Business
ICU Medical, Inc. Announces First Quarter 2020 Results and Updates Fiscal Year 2020 Guidance
SAN CLEMENTE, Calif., May 07, 2020 (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., May 07, 2020 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products used in infusion therapy and critical care applications, today announced financial results for the quarter ended March 31, 2020.\n First Quarter 2020 Results First quarter 2020 revenue was $328.6 million, compared to $330.9 million in the same period last year. GAAP gross profit for the first quarter of 2020 was $121.4 million, as compared to $135.3 million in the same period last year. GAAP gross margin for the first quarter of 2020 was 37%, as compared to 41% in the same period last year. GAAP net income for the first quarter of 2020 was $16.8 million, or $0.78 per diluted share, as compared to GAAP net income of $31.0 million, or $1.44 per diluted share, for the first quarter of 2019. Adjusted diluted earnings per share for the first quarter of 2020 were $1.81 as compared to $2.58 for the first quarter of 2019. Also, adjusted EBITDA was $63.0 million for the first quarter of 2020 as compared to $77.9 million for the first quarter of 2019. 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, “First quarter results were generally in line with our expectations except for some additional demand within our IV Solutions business due to the COVID-19 pandemic.” Revenues by product line for the three months ended March 31, 2020 and 2019 were as follows (in millions): Three months endedMarch 31, Product Line 2020 2019 $ ChangeInfusion Consumables $123.5 $120.5 $3.0 Infusion Systems 88.4 84.3 4.1 IV Solutions* 104.3 113.2 (8.9)Critical Care 12.4 12.9 (0.5) $328.6 $330.9 $(2.3) *IV Solutions includes $13.5 million and $21.5 million of contract manufacturing to Pfizer for the three months ended March 31, 2020 and 2019, respectively. Fiscal Year 2020 Guidance Update Due to significant changes in certain foreign currency exchange rates, lower interest rates on cash balances and incremental interest expense from borrowings on the Company’s...