> Future results are subject to risks and uncertainties, including the risk factors described in the Company's filings with the Securities and Exchange Commission, which include those in the most recent Form 10-K and subsequent filings. Actual results in the future may differ materially from Management's current expectations. > Our non-GAAP financial measures include revenue presented on a constant currency basis, which uses the average exchange rate for revenues from the prior year applied to the current y ...

ICU Medical, Inc. (NASDAQ:ICUI) Q1 2023 Earnings Conference Call May 8, 2023 4:30 PM ET Company Participants John Mills - Managing Partner, ICR, Inc. Vivek Jain - Chairman and Chief Executive Officer Brian Bonnell - Chief Financial Officer Conference Call Participants Jayson Bedford - Raymond James Lawrence Solow - CJS Securities Matthew Mishan - KeyBanc Operator Good afternoon and welcome to the ICU Medical Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note ...

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, 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) incorporation or organization) Identification No.) 951 Calle ...

1 | --- | --- | --- | --- | |--------------------------------------------------|-------|-------|-------| | | | | | | Raymond James Institutional Investors Conference | | | | | March 2023 | | | | | | | | | > 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 f ...

Financial Data and Key Metrics Changes - The company reported Q4 2022 GAAP revenue of $578 million, a 70% increase compared to $341 million last year, primarily due to the Smiths Medical acquisition [45] - Adjusted revenue for the quarter was $565 million, with adjusted EBITDA at $96 million, reflecting a 50% increase from $64 million last year [78] - Adjusted diluted earnings per share for the quarter was $1.60, down from $1.82 last year [14] Business Line Data and Key Metrics Changes - Legacy ICU Medical revenue was $313 million, down 2% on a constant currency basis and down 5% reported year-over-year [45] - Infusion Consumables had revenues of $141 million, flat sequentially and down 2% constant currency, down 5% reported year-over-year [33] - Infusion Systems reported $89 million in adjusted revenue, an increase of 1% on a constant currency basis but down 4% reported [63] Market Data and Key Metrics Changes - U.S. and international demand remained stable in Q4, with U.S. admissions showing similar trends to Q3 but with lower acuity [25] - The company faced a $100 million EBITDA miss in 2022 due to various factors including inflation and supply chain issues [67] Company Strategy and Development Direction - The company aims to deliver revenue growth in its differentiated business units while focusing on cash flow improvement and operational synergies [41] - The strategic focus includes separating IT systems from Smiths Medical and integrating the business to capture synergies [70] - The company plans to rationalize its portfolio post-separation to enhance value creation [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilizing operations and recapturing lost business in 2023, despite acknowledging ongoing inflationary pressures [53] - The macro environment is showing signs of easing, with improvements in freight, fuel, and foreign exchange trends noted towards the end of Q4 [31] - Management highlighted the importance of improving service levels and reliability to regain customer trust [65] Other Important Information - The company established a reserve for potential historical tax liabilities related to Italian government reimbursements, impacting growth rates by 2 to 3 percentage points [4] - Adjusted gross margin for Q4 was 36%, with expectations for a slight improvement to 37% in 2023 [47][52] Q&A Session Summary Question: What is the impact of the Italian reserves on revenue? - Management confirmed that the impact was mostly offset by one-time revenues from the legacy Smiths Medical business [85] Question: What is the backlog situation going into 2023? - The backlog is estimated at around $40 million, but it does not necessarily indicate additional revenue beyond normal rates [107] Question: What is the scope of the FDA inspection? - The inspection is a follow-up to previous quality control issues and serves as a checkpoint for progress made since acquiring Smiths Medical [88] Question: What are the major factors affecting earnings guidance? - Key factors include foreign exchange impacts and opportunities for revenue growth in the legacy Vascular Access business [98]

Acquisition and Growth - The company completed the acquisition of Smiths Medical in January 2022, resulting in significant growth and organizational changes[20] - The company completed the acquisition of Smiths Medical in January 2022, which has resulted in significant growth and organizational changes[20] - The company anticipates future growth in sales and operating results, with expectations for improved gross margins and reduced production costs[15] - The company anticipates future growth in operating results and financial condition, including expected sales and gross margins[15] Financial Risks - The company is facing risks from prolonged inflation and rising interest rates, which could adversely affect its financial performance[18] - Prolonged inflation and rising interest rates may materially impact the company's results of operations[18] - The company has incurred substantial debt to finance the Smiths Medical acquisition, which may restrict its ability to engage in additional transactions[20] - The company has incurred substantial debt to finance the Smiths Medical acquisition, which may restrict future transactions[20] - The company is exposed to foreign currency exchange risks that may adversely affect operations[20] Operational Challenges - The company is dependent on a limited number of suppliers, which poses risks to its operations and financial condition[18] - The company faces risks from reliance on limited third-party suppliers, which could adversely affect operations and financial condition[18] - The company is subject to regulatory risks that could hinder the timely development and approval of new products[18] - The impact of the COVID-19 pandemic continues to create uncertainty regarding future business operations and financial performance[18] - The company is subject to risks related to compliance with fraud and abuse laws, which could lead to significant penalties[20] Strategic Focus - The company plans to increase marketing efforts and expand into international markets to drive future sales growth[15] - The company is focused on developing new products and improving production efficiencies to maintain competitiveness[15] - The introduction and development of new products are critical for maintaining competitive advantages and market share[15] - The company is focused on maintaining strategic relationships with large healthcare providers and securing long-term contracts[15] Information Technology and Security - The company is committed to enhancing its information technology systems to protect against security breaches and data misappropriation[18] - The company expects to continue facing pricing pressures in the healthcare market, which may impact profitability[18]

| --- | --- | --- | --- | |-------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | ICU Medical, Inc. | | | | | Q3 2022 Conference Call | | | | | Presentation | | | | Disclosures > 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 f ...

ICU Medical, Inc. (NASDAQ:ICUI) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET Company Participants John Mills - ICR Vivek Jain - CEO & Chairman Brian Bonnell - CFO & Treasurer Conference Call Participants Jayson Bedford - Raymond James & Associates Matthew Mishan - KeyBanc Lawrence Solow - CJS Securities Operator Good afternoon, and welcome to the ICU Medical Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note that this event is being recorded today. I would now ...

☐ 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 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, 2022 or ICU MEDICAL, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant is a large ...

ICU Medical, Inc. (NASDAQ:ICUI) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET Company Participants John Mills - ICR Vivek Jain - CEO & Chairman Brian Bonnell - CFO & Treasurer Conference Call Participants Jayson Bedford - Raymond James & Associates Matthew Mishan - KeyBanc Lawrence Solow - CJS Securities Operator Good day, and welcome to the ICU Medical, Inc. Second Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note this event is be recorded. I would now like to turn th ...