olivLaw · US equity research
ICU Medical, Inc. ICUI
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
ICU Medical develops, manufactures and sells medical products for infusion therapy, vascular access and critical care, serving hospitals, clinics and home care providers. In 2025 it sold a controlling stake in its IV Solutions line to a joint venture and now focuses on consumables and infusion systems, with total revenues of $2.2 billion in 2025.
At the close of 04 Nov 2026, ICU Medical, Inc. (ICUI) stock was 172.62 USD (+6.67% on the day), with market capitalisation 4.3 bn USD, P/E 144.2 on diluted EPS of 1.20 USD over the last 12 months, beta 1.01, 52-week range 115.45–187.26 USD. Latest reported quarter (Q2 2026): revenue of 551.7 m USD (+0.5% YoY), net income of 19.1 m USD (−46.0% YoY), diluted EPS 0.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.1
- strong (55–70)
- Bollinger (20, 2)
- 157.11 – 170.94
- above the upper band · %B 1.12 · band width 8.4%
- SMA 50 / 200
- 163.20 / 148.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.06 / 0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.0% | −2.0% | +8.9 pp | — |
| 3 months | +3.7% | −2.2% | +5.9 pp | — |
| 6 months | +44.3% | +4.3% | +40.1 pp | — |
| Year to date | +21.0% | +10.6% | +10.4 pp | — |
| 1 year | +37.4% | +10.5% | +26.9 pp | −5.6% |
| 3 years | +68.3% | +73.7% | −5.4 pp | +6.7% |
| 5 years | −28.4% | +61.7% | −90.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 589.1 m | 629.8 m | 604.7 m | 548.9 m | 537.0 m | 540.7 m | 530.2 m | 551.7 m |
| Cost of revenue | 384.3 m | 402.5 m | 394.6 m | 340.8 m | 336.1 m | 337.7 m | 324.0 m | 316.6 m |
| Gross profit | 204.9 m | 227.3 m | 210.1 m | 208.1 m | 200.9 m | 203.0 m | 206.2 m | 235.1 m |
| Research & development | 21.0 m | 22.4 m | 23.3 m | 21.9 m | 21.3 m | 21.1 m | 21.3 m | 22.7 m |
| SG&A | 162.7 m | 158.8 m | 157.2 m | 159.4 m | 152.8 m | 155.8 m | 154.6 m | 151.9 m |
| Operating income | 8.2 m | 37.7 m | 12.9 m | 10.6 m | 13.7 m | 5.6 m | 13.6 m | 39.1 m |
| Depreciation & amortisation | 55.7 m ≈ | 53.0 m | 49.4 m | 49.7 m ≈ | 50.8 m ≈ | 50.8 m | 50.0 m | 49.6 m ≈ |
| Interest expense | 24.7 m | 34.2 m | 22.0 m | 20.5 m | 19.8 m | 31.0 m | 16.5 m | 15.7 m |
| Pre-tax income | -17.9 m | 8.2 m | -10.9 m | 33.7 m | -2.5 m | -15.9 m | -4.0 m | 23.1 m |
| Income tax | 15.1 m | 32.0 m | 4.6 m | 1.2 m | -658.0 k | -2.7 m | -34.7 m | 7.1 m |
| Net income | -33.0 m | -23.8 m | -15.5 m | 35.3 m | -3.4 m | -15.7 m | 30.1 m | 19.1 m |
| Diluted EPS | -1.35 | -0.97 ≈ | -0.63 | 1.43 | -0.14 | -0.62 ≈ | 1.20 | 0.76 |
| Operating cash flow | 36.1 m ≈ | 40.2 m | 51.3 m | 11.2 m ≈ | 56.7 m ≈ | 60.6 m | 38.9 m | 80.2 m ≈ |
| Capex | 19.9 m ≈ | 24.1 m | 14.6 m | 19.7 m ≈ | 29.1 m ≈ | 24.6 m | 11.3 m | 18.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 85 percentile of its own 26-quarter history (min 27.9, median 65.4, max 3,835.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn | 1.3 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.2 bn |
| Revenue YoY | +8.3% | −9.6% | +0.4% | +3.6% | +73.2% | −0.9% | +5.4% | −6.3% |
| Net income | 28.8 m | 101.0 m | 86.9 m | 103.1 m | -74.3 m | -29.7 m | -117.7 m | 732.0 k |
| Net income YoY | −58.1% | +250.9% | −14.0% | +18.7% | −172.0% | unavailable | unavailable | unavailable |
| Diluted EPS | 1.33 | 4.69 | 4.02 | 4.74 | -3.11 | -1.23 | -4.83 | 0.03 |
| Diluted EPS YoY | −59.6% | +252.6% | −14.3% | +17.9% | −165.6% | unavailable | unavailable | unavailable |
| net % | 2.1% | 8.0% | 6.8% | 7.8% | -3.3% | -1.3% | -4.9% | 0.0% |
| Free cash flow | 67.5 m | 4.6 m | 130.7 m | 199.0 m | -152.4 m | 82.3 m | 124.7 m | 91.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 308.0 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 976.7 m USD
- Equity
- 2.1 bn USD
- Total assets
- 4.1 bn USD
- Debt / equity
- 0.60x
- Current ratio
- 2.39x
- ROE
- 0.0%
- ROA
