Business
ICU Medical, Inc. Announces Fourth Quarter 2019 Results
SAN CLEMENTE, Calif., Feb. 27, 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., Feb. 27, 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 December 31, 2019.\n Fourth Quarter 2019 Results Fourth quarter 2019 revenue was $315.5 million, compared to $340.4 million in the same period last year. GAAP gross profit for the fourth quarter of 2019 was $114.1 million, as compared to $134.6 million in the same period last year. GAAP gross margin for the fourth quarter of 2019 was 36%, as compared to 40% in the same period last year. GAAP net income for the fourth quarter of 2019 was $20.6 million, or $0.96 per diluted share, as compared to GAAP net loss of $7.4 million, or $0.36 loss per diluted share, for the fourth quarter of 2018. Adjusted diluted earnings per share for the fourth quarter of 2019 were $1.94 as compared to $2.14 for the fourth quarter of 2018. Also, adjusted EBITDA was $60.7 million for the fourth quarter of 2019 as compared to $69.3 million for the fourth quarter of 2018. 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, “Fourth quarter revenue and adjusted EBITDA were generally in line with our expectations.” Revenues by market segment for the three and twelve months ended December 31, 2019 and 2018 were as follows (in millions): Three months endedDecember 31, Year endedDecember 31, Market Segment 2019 2018 $Change %Change 2019 2018 $Change %Change Infusion Consumables $119.6 $121.5 $(1.9) (1.6)% $477.6 $483.0 $(5.4) (1.1)%Infusion Systems 83.8 92.2 (8.4) (9.1)% 328.3 355.5 (27.2) (7.7)%IV Solutions* 101.0 113.8 (12.8) (11.2)% 415.0 508.0 (93.0) (18.3)%Critical Care 11.1 12.8 (1.7) (13.3)% 45.3 53.5 (8.2) (15.3)% $315.5 $340.3 $(24.8) (7.3)% $1,266.2 $1,400.0 $(133.8) (9.6)% *IV Solutions includes $19.7 million and $81.0 million of contract manufacturing to Pfizer for the three and twelve months ended December 31, 2019, respectively, as ...