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Jun 30, 2023
ICU Medical Q2 2023 Earnings Report
ICU Medical's second quarter results were consistent with expectations, showing growth in most product families except Vascular Access and IV Solutions.
Key Takeaways
ICU Medical reported second quarter revenue of $549.3 million, a decrease compared to $561.0 million in the same period last year. The company's GAAP gross profit increased to $192.3 million from $167.6 million, with a gross margin of 35% compared to 30% last year. GAAP net loss was $(9.9) million, or $(0.41) per diluted share, while adjusted diluted earnings per share was $1.88. Adjusted EBITDA was $98.1 million, compared to $84.7 million in the same quarter of the previous year.
Second quarter revenue reached $549.3 million.
GAAP gross profit increased to $192.3 million with a gross margin of 35%.
GAAP net loss was $(9.9) million, or $(0.41) per diluted share.
Adjusted diluted earnings per share was $1.88.
Revenue by Segment
Forward Guidance
ICU Medical narrowed the estimates of the range of its full year 2023 guidance of adjusted EBITDA from a range of $375 million to $425 million to a range of $375 million to $405 million and adjusted diluted earnings per share from a range of $5.75 to $7.25 to a range of $6.00 to $6.85.
Positive Outlook
- Adjusted EBITDA is expected to be between $375 million and $405 million.
- Adjusted diluted earnings per share are projected to be between $6.00 and $6.85.
Challenges Ahead
- GAAP net loss is estimated to be in the range of $(59) million to $(38) million.
- GAAP diluted loss per share is estimated to be in the range of $(2.42) to $(1.57).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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