Icu Medical (ICUI)
NASDAQ:ICUI
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ICU Medical
(NASDAQ:ICUI)
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Rating:57Neutral
Price Target:
$123.00
▼(-18.89% Downside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by a improving but still mixed financial profile (return to profitability, positive cash flow, and easing leverage) tempered by ongoing top-line pressure and thin margins. Technicals detract meaningfully as the stock trades below key moving averages with negative MACD. Valuation looks only fair given earnings volatility, while the latest earnings call supports a modestly positive outlook via reiterated guidance and margin/cash-flow targets despite tariff, cost, and regulatory timing risks.
Positive Factors
Installed-base consumables model
ICU Medical's core business ties durable recurring consumable demand to installed capital platforms in hospitals. Standardization, multi-year contracts and GPO arrangements drive repeat purchases, producing predictable recurring revenue and higher lifetime customer value versus one-time equipment sales.
Negative Factors
Reported revenue decline from deconsolidation
A large deconsolidation materially reduced reported scale and complicates growth comparability. Even if organic trends are nearer to flat, lower reported revenue weakens scale economies, pressures fixed-cost absorption, and makes forecasting and investor confidence in sustainable top-line growth harder to establish.
Read all positive and negative factors
Positive Factors
Negative Factors
Installed-base consumables model
ICU Medical's core business ties durable recurring consumable demand to installed capital platforms in hospitals. Standardization, multi-year contracts and GPO arrangements drive repeat purchases, producing predictable recurring revenue and higher lifetime customer value versus one-time equipment sales.
Read all positive factors
ICU Medical (ICUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.33B
Dividend YieldN/A
Average Volume (3M)270.30K
Price to Earnings (P/E)26.5
Beta (1Y)0.79
Revenue Growth-10.76%
EPS GrowthN/A
CountryUS
Employees15,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.87
Shares Outstanding24,993,586
10 Day Avg. Volume234,095
30 Day Avg. Volume270,295
Financial Highlights & Ratios
PEG Ratio-47.73
Price to Book (P/B)1.66
Price to Sales (P/S)1.58
P/FCF Ratio38.29
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue2.03
Enterprise Value/Gross Profit5.59
Enterprise Value/Ebitda13.94
Forecast
1Y Price Target
$163.50Price Target Upside7.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)8.08
Revenue Forecast (FY)$2.17B
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 M...
How the Company Makes Money
ICU Medical makes money primarily by selling medical devices and, importantly, the recurring disposable consumables that are used with those devices. A core part of the revenue model is an “installed base + consumables” dynamic: hospitals purchase...
ICU Medical Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call framed a company with healthy operational momentum in its core businesses: record Infusion Systems results, modest consumables growth, gross margin expansion, and EPS improvement (+15%). Offsetting these positives are transitory but material items that affect reported results and near-term risk: the IV Solutions deconsolidation lowering reported revenue, tariff and logistics cost pressures (potential ~$10M headwind), ongoing integration/remediation spend, and timing risk from additional FDA testing for new pump hardware. Management reiterated full-year guidance and articulated paths to offset macro and trade headwinds through tariff benefits and operational efficiencies, signaling confidence in achieving targets.Positive Updates
Revenue and Organic Growth
Q1 revenue of $526 million, representing 1% organic growth. Reported revenue declined 12% year-over-year due to the mid-2025 deconsolidation of IV Solutions (Otsuka JV) but core organic trends were positive.
Negative Updates
Reported Revenue Decline due to Deconsolidation
Reported revenue fell 12% year-over-year primarily because IV Solutions was deconsolidated following the mid-2025 Otsuka JV; this materially affects reported comparability even though underlying organic trends are nearer to flat or modest growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Organic Growth
Q1 revenue of $526 million, representing 1% organic growth. Reported revenue declined 12% year-over-year due to the mid-2025 deconsolidation of IV Solutions (Otsuka JV) but core organic trends were positive.
