Business
ICU Medical Announces Second Quarter 2023 Results and Narrows Fiscal Year 2023 Guidance Ranges
SAN CLEMENTE, Calif., Aug. 07, 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., Aug. 07, 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 June 30, 2023. Second Quarter 2023 Results Second quarter 2023 revenue was $549.3 million, compared to $561.0 million in the same period last year. GAAP gross profit for the second quarter of 2023 was $192.3 million, as compared to $167.6 million in the same period last year. GAAP gross margin for the second quarter of 2023 was 35%, as compared to 30% in the same period last year. GAAP net loss for the second quarter of 2023 was $(9.9) million, or $(0.41) per diluted share, as compared to GAAP net loss of $(7.5) million, or $(0.31) per diluted share, for the second quarter of 2022. Adjusted diluted earnings per share for the second quarter of 2023 was $1.88 as compared to $1.37 for the second quarter of 2022. Also, adjusted EBITDA was $98.1 million for the second quarter of 2023 as compared to $84.7 million for the second 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, “Second quarter results were generally consistent with our expectations, with growth in most large product families except Vascular Access and IV Solutions.\" Revenues by product line for the three and six months ended June 30, 2023 and 2022 were as follows (in millions): Three months ended June 30, Six months ended June 30, Product Line 2023 2022 $ Change 2023 2022 $ ChangeConsumables $ 237.0 $ 241.0 $ (4.0) $ 473.1 $ 481.2 $ (8.1)Infusion Systems 153.2 148.6 4.6 314.9 286.8 28.1 Vital Care* 159.2 171.4 (12.2) 330.0 336.1 (6.1)** $ 549.4 $ 561.0 $ (11.6) $ 1,118.0 $ 1,104.1 $ 13.9 *Vital Care includes $14.2 million and $14.0 million of contract manufacturing to Pfizer for the three months ended June 30, 2023 and 2022, respectively and $26.9 million and $25.1 million for the six months ended June 30, 2023 and 2022, respectively. **Rounded totals may differ to the income statement due...