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This expansion of IV solutions manufacturing will help enhance supply-chain resiliency, support portfolio development and advance non-DEHP innovation for the North American IV solutions market.

Joint venture announces over $500M IV solutions manufacturing expansion in Austin, TX Expansion aimed at improving IV solutions supply resiliency and quality, and accelerating non-DEHP new product development in North America via fully automated technology First major milestone toward fulfilling the commitments of the joint venture finalized in May 2025 between ICU Medical, Inc. and Otsuka Pharmaceutical Factory America, Inc. , /PRNewswire/ -- Otsuka ICU Medical LLC today announced plans for an over $500 million expansion to its US IV solutions manufacturing through a new facility and significant upgrades to its existing operations in Austin, Texas. The expansion is expected to enhance long-term supply resiliency and accelerate new product development while positioning the portfolio to support evolving non-DEHP legislation across the North American IV solutions market. 

The project will leverage Otsuka Pharmaceutical Factory, Inc.'s long-standing expertise in IV container development and manufacturing quality to support Otsuka ICU Medical LLC's advancement of non-DEHP IV solutions for the North American market. As part of this initiative, Otsuka ICU Medical LLC will expand its existing 700,000-square-foot Austin manufacturing site with a new 500,000-square-foot facility in Austin to support greater operational flexibility and future innovation across IV solutions and specialty pharmaceutical segments.

This expansion is the first major milestone toward delivering on the commitments made by the joint venture between ICU Medical, Inc. and Otsuka Pharmaceutical Factory America, Inc., a subsidiary of Otsuka Pharmaceutical Factory, Inc., finalized in May 2025. It reflects the partnership's strategic focus on bolstering North American IV solutions manufacturing and innovation, while complementing existing efforts to obtain long-term FDA approval of select overseas Otsuka manufacturing sites to supplement North American supply as needed.

"This expansion reflects our commitment to long-term growth in a clinically essential market," said Yoshifumi Fujimoto, chief executive officer of Otsuka ICU Medical LLC. "By strengthening our US manufacturing footprint, expanding non-DEHP capabilities, and introducing innovation, we are enhancing supply reliability for North American customers while positioning ourselves to better support future regulatory and legislative requirements."

The North American IV solutions market remains highly concentrated, and recent supply chain disruptions—driven by natural disasters and infrastructure constraints—have highlighted the importance of resilient, geographically diversified production. At the same time, healthcare providers are preparing for an evolving regulatory environment, including the transition toward non-DEHP IV solutions containers. This expansion is designed to address both needs: strengthening supply resiliency while supporting future portfolio innovation and market readiness.

Media Contact:
Harrison Richards, ICU Medical, Inc.
949-366-4261
[email protected]

About Otsuka ICU Medical LLC.: Otsuka ICU Medical LLC is a joint venture between ICU Medical, Inc. and Otsuka Pharmaceutical Factory America, Inc., subsidiary of Otsuka Pharmaceutical Factory, Inc., formed to strengthen the resiliency, reliability, and innovation of IV solutions supply in North America. Combining global manufacturing scale with strong North American production and distribution capabilities, Otsuka ICU Medical LLC supports caregivers with high-quality IV solutions designed to help deliver safe, consistent patient care. For more information, visit www.otsukaicumed.com.

About Otsuka Pharmaceutical Factory, Inc. (OPF): OPF is the original company from which the Otsuka Group has grown. The management vision of OPF is "the best partner in clinical nutrition worldwide", and as a leading company in IV solutions in Japan has been developing, manufacturing, and selling IV solutions for 80 years. Today, in addition to IV solutions, OPF provides a variety of products that contribute to solving issues in the healthcare setting. For more information, visit https://www.otsukakj.jp/en/.

About Otsuka Pharmaceutical Factory America, Inc. (OPFA):  OPFA operates across healthcare and life sciences markets engaging in the research, development, technology transfer, manufacture, and sale and importation of pharmaceuticals, IV solutions, medical devices and functional food products. The company also oversees the management and strategic operations of its U.S. subsidiary, Otsuka ICU Medical LLC, and related business activities.

