ICU Medical (ICUI) AI Stock Analysis

• Market Cap: $3.70B
• Dividend Yield: N/A
• Average Volume (3M): 270.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: -0.81%
• EPS Growth: 93.27%
• Country: US
• Employees: 15,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 2.03
• Shares Outstanding: 24,686,660
• 10 Day Avg. Volume: 234,095
• 30 Day Avg. Volume: 270,295
• PEG Ratio: -0.11
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 1.59
• P/FCF Ratio: 30.36
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 2.05
• Enterprise Value/Gross Profit: 5.63
• Enterprise Value/Ebitda: 14.71
• 1Y Price Target: $173.50
• Price Target Upside: 14.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $167.00 ▲(10.12% Upside)

ICU Medical's overall stock score is driven by a positive earnings call and strong technical indicators, which are offset by financial performance challenges and a concerning valuation. The company's operational improvements and increased guidance are significant strengths, but profitability issues and a negative P/E ratio present risks.

Positive Factors

Recurring Consumables Revenue

Sustained growth in consumables indicates a durable recurring revenue stream tied to installed devices. High attach rates and repeat purchases improve revenue visibility, support gross margins, and provide predictable cash generation that underpins long-term investment and resilience.

Improving Free Cash Flow and Deleveraging

Rising free cash flow and substantial principal repayments materially strengthen the firm's financial flexibility. Lower leverage and an interest-savings refinancing provide enduring benefits: reduced financing risk, capacity for targeted R&D or bolt-on M&A, and a buffer against cyclical pressures.

Operational Margin Recovery and Upward Guidance

Improving gross margins and disciplined operating expense control indicate operational leverage and execution. Higher adjusted EBITDA and raised guidance suggest management can sustainably convert revenue into profits, bolstering capacity to reinvest in products and support medium-term growth.

Negative Factors

Negative Net Profitability

A persistent negative net margin undermines retained earnings and limits internal funding for R&D, capex, and strategic initiatives. Until profitability consistently turns positive, the company faces constrained reinvestment capacity and heightened sensitivity to revenue shocks or cost inflation.

Tariff Exposure Compressing Margins

Rising tariff costs are a structural headwind that increase COGS and compress margins unless offset by pricing, sourcing shifts, or cost cuts. Persistent trade-related charges reduce margin stability and could force product pricing or supply-chain changes that harm competitiveness over the medium term.

Segment Volatility and Forecasting Risk

A sharp segment decline and deconsolidation signal structural revenue shifts and greater volatility in reported sales. Combined with unpredictable installation schedules, this reduces forward visibility, complicates capacity planning, and raises execution risk for achieving long-term growth targets.

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 products, specifically in the infusion therapy market. Key revenue streams include the direct sales of infusion pumps, IV sets, and related accessories to hospitals and healthcare institutions globally. The company also earns income through recurring sales of consumables associated with its devices. Significant partnerships with healthcare providers and distributors enhance its market reach and sales potential. Additionally, ICU Medical has benefited from strategic acquisitions that bolster its product portfolio and expand its market presence, contributing to overall revenue growth.

ICU Medical Financial Statement Overview

Summary

ICU Medical faces profitability challenges with a negative net profit margin and return on equity. However, operational efficiencies are improving, and debt management is prudent. Cash flow improvements are a positive sign, but the company needs to focus on enhancing profitability to strengthen its financial health.

Income Statement

ICU Medical's income statement reveals a challenging financial environment. The TTM data shows a negative net profit margin of -0.25%, indicating the company is not currently profitable. Revenue has declined by 2.2% compared to the previous year, suggesting potential issues in sales or market conditions. However, the gross profit margin is relatively stable at 36.47%, and the EBIT margin has improved to 3.42%, indicating some operational efficiency. Overall, the company faces profitability challenges but shows some operational strengths.

Balance Sheet

The balance sheet of ICU Medical shows a moderate financial position. The debt-to-equity ratio has improved to 0.62, indicating a reduction in leverage compared to previous years. However, the return on equity remains negative at -0.28%, reflecting ongoing profitability issues. The equity ratio is stable, suggesting a balanced asset structure. While the company has managed its debt levels, the negative ROE highlights the need for improved profitability.

Cash Flow

ICU Medical's cash flow statement indicates a mixed performance. The operating cash flow to net income ratio is 0.32, showing that cash generation is not fully aligned with earnings. However, free cash flow has grown by 9.96%, and the free cash flow to net income ratio is 0.44, suggesting some improvement in cash management. Despite challenges, the company is making strides in improving its cash flow position.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.32B	2.38B	2.26B	2.28B	1.32B	1.27B
Gross Profit	846.31M	824.78M	739.87M	697.76M	491.49M	461.50M
EBITDA	324.18M	42.96M	253.20M	191.55M	223.46M	194.09M
Net Income	-7.36M	-117.69M	-29.66M	-74.29M	103.14M	86.87M
Balance Sheet
Total Assets	4.10B	4.20B	4.38B	4.52B	1.88B	1.76B
Cash, Cash Equivalents and Short-Term Investments	299.73M	308.57M	254.72M	213.01M	567.25M	410.78M
Total Debt	1.36B	1.64B	1.70B	1.73B	45.05M	52.70M
Total Liabilities	1.98B	2.24B	2.26B	2.43B	264.71M	261.43M
Stockholders Equity	2.13B	1.97B	2.12B	2.09B	1.62B	1.50B
Cash Flow
Free Cash Flow	67.14M	124.66M	72.53M	-161.46M	186.37M	122.36M
Operating Cash Flow	159.44M	204.03M	166.20M	-62.13M	267.54M	222.75M
Investing Cash Flow	114.07M	-88.96M	-87.95M	-1.91B	-90.69M	-98.14M
Financing Cash Flow	-285.23M	-55.80M	-35.98M	1.64B	-16.87M	-40.00K

ICU Medical Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 151.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 151.65 is below the 20-day moving average (MA) of 151.86, above the 50-day MA of 148.41, and above the 200-day MA of 133.66, indicating a neutral trend. The MACD of 0.96 indicates Positive momentum. The RSI at 50.14 is Neutral, neither overbought nor oversold. The STOCH value of 30.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICUI.

ICU Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BDX	68 Neutral	$57.53B	34.72	6.54%	2.13%	8.23%	-2.04%
COO	68 Neutral	$15.86B	43.18	4.59%	―	5.06%	-4.47%
HOLX	63 Neutral	$16.65B	30.95	10.86%	―	1.74%	-25.29%
ICUI	61 Neutral	$3.70B	-482.41	-0.35%	―	-0.81%	93.27%
ATR	60 Neutral	$8.48B	19.97	15.80%	1.50%	2.50%	25.05%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BAX	47 Neutral	$10.81B	-40.33	-4.70%	2.75%	-21.20%	-325.40%