Business
ICU Medical Announces Fourth Quarter 2021 Results and Provides Fiscal Year 2022 Guidance
SAN CLEMENTE, Calif., Feb. 24, 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., Feb. 24, 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 December 31, 2021. Fourth Quarter 2021 Results Fourth quarter 2021 revenue was $340.5 million, compared to $320.5 million in the same period last year. GAAP gross profit for the fourth quarter of 2021 was $127.5 million, as compared to $119.9 million in the same period last year. GAAP gross margin for the fourth quarter of 2021 was 37%, as compared to 37% in the same period last year. GAAP net income for the fourth quarter of 2021 was $19.9 million, or $0.91 per diluted share, as compared to GAAP net income of $26.1 million, or $1.21 per diluted share, for the fourth quarter of 2020. Adjusted diluted earnings per share for the fourth quarter of 2021 was $1.82 as compared to $1.77 for the fourth quarter of 2020. Also, adjusted EBITDA was $64.2 million for the fourth quarter of 2021 as compared to $59.8 million for the fourth quarter of 2020. 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, “Fourth quarter results were generally in line with our expectations.” Revenues by product line for the three and twelve months ended December 31, 2021 and 2020 were as follows (in millions): Three months ended December 31, Twelve months ended December 31, Product Line 2021 2020 $ Change 2021 2020 $ ChangeInfusion Consumables $147.8 $123.1 $24.7 $555.2 $473.7 $81.5 Infusion Systems 92.6 91.8 0.8 352.3 359.7 (7.4)IV Solutions* 87.6 93.6 (6.0) 359.5 389.0 (29.5)Critical Care 12.5 12.0 0.5 49.3 48.6 0.7 $340.5 $320.5 $20.0 $1,316.3 $1,271.0 $45.3 *IV Solutions includes $10.6 million and $42.8 million of contract manufacturing to Pfizer for the three and twelve months ended December 31, 2021, respectively, as compared to $11.3 million and $56.1 million for the same periods in the prior year. Fiscal Year 2022 Guidance For the Fiscal Year 2022, the Company expects adjusted EBITDA to be i...