Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $536 million, representing a 2% organic growth but a -14% reported decline, with full-year organic growth at 5% [4] - Gross margins were above 40%, with EBITDA of $98 million and EPS of $1.91, reflecting a year-over-year decline in EBITDA due to deconsolidation and tariffs [5][17] - Adjusted gross margin for Q4 was 40.5%, with adjusted EBITDA decreasing by 7% from $106 million last year [15][17] - Free cash flow for Q4 was $44 million, contributing to a total of $100 million for the year, slightly better than guidance [18][25] Business Line Data and Key Metrics Changes - Consumables business grew 6% reported and 5% organic in Q4, with full-year growth at 7% reported and 6% organic [6][7] - IV systems business grew 3% reported and 1% organic, with the best quarter in pumps despite some installations being pulled into Q3 [7][8] - Vital Care decreased 6% organically and 35% reported due to deconsolidation, remaining flat for the year [9] Market Data and Key Metrics Changes - The demand environment in Q4 was strong across most geographies, with a notable flu spike in the U.S. towards year-end [5] - The capital environment remained stable, with investments being executed as planned [6] Company Strategy and Development Direction - The company aims to create a comprehensive infusion therapy company, focusing on operational stability and innovation to improve performance in vascular access [6][31] - The strategy includes modernizing the IV solutions business through a joint venture with Otsuka and enhancing product offerings with FDA-cleared devices [30][32] - Long-term goals include achieving mid-single-digit growth in consumables and infusion systems, while Vital Care is expected to remain flat to slightly down [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements and expected benefits from completed integration projects, leading to better cash flow and margins [27][81] - The company anticipates challenges from tariffs and interest rates but believes it can overcome these hurdles to achieve original targets [28][33] Other Important Information - The company has made significant progress in integrating manufacturing sites and IT systems, which is expected to yield operational synergies [11][12] - The company plans to prioritize debt repayment with free cash flow generated in 2026, targeting a long-term leverage ratio of 2 times [26] Q&A Session Summary Question: Current environment for systems and customer decision-making - Management indicated that the capital environment is stable, with deals being executed as expected [39] Question: Impact of new product cycles and competitive landscape - Management noted that while competitive challenges exist, they are starting from a stronger position and expect to grow through existing headwinds [76] Question: Underlying volume trends in consumables - Management confirmed that underlying demand remains positive, despite some seasonal fluctuations [54] Question: Tariff mitigation efforts - Management stated that structural changes have been made to mitigate tariff impacts, with some benefits already seen in Q4 [57] Question: Potential sale of the critical care business - Management acknowledged the complexities involved in assessing the critical care business due to its integration with other operations [66]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or | | | For the transition period from to Commission File No. 001-34634 ICU MEDICAL, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 33-0022692 (State or Other Jurisdiction of Incorporat ...

ICU Medical Q4 2025 Conference Call Presentation February 19, 2026 1 Disclosures 2 > Any statement concerning Management's expectation with respect to future results is a forward-looking statement based upon the best information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results. > Future results are subject to risks and uncertainties, including the risk factors described in the Compan ...

Exhibit 99.1 ICU Medical Announces Fourth Quarter 2025 Results and Provides Fiscal Year 2026 Guidance SAN CLEMENTE, Calif., February 19, 2026 (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 quarterly period ended December 31, 2025. Conference Call Fourth Quarter 2025 Results Fourth quarter 2025 revenue was $540.7 million, as compared to $629.8 million in the same period in the pri ...

Core Insights - ICU Medical, Inc. reported a revenue of $540.7 million for Q4 2025, a decrease from $629.8 million in Q4 2024, indicating a year-over-year decline of approximately 14% [2] - The company experienced a GAAP net loss of $(15.7) million, or $(0.64) per diluted share, an improvement from a net loss of $(23.8) million, or $(0.97) per diluted share in the previous year [2][13] - Adjusted diluted earnings per share for Q4 2025 was $1.91, down from $2.11 in Q4 2024, while adjusted EBITDA was $98.2 million compared to $105.5 million in the same period last year [2][3] Financial Performance - Q4 2025 gross profit was $203.0 million, down from $227.3 million in Q4 2024, with a gross margin of 38%, up from 36% in the prior year [2][13] - For the full fiscal year 2025, total revenues were $2,231.3 million, a decrease from $2,382.0 million in 2024 [4] - The company’s fiscal year 2026 guidance estimates GAAP net income between $26 million to $44 million and adjusted EBITDA in the range of $400 million to $430 million [5] Product Line Performance - Revenue from consumables in Q4 2025 was $284.7 million, an increase of $16.6 million from $268.1 million in Q4 2024 [4] - Infusion systems revenue rose to $176.3 million, up by $4.6 million from $171.7 million in the same quarter last year [4] - Vital care revenue saw a significant decline, dropping to $79.7 million from $190.0 million in Q4 2024, reflecting a decrease of $110.3 million [4] Cash Flow and Balance Sheet - The company reported cash and cash equivalents of $307.963 million as of December 31, 2025, slightly down from $308.566 million a year earlier [10] - Total assets decreased to $4,050.508 million from $4,203.931 million in the previous year [11] - Current liabilities were reported at $498.861 million, down from $556.182 million in 2024 [11] Conference Call and Future Outlook - A conference call was scheduled to discuss the financial results, indicating the company's commitment to transparency and investor communication [6] - The company aims to provide quality and innovation in its medical products, focusing on growth in infusion systems and consumables [7]

