ICU Medical (ICUI) AI Stock Analysis

• Market Cap: $3.37B
• Dividend Yield: N/A
• Average Volume (3M): 253.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• Revenue Growth: 7.19%
• EPS Growth: -56.19%
• Country: US
• Employees: 15,000
• Sector: Healthcare
• Sector Strength: 55
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 1.72
• Shares Outstanding: 24,611,937
• 10 Day Avg. Volume: 220,972
• 30 Day Avg. Volume: 253,082
• PEG Ratio: 0.31
• Price to Book (P/B): 1.80
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -23.28
• Enterprise Value/Market Cap: 1.55
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 6.12
• Enterprise Value/Ebitda: 4.11
• 1Y Price Target: $189.00
• Price Target Upside: 42.77% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 68 Neutral
• Price Target: $150.00 ▲(13.31%Upside)

ICU Medical's overall score reflects a robust revenue and cash flow performance, counterbalanced by persistent net losses and valuation challenges. The earnings call highlighted positive growth and strategic initiatives, but also noted tariff and regulatory challenges. Technical indicators suggest mixed market sentiment.

Positive Factors

Market Position

ICUI is a leading player in the infusion pumps and critical care products market, which is growing and offers share gain opportunities.

Partnership Benefits

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

Revenue Growth

ICUI's revenue growth improved to 10% CC, driven by Consumables and Infusion Systems, beating consensus expectations.

Negative Factors

Guidance Limitations

Management maintained their prior 2025 EBITDA and EPS guidance but now expects to be at the low end of the ranges due to tariffs.

Tariff Risks

ICUI expects a $25-30M tariff impact mostly in 2H25 with potential remedies to mitigate the impact, but tariffs remain a concern.

Valuation Concerns

ICUI's valuation is well above peers with similar organic growth rates, suggesting potential overvaluation concerns.

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 demonstrates growth and resilience in revenue and cash flow, indicating operational strength in the medical instruments sector. However, consistent net losses highlight a need for strategic adjustments to enhance profitability and shareholder value. Debt levels are rising, but not yet alarming, provided the company addresses its profit margins.

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
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
2.42B	2.38B	2.26B	2.28B	1.32B	1.27B
	Gross Profit
849.65M	824.78M	739.87M	697.76M	491.49M	461.50M
	EBIT
66.51M	42.96M	22.82M	-8.70M	52.38M	41.81M
	EBITDA
245.07M	42.96M	253.20M	191.55M	223.46M	194.09M
	Net Income Common Stockholders
-93.69M	-117.69M	-29.66M	-74.29M	103.14M	86.87M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
289.70M	308.57M	254.72M	213.01M	567.25M	410.78M
	Total Assets
4.18B	4.20B	4.38B	4.52B	1.88B	1.76B
	Total Debt
1.54B	1.64B	1.70B	1.65B	45.05M	52.15M
	Net Debt
1.25B	1.33B	1.45B	1.44B	-507.78M	-343.95M
	Total Liabilities
2.20B	2.24B	2.26B	2.43B	264.71M	261.43M
	Stockholders Equity
1.99B	1.97B	2.12B	2.09B	1.62B	1.50B
Cash Flow		Free Cash Flow
131.93M	124.66M	72.53M	-161.46M	186.37M	122.36M
	Operating Cash Flow
209.57M	204.03M	166.20M	-62.13M	267.54M	222.75M
	Investing Cash Flow
-87.91M	-88.96M	-87.95M	-1.91B	-90.69M	-98.14M
	Financing Cash Flow
-85.29M	-55.80M	-35.98M	1.64B	-16.87M	-40.00K

ICU Medical Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 132.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICUI, the sentiment is Negative. The current price of 132.38 is below the 20-day moving average (MA) of 133.59, below the 50-day MA of 136.60, and below the 200-day MA of 156.88, indicating a bearish trend. The MACD of -0.96 indicates Negative momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 62.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICUI.

ICU Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAE	76 Outperform	$3.47B	21.56	18.83%	―	3.95%	44.09%
HOLX	70 Outperform	$14.52B	27.27	11.77%	―	1.66%	21.95%
ICUI	68 Neutral	$3.37B	―	-4.62%	―	7.19%	-56.19%
TFX	58 Neutral	$5.41B	38.60	3.48%	1.11%	0.29%	-48.98%
MASI	57 Neutral	$9.11B	116.65	-23.93%	―	-0.12%	-713.82%
Sector *	54 Neutral	$5.38B	3.31	-45.11%	3.29%	16.82%	0.04%
QDEL	52 Neutral	$2.09B	―	-10.59%	―	-3.18%	81.18%

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.