Strong Revenue Growth
ICU Medical reported Q1 revenue of $599 million, reflecting a total company growth of 10% on a constant currency basis and 8% reported. All three reporting segments experienced good year-over-year growth.
Significant Debt Repayment
The company repaid almost $250 million in principal year to date, aided by excess cash generated in Q1 and the net proceeds from a joint venture.
Consumables Business Growth
The consumables business grew by 10% constant currency and 9% reported, driven by new global customer implementations, price improvements, and rapid growth in niche markets.
Vital Care Segment Growth
The Vital Care segment grew by 11% constant currency and 10% reported, with IV Solutions being the largest component of segment growth.
Joint Venture Formation
ICU Medical announced the formation of a joint venture with Otsuka Pharmaceutical Factory, providing better access to technology and a more complete product offering.