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:ReiteratedDate:02/21/26
ICUI scores in the mid-range primarily due to mixed financial performance (thin profitability and elevated leverage, partially offset by improving recent cash generation). The technical picture is moderately supportive with a clear uptrend, while valuation is pressured by a negative P/E. The earnings call adds a positive tilt through improving margin/FCF guidance and a clear debt-reduction focus, but tariffs, deconsolidation effects, and integration costs remain meaningful near-term headwinds.
Positive Factors
Recurring Consumables Revenue
ICU Medical’s business model centers on an installed-base consumables stream sold to hospitals under contracts and GPOs. That structural recurring revenue supports predictable demand, high customer stickiness, and steady cash flow generation versus one-time equipment sales, bolstering durable revenue visibility.
Negative Factors
Elevated Leverage
Debt growth since 2022 leaves the balance sheet with elevated leverage (net ~2.5x). Higher leverage constrains financial flexibility, increases interest costs, and makes growth investments and restructuring more execution-sensitive until FCF-driven paydown materially lowers leverage toward the 2.0x target.
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Positive Factors
Negative Factors
Recurring Consumables Revenue
ICU Medical’s business model centers on an installed-base consumables stream sold to hospitals under contracts and GPOs. That structural recurring revenue supports predictable demand, high customer stickiness, and steady cash flow generation versus one-time equipment sales, bolstering durable revenue visibility.
Read all positive factors
ICU Medical (ICUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.98B
Dividend YieldN/A
Average Volume (3M)270.30K
Price to Earnings (P/E)4802.4
Beta (1Y)0.76
Revenue Growth-6.24%
EPS GrowthN/A
CountryUS
Employees15,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.91
Shares Outstanding24,992,388
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 Cap1.33
Enterprise Value/Revenue1.78
Enterprise Value/Gross Profit4.83
Enterprise Value/Ebitda13.34
Forecast
1Y Price Target
$163.50Price Target Upside7.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)8.1
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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call highlighted clear operational progress — record operational quarters, closure of a major FDA warning letter, near-completion of manufacturing and ERP integrations, product roadmap advancement, steady organic growth and disciplined debt reduction. However, material near-term headwinds remain: the deconsolidation of the IV Solutions JV, substantial tariff costs, integration and remediation spend that depressed EBITDA and EPS in the short term, and an underperforming Vital Care segment. Management provided conservative but constructive 2026 guidance and expects improvements in margins and free cash flow as integrations complete and tariff actions/mitigations progress. Overall, the narrative is one of progress toward targets with meaningful but addressable obstacles still weighing on near-term financials.Positive Updates
Q4 Revenue and Organic Growth
Q4 revenue of $536 million; total company organic growth of 2% in Q4 and 5% organic growth for full year 2025 (reported -14% in Q4 due to IV Solutions deconsolidation).
Negative Updates
Deconsolidation Impact from IV Solutions JV
Mid-2025 creation of the Otsuka JV and deconsolidation of IV Solutions materially impacted reported revenue and EBITDA comparisons: reported Q4 revenue declined by 14% and deconsolidation contributed to ~ $25 million of year-over-year EBITDA headwind for Q4 (part of ~$25M annualized impact).
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Q4-2025 Updates
Positive
Negative
Q4 Revenue and Organic Growth
Q4 revenue of $536 million; total company organic growth of 2% in Q4 and 5% organic growth for full year 2025 (reported -14% in Q4 due to IV Solutions deconsolidation).
Read all positive updates
Company Guidance
ICU Medical guided 2026 to consolidated organic revenue growth of low- to mid-single-digits (consumables and infusion systems each mid-single-digits; Vital Care flat to slightly down), adjusted gross margin around 41% (improving through the year), tariff expense roughly 2% of revenue (the annualized tariff + IV solutions deconsolidation impact ≈ $25M), adjusted operating expense ~25% of revenue (SG&A ~21%, R&D ~4%), adjusted EBITDA $400–$430M, adjusted EPS $7.75–$8.45, net interest ≈ $70M, adjusted tax rate ≈25%, diluted shares ≈25.3M, and free cash flow expected to improve versus 2025’s $100M (FCF weighted to the back half); balance-sheet focus remains debt paydown from any FCF (net debt ≈ $1.0B; debt $1.3B; cash $308M; net leverage just under 2.5x; target ~2.0x by early 2027).ICU Medical Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
44
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B |
| Gross Profit | 819.65M | 824.78M | 739.87M | 697.76M | 491.49M |
| EBITDA | 326.54M | 42.96M | 253.20M | 191.55M | 223.46M |
| Net Income | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
Balance Sheet | |||||
| Total Assets | 4.05B | 4.20B | 4.38B | 4.52B | 1.88B |
| Cash, Cash Equivalents and Short-Term Investments | 307.96M | 308.57M | 254.72M | 213.01M | 567.25M |
| Total Debt | 1.39B | 1.64B | 1.70B | 1.73B | 45.05M |
| Total Liabilities | 1.93B | 2.24B | 2.26B | 2.43B | 264.71M |
| Stockholders Equity | 2.12B | 1.97B | 2.12B | 2.09B | 1.62B |
Cash Flow | |||||
| Free Cash Flow | 91.80M | 124.66M | 72.53M | -161.46M | 186.37M |
| Operating Cash Flow | 179.85M | 204.03M | 166.20M | -62.13M | 267.54M |
| Investing Cash Flow | 122.23M | -88.96M | -87.95M | -1.91B | -90.69M |
| Financing Cash Flow | -311.52M | -55.80M | -35.98M | 1.64B | -16.87M |
ICU Medical Technical Analysis
Neutral
151.65
Price Trends
136.08
Negative
142.24
Negative
134.11
Negative
Market Momentum
-2.04
Negative
51.37
Neutral
67.27
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 151.65 is above the 20-day moving average (MA) of 126.43, above the 50-day MA of 136.08, and above the 200-day MA of 134.11, indicating a neutral trend. The MACD of -2.04 indicates Negative momentum. The RSI at 51.37 is Neutral, neither overbought nor oversold. The STOCH value of 67.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $42.44B | 28.46 | 6.93% | 2.13% | 6.22% | 1.52% | |
64 Neutral | $12.27B | 30.60 | 4.83% | ― | 5.69% | -2.65% | |
57 Neutral | $2.98B | 4,802.44 | 0.04% | ― | -6.24% | ― | |
55 Neutral | $7.89B | 27.77 | 14.68% | 1.50% | 8.95% | 6.13% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $9.08B | -144.20 | -13.78% | 2.75% | -4.79% | -78.01% |
* Healthcare Sector Average
ICUI
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ICU Medical Corporate Events
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.