ICUINasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

ICU Medical, Inc

ICU Medical develops, manufactures, and sells medical devices and software used in infusion therapy, vascular access, and critical care settings. The company’s portfolio spans IV pumps, infusion consumables, medication safety software, and selected vital care products, with sales to hospitals, ambulatory clinics, home care providers, and distributors worldwide.

Kysy yhtiöstä
Liikevaihto2 231milj. USD
−6,3 %v/v
Liikevoitto (EBIT)42,8milj. USD
−0,3 %v/v
EBIT-marginaali1,9%
+0,1 %-yks.v/v
Nettotulos0,7milj. USD
+100,6 %v/v
Vapaa kassavirta91,8milj. USD
−26,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 5002 0002 500milj. USD2020: 1 271 milj. USD2020: EBIT 98 milj. USD20202021: 1 316 milj. USD2021: EBIT 123 milj. USD20212022: 2 280 milj. USD2022: EBIT −43 milj. USD20222023: 2 259 milj. USD2023: EBIT 23 milj. USD20232024: 2 382 milj. USD2024: EBIT 43 milj. USD20242025: 2 231 milj. USD2025: EBIT 43 milj. USD20252 23143
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: ICU Medical, Inc

Liiketoiminta

Osuus liikevaihdosta
Consumables50 %

Infusion therapy, oncology, vascular access, and tracheostomy disposables used in routine patient care.

Infusion Systems31 %

Pumps, safety software, and related hardware used to manage medication delivery and workflow.

Vital Care19 %

Critical care products including respiratory, anesthesia, monitoring, and temperature management.

Tuotteet

Raportoitu · osuus liikevaihdosta
49,7%30,7%19,6%FY2025100 %
  • Infusion Consumables49,7 %
  • Infusion Systems30,7 %
  • Vital Care19,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

ICU Medical sells primarily to acute care hospitals, wholesalers, ambulatory clinics, and alternate-site providers such as home health and long-term care facilities. In the U.S., a substantial portion of sales goes through group purchasing organization member hospitals, so contract access and purchasing relationships are central to demand. The company also serves healthcare providers and OEM customers that buy through direct or distributor channels.

Acute care hospitals

Buy infusion systems, consumables, and critical care products for inpatient medication delivery and monitoring.

Group purchasing organization hospitals

Purchase through GPO contracts, making pricing, service, and long-term supply agreements important.

Ambulatory and alternate-site care providers

Buy infusion consumables and selected devices for outpatient, home, and long-term care use.

Wholesalers and independent distributors

Resell ICU Medical products and are important for reach, especially in broad product distribution.

OEM and other healthcare suppliers

Purchase components and related products for incorporation into broader medical offerings.

Strategia

ICU Medical is focused on expanding its infusion and critical care platform through product breadth, software integration, and clinical workflow value. The 2022 Smiths Medical acquisition broadened its portfolio and global reach, while the 2025 IV Solutions divestiture to a joint venture reshaped the mix toward higher-control core businesses and commercial partnerships. The company also emphasizes long-term hospital contracts, distributor relationships, and quality/compliance execution to defend share in a regulated market.

Expand integrated infusion platformKeskipitkä aikaväli

Bundling pumps, consumables, and software increases customer stickiness and workflow value.

Defend and grow hospital contract accessLyhyt aikaväli

GPO and large-provider contracts are critical to volume and pricing power in the U.S.

Integrate acquisitions and optimize portfolio mixKeskipitkä aikaväli

Past acquisitions expanded scale, while the IV Solutions JV changes the earnings mix and operating model.

Maantiede

ICU Medical is headquartered in San Clemente, California and sells products worldwide, with a meaningful U.S. base and international exposure. The company manufactures and distributes through owned and leased facilities plus third-party logistics and independent distributors, including operations in Mexico that are relevant to tariff exposure. Foreign currency, local regulation, and trade rules matter because a portion of sales and sourcing sits outside the U.S.

Riskit

ICU Medical faces competitive pressure in a regulated device market where product performance, pricing, and contract access determine share. The business is also exposed to distributor concentration, foreign exchange, tariffs, and cross-border regulatory complexity, while product quality or compliance failures could trigger recalls or sales restrictions. Because the company relies on acquisitions, joint ventures, and a broad installed base, integration execution and supply-chain stability remain important operating risks.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Competitive pressure in infusion and critical care devices1Distributor concentration2Regulatory and product compliance3Tariffs and foreign exchange volatility4Supply chain and raw material disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Competitive pressure in infusion and critical care devicesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Hospitals can switch suppliers based on price, performance, and contract terms.

    KohdistuuInfusion systemsConsumablesCritical care products
  2. Distributor concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A single distributor accounted for about 18% of consolidated revenue, creating channel dependence.

    Kohdistuu: U.S. and international distribution

  3. Regulatory and product complianceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Medical devices are subject to FDA and foreign approvals, recalls, and post-market surveillance.

    KohdistuuDesignManufacturingLabelingCommercialization
  4. Tariffs and foreign exchange volatilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Mexico and China trade actions and currency swings can increase costs and affect margins.

    Kohdistuu: Manufacturing and international sales

  5. Supply chain and raw material disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Shortages, freight inflation, and logistics issues can delay production and raise costs.

    Kohdistuu: Global manufacturing and distribution

Kysy Clarifolta: ICU Medical, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition timing

Most product revenue is point-in-time at shipment, while software renewals are recognized at renewal start.

Vaikutus: Can shift revenue between quarters and affect reported growth

Distributor chargebacks, rebates, and bad debt reserves

These estimates reduce reported revenue and accounts receivable and depend on customer behavior.

Vaikutus: Can move gross-to-net revenue and working capital

Goodwill and intangible assets

Acquisitions such as Smiths Medical create large intangible balances that require impairment testing.

Vaikutus: Potential non-cash charges if performance weakens

Foreign currency translation

International operations and constant-currency disclosures indicate meaningful FX exposure.

Vaikutus: Can distort reported growth and margins

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

iRadimed Corporation

IRMD · Surgical & Medical Instruments & Apparatus

InfuSystem Holdings, Inc

INFU · Surgical & Medical Instruments & Apparatus

Modular Medical, Inc.

MODD · Surgical & Medical Instruments & Apparatus

Baxter International Inc

BAX · Surgical & Medical Instruments & Apparatus

IR-Med, Inc.

Electromedical & Electrotherapeutic Apparatus

International Stem Cell CORP

ISCO · Pharmaceutical Preparations

Päivitetty: 24.9.2026