- 0.0%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 2.3 bn | 2.3 bn | 2.4 bn | 2.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 809.5 m | 824.8 m | 1.6 bn | 1.5 bn | 1.6 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 461.5 m | 491.5 m | 697.8 m | 739.9 m | 824.8 m | 822.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Research & development | 42.9 m | 47.5 m | 93.0 m | 85.3 m | 88.6 m | 87.5 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 284.0 m | 302.6 m | 608.3 m | 606.7 m | 638.8 m | 625.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 98.2 m | 123.2 m | -42.9 m | 22.8 m | 43.0 m | 42.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 85.6 m | 89.7 m | 235.2 m | 228.8 m | 219.5 m | 200.7 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 183.8 m ≈ | 212.9 m ≈ | 192.3 m ≈ | 251.6 m ≈ | 262.5 m ≈ | 243.6 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 1.8 m | 858.0 k | 70.8 m | 102.7 m | 106.5 m | 93.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 97.5 m | — | — | -78.3 m | -66.0 m | 4.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 10.6 m | 20.1 m | -40.1 m | -48.6 m | 51.7 m | 2.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 86.9 m | 103.1 m | -74.3 m | -29.7 m | -117.7 m | 732.0 k | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 4.02 | 4.74 | -3.11 | -1.23 | -4.83 | 0.03 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 21.6 m | 21.8 m | 23.9 m | 24.1 m | 24.4 m | 24.9 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 396.1 m | 552.8 m | 208.8 m | 254.2 m | 308.6 m | 308.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 124.1 m | 105.9 m | 221.7 m | 161.6 m | 182.8 m | 180.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 314.9 m | 290.2 m | 696.0 m | 709.4 m | 584.7 m | 615.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 920.8 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 466.6 m | 468.4 m | 636.1 m | 612.9 m | 442.7 m | 451.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 33.0 m | 43.4 m | 1.4 bn | 1.5 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 197.2 m | 188.3 m | 982.8 m | 870.6 m | 740.8 m | 633.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 1.8 bn | 1.9 bn | 4.5 bn | 4.4 bn | 4.2 bn | 4.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 71.9 m | 81.1 m | 215.9 m | 150.0 m | 148.0 m | 154.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | 0 | 29.7 m | 51.0 m | 51.0 m | 18.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | 0 | 1.6 bn | 1.6 bn | 1.5 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 195.5 m | 200.8 m | 494.6 m | 481.8 m | 556.2 m | 498.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.5 bn | 1.6 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 222.8 m | 267.5 m | -62.1 m | 166.2 m | 204.0 m | 179.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 92.0 m | 68.5 m | 90.3 m | 83.9 m | 79.4 m | 88.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 130.7 m ≈ | 199.0 m ≈ | -152.4 m ≈ | 82.3 m ≈ | 124.7 m ≈ | 91.8 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -98.1 m | -90.7 m | -1.9 bn | -87.9 m | -89.0 m | 122.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -40.0 k | -16.9 m | 1.6 bn | -36.0 m | -55.8 m | -311.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 12.9 m | 8.3 m | 10.9 m | 9.4 m | 12.0 m | 8.8 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 33 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation24
- Returns3
- Quality63
- Balance sheet34
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.84 – 153.43 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)79.76 – 153.43 (Mid 107.22)WACC 8.4% · starting FCFF 222.5 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 16.0%
- Peers: EV/EBITDA92.06 – 143.47 (Mid 126.70)9 companies used · median multiple 15.0x · quartiles 11.8x – 16.5xBDX, BSX, EMBC, HAE, MMM, MMSI, RMD, SOLV, SYK
- Peers: P/E19.84 – 39.23 (Mid 29.13)12 companies used · median multiple 24.3x · quartiles 16.6x – 32.8xBSX, DXCM, EMBC, GCTK, GMED, LMAT, MMM, MMSI, RMD, SOLV, SYK, WST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 33/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.9% | 44 (vs peers) | 12% |
| Net margin · Quality | 1.4% | 57 (vs peers) | 7% |
| FCF conversion · Quality | 507.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.4x | 27 (vs peers) | 12% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 144.2x | 6 (vs peers) | 12% |
| EV/EBITDA · Valuation | 19.2x | 27 (vs peers) | 12% |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation24/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ICU MEDICAL INC/DE (ICUI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.2 bn USD in 2025; YoY growth -6.3%; net margin 1.4%; ROE 1.4%; net debt/EBITDA 3.4x.
