 1,254 | — |
| May 13, 2026 | Hoffmeister David Fdirector | Grant | 1,475 | — |
| May 13, 2026 | Greenberg David C.director | Sell | 2,424 | $122.91 |
| May 13, 2026 | Hernandez Lauriedirector | Option | 1,254 | — |
| May 13, 2026 | Greenberg David C.director | Grant | 1,475 | — |
| May 13, 2026 | Greenberg David C.director | Option | 2,424 | $101.06 |
| May 13, 2026 | KENNEDY KOLLEEN Tdirector | Option | 1,254 | — |
| May 13, 2026 | FINNEY ELISHA Wdirector | Grant | 1,475 | — |
| May 13, 2026 | KENNEDY KOLLEEN Tdirector | Grant | 1,475 | — |
Source: ICUI SEC Form 4 filings, latest May 22, 2026. For informational purposes only — not investment advice.
See the full ICUI insider & 13F page →ICU Medical, Inc. company profile
Overview
ICU Medical, Inc. (NASDAQ:ICUI) is a leading medical device company founded in 1984 and headquartered in San Clemente, California. The company went public in 1992 and has grown through both organic expansion and strategic acquisitions, most notably the 2017 acquisition of Smiths Medical for $2.1 billion. ICU Medical specializes in developing, manufacturing, and selling medical devices used in infusion therapy and critical care applications worldwide, serving hospitals, clinics, and other healthcare facilities across multiple continents.
Business
ICU Medical operates in the medical device industry, specifically focusing on infusion therapy and critical care equipment. Infusion therapy involves the delivery of medications, fluids, and nutrients directly into a patient's bloodstream through intravenous (IV) lines, which is a fundamental treatment method in hospitals and healthcare facilities. The company's business is organized into three main segments: 1. Consumables (approximately 60% of revenue): This segment produces single-use medical devices that prevent infections and ensure safe medication delivery. Key products include MicroClave and NanoClave needlefree connectors that allow healthcare workers to access IV lines without needles, reducing infection risk. The segment also manufactures SwabCap disinfecting caps, ChemoClave closed system transfer devices for handling hazardous chemotherapy drugs, and ClearGuard HD antimicrobial barrier caps for dialysis patients. 2. IV Systems (approximately 15% of revenue): This segment focuses on infusion pumps and related software that precisely control the delivery of medications and fluids to patients. The flagship products include Plum 360 large volume pumps and LifeCare PCA patient-controlled analgesia pumps. The company has recently introduced next-generation PlumDuo and PlumSolo pump systems with enhanced cybersecurity and connectivity features. These pumps are often accompanied by ICU Medical MedNet software that connects pumps to hospital electronic health records. 3. Vital Care (approximately 25% of revenue): This segment includes IV solutions (saline, dextrose, and other sterile fluids), irrigation solutions, and critical care monitoring equipment. Products include Cogent 2-in-1 hemodynamic monitoring systems, various cardiac output monitoring catheters, and blood pressure transducers. The IV solutions portion of this segment was recently restructured through a joint venture with Otsuka Pharmaceutical Factory.
Revenue model
ICU Medical generates revenue primarily through product sales to healthcare providers, with different margin profiles across its business segments. The company sells directly to acute care hospitals, ambulatory surgery centers, and through medical device distributors and group purchasing organizations (GPOs). The Consumables segment operates on a recurring revenue model, as these are single-use devices that hospitals must continuously repurchase. This segment typically enjoys higher gross margins (often 50%+ range) due to the proprietary nature of the products and their critical role in infection prevention. Customers include hospitals, outpatient clinics, home healthcare providers, and long-term care facilities. The IV Systems segment follows a capital equipment model where hospitals make larger upfront investments in infusion pumps, followed by ongoing purchases of related consumables and software subscriptions. This segment has lower gross margins on hardware but generates recurring revenue through software licensing and service contracts. The Vital Care segment operates more like a commodity business, particularly for IV solutions, with lower margins but higher volumes. The recent joint venture with Otsuka helps improve margins by sharing manufacturing costs and expanding global reach. Several factors influence the company's profitability: healthcare spending cycles affect capital equipment purchases, generic drug shortages can boost IV solutions demand, regulatory compliance costs impact margins, raw material inflation pressures pricing, and currency fluctuations affect international operations. The company faces competitive pressure from larger medical device companies like Baxter International and BD (Becton Dickinson), requiring continuous innovation and operational efficiency improvements to maintain market share.
