or ☐ 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-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 (Former name, former address and former fiscal year, if changed since last report) For the transition period from: to Commission File No.: 001-34634 ICU MEDICAL, INC. (Exact name of registrant as spe ...

[Financial Highlights (Q1 2024)](index=1&type=section&id=First%20Quarter%202024%20Results) ICU Medical reported first-quarter 2024 revenue of $566.7 million, a slight decrease from $568.6 million in the prior year. The company experienced a significant increase in GAAP net loss to $(39.5) million, compared to a $(9.8) million loss in Q1 2023. Both Adjusted EBITDA and Adjusted Diluted EPS saw substantial declines, falling to $78.8 million and $0.96, respectively Financial Highlights Summary | Financial Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $566.7 million | $568.6 million | -0.3% | | **GAAP Gross Profit** | $185.2 million | $192.0 million | -3.5% | | **GAAP Gross Margin** | 33% | 34% | -1 ppt | | **GAAP Net Loss** | $(39.5) million | $(9.8) million | +303% | | **GAAP Diluted EPS** | $(1.63) | $(0.41) | +298% | | **Adjusted EBITDA** | $78.8 million | $102.0 million | -22.7% | | **Adjusted Diluted EPS** | $0.96 | $1.74 | -44.8% | - The company's CEO, Vivek Jain, stated that the first-quarter results were generally in line with expectations[5](index=5&type=chunk) [Revenue by Product Line](index=1&type=section&id=Revenues%20by%20product%20line) For the first quarter of 2024, the Consumables segment was the only product line to show growth, increasing by $8.0 million year-over-year. Both Infusion Systems and Vital Care segments experienced revenue declines of $4.4 million and $5.5 million respectively, contributing to the slight overall decrease in total revenue Revenue by Product Line Summary | Product Line | Q1 2024 Revenue (in millions) | Q1 2023 Revenue (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | Consumables | $244.1 | $236.1 | $8.0 | | Infusion Systems | $157.3 | $161.7 | $(4.4) | | Vital Care | $165.3 | $170.8 | $(5.5) | | **Total** | **$566.7** | **$568.6** | **$(1.9)** | - Pfizer contract manufacturing revenue, which is included in the Vital Care segment, increased to **$14.1 million** in Q1 2024 from **$12.7 million** in Q1 2023[5](index=5&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The company's financial statements detail its financial position and performance. As of March 31, 2024, total assets were $4.29 billion. The statement of operations shows a net loss of $(39.5) million for the quarter, a significant increase from the $(9.8) million loss in the prior-year period. The company generated $45.8 million in cash from operations [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Condensed Consolidated Balance Sheets Summary | Balance Sheet Item (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $251,423 | $254,222 | | Inventories | $693,006 | $709,360 | | **Total Assets** | **$4,288,398** | **$4,378,439** | | Current portion of long-term debt | $51,000 | $51,000 | | Long-term debt | $1,566,298 | $1,577,770 | | **Total Liabilities** | **$2,220,568** | **$2,255,029** | | **Total Stockholders' Equity** | **$2,067,830** | **$2,123,410** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Condensed Consolidated Statements of Operations Summary | P&L Item (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $566,655 | $568,649 | | Gross Profit | $185,244 | $192,041 | | (Loss) Income from Operations | $(10,655) | $9,395 | | **Net Loss** | **$(39,471)** | **$(9,812)** | | **Diluted Net Loss Per Share** | **$(1.63)** | **$(0.41)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Condensed Consolidated Statements of Cash Flows Summary | Cash Flow Item (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $45,791 | $41,245 | | Net cash used in investing activities | $(17,862) | $(15,183) | | Net cash used in financing activities | $(26,845) | $(15,837) | | **Net (Decrease) Increase in Cash** | **$(2,799)** | **$12,163** | [Non-GAAP Financial Measures](index=8&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The company utilizes non-GAAP measures like Adjusted EBITDA, Adjusted Diluted EPS, and Free Cash Flow to supplement its GAAP results. Management believes these metrics offer a clearer view of operational performance by excluding special items that are variable or unusual, such as stock compensation, amortization, restructuring costs, and certain quality-related charges, thereby facilitating more meaningful period-over-period comparisons - The company uses non-GAAP financial measures to supplement GAAP results, believing they provide useful information for management and investors to assess business performance and facilitate comparisons between periods[17](index=17&type=chunk) - Special items excluded from non-GAAP calculations include stock compensation, intangible asset amortization, restructuring and integration costs, changes in fair value of contingent earn-outs, and quality system remediation charges[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Reconciliation to Adjusted EBITDA | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | GAAP net loss | $(39,471) | $(9,812) | | Total non-GAAP adjustments | $118,278 | $111,793 | | **Adjusted EBITDA** | **$78,807** | **$101,981** | Reconciliation to Adjusted Diluted EPS | Reconciliation to Adjusted Diluted EPS | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Reported GAAP diluted (loss) per share | $(1.63) | $(0.41) | | Adjustments (Amortization, Stock Comp, etc.) | $2.59 | $2.15 | | **Adjusted (Non-GAAP) diluted earnings per share** | **$0.96** | **$1.74** | [Reconciliation to Free Cash Flow](index=14&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Reconciliation to Free Cash Flow | Free Cash Flow Calculation (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $45,791 | $41,245 | | Purchase of property, plant and equipment | $(15,915) | $(14,205) | | Proceeds from sale of assets | $507 | $54 | | **Free cash flow** | **$30,383** | **$27,094** | [Fiscal Year 2024 Outlook](index=15&type=section&id=Fiscal%20Year%202024%20Outlook) ICU Medical provided its full-year 2024 guidance, projecting an Adjusted EBITDA between $330 million and $370 million, and Adjusted Diluted EPS in the range of $4.40 to $5.10. This outlook reflects updates from the guidance previously issued on February 27, 2024, and includes significant non-GAAP adjustments from the projected GAAP net loss Fiscal Year 2024 Guidance Summary | FY 2024 Guidance | Low End | High End | | :--- | :--- | :--- | | Adjusted EBITDA (in millions) | $330 | $370 | | Adjusted Diluted EPS | $4.40 | $5.10 | - The provided guidance reflects updates from the full-year outlook that was published on February 27, 2024[40](index=40&type=chunk) [Other Information](index=1&type=section&id=Other%20Information) This section provides details for the investor conference call held on May 7, 2024, to discuss the quarterly results. It also includes the standard forward-looking statement disclaimer, which outlines potential risks and uncertainties—such as demand fluctuations, competition, and integration challenges—that could cause actual results to differ from management's expectations - The company hosted a conference call and webcast on May 7, 2024, to discuss its first-quarter financial results[7](index=7&type=chunk) - The report contains forward-looking statements subject to risks and uncertainties, including decreased product demand, competition, inflation, and challenges with the integration of the Smiths Medical business[9](index=9&type=chunk)[10](index=10&type=chunk)