The estimated value range is 79.76–143.47 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 107.22 USD, the price of 172.62 USD leaves a potential of -37.9% (value / price − 1) and a margin of safety of -61.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 507.9%
- Current ratio: 2.4x
What contradicts it
- Revenue CAGR 3Y: -0.7%
- Net debt / EBITDA: 3.4x
- Interest coverage: 0.9x
- P/E (TTM): 144.2x
- EV/EBITDA: 19.2x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +37% / +68% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SGHTSight Sciences, Inc. | 533.3 m | — | -48.4% | -35.7% | −3.1% | +16% / +184% |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
1- and 3-year price returns: for ICUI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 97.17 Total return -44% · Per year -44% | 172.24 Total return -0% · Per year -0% | 260.07 Total return 51% · Per year 51% |
| 3 years | 84.67 Total return -51% · Per year -21% | 169.78 Total return -2% · Per year -1% | 282.82 Total return 64% · Per year 18% |
| 5 years | 73.79 Total return -57% · Per year -16% | 167.35 Total return -3% · Per year -1% | 307.56 Total return 78% · Per year 12% |
- Exit P/E± 42.45
- Net margin± 29.71
- Annual revenue growth± 25.67
- Annual dilution± 2.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ICU Medical develops, manufactures and sells medical products for infusion therapy, vascular access and critical care, serving hospitals, clinics and home care providers. In 2025 it sold a controlling stake in its IV Solutions line to a joint venture and now focuses on consumables and infusion systems, with total revenues of $2.2 billion in 2025.1
SWOT
Strengths
- A broad portfolio of pumps, sets and integrated software, with customer-satisfaction recognition for the Plum 360 pump.
- Global reach across many countries, manufacturing in several locations and long-term customer contracts.
- Gross margin improvement after the disposal of the lower-margin business and integration synergies from acquisitions.
Weaknesses
- Dependence on single or limited source suppliers for certain components and raw materials, with risk of supply interruption.
- Significant indebtedness, with part of the IV Solutions disposal proceeds used to prepay long-term debt.
- U.S. sales depend on contracts with group purchasing organizations, which can lower prices and shift volume to competitors.
Opportunities
- Growing adoption of infusion systems integrated with electronic health records, where safety software could add sales.
- New products such as refreshed ambulatory and syringe pumps that were under FDA clearance review.
- Expansion into home care and outpatient clinics, where the company targets new customer groups.
Threats
- New tariffs or the removal of USMCA exemptions, which would raise import costs for products made in Mexico.
- Pricing pressure from group purchasing organizations and reimbursement systems, which can reduce margins.
- Competitors with much greater resources that could invest aggressively in similar products and win hospital contracts.
Risks
- Tariffs and trade regulationhigh
Imposed tariffs and a possible investigation into medical consumables imports could raise costs if trade exemptions were removed or narrowed.
- Single-source supplier dependencehigh
Certain components and raw materials come from a single supplier, and an interruption could affect production and deliveries to customers.
- Customer and distributor concentrationmedium
One distributor accounts for a significant share of sales, and losing such a partner could affect results.
- Raw material costs and inflationmedium
Higher oil, transport and energy prices could pressure margins, especially if long-term contracts do not allow cost pass-through.
- Regulatory timing and acquisition integrationlow
Delays in FDA clearances and resolution of the 2025 warning letter could postpone new product launches, and integration of Smiths Medical remains a factor.
Investment thesis
What would need to be true (bull case)
- If gross margin holds at its Q2 2026 level, profitability could keep improving after the sale of the lower-margin business.
- Consumables and pump lines showed organic growth in 2026, and demand for integrated safety systems could support sales over the medium term.
- The company raised its adjusted EBITDA guidance for 2026, which suggests operating results could exceed earlier estimates.