Competitive moat
ICU Medical possesses a moderate competitive moat built primarily around regulatory barriers, switching costs, and specialized manufacturing capabilities. The company's needlefree connectors and infection prevention devices benefit from extensive clinical validation and regulatory approvals that create barriers to entry. Healthcare providers are often reluctant to switch infection prevention products due to the critical nature of patient safety and the extensive training required for new protocols. The company's installed base of infusion pumps creates switching costs, as hospitals invest significantly in staff training and system integration. The recently launched PlumDuo and PlumSolo systems with enhanced cybersecurity features provide some differentiation in an increasingly connected healthcare environment. However, the moat faces several challenges. The medical device industry is highly competitive with well-funded competitors like Baxter, BD, and Fresenius Kabi that have broader product portfolios and stronger distribution networks. The IV solutions business operates more like a commodity with limited differentiation. Additionally, the company has faced quality control issues and FDA warning letters that have weakened customer confidence and market position. The company's innovation pipeline and R&D capabilities provide some protection, but the pace of technological change in connected healthcare devices means continuous investment is required to maintain competitiveness. Group purchasing organizations (GPOs) also concentrate buying power, limiting pricing flexibility and potentially commoditizing certain product categories.
Risks & safety
ICU Medical presents a moderate margin of safety with adequate liquidity but elevated debt levels and valuation concerns. • Liquidity and Solvency: Strong current ratio of 2.59x with $290 million in cash and short-term investments. Free cash flow generation of $125 million in 2024 provides operational stability. Total debt-to-equity ratio of 0.84x is manageable but elevated for the medical device sector. • Valuation Metrics: Current EV/EBITDA of 90x appears extremely high due to temporarily depressed EBITDA from one-time charges and integration costs. More normalized trailing metrics show EV/EBITDA around 15x. Price-to-book ratio of 1.71x is reasonable for a medical device company. • Other Considerations: The company targets debt reduction to $1 billion by end of 2025. Recent joint venture with Otsuka provides $200 million upfront payment, improving balance sheet flexibility. However, ongoing FDA compliance issues and integration challenges from the Smiths Medical acquisition create operational risks that could impact cash generation.
Recent development
Over the past few years, ICU Medical has focused on post-acquisition integration following the 2017 Smiths Medical acquisition, while simultaneously investing in product innovation and operational efficiency. The company completed the separation of IT systems from Smiths Medical and has been consolidating manufacturing facilities to achieve cost synergies. A major strategic development was the joint venture with Otsuka Pharmaceutical Factory for IV solutions, announced in 2024. This partnership provides manufacturing redundancy, global innovation capabilities, and an upfront payment of $200 million while allowing ICU Medical to maintain its presence in the IV solutions market. The company has made significant investments in next-generation infusion pump technology, launching the PlumDuo and PlumSolo platforms with enhanced cybersecurity features and LifeShield safety software. These products represent a multi-year development effort to modernize the company's pump portfolio and prepare for an anticipated upgrade cycle in 2025-2026. ICU Medical has also been addressing quality and regulatory compliance issues, including responding to FDA warning letters and working toward 510(k) submissions for MedFusion and CAD product families. The company completed FDA inspections at its Minneapolis facility with no observations, indicating progress in quality remediation efforts. Operationally, the company has focused on supply chain optimization and manufacturing network consolidation, while also preparing for potential tariff impacts through geographic diversification of production. The integration of order-to-cash systems across North America has improved operational efficiency and customer service capabilities.
ICUI company profile · for informational purposes only — not investment advice.
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