About ICU Medical: ICU Medical, Inc. (Nasdaq: ICUI) offers clinically essential medical devices that connect patients and caregivers through life-enhancing, innovative technology and services that provide meaningful clinical value. The organization's robust portfolio features medical delivery systems and consumable products for infusion therapy, emergency medicine, general and regional anesthesia, home care, NICU/PICU, oncology, pain management, and respiratory care. More information about ICU Medical, Inc. can be found at www.icumed.com.

SOURCE Otsuka ICU Medical LLC

Investors looking for stocks in the Medical - Products sector might want to consider either ICU Medical (ICUI) or Medline (MDLN). But which of these two companies is the best option for those looking for undervalued stocks?

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NEW YORK, March 25, 2026 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating ICU Medical, Inc. (NASDAQ: ICUI) on behalf of the company's shareholders.  The investigation seeks to determine whether ICU Medical's directors breached their fiduciary duties in connection with recent corporate actions.

If you are a shareholder of ICU Medical, Inc. and are interested in obtaining additional information about your rights and options, please visit us at: https://pjlfirm.com/icu-medical-inc/

You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000.  One of our attorneys will personally speak with you about the case at no cost or obligation.

Purcell & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit https://pjlfirm.com.   Attorney advertising. Prior results do not guarantee a similar outcome. 

SOURCE Purcell & Lefkowitz LLP

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ICU Medical is positioned for margin expansion as Smiths Medical integration and remediation costs subside, with upcoming product launches supporting growth. ICUI is gaining share in infusion pumps and consumables, leveraging product differentiation and rebounding from past compliance issues. Management targets net debt/EBITDA below 2.0x, opening the door for increased capital returns via buybacks or dividends within a couple of years.

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NEW YORK, April 16, 2026 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating ICU Medical, Inc. (NASDAQ: ICUI) on behalf of the company's shareholders.  The investigation seeks to determine whether ICU Medical's directors breached their fiduciary duties in connection with recent corporate actions.

If you are a shareholder of ICU Medical, Inc. and are interested in obtaining additional information about your rights and options, please visit us at: https://pjlfirm.com/icu-medical-inc/

You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000.  One of our attorneys will personally speak with you about the case at no cost or obligation.

Purcell & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit https://pjlfirm.com.   Attorney advertising. Prior results do not guarantee a similar outcome. 

SOURCE Purcell & Lefkowitz LLP

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On April 29, 2026, ICU Medical Inc ICUI shares fell 4.6% today, bringing the current price to $115.45. This decline is part of a larger trend, with the stock down 19.1% year-to-date and 15.9% over the past year. The shares have experienced a 52-week range between $107.00 and $160.29.

GF Value™ verdict: Current price of $115.45 is 9.0% below the GF Value™ estimate of $126.92.GF Score™ of 86/100 indicates a strong overall ranking, suggesting solid potential for long-term returns.Most notable signal: There have been no insider transactions in the last 3 months. Is ICUI Overvalued or Undervalued? According to the GF Value™, ICU Medical Inc is currently undervalued with a margin of safety of 9.0%. The current price of $115.45 is below the estimated fair value of $126.92, which suggests that the stock may present an opportunity for investors. However, with the GF Valuation label indicating that the stock is fairly valued, it is essential to consider other factors that could impact this assessment.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the stock appears to be undervalued based on the GF Value™, investors should remain cautious about potential risks, including the recent downward trend in share prices and market volatility.

How Does ICUI's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 5772.5x 51.2x Forward P/E 14.2x N/A ICU Medical's current P/E ratio of 5772.5x is significantly above its 5-year median P/E of 51.2x, indicating that the stock is trading at an exceptionally high valuation compared to its historical average. This P/E analysis contradicts the GF Value™ verdict, suggesting that while the stock might be undervalued according to the GF Value™, the high P/E ratio raises concerns about its valuation consistency over time.

