Business
ICU Medical Announces Fourth Quarter 2022 Results and Provides Fiscal Year 2023 Guidance
SAN CLEMENTE, Calif., Feb. 27, 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., Feb. 27, 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 December 31, 2022. Fourth Quarter 2022 Results Fourth quarter 2022 revenue was $578.0 million, compared to $340.5 million in the same period last year. GAAP gross profit for the fourth quarter of 2022 was $174.9 million, as compared to $127.5 million in the same period last year. GAAP gross margin for the fourth quarter of 2022 was 30%, as compared to 37% in the same period last year. GAAP net loss for the fourth quarter of 2022 was $(15.5) million, or $(0.65) per diluted share, as compared to GAAP net income of $19.9 million, or $0.91 per diluted share, for the fourth quarter of 2021. Adjusted diluted earnings per share for the fourth quarter of 2022 was $1.60 as compared to $1.82 for the fourth quarter of 2021. Also, adjusted EBITDA was $96.4 million for the fourth quarter of 2022 as compared to $64.2 million for the fourth 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 revenues were in line with expectations and results from the acquired Smiths Medical business reflect continued operational improvements.\" Revenues by product line for the three and twelve months ended December 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 ended December 31, Twelve months ended December 31, Product Line 2022 2021 $ Change 2022 2021 $ ChangeInfusion Consumables $ 140.5 $ 147.8 $ (7.3) $ 566.6 $ 555.2 $ 11.4 Infusion Systems 89.0 92.6 (3.6) 351.1 352.3 (1.2)IV Solutions* 84.5 87.6 (3.1) 363.5 359.5 4.0 Critical Care 12.0 12.5 (0.5) 47.3 49.3 (2.0)Infusion Systems-Smiths Medical 99.1 — ...