Business
ICU Medical Announces Second Quarter 2024 Results and Updates Its Fiscal Year 2024 Guidance
SAN CLEMENTE, Calif., Aug. 07, 2024 (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, 2024 (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 quarterly period ended June 30, 2024. Second Quarter 2024 Results Second quarter 2024 revenue was $596.5 million, compared to $549.3 million in the same period in the prior year. GAAP gross profit for the second quarter of 2024 was $207.4 million, as compared to $192.3 million in the same period in the prior year. GAAP gross margin for the second quarter of 2024 and 2023 was 35%. GAAP net loss for the second quarter of 2024 was $(21.4) million, or $(0.88) per diluted share, as compared to GAAP net loss of $(9.9) million, or $(0.41) per diluted share, for the second quarter of 2023. Adjusted diluted earnings per share for the second quarter of 2024 was $1.56 as compared to $1.88 for the second quarter of 2023. Adjusted EBITDA was $91.3 million for the second quarter of 2024 as compared to $98.1 million for the second quarter of 2023. 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 in line with our expectations.\" Revenues by product line for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three months ended June 30, Six months ended June 30, Product Line 2024 2023 $ Change 2024 2023 $ ChangeConsumables $261.8 $237.0 $24.8 $505.9 $473.1 $32.8Infusion Systems 163.7 153.2 10.5 321.0 314.9 6.1Vital Care* 171.0 159.2 11.8 336.3 330.0 6.3Total** $596.5 $549.4 $47.1 $1,163.2 $1,118.0 $45.2 * Vital Care includes Pfizer contract manufacturing revenue of $15.5 million and $29.5 million for the three and six months ended June 30, 2024, respectively, as compared to $14.2 million and $26.9 million for the three and six months ended June 30, 2023.** Totals may differ from the income statement due to the rounding of product lines. Fiscal Year 2024 Guidance For Fiscal Year 2024 the Company updated its estimates of GAAP n...