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ICU Medical
🇺🇸 NASDAQ:ICUI
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Sep 30, 2022

ICU Medical Q3 2022 Earnings Report

Reported third quarter 2022 results with revenue of $597.9 million and adjusted diluted earnings per share of $1.75.

Key Takeaways

ICU Medical announced third quarter 2022 results with revenue of $597.9 million, GAAP gross profit of $186.4 million, and a GAAP net loss of $(13.2) million, or $(0.55) per diluted share. Adjusted diluted earnings per share was $1.75, and adjusted EBITDA was $92.6 million. The company reaffirmed its full year 2022 guidance but expects to end the fiscal year towards the lower end of the guidance range due to the impact primarily from foreign currency exchange rates.

Third quarter revenue was $597.9 million, compared to $336.1 million in the same period last year.

GAAP gross profit was $186.4 million, compared to $127.8 million in the same period last year.

GAAP net loss was $(13.2) million, or $(0.55) per diluted share, compared to GAAP net income of $31.1 million, or $1.43 per diluted share, for the same period last year.

Adjusted diluted earnings per share was $1.75, compared to $2.07 for the same period last year.

Total Revenue
$598M
Previous year: $336M
+77.9%
EPS
$1.75
Previous year: $2.07
-15.5%
Adjusted EBITDA
$92.6M
Previous year: $71.9M
+28.8%
Gross Margin
31%
Previous year: 38%
-18.4%
Gross Profit
$186M
Previous year: $128M
+45.9%
Cash and Equivalents
$244M
Previous year: $519M
-53.1%
Free Cash Flow
-$18.4M
Previous year: $62.1M
-129.6%
Total Assets
$4.45B
Previous year: $1.84B
+142.0%

ICU Medical

ICU Medical

ICU Medical Revenue by Segment

Forward Guidance

The Company is reaffirming its full year 2022 guidance but due to the impact primarily from foreign currency exchange rates, expects to end the fiscal year towards the lower end of the guidance range. The Company’s full year 2022 GAAP net loss is estimated to be in the range of $(95) million to $(81) million and GAAP diluted loss per share estimated to be in the range of $(3.93) to $(3.35).The Company's previously provided adjusted EBITDA was in the range of $350 million to $370 million and adjusted diluted earnings per share was in the range of $6.20 to $6.80.

Positive Outlook

  • Adjusted EBITDA is expected to be in the range of $350 million to $370 million.
  • Adjusted diluted earnings per share is expected to be in the range of $6.20 to $6.80.

Challenges Ahead

  • Full year 2022 GAAP net loss is estimated to be in the range of $(95) million to $(81) million.
  • GAAP diluted loss per share is estimated to be in the range of $(3.93) to $(3.35).
  • Expects to end the fiscal year towards the lower end of the guidance range due to the impact primarily from foreign currency exchange rates.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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