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ICU Medical
🇺🇸 NASDAQ:ICUI
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Jun 30, 2024

ICU Medical Q2 2024 Earnings Report

Announced second quarter 2024 results.

Key Takeaways

ICU Medical reported second quarter revenue of $596.5 million, compared to $549.3 million in the same period in the prior year. GAAP net loss for the second quarter of 2024 was $(21.4) million, or $(0.88) per diluted share. Adjusted diluted earnings per share for the second quarter of 2024 was $1.56.

Second quarter 2024 revenue was $596.5 million, compared to $549.3 million in the same period in the prior year.

GAAP gross profit for the second quarter of 2024 was $207.4 million, as compared to $192.3 million in the same period in the prior year.

GAAP net loss for the second quarter of 2024 was $(21.4) million, or $(0.88) per diluted share, as compared to GAAP net loss of $(9.9) million, or $(0.41) per diluted share, for the second quarter of 2023.

Adjusted diluted earnings per share for the second quarter of 2024 was $1.56 as compared to $1.88 for the second quarter of 2023.

Total Revenue
$596M
Previous year: $549M
+8.6%
EPS
$1.56
Previous year: $1.88
-17.0%
Adjusted EBITDA
$91.3M
Previous year: $98.1M
-6.9%
Gross Margin
35%
Previous year: 35%
+0.0%
Gross Profit
$207M
Previous year: $192M
+7.9%
Cash and Equivalents
$303M
Previous year: $196M
+54.5%
Free Cash Flow
$62.7M
Previous year: -$19.8M
-417.2%
Total Assets
$4.29B
Previous year: $4.46B
-4.0%

ICU Medical

ICU Medical

ICU Medical Revenue by Segment

Forward Guidance

For Fiscal Year 2024 the Company updated its estimates of GAAP net loss from a range of $(127) to $(110) to a range of $(118) to $(108) and GAAP diluted loss per share from a range of $(5.16) to $(4.46) to a range of $(4.78) to $(4.38). The Company updated the estimate of the range of its full year 2024 guidance of adjusted EBITDA from a range of $330 million to $370 million to a range of $345 million to $365 million and diluted earnings per share from a range of $4.40 to $5.10 to a range of $4.95 to $5.35.

Positive Outlook

  • Adjusted EBITDA is expected to be between $345 million and $365 million.
  • Adjusted diluted earnings per share are expected to be between $4.95 and $5.35.
  • Interest, net is expected to be $105 million.
  • Stock compensation expense is expected to be $44 million.
  • Depreciation and amortization expense is expected to be $229 million.

Challenges Ahead

  • GAAP net loss is expected to be between $(118) million and $(108) million.
  • GAAP basic/diluted loss per share is expected to be between $(4.78) and $(4.38).
  • Restructuring, strategic transaction and integration expenses are expected to be $50 million.
  • Quality and regulatory initiatives and remediation expenses are expected to be $35 million.
  • Change in fair value of contingent earn-out is expected to be $(4) million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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