SAN CLEMENTE, Calif., April 23, 2024 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq: ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced the time of its first quarter 2024 earnings release and conference call. The Company will release its first quarter 2024 results on Tuesday, May 7th, 2024 at approximately 4:00 p.m. ET (1:00 p.m. PT) and will be conducting a conference call concerning those results at 4:30 p.m. ET (1:30 p.m. PT) on Tuesday, May 7th, 2024. ...

SAN CLEMENTE, Calif., April 23, 2024 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq: ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced the time of its first quarter 2024 earnings release and conference call. The Company will release its first quarter 2024 results on Tuesday, May 7th, 2024 at approximately 4:00 p.m. ET (1:00 p.m. PT) and will be conducting a conference call concerning those results at 4:30 p.m. ET (1:30 p.m. PT) on Tuesday, May 7th, 2024. ...

Financial Data and Key Metrics Changes - Revenue for Q4 was $576 million, reflecting a total company growth of 2% [47] - Adjusted EBITDA for Q4 decreased 11% to $86 million compared to $96 million last year [70] - Free cash flow for the year was $83 million, driven mostly by a one-time benefit from the accounts receivable factoring program [75] Business Line Data and Key Metrics Changes - Consumables segment grew 4% in constant currency or 5% reported, with IV therapy and oncology product families achieving 11% growth [63] - IV Solutions experienced a 6% increase, while Vital Care grew 2% [50] - The Vascular Access product line finally turned around, reaching Q4 2022 levels after previous declines [49][88] Market Data and Key Metrics Changes - The broader demand and utilization environment in Q4 was the most positive since 2021 across almost every geography [62] - Customer backorders are at the lowest levels in eight quarters, indicating improved fulfillment stability [85] Company Strategy and Development Direction - The company is focused on foundational work that will drive earnings improvement in 2025 and beyond [1] - There is an emphasis on quality remediation and operational stability to pursue remaining synergies [51] - The company aims for its consumables and systems businesses to be reliable growers with industry-acceptable profit margins [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business, noting that the operational environment is as reliable as it has been in a long time [27] - The company is currently under-earning and needs to work to align earnings with operational capabilities [26] - Management expects gross margin to improve throughout 2024, with a target of approximately 35% [93] Other Important Information - The company plans to continue reducing inventory, with a total opportunity of around $100 million, of which over $60 million was captured in Q4 [96] - Adjusted operating expenses are expected to remain similar to 2023 levels, just under 24% of revenue [94] Q&A Session Summary Question: What is the outlook for EBITDA margins? - Management indicated that exiting 2024, gross margins will be slightly above 35% [136] Question: How is the integration of Smiths progressing? - Integration efforts are on track and expected to yield cost savings and synergies [40] Question: What is the expected revenue growth for 2024? - The company anticipates full-year consolidated adjusted revenue growth in the low to mid-single-digit range [92] Question: What are the challenges in improving IV Solutions margins? - Management noted that improvements can be made through operational efficiencies and better service delivery [21] Question: How does the company view the competitive landscape for pumps? - The company sees a positive tone in the pump market, with opportunities arising from aging devices and recalls [108]

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, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 incorporation or ...