What Does ICUI's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 86 Financial Strength 5/10 Profitability 8/10 Growth 7/10 Valuation 9/10 Momentum 7/10 ICU Medical's GF Score™ of 86 indicates a strong overall performance, particularly in Profitability (8/10) and Valuation (9/10). However, the Financial Strength rating of 5/10 suggests that there are areas for improvement in terms of the company's balance sheet stability. The combination of these scores points to a company that, while profitable and reasonably valued, may face challenges in financial robustness.

What Are Insiders Doing with ICUI Stock? There have been no insider transactions in the last 3 months for ICU Medical Inc. This lack of activity could suggest that insiders are not currently confident in the stock's immediate prospects or are awaiting clearer signals before making moves. This neutrality can be interpreted as a sign of caution among insiders regarding the company's future performance.

What This Means for Investors Based on the GF Value™ assessment, ICU Medical Inc is currently undervalued with a price of $115.45 against a fair value estimate of $126.92. However, investors should take into account the high current P/E ratio compared to historical values and the absence of insider activity, which introduces a level of uncertainty to the investment case.

For the complete analysis, visit the ICU Medical Inc ICUI stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ICUI's GF Score™?

ICU Medical Inc has a GF Score™ of 86/100, indicating a strong overall ranking with solid potential for long-term returns.

Is ICUI overvalued or undervalued?

ICU Medical Inc is undervalued according to the GF Value™, with a current price 9.0% below the estimated fair value.

What is ICUI's P/E ratio?

ICU Medical's P/E (TTM) ratio is 5772.5x, which is significantly above its historical 5-year median P/E of 51.2x, indicating a high current valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

SAN CLEMENTE, Calif., May 07, 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 March 31, 2026.

First Quarter 2026 Results

The following year-over-year results reflect the strategic divestiture of the IV Solutions business on May 1, 2025. First quarter 2026 GAAP revenue declined 12% year-over-year; however, excluding the impact of the IV Solutions divestiture and foreign currency, non-GAAP organic revenue increased 1%.

First quarter 2026 GAAP revenue was $530.2 million, as compared to $604.7 million in the same period in the prior year. GAAP gross profit for the first quarter of 2026 was $206.2 million, as compared to $210.1 million in the same period in the prior year. GAAP gross margin for the first quarter of 2026 was 39%, as compared to 35% in the same period in the prior year. GAAP net income for the first quarter of 2026 was $30.1 million, or $1.20 per diluted share, as compared to GAAP net loss of $(15.5) million, or $(0.63) per diluted share, for the first quarter of 2025. Adjusted diluted earnings per share for the first quarter of 2026 was $1.97 as compared to $1.72 for the first quarter of 2025. Adjusted EBITDA was $98.7 million for the first quarter of 2026 as compared to $99.4 million for the first 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, “First quarter results were generally in line with our expectations."

Revenues by product line for the three months ended March 31, 2026 and 2025 were as follows (in millions):

  Three months ended
March 31,
  Product Line  2026   2025  $ ChangeConsumables $        278.3  $        266.2  $        12.1 Infusion Systems          179.6           166.3           13.3 Vital Care*          72.3           172.2           (99.9)Total** $        530.2  $        604.7  $        (74.5) *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 $4.5 million for the three months ended March 31, 2026, as compared to $5.2 million for the three months ended March 31, 2025.
** Totals may differ from the income statement due to the rounding of product lines.
Conference Call

The Company will host a conference call to discuss its first quarter financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 343-4136, 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, including, without limitation, in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. 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.

 ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)  March 31,
2026 December 31,
2025    ASSETS   CURRENT ASSETS:   Cash and cash equivalents$        288,330  $        307,963 Accounts receivable, net of allowance for doubtful accounts         201,077           180,515 Inventories         605,590           615,859 Prepaid expenses and other current assets         118,248           86,217 TOTAL CURRENT ASSETS         1,213,245           1,190,554     PROPERTY, PLANT AND EQUIPMENT, net         445,135           451,817 OPERATING LEASE RIGHT-OF-USE ASSETS         50,792           54,470 GOODWILL         1,485,561           1,499,754 INTANGIBLE ASSETS, net         598,968           633,559 DEFERRED INCOME TAXES         25,648           25,891 OTHER ASSETS         63,496           62,877 INVESTMENTS IN UNCONSOLIDATED AFFILIATES         130,918           131,586 TOTAL ASSETS$        4,013,763  $        4,050,508     LIABILITIES AND STOCKHOLDERS’ EQUITY   CURRENT LIABILITIES:   Accounts payable$        173,982  $        154,374 Accrued liabilities         314,570           315,337 Current portion of long-term debt         18,750           18,750 Income tax payable         10,602           10,400 TOTAL CURRENT LIABILITIES         517,904           498,861     LONG-TERM DEBT         1,261,826           1,265,917 OTHER LONG-TERM LIABILITIES         82,333           89,536 DEFERRED INCOME TAXES         14,514           37,756 INCOME TAX LIABILITY         25,258           34,613 COMMITMENTS AND CONTINGENCIES   STOCKHOLDERS’ EQUITY:   Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none         —           — Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —25,186 and 24,688 shares at March 31, 2026 and December 31, 2025, respectively, and outstanding — 24,993 and 24,688 shares at March 31, 2026 and December 31, 2025, respectively         2,519           2,469 Additional paid-in capital         1,465,467           1,465,118 Treasury stock, at cost         (25,183)          (22)Retained earnings         721,022           690,890 Accumulated other comprehensive loss         (51,897)          (34,630)TOTAL STOCKHOLDERS' EQUITY         2,111,928           2,123,825 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$        4,013,763  $        4,050,508   ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
  Three months ended
March 31,  2026   2025 TOTAL REVENUES$        530,225  $        604,702 COST OF GOODS SOLD         323,999           394,593 GROSS PROFIT         206,226           210,109 OPERATING EXPENSES:   Selling, general and administrative         154,566           157,233 Research and development         21,280           23,291 Restructuring, strategic transaction and integration         16,801           16,697 TOTAL OPERATING EXPENSES         192,647           197,221 INCOME FROM OPERATIONS         13,579           12,888 INTEREST EXPENSE, net         (16,494)          (22,031)OTHER EXPENSE, net         (1,060)          (1,763)LOSS BEFORE INCOME TAXES AND EQUITY IN LOSSES OF UNCONSOLIDATED AFFILIATES         (3,975)          (10,906)BENEFIT (PROVISION) FOR INCOME TAXES         34,714           (4,570)NET INCOME (LOSS) FROM CONSOLIDATED COMPANIES         30,739           (15,476)EQUITY IN LOSSES OF UNCONSOLIDATED AFFILIATES         (607)          — NET INCOME (LOSS)$        30,132  $        (15,476)NET INCOME (LOSS) PER SHARE   Basic$        1.22  $        (0.63)Diluted$        1.20  $        (0.63)WEIGHTED AVERAGE NUMBER OF SHARES   Basic         24,764           24,539 Diluted         25,182           24,539   ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)
  Three months ended
March 31,  2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:   Net income (loss)$        30,132  $        (15,476)Adjustments to reconcile net loss to net cash provided by operating activities:   Depreciation and amortization         50,027           49,445 Noncash lease expense         4,173           4,475 Stock compensation         14,011           12,179 Loss on disposal of property, plant and equipment and other assets         136           1,696 Debt issuance costs amortization         774           1,700 Undistributed equity in loss of unconsolidated affiliates         607           — Other         2,989           9,214 Changes in operating assets and liabilities, net of amounts acquired:   Accounts receivable         (24,145)          22,439 Inventories         6,088           (8,224)Prepaid expenses and other current assets         (14,347)          (8,464)Other assets         (2,363)          (6,815)Accounts payable         20,150           32,099 Accrued liabilities         (9,846)          (36,343)Income taxes, including excess tax benefits and deferred income taxes         (39,477)          (6,598)Net cash provided by operating activities         38,909           51,327 CASH FLOWS FROM INVESTING ACTIVITIES:   Purchases of property, plant and equipment         (11,302)          (14,621)Deposit received for the sale of a business         2,000           — Proceeds from sale of assets         1           42 Intangible asset additions         (1,908)          (2,232)Net cash used in investing activities         (11,209)          (16,811)CASH FLOWS FROM FINANCING ACTIVITIES:   Principal repayments of long-term debt         (4,688)          (47,750)Proceeds from exercise of stock options         —           133 Payments on finance leases         (658)          (328)Tax withholding payments related to net share settlement of equity awards         (38,776)          (8,391)Net cash used in financing activities         (44,122)          (56,336)Effect of exchange rate changes on cash         (3,211)          2,958 NET DECREASE IN CASH AND CASH EQUIVALENTS         (19,633)          (18,862)CASH AND CASH EQUIVALENTS, beginning of period         307,963           308,566 CASH AND CASH EQUIVALENTS, end of period$        288,330  $        289,704 
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 March 31, 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.