What would break the thesis
- Tariffs and a possible import investigation could raise costs and reduce the current benefit of manufacturing in Mexico.
- Debt remains significant, and a fall in revenue could limit the company's ability to reduce borrowings.
- Pressure from group purchasing organizations and competition from companies with far greater resources could reduce prices and market share.
What to watch
- Third-quarter results and any change to the adjusted EBITDA guidanceQ3 2026
- Outcome of the Section 232 investigation into medical consumables imports2026
- FDA decisions on refreshed CADD and Medfusion pump clearances2026
- Resolution of the 2025 FDA warning letter and its effect on the facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ICU Medical, headquartered in San Clemente, California, was founded in 1984 and operates three product lines: consumables, infusion systems and vital care. The portfolio includes large volume and ambulatory infusion pumps, syringe pumps, IV sets, needlefree connectors, oncology closed system transfer devices, and vascular access and tracheostomy products.1
The company grew organically and through acquisitions, including Pfizer's Hospira Infusion Systems (2017), Pursuit Vascular (2019) and Smiths Medical (2022). In May 2025 ICU sold a 60% interest in its IV Solutions business to Otsuka Pharmaceutical Factory America and kept 40%, selling those products on behalf of the joint venture.1
Manufacturing is concentrated in the United States, Costa Rica, Mexico and the Czech Republic, and customers are in over 100 countries. Sales go through a direct sales force and independent distributors, and many U.S. sales go to group purchasing organizations and integrated delivery networks.1
Segments
Consumables
Consumables cover infusion therapy, oncology, vascular access and tracheostomy. They made up 50% of revenue in 2025 and grew year over year on new customer installations and higher demand for infusion consumables, oncology and tracheostomy lines.1
Infusion Systems
This line includes Plum large volume pumps, CADD ambulatory pumps, Medfusion syringe pumps and LifeShield safety software. It accounted for 31% of revenue in 2025, helped by higher LVP hardware and dedicated set sales.1
Vital Care
Vital Care includes hemodynamic monitoring, anesthesia and respiratory, temperature management and regional anesthesia trays. After the IV Solutions disposal its share fell to 19% of revenue in 2025, down from 29% in 2024.1
Market context
The market for consumable medical devices, particularly infusion products, is described by the company as intensely competitive and consolidating, with pricing pressure from group purchasing organizations. ICU's position depends on innovation, reliability, access to distribution channels and pricing.1
The company notes that most of its revenue comes from products made in Costa Rica and Mexico and imported into the U.S., where most Mexican products are exempt from tariffs under USMCA. Q2 2026 GAAP revenue was $551.7 million.13
Trends
- Tariffs and the Section 232 investigationheadwind
Tariffs imposed by the U.S. administration raise import costs, and a national security investigation into medical consumables could lead to additional tariffs if USMCA exemptions were reduced. The impact remains uncertain and depends on decisions outside the company's control.1
- Margin recovery after the IV Solutions disposaltailwind
The lower-margin IV Solutions business was partly divested, and GAAP gross margin rose to 43% in Q2 2026. If this trend holds, it could support profitability.13
- Input cost and inflation pressureheadwind
Materials are resins and plastics tied to oil and natural gas prices, and geopolitical tensions could raise transport and energy costs. Long-term contracts can limit the ability to pass these increases on to customers.1
- Demand for integrated pumps and safety softwaremixed
Plum pumps with safety software that connects to hospital electronic health records are presented as an adoption advantage. Demand for these systems supported the growth of the infusion systems line in 2025.1
Competitive position
Competitors include large medical device makers with full product lines and hospital-wide contracts, as well as smaller companies. Many have far greater economic resources, and several hold full-line contracts with major group purchasing organizations.1
The company states it could lose market share if it fails to differentiate through innovation and reliability or loses positions in group purchasing contracts. Competitors could also substantially increase resources for similar products.1
- Large medical device makers with full infusion lines
Described in the source as having substantially greater resources and hospital contracts covering all infusion needs; the source does not name them.
- Smaller consumables manufacturers
Smaller companies competing on specific products; the source does not identify them.
- IV solutions producers
Referred to indirectly through the 2024 shortage caused by damage to a competitor's plant; they are not named.
- Group purchasing organizations and integrated delivery networks
Not direct competitors, but they can shift customers to other suppliers and press prices.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ICU Medical CFO Brian Bonnell Sells 9,307 SharesYahoo Finance — News · 17 Sept 2026 · EN
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Current report20 Feb 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report19 Feb 2026
- Current report19 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ICU Medical, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ICU Medical, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ICU Medical, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.