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ICU Medical, Inc. Announces First Quarter 2021 Results
SAN CLEMENTE, Calif., May 06, 2021 (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 06, 2021 (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, 2021. First Quarter 2021 Results First quarter 2021 revenue was $318.0 million, compared to $328.6 million in the same period last year. GAAP gross profit for the first quarter of 2021 was $112.7 million, as compared to $121.4 million in the same period last year. GAAP gross margin for the first quarter of 2021 was 35%, as compared to 37% in the same period last year. GAAP net income for the first quarter of 2021 was $23.7 million, or $1.09 per diluted share, as compared to GAAP net income of $16.8 million, or $0.78 per diluted share, for the first quarter of 2020. Adjusted diluted earnings per share for the first quarter of 2021 were $1.62 as compared to $1.81 for the first quarter of 2020. Also, adjusted EBITDA was $57.8 million for the first quarter of 2021 as compared to $63.0 million for the first quarter of 2020. 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.” Revenues by product line for the three months ended March 31, 2021 and 2020 were as follows (in millions): Three months ended March 31, Product Line 2021 2020 $ ChangeInfusion Consumables $126.4 $123.5 $2.9 Infusion Systems 84.3 88.4 (4.1)IV Solutions* 94.2 104.3 (10.1)Critical Care 13.1 12.4 0.7 $318.0 $328.6 $(10.6) *IV Solutions includes $13.9 million and $13.5 million of contract manufacturing to Pfizer for the three months ended March 31, 2021 and 2020, respectively. Conference Call The Company will host a conference call to discuss first quarter 2021 financial results on the Company, today at 4:30 p.m. EDT (1:30 p.m. PDT). The call can be accessed at (866) 269-4260, international (408) 774-4587, conference ID 5252105 The conference call will be simultaneously avail...