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ICU Medical
🇺🇸 NASDAQ:ICUI
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Sep 30, 2024

ICU Medical Q3 2024 Earnings Report

Reported third quarter results, with revenue generally in line with expectations and updated fiscal year 2024 guidance.

Key Takeaways

ICU Medical announced third quarter 2024 results with revenue of $589.1 million, compared to $553.3 million in the same period last year. GAAP net loss was $(33.0) million, or $(1.35) per diluted share. Adjusted diluted earnings per share was $1.59, compared to $1.57 for the third quarter of 2023. The company updated its fiscal year 2024 guidance for GAAP net loss and adjusted EBITDA.

Third quarter revenue was $589.1 million, an increase from $553.3 million in the same period last year.

GAAP gross profit for the third quarter was $204.9 million, compared to $183.9 million in the prior year.

GAAP net loss for the third quarter was $(33.0) million, or $(1.35) per diluted share.

Adjusted diluted earnings per share for the third quarter was $1.59, compared to $1.57 for the third quarter of 2023.

Total Revenue
$589M
Previous year: $553M
+6.5%
EPS
$1.59
Previous year: $1.57
+1.3%
Adjusted EBITDA
$94.8M
Previous year: $89.8M
+5.6%
Gross Margin
34.8%
Previous year: 33%
+5.5%
Gross Profit
$205M
Previous year: $184M
+11.4%
Cash and Equivalents
$313M
Previous year: $197M
+58.5%
Free Cash Flow
$16.2M
Previous year: $13.7M
+18.2%
Total Assets
$4.31B
Previous year: $4.38B
-1.6%

ICU Medical

ICU Medical

ICU Medical Revenue by Segment

Forward Guidance

For fiscal year 2024, the company updated its estimates of GAAP net loss to a range of $(130) to $(122) million and GAAP diluted loss per share 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.

Positive Outlook

  • Adjusted EBITDA is expected to be between $355 million and $365 million.
  • Adjusted diluted earnings per share is expected to be between $5.40 and $5.70.
  • Interest, net is projected at $97 million.
  • Stock compensation expense is expected to be $46 million.
  • Depreciation and amortization expense is projected at $223 million.

Challenges Ahead

  • GAAP net loss is estimated to be between $(130) million and $(122) million.
  • GAAP basic/diluted loss per share is estimated to be between $(5.28) and $(4.98).
  • Restructuring, strategic transaction and integration expenses are projected at $65 million.
  • Quality and regulatory initiatives and remediation costs are expected to be $30 million.
  • Change in fair value of contingent earn-out is estimated at $(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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