Business
ICU Medical Announces First Quarter 2022 Results
SAN CLEMENTE, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative
About this update from Icu Medical, Inc.
[{"type":"text","content":"SAN CLEMENTE, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarter ended March 31, 2022. First Quarter 2022 Results First quarter 2022 revenue was $543.1 million, compared to $318.0 million in the same period last year. GAAP gross profit for the first quarter of 2022 was $168.8 million, as compared to $112.7 million in the same period last year. GAAP gross margin for the first quarter of 2022 was 31%, as compared to 35% in the same period last year. GAAP net loss for the first quarter of 2022 was $(38.1) million, or $(1.61) per diluted share, as compared to GAAP net income of $23.7 million, or $1.09 per diluted share, for the first quarter of 2021. Adjusted diluted earnings per share for the first quarter of 2022 was $1.82 as compared to $1.62 for the first quarter of 2021. Also, adjusted EBITDA was $84.9 million for the first quarter of 2022 as compared to $57.8 million for the first quarter of 2021. Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures. Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Legacy ICU Medical performance was in line with expectations and the results from the acquired Smiths Medical business reflect the previously disclosed operational challenges.” Revenues by product line for the three months ended March 31, 2022 and 2021 were as follows (in millions): As a result of the acquisition of Smiths Medical on January 6, 2022, the following product lines are presented in addition to our legacy product lines: Infusion Systems-Smiths Medical, Vascular Access -Smiths Medical and Vital Care-Smiths Medical. Three months endedMarch 31, Product Line 2022 2021 $ ChangeInfusion Consumables $140.5 $126.4 $14.1 Infusion Systems 87.0 84.3 2.7 IV Solutions* 88.5 94.2 (5.7)Critical Care 12.2 13.1 (0.9)Infusion Systems-Smiths Medical 66.3 — 66.3 Vascular Access-Smiths Medical 79.0 — 79.0 Vital Care-Smiths Medical 69.6 — 69.6 $543.1 $318.0 $225.1 *IV Solutions includes $11.1 million a...