ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications worldwide. It offers Clave needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoLock closed system transfer devices and ChemoClaveTM for preparation and administration of hazardous drugs; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; ClearGuard, SwabCap, and SwabTip disinfection caps; and vascular access products. The company provides IV therapy and diluents, such as sodium chloride, dextrose, balanced electrolyte solutions, lactated ringer's, ringer's, mannitol, sodium chloride/dextrose, and sterile water; and irrigation solutions comprising sodium chloride, sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options. It offers infusion pumps under the Plum 360 and Plum Duo brands; ambulatory and syringe infusion hardware products; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform; LifeShield and PharmGuard medication infusion safety software; hemodynamic monitoring products; anesthesia systems and devices, breathing circuits, ventilation, respiratory, and specialty airway products; temperature management solutions; anesthesia/pain management trays and components; and professional services. The company's customers include acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. ICU Medical, Inc. was founded in 1984 and is based in San Clemente, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.2B | $298M | $1M | $83M | 0.0% | -6.3% | -100.6% |
| 2024 | $2.4B | $260M | $-118M | $114M | -6.0% | 5.4% | 296.9% |
| 2023 | $2.3B | $253M | $-30M | $73M | -1.4% | -0.9% | -60.1% |
| 2022 | $2.3B | $192M | $-74M | $-161M | -3.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,280 | 2,259.13 | 2,382.05 | 2,231.26 |
| Operating Revenue | - | 2,280 | 2,259.13 | 2,382.05 | 2,231.26 |
| Cost Of Revenue | - | 1,582.24 | 1,519.25 | 1,557.26 | 1,409.22 |
| Gross Profit | - | 697.76 | 739.87 | 824.78 | 822.04 |
| Operating Expense | - | 701.33 | 692.04 | 727.38 | 712.70 |
| Research And Development | - | 92.98 | 85.34 | 88.62 | 87.50 |
| Selling General And Administration | - | 608.34 | 606.69 | 638.76 | 625.21 |
| Total Expenses | - | 2,283.56 | 2,211.29 | 2,284.64 | 2,121.93 |
| Operating Income | - | -3.57 | 47.84 | 97.40 | 109.33 |
| Total Operating Income As Reported | - | -42.90 | 22.82 | 42.96 | 42.83 |
| EBITDA | - | 191.55 | 253.20 | 260.04 | 298.44 |
| Normalized EBITDA | - | 239.21 | 284.28 | 325.88 | 320.73 |
| EBIT | - | -43.60 | 24.43 | 40.53 | 97.70 |
| Interest Income | - | 4.43 | 7.51 | 10.79 | 10.31 |
| Interest Expense | - | 70.81 | 102.73 | 106.54 | 93.34 |
| Net Interest Income | - | -66.38 | -95.22 | -95.75 | -83.03 |
| Other Non Operating Income Expenses | - | 3.20 | 0.17 | -1.82 | 0.35 |
| Other Income Expense | - | -44.47 | -30.92 | -67.66 | -21.94 |
| Interest Income Non Operating | - | 4.43 | 7.51 | 10.79 | 10.31 |
| Interest Expense Non Operating | - | 70.81 | 102.73 | 106.54 | 93.34 |
| Net Non Operating Interest Income Expense | - | -66.38 | -95.22 | -95.75 | -83.03 |
| Pretax Income | - | -114.41 | -78.30 | -66.01 | 4.36 |
| Tax Provision | - | -40.12 | -48.64 | 51.68 | 2.44 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -16.73 | -6.53 | -13.83 | -4.68 |
| Net Income Continuous Operations | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Net Income From Continuing And Discontinued Operation | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Net Income From Continuing Operation Net Minority Interest | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Net Income | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Net Income Common Stockholders | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Net Income Including Noncontrolling Interests | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Normalized Income | - | -43.35 | -5.10 | -65.67 | 18.34 |
| Diluted NI Availto Com Stockholders | - | -74.29 | -29.66 | -117.69 | 0.73 |
| Basic Average Shares | - | 23.87 | 24.09 | 24.39 | 24.64 |
| Diluted Average Shares | - | 23.87 | 24.09 | 24.39 | 24.90 |
| Reconciled Depreciation | - | 235.15 | 228.77 | 219.51 | 200.74 |
| Reconciled Cost Of Revenue | - | 1,582.24 | 1,519.25 | 1,557.26 | 1,409.22 |
| Total Unusual Items | - | -47.66 | -31.08 | -65.84 | -22.29 |
| Total Unusual Items Excluding Goodwill | - | -47.66 | -31.08 | -65.84 | -22.29 |
| Earnings From Equity Interest Net Of Tax | - | - | 0 | 0 | -1.19 |
| Special Income Charges | - | -41.88 | -25.16 | -56.05 | -26.08 |
| Gain On Sale Of Business | - | - | 0 | 0 | 44.79 |
| Restructuring And Mergern Acquisition | - | 39.33 | 25.01 | 54.44 | 66.50 |
| Gain On Sale Of Security | - | -5.78 | -5.92 | -9.79 | 3.79 |
| Gain On Sale Of Ppe | - | -2.55 | -0.15 | -1.61 | -4.37 |
| Other Operating Expenses | 0.13 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ICU Medical, Inc.this co. | ICUI | $3.4B | 4607.08β premium | 1.59 | 0.0% | 14.73 |
| Catalyst Pharmaceuticals, Inc. | CPRX | $3.8B | 17.87 | 4.01 | 22.5% | 10.56 |
| Merit Medical Systems, Inc. | MMSI | $3.8B | 29.27 | 2.37 | 8.1% | 12.46 |
| ACADIA Pharmaceuticals Inc. | ACAD | $3.7B | 9.51 | 3.03 | 31.9% | 30.83 |
| Organon & Co. | OGN | $3.5B |
| - |
| - |
| - |
| - |
| - |
| 18.82 |
| 4.68 |
| 24.9% |
| 8.98 |
| Concentra Group Holdings Parent, Inc. | CON | $3.2B | 19.16 | 8.11 | 42.3% | 12.74 |
| Integer Holdings Corporation | ITGR | $3.1B | 30.63 | 1.80 | 5.9% | 15.20 |
| Arcus Biosciences, Inc. | RCUS | $3.1B | -8.80 | 4.92 | -55.9% | -8.94 |
| National HealthCare Corporation | NHC | $2.9B | 24.47 | 2.75 | 11.2% | 13.71 |
| Peer Median | - | 18.99 | 3.52 | 16.8% | 12.60 | |