Financial Data and Key Metrics Changes - The company's Q3 2021 GAAP revenue was $336 million, up 5% from $319 million in the previous year, while adjusted revenue was $328 million, reflecting an 8% increase year-over-year [31][32] - Adjusted EBITDA for Q3 increased 16% to $72 million compared to $62 million last year, and adjusted diluted earnings per share rose 9% to $2.07 from $1.90 [33][34] Business Line Data and Key Metrics Changes - Infusion Consumables revenue was $145 million, a 25% increase year-over-year, with U.S. market growth just under 20% [13][31] - Infusion Systems generated $91 million in adjusted revenue, a 3% increase year-over-year, while IV Solutions and Critical Care segments saw declines of 6% and 8% respectively [31][32] Market Data and Key Metrics Changes - The U.S. market showed significant sequential growth, while international markets remained stable with small gains or neutral performance [12][31] - Year-over-year comparisons for Asia, Europe, and Latin America were positive due to low volumes in Q3 2020, but no dramatic sequential changes were noted [12][31] Company Strategy and Development Direction - The company is focused on integrating the Smiths Medical acquisition and enhancing operational efficiencies post-deal, with a goal of improving top-line performance and cash conversions [23][26] - The strategic combination with Smiths Medical is expected to enhance the company's position as a broader U.S.-based manufacturer, emphasizing vertical integration and redundancy in the supply chain [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by supply chain volatility and inflation, indicating that while some costs are expected to normalize, others may remain elevated [20][21] - The company remains optimistic about growth in its consumables and infusion systems segments, projecting that these will be the largest under its ownership by the end of 2021 [25][36] Other Important Information - The company generated strong free cash flow of $62 million in Q3, ending the quarter with $545 million in cash and investments [34][35] - The Hart-Scott-Rodino waiting period for the Smiths Medical acquisition expired without further FTC action, indicating progress towards closing the deal [23] Q&A Session Summary Question: Guidance on Q4 performance and potential pull forward effects - Management indicated that Q4 may not see the same level of demand as Q3, with some excess sales potentially impacting future performance [40][41] Question: Growth in LVP pump market share - Management confirmed a 20% increase in the U.S. LVP installed base since mid-2019, reflecting competitive gains [44] Question: Impact of supply chain issues on profitability - Management explained that inflationary pressures are affecting margins, with significant costs in labor and raw materials impacting the bottom line [45][50] Question: Timing of the Smiths Medical acquisition closure - Management expressed optimism about closing the acquisition sooner than initially expected, potentially in early Q1 2022 [51] Question: Pipeline and new business activity for 2022 - Management noted that while some business was delayed due to COVID, they expect to see continued growth in key segments moving forward [60][62]

Summary of ICU Medical, Inc. Conference Call on Acquisition of Smiths Medical Division Company and Industry - **Company**: ICU Medical, Inc. (NASDAQ: ICUI) - **Acquisition Target**: Smiths Medical division from Smiths Group plc - **Industry**: Medical Devices, specifically focusing on infusion therapy and related products Core Points and Arguments 1. **Strategic Rationale for Acquisition**: - The acquisition will create a combined company with approximately $2.5 billion in revenue, enhancing focus and scale in infusion therapy [6][19] - It aims to diversify and strengthen the U.S. medical supply chain [6][19] 2. **Transaction Overview**: - ICU Medical will pay $1.85 billion in cash and issue 2.5 million shares, totaling an upfront value of $2.35 billion [7][12] - An additional $100 million in contingent considerations is tied to equity returns [7][12] - The transaction is expected to close in the first half of 2022, pending customary conditions [7][12] 3. **Financial Implications**: - A $2 billion senior credit facility has been secured to finance the acquisition [12][13] - Pro forma net leverage is expected to be approximately 3.1x at closing, with a goal to deleverage to 1.5 to 2x within three years [13][14] - Expected adjusted EBITDA run rate for Smiths Medical before synergies is around $190 million [15][16] 4. **Earnings Accretion**: - Adjusted diluted earnings per share (EPS) is projected to be nearly $11 in the first year post-acquisition, representing over 40% accretion compared to a standalone scenario [16][19] - Anticipated cost synergies of at least $50 million to be fully realized by the end of the third year [16][17] 5. **Market Position and Growth Drivers**: - The acquisition fills gaps in ICU Medical's product offerings, particularly in syringe and ambulatory pumps, enhancing competitiveness against larger players [9][10] - The combined company will focus on high-value clinical niches, such as oncology and pediatric care [22][23] 6. **Integration Strategy**: - The integration is expected to be smoother than previous acquisitions due to existing infrastructure and fewer transitional service agreements [25][26] - The management team has significant experience in integrating similar businesses, which is expected to facilitate a successful merger [26][27] Other Important Content 1. **Geographical Expansion**: - The acquisition will enhance ICU Medical's presence in international markets, particularly in Europe and Latin America [34][35] 2. **Cash Flow Expectations**: - ICU Medical expects strong free cash flow generation post-acquisition, with a commitment to maintain at least $250 million in cash on hand [14][19] 3. **Future Outlook**: - The management anticipates that the acquisition will create significant value for shareholders and customers, with a focus on operational improvements and cash flow generation [28][29] 4. **Market Dynamics**: - The competitive landscape has evolved, and the acquisition is seen as a strategic move to adapt to these changes and enhance market positioning [21][22] 5. **Potential for Cross-Selling**: - While no specific revenue synergies have been built into the model, there are opportunities for cross-selling products, particularly in vascular access and infusion systems [50][51] This summary encapsulates the key points discussed during the conference call regarding ICU Medical's acquisition of Smiths Medical, highlighting the strategic, financial, and operational implications of the transaction.

