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ICU Medical Announces First Quarter 2023 Results
SAN CLEMENTE, Calif., May 08, 2023 (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 08, 2023 (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, 2023. First Quarter 2023 Results First quarter 2023 revenue was $568.6 million, compared to $543.1 million in the same period last year. GAAP gross profit for the first quarter of 2023 was $192.0 million, as compared to $168.8 million in the same period last year. GAAP gross margin for the first quarter of 2023 was 34%, as compared to 31% in the same period last year. GAAP net loss for the first quarter of 2023 was $(9.8) million, or $(0.41) per diluted share, as compared to GAAP net loss of $(38.1) million, or $(1.61) per diluted share, for the first quarter of 2022. Adjusted diluted earnings per share for the first quarter of 2023 was $1.74 as compared to $1.82 for the first quarter of 2022. Also, adjusted EBITDA was $102.0 million for the first quarter of 2023 as compared to $84.9 million for the first quarter of 2022. 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, “First quarter results were generally in line with our expectations.\" Revenues by product line for the three months ended March 31, 2023 and 2022 were as follows (in millions): Three months endedMarch 31, Product Line 2023 2022 $ ChangeConsumables $236.1 $240.2 $(4.1)Infusion Systems 161.7 138.2 23.5 Vital Care* 170.8 164.7 6.1 $568.6 $543.1 $25.5 *Vital Care includes $12.7 million and $11.1 million of contract manufacturing to Pfizer for the three months ended March 31, 2023 and 2022, respectively. Conference Call The Company will host a conference call to discuss its first quarter 2023 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (877) 300-8521, conference ID 10177448. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on ...