SAN CLEMENTE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended September 30, 2024.
Third Quarter 2024 Results
Third quarter 2024 revenue was $589.1 million, as compared to $553.3 million in the same period in the prior year. GAAP gross profit for the third quarter of 2024 was $204.9 million, as compared to $183.9 million in the same period in the prior year. GAAP gross margin for the third quarter of 2024 was 34.8%, as compared to 33.2% in the same period in the prior year. GAAP net loss for the third quarter of 2024 was $(33.0) million, or $(1.35) per diluted share, as compared to GAAP net income of $7.2 million, or $0.30 per diluted share, for the third quarter of 2023. Adjusted diluted earnings per share for the third quarter of 2024 was $1.59 as compared to $1.57 for the third quarter of 2023. Adjusted EBITDA was $94.8 million for the third quarter of 2024 as compared to $89.8 million for the third quarter of 2023.
Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.
Vivek Jain, ICU Medical's Chief Executive Officer, said, "Third quarter results were generally in line with our expectations."
Revenues by product line for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):
| Three months ended
September 30, | Nine months ended September 30, | |||||||||||||||||
| Product Line | 2024 | 2023 | $ Change | 2024 | 2023 | $ Change | ||||||||||||
| Consumables | $ | 264.9 | $ | 242.0 | $ | 22.9 | $ | 770.7 | $ | 715.1 | $ | 55.6 | ||||||
| Infusion Systems | 159.8 | 149.0 | 10.8 | 480.7 | 463.9 | 16.8 | ||||||||||||
| Vital Care* | 164.5 | 162.3 | 2.2 | 500.8 | 492.3 | 8.5 | ||||||||||||
| Total** | $ | 589.2 | $ | 553.3 | $ | 35.9 | $ | 1,752.2 | $ | 1,671.3 | $ | 80.9 | ||||||
** Totals may differ from the income statement due to the rounding of product lines.
Fiscal Year 2024 Guidance
For Fiscal Year 2024 the Company updated its estimates of GAAP net loss from a range of $(118) to $(108) to a range of $(130) to $(122) and GAAP diluted loss per share from a range of $(4.78) to $(4.38) to a range of $(5.28) to $(4.98). The Company updated the estimated range of its full year 2024 guidance of adjusted EBITDA from a range of $345 million to $365 million to a range of $355 million to $365 million and updated the estimated range of diluted earnings per share from a range of $4.95 to $5.35 to a range of $5.40 to $5.70.
Conference Call
The Company will host a conference call to discuss its third quarter 2024 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 343-5172, conference ID "ICUMED". The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay.
About ICU Medical
ICU Medical (Nasdaq: ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as ''will,'' ''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,'' ''continue,'' ''build,'' ''expand'' or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company's products, decreased free cash flow, changes in product mix, increased competition from competitors, lack of growth or improving efficiencies, unexpected changes in the Company's arrangements with its largest customers, the impact from fluctuations in foreign currency exchange rates, the impact of inflation on raw materials, freight charges and labor, rising interest rates, and the Company's ability to meet expectations regarding the ongoing integration of the Smiths Medical business. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission ("SEC"), which include those in the Company's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent filings with the SEC. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
| ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) | |||||||
| September 30,
2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 312,512 | $ | 254,222 | |||
| Short-term investment securities | - | 501 | |||||
| TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES | 312,512 | 254,723 | |||||
| Accounts receivable, net of allowance for doubtful accounts | 173,983 | 161,566 | |||||
| Inventories | 692,038 | 709,360 | |||||
| Prepaid income taxes | 5,787 | 21,983 | |||||
| Prepaid expenses and other current assets | 73,735 | 73,640 | |||||
| TOTAL CURRENT ASSETS | 1,258,055 | 1,221,272 | |||||
| PROPERTY, PLANT AND EQUIPMENT, net | 595,627 | 612,909 | |||||
| OPERATING LEASE RIGHT-OF-USE ASSETS | 59,757 | 69,909 | |||||
| GOODWILL | 1,478,293 | 1,472,446 | |||||
| INTANGIBLE ASSETS, net | 785,823 | 870,588 | |||||
| DEFERRED INCOME TAXES | 40,646 | 37,295 | |||||
| OTHER ASSETS | 86,837 | 94,020 | |||||
| TOTAL ASSETS | $ | 4,305,038 | $ | 4,378,439 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 168,562 | $ | 150,030 | |||
| Accrued liabilities | 325,728 | 268,215 | |||||
| Current portion of long-term debt | 51,000 | 51,000 | |||||
| Income tax payable | 2,767 | 7,714 | |||||
| Contingent earn-out liability | 1,500 | 4,879 | |||||
| TOTAL CURRENT LIABILITIES | 549,557 | 481,838 | |||||
| CONTINGENT EARN-OUT LIABILITY | - | 3,991 | |||||
| LONG-TERM DEBT | 1,543,342 | 1,577,770 | |||||
| OTHER LONG-TERM LIABILITIES | 80,389 | 100,497 | |||||
| DEFERRED INCOME TAXES | 48,538 | 55,873 | |||||
| INCOME TAX LIABILITY | 34,625 | 35,060 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS' EQUITY: | |||||||
| Convertible preferred stock, $1.00 par value; Authorized - 500 shares; Issued and outstanding - none | - | - | |||||
| Common stock, $0.10 par value; Authorized - 80,000 shares; Issued -24,461 and 24,144 shares at September 30, 2024 and December 31, 2023, respectively, and outstanding - 24,459 and 24,141 shares at September 30, 2024 and December 31, 2023, respectively | 2,446 | 2,414 | |||||
| Additional paid-in capital | 1,394,799 | 1,366,493 | |||||
| Treasury stock, at cost | (208 | ) | (262 | ) | |||
| Retained earnings | 713,986 | 807,846 | |||||
| Accumulated other comprehensive loss | (62,436 | ) | (53,081 | ) | |||
| TOTAL STOCKHOLDERS' EQUITY | 2,048,587 | 2,123,410 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,305,038 | $ | 4,378,439 | |||
| ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| TOTAL REVENUES | $ | 589,131 | $ | 553,311 | $ | 1,752,241 | $ | 1,671,270 | |||||||
| COST OF GOODS SOLD | 384,279 | 369,391 | 1,154,717 | 1,102,982 | |||||||||||
| GROSS PROFIT | 204,852 | 183,920 | 597,524 | 568,288 | |||||||||||
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