With a market cap of $9.4 billion, Baxter International Inc. (BAX) is a global medical technology company specializing in essential hospital products and therapies used in intensive care, kidney care, pharmaceuticals, and surgical settings. Headquartered in Deerfield, Illinois, its portfolio spans infusion systems, dialysis equipment, sterile IV solutions, and advanced patient monitoring technologies. Companies worth $10 billion or more are generally described as “large-cap stocks,” and BAX perfectly fit ...

Q3 2025 Performance - Consumables revenue reached $285 million in Q3 2025, representing an 8% year-over-year growth[8] - Systems revenue increased to $174 million in Q3 2025, a 9% year-over-year increase[8] - Vital Care revenue declined significantly to $74 million in Q3 2025, a 52% year-over-year decrease[8] - Total ICU Medical revenue was $533 million in Q3 2025, reflecting an 8% year-over-year decrease[8] 2025 Guidance Update (Post JV Transaction) - Adjusted EBITDA is projected to be between $395 million and $405 million[9] - Adjusted EPS is expected to be between $735 and $765[9] - Consolidated revenue is expected to have a ~ (6%) FXN impact, with low to mid single digits organic growth[9] - Vital Care is expected to have a ~ (35%) FXN impact, with flat organic growth[9] - Net interest expenses are projected to be around $19 million in Q4[9] - Capital expenditures are estimated to be between $85 million and $95 million[9]

Core Insights - ICU Medical, Inc. reported a revenue of $537.0 million for Q3 2025, a decrease from $589.1 million in Q3 2024, indicating a year-over-year decline of approximately 8.8% [2] - The company achieved a GAAP gross profit of $200.9 million with a gross margin of 37%, an improvement from 35% in the same period last year [2] - The net loss for Q3 2025 was $(3.4) million, significantly reduced from a net loss of $(33.0) million in Q3 2024, translating to a loss per diluted share of $(0.14) compared to $(1.35) [2][12] - Adjusted diluted earnings per share rose to $2.03 from $1.59 year-over-year, while adjusted EBITDA increased to $105.9 million from $94.8 million [2][3] Financial Performance - Revenue breakdown for Q3 2025 by product line showed: - Consumables: $285.1 million, up from $264.9 million (increase of $20.2 million) - Infusion Systems: $173.9 million, up from $159.8 million (increase of $14.1 million) - Vital Care: $78.0 million, down from $164.5 million (decrease of $86.5 million) [3] - For the nine months ended September 30, 2025, total revenue was $1,690.5 million, down from $1,752.2 million in the same period of 2024 [3] Fiscal Year Guidance - The company updated its fiscal year 2025 guidance for GAAP net loss to a range of $(8) million to $0 million, an improvement from the previous range of $(43) million to $(35) million [4] - Adjusted EBITDA guidance for the full year was revised to a range of $395 million to $405 million, up from $380 million to $390 million [4] - Diluted earnings per share guidance was also increased to a range of $7.35 to $7.65 from $6.85 to $7.15 [4] Conference Call - A conference call to discuss the third quarter 2025 financial results was scheduled for today at 4:30 p.m. ET, accessible via phone and webcast [5] Company Overview - ICU Medical is a global leader in infusion systems and high-value critical care products, focusing on quality, innovation, and value for clinical customers worldwide [6]

Q1 2025 Performance - ICU Medical's total revenue for Q1 2025 was $599 million[7] - Consumables revenue in Q1 2025 reached $266 million, with a year-over-year growth of 9% (10% FXN)[7] - Systems revenue for Q1 2025 was $166 million, showing a year-over-year growth of 6% (8% FXN)[7] - Vital Care revenue in Q1 2025 amounted to $167 million, reflecting a year-over-year growth of 10% (11% FXN)[7] 2025 Guidance (Post JV Transaction) - Adjusted EBITDA is projected to be between $380 million and $405 million[8] - Adjusted EPS is expected to be in the range of $655 to $725[8] - Vital Care revenue is expected to decline by approximately 35% FXN, but remain flat organically[8] - Capital Expenditures are estimated to be between $75 million and $95 million[8] 2025 Guidance Assumptions - Gross Margin percentage is projected to be between 39% and 40%[8] - SG&A and R&D expenses are expected to be approximately 26% of revenue[8] - Net interest expense is estimated to be around $87 million[8]

Core Viewpoint - ICU Medical, Inc. reported a revenue increase of 6.7% year-over-year for Q1 2025, reaching $604.7 million, while also showing improvements in gross profit and adjusted earnings per share [2][3][4]. Financial Performance - Revenue for Q1 2025 was $604.7 million, compared to $566.7 million in Q1 2024, marking a $38 million increase [2][4]. - GAAP gross profit for Q1 2025 was $210.1 million, up from $185.2 million in Q1 2024, resulting in a gross margin of 35% compared to 33% in the prior year [2][4]. - The GAAP net loss for Q1 2025 was $(15.5) million, or $(0.63) per diluted share, an improvement from a net loss of $(39.5) million, or $(1.63) per diluted share, in Q1 2024 [2][4][13]. - Adjusted diluted earnings per share for Q1 2025 was $1.72, compared to $0.96 in Q1 2024 [2][4]. Revenue Breakdown - Revenue by product line for Q1 2025 included: - Consumables: $266.2 million, up from $244.1 million in Q1 2024, a change of $22.1 million [4]. - Infusion Systems: $166.3 million, an increase of $9 million from $157.3 million in Q1 2024 [4]. - Vital Care: $172.2 million, up by $6.9 million from $165.3 million in Q1 2024 [4]. Cash Flow and Liquidity - Net cash provided by operating activities for Q1 2025 was $51.3 million, compared to $45.8 million in Q1 2024 [36]. - Free cash flow for Q1 2025 was $36.7 million, an increase from $30.4 million in Q1 2024 [36]. Conference Call - The company hosted a conference call to discuss its Q1 2025 financial results, providing insights into its performance and future expectations [6]. Company Overview - ICU Medical is a global leader in infusion systems and high-value critical care products, focusing on quality, innovation, and value for clinical customers worldwide [7].