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ICU Medical Announces Third Quarter 2022 Results
The Company Reaffirms 2022 Fiscal Year Guidance SAN CLEMENTE, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the
About this update from Icu Medical, Inc.
[{"type":"text","content":"The Company Reaffirms 2022 Fiscal Year Guidance\nSAN CLEMENTE, Calif., Nov. 07, 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 September 30, 2022. Third Quarter 2022 Results Third quarter 2022 revenue was $597.9 million, compared to $336.1 million in the same period last year. GAAP gross profit for the third quarter of 2022 was $186.4 million, as compared to $127.8 million in the same period last year. GAAP gross margin for the third quarter of 2022 was 31%, as compared to 38% in the same period last year. GAAP net loss for the third quarter of 2022 was $(13.2) million, or $(0.55) per diluted share, as compared to GAAP net income of $31.1 million, or $1.43 per diluted share, for the third quarter of 2021. Adjusted diluted earnings per share for the third quarter of 2022 was $1.75 as compared to $2.07 for the third quarter of 2021. Also, adjusted EBITDA was $92.6 million for the third quarter of 2022 as compared to $71.9 million for the third 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 nine months ended September 30, 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 endedSeptember 30, Nine months endedSeptember 30, Product Line 2022 2021 $ Change 2022 2021 $ ChangeInfusion Consumables $141.1 $144.9 $(3.8) $426.1 $407.5 $18.6 Infusion Systems 87.8 90.7 (2.9) 262.1 259.7 2.4 IV Solutions* 96.4 89.2 7.2 279.0 271.8 7.2 Critical Care 10.8 11.3 (0.5) 35.3 36.8 (1.5)Infusion Sy...