First Quarter 2025 Financial Highlights ICU Medical reported strong Q1 2025 results, with revenue at $604.7 million, a narrowed GAAP net loss, and increased adjusted diluted EPS and EBITDA, reflecting improved profitability Q1 2025 vs. Q1 2024 Key Financial Metrics | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | $604.7 | $566.7 | +6.7% | | GAAP Gross Profit | $210.1 | $185.2 | +13.4% | | GAAP Gross Margin | 35% | 33% | +2 p.p. | | GAAP Net Loss | $(15.5) | $(39.5) | N/A | | GAAP Diluted EPS | $(0.63) | $(1.63) | N/A | | Adjusted Diluted EPS | $1.72 | $0.96 | +79.2% | | Adjusted EBITDA | $99.4 | $78.8 | +26.1% | - CEO Vivek Jain stated that the first quarter results were generally in line with the company's expectations5 Revenue by Product Line All product lines demonstrated year-over-year revenue growth in Q1 2025, with Consumables being the largest contributor and total revenue increasing by $38.0 million Revenue by Product Line (in millions) | Product Line | Q1 2025 Revenue (in millions) | Q1 2024 Revenue (in millions) | $ Change (in millions) | | :--- | :--- | :--- | :--- | | Consumables | $266.2 | $244.1 | $22.1 | | Infusion Systems | $166.3 | $157.3 | $9.0 | | Vital Care* | $172.2 | $165.3 | $6.9 | | Total | $604.7 | $566.7 | $38.0 | - The Vital Care product line includes Pfizer contract manufacturing revenue, which decreased to $5.2 million in Q1 2025 from $14.1 million in Q1 20245 Consolidated Financial Statements This section provides a detailed view of the company's financial position and performance through its unaudited condensed consolidated financial statements for Q1 2025 Condensed Consolidated Statements of Operations The Q1 2025 statement of operations showed a significant turnaround, shifting from an operating loss to an operating income of $12.9 million, leading to a substantially reduced net loss Q1 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total Revenues | $604,702 | $566,655 | | Gross Profit | $210,109 | $185,244 | | Total Operating Expenses | $197,221 | $195,899 | | Income (Loss) from Operations | $12,888 | $(10,655) | | Net Loss | $(15,476) | $(39,471) | | Diluted Net Loss Per Share | $(0.63) | $(1.63) | Condensed Consolidated Balance Sheets As of March 31, 2025, ICU Medical's balance sheet showed total assets of $4.18 billion, reduced long-term debt, and increased total stockholders' equity Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $289,704 | $308,566 | | Total Current Assets | $1,423,915 | $1,441,983 | | Total Assets | $4,184,581 | $4,203,931 | | Long-Term Debt | $1,488,565 | $1,531,858 | | Total Liabilities | $2,196,892 | $2,238,696 | | Total Stockholders' Equity | $1,987,689 | $1,965,235 | Condensed Consolidated Statements of Cash Flows In Q1 2025, the company generated $51.3 million in net cash from operating activities, resulting in a net decrease in cash and cash equivalents of $18.9 million for the quarter Q1 Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $51,327 | $45,791 | | Purchase of property, plant and equipment | (14,621) | (15,915) | | Net cash used in financing activities | $(56,336) | $(26,845) | | Net Decrease in Cash | $(18,862) | $(2,799) | Non-GAAP Financial Measures and Reconciliations This section details the company's use of non-GAAP financial measures, including Adjusted EBITDA, Adjusted Diluted EPS, and Free Cash Flow, with detailed reconciliation tables Use of Non-GAAP Financial Information The company justifies using non-GAAP measures to assess business performance by excluding unusual or non-core operational items like contract manufacturing revenue and restructuring costs - Management uses non-GAAP measures to facilitate more meaningful period-over-period comparisons of operational results16 - Special items excluded from non-GAAP calculations include: contract manufacturing revenue, stock compensation expense, intangible asset amortization, restructuring and integration costs, and quality system remediation charges181920 - Free cash flow is presented as a measure of the company's ability to generate additional cash from business operations and is calculated as net cash from operations less capital expenditures, plus proceeds from asset sales3039 Reconciliation of GAAP to Non-GAAP Measures Reconciliation tables show Q1 2025 GAAP net loss of $(15.5) million adjusted to non-GAAP Adjusted EBITDA of $99.4 million and diluted EPS of $1.72 Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | GAAP net loss | $ (15,476) | $ (39,471) | | Total non-GAAP adjustments | 114,902 | 118,278 | | Adjusted EBITDA | $ 99,426 | $ 78,807 | Reconciliation of GAAP to Non-GAAP Diluted EPS | Per Share Data | Q1 2025 (per share) | Q1 2024 (per share) | | :--- | :--- | :--- | | Reported (GAAP) diluted loss per share | $ (0.63) | $ (1.63) | | Total adjustments | $ 2.35 | $ 2.59 | | Adjusted (Non-GAAP) diluted earnings per share | $ 1.72 | $ 0.96 | Reconciliation to Free Cash Flow (in thousands) | Line Item | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $ 51,327 | $ 45,791 | | Purchase of property, plant and equipment | (14,621) | (15,915) | | Free cash flow | $ 36,748 | $ 30,383 | Other Information This section provides logistical details for the investor conference call and the standard safe harbor statement regarding forward-looking statements and risks Conference Call The company scheduled a conference call and webcast for May 8, 2025, at 4:30 p.m. ET to discuss its Q1 2025 financial results - A conference call to discuss Q1 2025 financial results was scheduled for May 8, 2025, at 4:30 p.m. ET (1:30 p.m. PT)6 Forward-Looking Statements The press release contains forward-looking statements regarding the company's 2025 outlook, subject to various risks and uncertainties detailed in SEC filings - The report contains forward-looking statements about the company's expectations for 2025 and the anticipated impacts from the IV Solutions joint venture9 - Key risks that could affect future results include international trade barriers, competition, raw material costs, inflation, geopolitical conditions, and regulatory disruptions9
ICU Medical(ICUI) - 2025 Q1 - Quarterly Results