Core Viewpoint - ICU Medical, Inc. is set to release its fourth quarter 2025 earnings results on February 19, 2026, followed by a conference call to discuss these results [1][2]. Group 1: Earnings Release Details - The earnings release will occur on Thursday, February 19, 2026, at approximately 4:00 p.m. ET (1:00 p.m. PT) [2]. - A conference call regarding the earnings results will take place at 4:30 p.m. ET (1:30 p.m. PT) on the same day [2]. - The conference call can be accessed via phone at (800) 274-8461 with the conference ID "ICUMED" and will also be available through a webcast on the company's website [2]. Group 2: Company Overview - ICU Medical is a global leader in infusion systems, infusion consumables, and high-value critical care products used in various healthcare settings [3]. - The company is headquartered in San Clemente, California, and focuses on providing quality, innovation, and value to clinical customers worldwide [3].

Core Viewpoint - ICU Medical is presenting its investment rationale and commitment to the company, highlighting a positive outlook following recent challenges and macroeconomic factors [2][3]. Group 1: Company Overview - ICU Medical's leadership team, including CEO Vivek Jain and CFO Brian Bonnell, is committed to addressing investor interests and simplifying communication [2][3]. - The company has experienced situational challenges in past transactions but is now positioned to move forward with a clearer strategy [3]. Group 2: Market Context - The presentation indicates that many macroeconomic challenges previously faced by the company are now behind them, suggesting a more stable environment for future growth [3].

ICU Medical FY Conference Summary Company Overview - **Company**: ICU Medical (NasdaqGS:ICUI) - **Industry**: IV Therapy - **Segments**: Consumables, Systems, Vital Care - **Revenue Sources**: Two-thirds of revenues and profits come from North America, with 87% of items being single-use disposables priced at $10 or less [3][4] Financial Metrics - **Equity Value**: Approximately $3.8 billion - **Net Debt**: About $1 billion, resulting in a leverage ratio of over 2.5 times [4] - **Revenue Growth**: Historical average growth of 5-7% in major business segments [9] - **Gross Margins**: Targeting 40% gross margins, currently at 41%, with potential for further improvement [22] Market Dynamics - **IV Therapy Industry**: Characterized by high demand, with 90% of hospital patients receiving infusion therapy. The industry has long product life cycles and high regulatory barriers, leading to a consolidated market with limited players [5][6] - **Growth Opportunities**: Identifying niches within the market that grow faster than the overall census, focusing on safety, clinical efficiency, and workflow improvements [6][19] Innovation and Product Development - **Investment in Innovation**: Over $100 million spent on developing new infusion pump systems and software, aiming for integrated solutions that enhance safety and efficiency [17][19] - **Product Launches**: Upcoming launches include Plum Dual, Plum Solo, and Medfusion 5000 syringe pump, which are expected to drive growth [24] - **Consumables Innovation**: Focused on improving patient safety and clinical workflows, leading to a billion-dollar business in consumables [20][21] Strategic Goals - **Revenue Growth**: Aiming for mid-single-digit growth through competitive share gains and focusing on faster-growing markets [11][12] - **Financial Health**: Plans to improve free cash flow and reduce net debt, with a clear capital allocation strategy to return capital to shareholders [23][24] - **Operational Challenges**: Addressing remaining integration issues from the Smiths Medical acquisition and managing tariff impacts [27][28] Conclusion - **Investment Rationale**: ICU Medical is positioned at an inflection point with new product cycles, consistent innovation, and improving financials. The company is focused on leveraging its strengths in the IV therapy market to drive future growth [24][26]

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Company Overview - ICU Medical is a global MedTech company focused on IV therapy and critical care products, with sales in approximately 80 countries[6] - The company's diluted equity value is $3.82 billion, with a net debt of $1.02 billion (approximately 2.6x leverage) and an enterprise value of $4.84 billion[8] - The company's revenue is divided into three segments: Consumables (~$1.1B), Systems (~$680M), and Vital Care (~$300M)[7] - Geographically, 64% of sales are in the US & Canada, with the remaining in other regions[8] - Single-use disposables and software account for 87% of revenue, while hardware accounts for 13%[8] Growth Strategy - The company aims to deliver mid-single-digit growth across its core business[20] - The company is focused on expanding gross margins, with an opportunity for +200bps expansion remaining[37] - The company is developing a new IV therapy platform for launch in 2026, featuring a shared cloud-based enterprise software[24, 25] Innovation and Product Portfolio - The company has a complete IV therapy portfolio across the entire care continuum[15] - The company is focused on innovation in IV consumables to address clinical priorities such as patient and clinician safety and clinical efficiency[33] - The company is creating clinical value with IV consumables innovation, addressing impactful clinical priorities[33]