Read all positive updates
Company Guidance
Management reiterated no change to full‑year guidance while detailing Q1 and key assumptions: Q1 revenue was $526M (organic +1%, reported -12%), adjusted gross margin ~41%, adjusted EBITDA $99M, adjusted EPS $1.97 (up 15% YoY from $1.72) and free cash flow $28M (full‑year target roughly $150M); debt $1.3B and cash $288M with 25.2M diluted shares. By business, Consumables grew 5% reported / 2% organic, IV Systems grew 8% reported / 6% organic (record pumps quarter) and Vital Care was down 14% organic / -59% reported (deconsolidation effects); Q1 adjusted SG&A was $112M (~21% of adjusted revenue), R&D $21M (~4%), restructuring/integration $17M, CapEx $11M, and $9M of remediation spend. They reported $10M of Q1 tariff expense (~2% of adjusted revenue), are using a $10/barrel -> $3M annualized sensitivity (implying ~ $10M incremental 2026 logistics cost on current oil/diesel forecasts), expect Section 122 tariffs (10%) to trim near‑term tariff costs versus prior IEEPA assumptions (original FY tariff range basis $40–$50M) and said the lower tariffs plus accelerated operational efficiencies should largely offset higher freight; they are not assuming any potential IEEPA refunds in guidance. Management also reiterated targets to capture ~2 percentage points of additional gross margin, deliver at/above long‑term core revenue targets, improve free cash flow, and get leverage to ~2x or less (they are within roughly a half‑turn today).ICU Medical Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
61
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.16B | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B |
| Gross Profit | 784.17M | 819.65M | 824.78M | 739.87M | 697.76M | 491.49M |
| EBITDA | 314.46M | 326.54M | 42.96M | 253.20M | 191.55M | 223.46M |
| Net Income | 46.34M | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
Balance Sheet | ||||||
| Total Assets | 4.01B | 4.05B | 4.20B | 4.38B | 4.52B | 1.88B |
| Cash, Cash Equivalents and Short-Term Investments | 288.33M | 307.96M | 308.57M | 254.72M | 213.01M | 567.25M |
| Total Debt | 1.34B | 1.39B | 1.64B | 1.70B | 1.73B | 45.05M |
| Total Liabilities | 1.90B | 1.93B | 2.24B | 2.26B | 2.43B | 264.71M |
| Stockholders Equity | 2.11B | 2.12B | 1.97B | 2.12B | 2.09B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 80.40M | 91.80M | 124.66M | 72.53M | -161.46M | 186.37M |
| Operating Cash Flow | 167.43M | 179.85M | 204.03M | 166.20M | -62.13M | 267.54M |
| Investing Cash Flow | 127.83M | 122.23M | -88.96M | -87.95M | -1.91B | -90.69M |
| Financing Cash Flow | -299.31M | -311.52M | -55.80M | -35.98M | 1.64B | -16.87M |
ICU Medical Technical Analysis
Positive
151.65
Price Trends
125.08
Positive
136.52
Negative
133.43
Negative
Market Momentum
0.89
Negative
63.05
Neutral
87.98
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICUI, the sentiment is Positive. The current price of 151.65 is above the 20-day moving average (MA) of 122.72, above the 50-day MA of 125.08, and above the 200-day MA of 133.43, indicating a neutral trend. The MACD of 0.89 indicates Negative momentum. The RSI at 63.05 is Neutral, neither overbought nor oversold. The STOCH value of 87.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICUI.
ICU Medical Risk Analysis
ICU Medical disclosed 40 risk factors in its most recent earnings report. ICU Medical reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ICU Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $12.20B | 30.60 | 4.83% | ― | 5.69% | -2.65% | |
64 Neutral | $40.68B | -35.47 | 4.54% | 2.13% | 2.39% | -24.85% | |
57 Neutral | $3.33B | 26.54 | 2.19% | ― | -10.76% | ― | |
55 Neutral | $7.42B | 27.77 | 14.33% | 1.50% | 8.95% | 6.13% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $9.91B | -144.20 | -16.43% | 2.75% | -4.79% | -78.01% |
* Healthcare Sector Average
ICUI
ICU Medical
133.31
4.32
3.35%
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116.23
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BDX
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COO
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ICU Medical Corporate Events
Business Operations and StrategyShareholder Meetings
ICU Medical Enhances Governance with New Shareholder Rights
Positive
May 18, 2026
At its annual meeting on May 13, 2026, ICU Medical shareholders approved amendments to the company’s charter to replace certain supermajority voting provisions with simple majority voting and to grant investors holding at least 25% of voting...
Business Operations and StrategyExecutive/Board Changes
ICU Medical Extends Executive Severance Plan for Leadership Stability
Positive
Feb 20, 2026
On February 20, 2026, ICU Medical, Inc. announced that its Board Compensation Committee approved an amendment to the company’s Executive Severance Plan, which had previously been amended on December 31, 2019. The amendment, effective Decembe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.