Exhibit 99.1 ICU Medical Announces Fourth Quarter 2023 Results and Provides Fiscal Year 2024 Guidance SAN CLEMENTE, Calif., February 27, 2024 (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 quarter ended December 31, 2023. Fourth Quarter 2023 Results Fourth quarter 2023 revenue was $587.9 million, compared to $578.0 million in the same period in the prior year. GAAP gross profit f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File No.: 001-34634 ICU MEDICAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorpo ...

Financial Data and Key Metrics - Q2 2023 GAAP revenue was $549 million, down 2% on a reported basis and 1% on a constant currency basis compared to $561 million last year [6] - Adjusted SG&A expense was $110 million, and adjusted R&D was $22 million in Q2, with adjusted operating expenses down 2% year-over-year [7] - Adjusted EBITDA for Q2 increased 16% to $98 million compared to $85 million last year [72] - Adjusted diluted EPS for Q2 was $1.88, up 37% from $1.37 last year [72] - Full-year adjusted EBITDA guidance narrowed to $375 million to $405 million, and adjusted EPS guidance narrowed to $6 to $6.85 per share [73][74] Business Unit Performance - Consumables business unit revenue was $237 million, down 1% on a constant currency basis and 2% reported, driven by growth in ICU IV therapy but offset by declines in Vascular Access [2] - Infusion Systems revenue was $153 million, up 5% constant currency and 3% reported, with growth in ambulatory and syringe product lines [55] - Vital Care revenue was $145 million, down 7% constant currency, primarily due to declines in IV Solutions [56] - Legacy ICU portfolio grew, but IV Solutions faced challenges, including a weak April and issues with Pfizer-supplied products [52] Market and Competitive Environment - The company is focused on regaining lost revenues in acquired categories, with Vascular Access being the primary challenge, estimated to be $20 million to $25 million short for the year [52][80] - The company is working on manufacturing consolidations and real estate adjustments to improve gross margins medium and long term [82] - The competitive environment in infusion systems remains stable, with customers expecting all market participants to be available, which may have delayed purchasing decisions [100] Strategic Direction and Industry Competition - The company is focused on integrating its manufacturing and distribution networks to capture synergies and improve operational efficiency [58] - The company aims to be a reliable supplier with a multiyear innovation portfolio and optimized manufacturing network [43] - The company is addressing quality remediation and regulatory compliance, with significant investments in resolving FDA warning letters and improving quality systems [61][66] Management Commentary on Operating Environment and Outlook - Management highlighted operational stability and growth in most businesses but acknowledged delays in Vascular Access revenue recovery [51][80] - The company expects sequential improvement in all product lines for the remainder of the year, though Vascular Access delays will impact overall growth rates [54] - Management emphasized the importance of inventory management and production efficiency to improve free cash flow and gross margins [76][88] Other Key Information - The company transitioned away from Smiths Group's IT systems and is now focused on ERP integration to optimize logistics and service networks [58] - Inventory levels peaked in Q2, with a $27 million increase, roughly half the recent historical average, and the company expects to slow inventory builds further in the second half of the year [88] - The company spent $12 million on restructuring and integration in Q2, primarily related to the acquisition [72] Q&A Session Summary Question: Impact of Vascular Access revenue shortfall - The company acknowledged a $20 million to $25 million shortfall in Vascular Access revenue for the year, primarily due to delays in new business and operational challenges [31][80] Question: Gross margin improvement and production slowdown - Gross margin improved in Q2 due to mix benefits and lower production slowdowns than expected, but the company expects gross margins to be around 35% in the second half of the year [32][40] Question: IT integration and synergy capture timeline - IT integration is a multiyear project, but some cost reductions and benefits can be realized before full completion [11][29] Question: Competitive environment in infusion systems - The company believes the competitive environment is stable, with customers now able to make decisions as all market participants are available [100] Question: Impact of Tornado in Rocky Mount on IV Solutions - The Tornado in Rocky Mount impacted IV Solutions, with a shortage of Pfizer-supplied products costing the company a few million dollars per quarter [97]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 (I.R.S. E ...