ICU Medical (ICUI) AI Stock Analysis

• Market Cap: $3.18B
• Dividend Yield: N/A
• Average Volume (3M): 205.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: 7.19%
• EPS Growth: -56.19%
• Country: US
• Employees: 15,000
• Sector: Healthcare
• Sector Strength: 37
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 1.72
• Shares Outstanding: 24,611,937
• 10 Day Avg. Volume: 187,237
• 30 Day Avg. Volume: 205,201
• PEG Ratio: -1.61
• Price to Book (P/B): 1.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 23.75
• Enterprise Value/Market Cap: 1.37
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 5.13
• Enterprise Value/Ebitda: 3.45
• 1Y Price Target: $189.00
• Price Target Upside: 46.30% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 67 Neutral
• Price Target: $144.00 ▲(11.46%Upside)

ICU Medical's stock score is driven by its strong earnings call performance, showcasing revenue growth and strategic debt repayment. However, financial performance and valuation scores are hindered by ongoing net losses and a negative P/E ratio. Technical indicators suggest caution, balancing the overall score.

Positive Factors

Financial Performance

ICUI's 1Q25 revenue, EBITDA, and EPS beat consensus.

Partnerships

ICUI's partnership with Otsuka is expected to boost both revenue growth and margin profile, supporting a higher valuation.

Revenue Growth

Revenue growth improved to 10% CC in 1Q25 from 7% CC in 4Q24, driven by Consumables and Infusion Systems.

Negative Factors

Profitability Concerns

Margin outlook was addressed, suggesting some concerns about profitability.

Tariff Impact

ICUI expects a $25-30M tariff impact mostly in 2H25 but expects more favorable currency rates and mitigation efforts to reduce this to $5-10M of unmitigated residual impact.

Valuation Concerns

ICUI's valuation is well above peers with similar organic growth rates.

ICU Medical Business Overview & Revenue Model

Company Description

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy and critical care applications worldwide. The company's infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; SwabCap and SwabTip disinfecting caps; Tego hemodialysis connectors; ClearGuard HD, an antimicrobial barrier cap for hemodialysis catheters; and ChemoClave and ChemoLock closed system transfer devices, as well as Diana hazardous drug compounding system for the preparation of hazardous drugs. It also 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 comprising sodium chloride and sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options. The company offers infusion pumps under the Plum 360 and LifeCare PCA brands; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform that connects smart pumps to hospital's electronic health records, asset tracking systems, and alarm notification platforms; and related professional services. It also provides critical care products, such as Cogent 2-in-1 and CardioFlo hemodynamic monitoring systems; TDQ and OptiQ cardiac output monitoring catheters; TriOx venous oximetry catheters; Transpac blood pressure transducers; and SafeSet closed blood sampling and conservation systems. The company sells its products to acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, including outpatient clinics, home health care providers, and long-term care facilities. ICU Medical, Inc. was founded in 1984 and is headquartered in San Clemente, California.

How the Company Makes Money

ICU Medical generates revenue primarily through the sale of its medical devices and systems to healthcare providers, hospitals, and other medical institutions. Its key revenue streams include the sale of intravenous therapy systems, needle-free connectors, and closed system transfer devices, which are essential for safe and effective medication delivery. Additionally, the company benefits from long-term contracts and partnerships with hospitals and healthcare facilities, ensuring a steady demand for its products. Other factors contributing to its earnings include innovations in product design that meet regulatory standards and enhance patient safety, as well as strategic acquisitions that expand its product portfolio and market reach.

ICU Medical Financial Statement Overview

Summary

ICU Medical shows solid revenue growth and robust cash flow, but faces challenges with consistent net losses and rising debt levels. These factors slightly dampen the overall financial health score.

Income Statement

The company shows solid revenue growth of 7.15% from 2023 to TTM, driven by strategic advancements in the medical supplies sector. Despite a negative net income in recent periods, EBIT and EBITDA margins are improving, indicating potential for future profitability. However, continued net losses may pose a risk if not addressed.

Balance Sheet

ICU Medical maintains a stable equity ratio of around 47.5% in TTM, showcasing a strong asset base. The debt-to-equity ratio is manageable at 0.77, but the trend of increasing debt warrants caution. Return on equity is negative due to net losses, impacting overall shareholder returns.

Cash Flow

Operating cash flow remains robust, with a healthy ratio to net income, suggesting efficient core business operations. Free cash flow has improved significantly in TTM, with a positive growth rate of 5.82% from 2024. This indicates strong cash generation capabilities, despite recent net losses.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.38B	2.26B	2.28B	1.32B	1.27B
Gross Profit	824.78M	739.87M	697.76M	491.49M	461.50M
EBITDA	42.96M	253.20M	191.55M	223.46M	194.09M
Net Income	-117.69M	-29.66M	-74.29M	103.14M	86.87M
Balance Sheet
Total Assets	4.20B	4.38B	4.52B	1.88B	1.76B
Cash, Cash Equivalents and Short-Term Investments	308.57M	254.72M	213.01M	567.25M	410.78M
Total Debt	1.64B	1.70B	1.65B	45.05M	52.15M
Total Liabilities	2.24B	2.26B	2.43B	264.71M	261.43M
Stockholders Equity	1.97B	2.12B	2.09B	1.62B	1.50B
Cash Flow
Free Cash Flow	124.66M	72.53M	-161.46M	186.37M	122.36M
Operating Cash Flow	204.03M	166.20M	-62.13M	267.54M	222.75M
Investing Cash Flow	-88.96M	-87.95M	-1.91B	-90.69M	-98.14M
Financing Cash Flow	-55.80M	-35.98M	1.64B	-16.87M	-40.00K

ICU Medical Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 129.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICUI, the sentiment is Neutral. The current price of 129.19 is below the 20-day moving average (MA) of 130.20, below the 50-day MA of 131.96, and below the 200-day MA of 151.07, indicating a bearish trend. The MACD of -1.78 indicates Positive momentum. The RSI at 48.85 is Neutral, neither overbought nor oversold. The STOCH value of 50.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ICUI.

ICU Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAE	79 Outperform	$3.57B	22.39	18.83%	―	3.95%	44.09%
HOLX	70 Outperform	$14.70B	27.85	11.77%	―	1.66%	21.95%
ICUI	67 Neutral	$3.18B	―	-4.62%	―	7.19%	-56.19%
TFX	63 Neutral	$5.13B	36.95	3.48%	1.17%	0.29%	-48.98%
MASI	61 Neutral	$8.75B	116.65	-23.93%	―	-0.12%	-713.82%
QDEL	47 Neutral	$1.80B	―	-10.59%	―	-3.18%	81.18%
Sector *	46 Neutral	C$201.68M	-3.28	-23.14%	1.87%	20.75%	-0.36%

ICU Medical Corporate Events

ICU Medical Stockholders Approve Key Proposals at Meeting

On May 13, 2025, ICU Medical, Inc. held its annual meeting of stockholders, where several key proposals were approved. The stockholders approved an amendment to the 2011 Stock Incentive Plan, increasing the number of shares available for issuance and for incentive stock options by 2,150,000 shares each. Additionally, the election of directors, the ratification of Deloitte & Touche LLP as the independent auditor, the executive officer compensation, and a stockholder proposal for simple majority voting were all approved.

The most recent analyst rating on (ICUI) stock is a Hold with a $183.00 price target. To see the full list of analyst forecasts on ICU Medical stock, see the ICUI Stock Forecast page.