Business
ICU Medical Announces Third Quarter 2023 Results
SAN CLEMENTE, Calif., Nov. 06, 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., Nov. 06, 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 September 30, 2023. Third Quarter 2023 Results Third quarter 2023 revenue was $553.3 million, compared to $597.9 million in the same period last year. GAAP gross profit for the third quarter of 2023 was $183.9 million, as compared to $186.4 million in the same period last year. GAAP gross margin for the third quarter of 2023 was 33%, as compared to 31% in the same period last year. GAAP net income for the third quarter of 2023 was $7.2 million, or $0.30 per diluted share, as compared to GAAP net loss of $(13.2) million, or $(0.55) per diluted share, for the third quarter of 2022. Adjusted diluted earnings per share for the third quarter of 2023 was $1.57 as compared to $1.75 for the third quarter of 2022. Also, adjusted EBITDA was $89.8 million for the third quarter of 2023 as compared to $92.6 million for the third 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, “Third quarter results were generally in line with our previously revised expectations.\" Revenues by product line for the three and nine months ended September 30, 2023 and 2022 were as follows (in millions): Three months ended September 30, Nine months ended September 30, Product Line 2023 2022 $ Change 2023 2022 $ ChangeConsumables $242.0 $251.6 $(9.6) $715.1 $732.8 $(17.7)Infusion Systems 149.0 161.6 (12.6) 463.9 448.4 15.5 Vital Care* 162.3 184.7 (22.4) 492.3 520.8 (28.5)** $553.3 $597.9 $(44.6) $1,671.3 $1,702.0 $(30.7) *Vital Care includes $6.7 million and $15.8 million of contract manufacturing to Pfizer for the three months ended September 30, 2023 and 2022, respectively and $33.6 million and $40.9 million for the nine months ended September 30, 2023 and 2022, respectively. ** Rounded totals may differ to the income statement due to the rounding of product lines. Conference Call T...