ICU Medical, Inc. (NASDAQ:ICUI) Q2 2021 Earnings Conference Call August 4, 2021 4:30 PM ET Company Participants John Mills - ICR, IR Vivek Jain - Chairman and CEO Brian Bonnell - Chief Financial Officer Conference Call Participants Larry Solow - CJS Securities Matt Mishan - KeyBanc Jayson Bedford - Raymond James Operator Good day. And welcome to the ICU Medical, Inc. Q2 2021 Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Mr. John Mills of ICR. Plea ...

| --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | ICU Medical, Inc. Q2 2021 Conference Call | | | | | Presentation | | | | | August 4, 2021 | | | | 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 t ...

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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to (Registrant's telephone number including area code) Commission File No.: 001-34634 Indicate by check mark whether the registrant (1) has filed all reports required t ...

ICU Medical, Inc. (NASDAQ:ICUI) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants John Mills – Managing Partner Vivek Jain – Chairman and Chief Executive Officer Brian Bonnell – Chief Financial Officer Conference Call Participants Matt Mishan – KeyBanc Jayson Bedford – Raymond James Pete Lukas – CJS Securities Operator Good day, and welcome to the ICU Medical, Inc.’s Q1 2021 Earnings Call. Today’s conference is being recorded. At this time, I will turn the conference over to Mr. J ...

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, 2021 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. ...

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, 2020 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 ...

Financial Data and Key Metrics Changes - The company reported Q4 2020 GAAP revenue of $320 million, a 2% increase from $316 million in the previous year, and adjusted revenue of $309 million, up 4% from $297 million year-over-year [38] - Adjusted EBITDA for Q4 decreased 2% to $60 million compared to $61 million last year, and adjusted diluted EPS was $1.77, down from $1.94 [45][46] - The adjusted gross margin for Q4 was 39%, down from 40% in the same quarter last year, primarily due to the timing of the annual maintenance shutdown [42] Business Line Data and Key Metrics Changes - Infusion Consumables revenue was $123 million in Q4 2020, a 3% increase year-over-year on a constant currency basis [18] - Infusion Systems generated $92 million in adjusted revenue, reflecting an 8% growth on both a reported and constant currency basis [21] - Infusion Solutions had $82 million in adjusted revenue, representing a 1% year-over-year growth [24] Market Data and Key Metrics Changes - The US market experienced an 8% year-over-year growth, driven by higher temporary COVID admissions and new customer onboarding [12] - Europe and Latin America saw sequential improvements, while selected South Asian markets experienced declines [12] Company Strategy and Development Direction - The company aims to continue growing its differentiated businesses, particularly in IV Consumables and IV Systems, while stabilizing its less differentiated IV Solutions segment [32][33] - The focus remains on maintaining operational stability, enhancing supply chain resilience, and preparing for future opportunities as the market normalizes post-COVID [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of hospital volumes and the potential for growth in 2021, despite uncertainties regarding the timing of a return to normal levels [29][30] - The company anticipates a steady ramp in earnings throughout 2021, driven by the recovery of volumes and implementation of Infusion Systems pumps [55] Other Important Information - The company invested nearly $100 million in CapEx at its Texas site, which helped mitigate infrastructure damage during recent weather events [25] - The company expects adjusted EBITDA for 2021 to be between $245 million and $265 million, with adjusted EPS projected between $6.50 and $7.20 per share [54] Q&A Session Summary Question: Can you provide a sense of the backlog of installations heading into 2021? - Management indicated that they are not quoting a backlog number but noted that they have more competitive wins that have not yet been installed than ever before [63] Question: What is the expectation for gross margin guidance? - Management explained that margins are expected to be negatively impacted due to a higher mix of Infusion Systems hardware installations, which typically have lower margins initially [65] Question: Can you discuss new products the company will focus on in 2021? - Management highlighted several projects on the filing docket for 2021, including software products and new hardware ideas [67]

| --- | --- | --- | --- | |-------------------------|-------|-------|-------| | | | | | | | | | | | ICU Medical, Inc. | | | | | Q4 2020 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 future resu ...