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:

 ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
(In thousands)
   Adjusted EBITDA  Three months ended
March 31,  2026   2025 GAAP net income (loss)$        30,132  $        (15,476)    Non-GAAP adjustments:   Interest, net         16,494           22,031 Stock compensation expense         14,011           12,179 Depreciation and amortization expense         50,027           49,445 Restructuring, strategic transaction and integration         16,801           16,697 Settlements         15           — Quality system and product-related remediation         7,407           9,980 Noncash release of loss on contract provision         (1,120)          — Gross profit on contract manufacturing         (374)          — (Benefit) provision for income taxes         (34,714)          4,570 Total non-GAAP adjustments         68,547           114,902     Adjusted EBITDA$        98,679  $        99,426   ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
(In thousands, except percentages and per share data) The Company’s U.S. GAAP results for the three months ended March 31, 2026 included special items which impacted the U.S. GAAP measures as follows:                 Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationLoss from operationsInterest expense, net
(Loss) income before income taxes and equity in loss of unconsolidated affiliates
Benefit (Provision) for income taxesNet income from consolidated companiesEquity in loss of unconsolidated affiliatedNet income (loss) Diluted earnings (loss) income per shareReported (GAAP)$        530,225 $        206,226 $        154,566 $        21,280 $        16,801 $        13,579 $        (16,494)$        (3,975)$34,714 $        30,739 $        (607)$        30,132 $        1.20 Reported percent of total revenues or (percent of income (loss) before income taxes and equity in earnings of unconsolidated affiliates)          39%         29%         4%         3%         3%        (3)%        (1)%         873.3%         6%   Contract manufacturing         (4,451)         (374)         —          —          —          (374)         —          (374)         92          (282)         —          (282)         (0.01)Stock compensation expense         —          1,863          (11,553)         (595)         —          14,011          —          14,011          (3,401)         10,610          —          10,610          0.42 Amortization expense         —          1,265          (31,831)         —          —          33,096          —          33,096          (8,231)         24,865          —          24,865          0.99 Restructuring, strategic transaction and integration         —          —          —          —          (16,801)         16,801          —          16,801          (4,126)         12,675          —          12,675          0.50 Settlements         —          —          (15)         —          —          15          —          15          (4)         11          —          11          — Quality system and product-related remediation         —          7,407          —          —          —          7,407          —          7,407          (1,699)         5,708          —          5,708          0.23 Noncash release of loss on contract provision         —          —          1,120          —          —          (1,120)         332          (788)         193          (595)         —          (595)         (0.02)Tax benefit from discrete reserve release and valuation allowance*         —          —          —          —          —          —          —          —          (33,390)         (33,390)         —          (33,390)         (1.33)Tax benefit from equity in loss of unconsolidated affiliates         —          —          —          —          —          —          —          —          (149)         (149)         149          —          — Adjusted (Non-GAAP)**$        525,774 $        216,387 $        112,287 $        20,685 $        — $        83,415 $        (16,162)$        66,193 $        (16,001)$        50,192 $        (458)$        49,734 $        1.97 Adjusted percent of total revenues or (percent of (loss) income before income taxes and equity in loss of unconsolidated affiliates for benefit (provision) for income taxes)          41%         21%         4%         —%         16%        (3)%         13%         24.2%         10%   
______________________

* 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 March 31, 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.

 ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)
(In thousands, except percentages and per share data) The Company’s U.S. GAAP results for the three months ended March 31, 2025 included special items which impacted the U.S. GAAP measures as follows:  Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationIncome (loss) from operations(Loss) income before income taxes
Provision for income taxes
Net (loss) income
Diluted (loss) earnings per shareReported (GAAP)$        604,702 $        210,109 $        157,233 $        23,291 $        16,697 $        12,888 $        (10,906)$        (4,570)$        (15,476)$        (0.63)Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)          35%         26%         4%         3%         2%        (2)%        (41.9)%        (3)% Contract manufacturing         (5,212)         —          —          —          —          —          —          —          —  Stock compensation expense         —          1,683          (9,868)         (628)         —          12,179          12,179          (2,957)         9,222          0.37 Amortization expense         —          1,039          (31,533)         —          —          32,572          32,572          (8,026)         24,546          0.99 Depreciation expense reduction - assets held for sale classification         —          (3,223)         —          —          —          (3,223)         (3,223)         790          (2,433)         (0.10)Restructuring, strategic transaction and integration         —          —          —          —          (16,697)         16,697          16,697          (4,091)         12,606          0.51 Quality system and product-related remediation         —          9,980          —          —          —          9,980          9,980          (2,338)         7,642          0.31 Tax expense from valuation allowance*         —          —          —          —          —          —          —          6,402          6,402          0.26 Adjusted (Non-GAAP)**$        599,490 $        219,588 $        115,832 $        22,663 $        — $        81,093 $        57,299 $        (14,790)$        42,509 $        1.72 Adjusted percent of total revenues (or percent of (loss) income before income taxes for provision for income taxes)          37%         19%         4%         —%         14%         10%         25.8%         7% 
_____________
* 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 March 31, 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

 ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)
(In thousands, except percentages)
 Reconciliation of GAAP revenue growth to Non-GAAP organic revenue growth:       Three months ended
March 31, 2026
 2025
Consumables GAAP revenue$        278,275   $        266,226  Consumables GAAP revenue growth         5 %
          9 %Foreign currency impact (3)         (6,814)   Non-GAAP organic revenue$        271,461   $        266,226  Non-GAAP organic revenue growth         2 %
          10 %      Infusion Systems GAAP revenue$        179,604   $        166,300  Infusion Systems GAAP revenue growth         8 %
          6 %Foreign currency impact (3)         (3,636)   Non-GAAP organic revenue$        175,968   $        166,300  Non-GAAP organic revenue growth          6 %
          8 %      Vital Care GAAP revenue$        72,346   $        172,176  Vital Care GAAP revenue growth        (58)%
          4 %MSA Revenue (1)         (4,451)           (5,212) Non-GAAP adjusted revenue         67,895            166,964  Non-GAAP adjusted revenue growth        (59)%
          10 %Less: Revenue from divested business (2)             (89,494) Foreign currency impact (3)         (1,401)   Non-GAAP organic revenue$        66,494   $        77,470  Non-GAAP organic revenue growth         (14)
%
          11 %      Total GAAP revenue$        530,225   $        604,702  Total GAAP revenue growth        (12)%           7 %MSA Revenue (1)         (4,451)           (5,212) Non-GAAP adjusted revenue         525,774            599,490  Non-GAAP adjusted revenue growth        (12)%          8 %Less: Revenue from divested business (2)             (89,494) Foreign currency impact (3)         (11,851)   Non-GAAP organic revenue$        513,923   $        509,996  Non-GAAP organic revenue growth          1 %          10 % _____________________________________________

(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.

 ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)
(In thousands)
 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow     Three months ended
March 31,  2026   2025 Net cash provided by operating activities$        38,909           51,327 Purchase of property, plant and equipment         (11,302)          (14,621)Proceeds from sale of assets         1           42 Free cash flow$        27,608  $        36,748  CONTACT:
ICU Medical, Inc.                                        
Brian Bonnell, Chief Financial Officer
(949) 366-2183

      ICR, Inc.
John Mills, Partner
(646) 277-1254

ICU Medical, Inc. (ICUI) Q1 2026 Earnings Call Transcript

Virginia Ruth Sanzone, Vice President and General Counsel at ICU Medical (ICUI +0.41%), reported the sale of 2,447 shares of common stock in an open-market transaction on May 14, 2026, for a total value of approximately $304,000, as detailed in this SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)2,447Transaction value$304,000Post-transaction shares (direct)19,460Post-transaction value (direct ownership)$2.4 millionTransaction value based on SEC Form 4 reported price ($124.08); post-transaction value based on May 14, 2026 market close price as reported in the SEC filing ($122.99).

Key questionsHow does the size of this sale compare to Sanzone’s prior trading activity?
This 2,447-share sale is the largest single direct sale Sanzone has made in the trailing twelve months, exceeding the previous two direct sales of 700 and 930 shares respectively, and also surpassing her average direct sale size of ~1,531 shares since March 2024.What proportion of Sanzone’s available shares did this transaction represent?
The sale accounted for 11.17% of her direct holdings at the time, reducing her position from 21,907 to 19,460 shares, consistent with her historical pattern of periodic net selling as available capacity has declined.Were any indirect interests or derivative instruments involved in this transaction?
No; the transaction involved only direct ownership of common stock, with no indirect holdings (such as trusts or LLCs) or derivative securities (such as options) reported in this filing.How does the transaction value relate to recent price performance and current market context?
The shares were sold at $124.08 per share, just above the May 14, 2026 market close of $122.99; as of May 17, 2026, the stock is priced at $118.72, reflecting a one-year total return of -16.03%.Company overviewMetricValueRevenue (TTM)$2.16 billionNet income (TTM)$46.34 millionEmployees15,0001-year price change4.2%* 1-year performance calculated using June 9, 2026 as the reference date.

Company snapshotICUI develops and manufactures infusion therapy devices, IV solutions, infusion pumps, medication safety software, and critical care monitoring systems, marketed under brands such as MicroClave, Plum 360, and Cogent.It generates revenue primarily through the sale of proprietary medical devices and consumables to healthcare providers, leveraging a recurring sales model for consumable products and integrated software solutions.the company serves acute care hospitals, ambulatory clinics, wholesalers, outpatient facilities, home health care providers, and long-term care facilities globally.ICU Medical is a leading global provider of infusion therapy and critical care medical devices, with a diversified product portfolio and a strong presence in hospital and alternate care settings. The company's scale, integrated solutions, and focus on patient safety support its competitive positioning in the healthcare sector. Strategic emphasis on innovation and recurring consumable sales underpins revenue stability and long-term growth potential.

What this transaction means for investorsSanzone's open-market sale is a footnote here. The more relevant question is whether ICUI itself is worth owning. ICU Medical's core business is infusion therapy infrastructure — the pumps, tubing, connectors, and software that hospitals depend on to deliver IV medications safely. The consumables model generates predictable recurring revenue, and the software layer creates meaningful switching costs; hospitals that standardize on ICU Medical's platform don't swap it out easily. The more pressing question is whether the company can convert that stickiness into margin expansion while carrying roughly $1 billion in net debt from the 2022 Smiths Medical acquisition. That debt is the central tension in the thesis right now — with the Fed holding at 3.5–3.75% and rate hike talk creeping back in on the heels of today's 4.2% CPI print, the timeline to the stated 2x leverage target matters more than it did a year ago, and it directly delays any buyback story. The good news is that the Smiths integration is closer to done than it's been — manufacturing consolidation on the two large legacy sites is largely finished, a new pump line with software subscription revenue is coming, and management is targeting a 43% gross margin exit rate. The bad news is that this has been a show-me story for three years, and tariffs add another $40–50 million in headwinds this year alone. Investors weighing a position are essentially betting that execution finally catches up to the promise in a macro environment that doesn't reward patience cheaply. For me there are more headwinds than I’d like to see if I were starting a position. If you own if and believe the long term thesis it may be worth keeping an eye on.

If you’d like to learn more about the healthcare sector, check out this article covering the big players in this space.

Seena Hassouna has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.