ICU Medical, Inc. (Nasdaq: ICUI) develops and manufactures infusion pumps, medication-delivery consumables, vascular-access devices and vital-care products. It serves hospitals and other care settings worldwide and retains a 40% equity-method investment in the IV Solutions joint venture with Otsuka.
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A snapshot of what ICU MEDICAL INC/DE owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000883984-24-000005 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000883984-25-000007 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000883984-26-000008 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
ICU Medical’s continuing infusion businesses are growing, but portfolio changes and accounting benefits complicate its earnings recovery. The May 2025 sale of control of IV Solutions reduced consolidated revenue and debt while lifting gross margin by removing a lower-margin business. Annual operating income nevertheless remained nearly unchanged, and the small 2025 net profit depended materially on the disposal gain. Through June 2026, stronger pump sales and improved operating cash generation supported further debt repayment, but tariff refunds and discrete tax benefits substantially influenced reported earnings. Regulatory execution remains important: the inherited 2021 FDA warning letter closed, while a separate 2025 warning remained unresolved and related clearance applications were withdrawn for additional testing. Management raised its 2026 outlook in August; that forecast is conditional, and debt maturity still carries an earlier-refinancing trigger.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
ICU combines infusion pumps, dedicated sets, medication-safety software and implementation services with disposable infusion, oncology, vascular-access and vital-care products. Management sees pump placements as a route to higher-margin consumable sales. That commercial relationship is supported by disclosed dedicated-set growth, but installed-pump counts and customer-level profitability are not disclosed. Consumables, Infusion Systems and Vital Care are product lines within one reportable segment—not separately measured operating businesses. Long-term contracts and hospital purchasing groups constrain cost recovery. One distributor represented 18% of 2025 revenue and 19% of first-half 2026 revenue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, revenue was $2,231.262 million versus $2,382.046 million in 2024. Selling control of IV Solutions on May 1 removed its subsequent sales from consolidation. Consumables and Infusion Systems grew through installations and demand for infusion products, while Vital Care also faced a comparison with temporary shortage-related demand in late 2024. Gross margin rose to 36.8% from 34.6%, primarily because the disposed business had lower margins. Gross profit slipped slightly, however, and operating income remained approximately $42.8 million. Net income of $0.732 million included a $44.792 million disposal gain, lower interest expense and a much smaller tax provision; it was not an equivalent recovery in recurring operations.
Sources: 10-K · 2025-12-31
Operating cash flow fell to $179.847 million in 2025 as inventory building, capitalized tariffs and use of field-correction reserves absorbed cash. ICU spent $88.043 million on property and equipment and $8.972 million on intangibles. Final IV Solutions cash proceeds were $211.185 million, with $200 million used to repay Term Loan A; total cash principal repayments were $302.750 million. An additional refinancing settlement occurred directly between lenders and was not cash received by ICU. Year-end cash was $307.963 million. The undrawn $500 million revolver was conditional borrowing capacity, not another cash balance.
Sources: 10-K · 2025-12-31
The August 6, 2026 quarterly filing reported first-half revenue of $1,081.908 million versus $1,153.568 million. Management attributed approximately $127 million of the comparison to IV Solutions deconsolidation. Increased large-volume-pump hardware sales supported Infusion Systems, while retained Vital Care products remained weaker. First-half operating income rose to $52.706 million, including $18.888 million of tariff refunds recognized in gross profit. Net income of $49.219 million also benefited materially from tax-reserve releases. Operating cash flow improved to $119.059 million, partly through inventory movements; cash ended June at $298.299 million after investment, debt payments and equity-award tax withholding.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
June 30 term-loan principal was $1,239.813 million, distinct from its $1,231.199 million accounting carrying amount. The quarterly report states that Term Loan A and the revolver nominally mature October 31, 2030, but accelerate to 91 days before Term Loan B’s January 6, 2029 maturity if B remains outstanding then. ICU reported covenant compliance, not numerical headroom. Its separate 2.28-times management net-leverage measure uses adjusted EBITDA and is not a lender-covenant certification. The entire $100 million repurchase authorization remained available; employee award-tax withholding was not a discretionary buyback.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
The FDA closed the 2021 Smiths warning letter on February 5, 2026, but fulfillment costs remained. The separate April 2025 warning was unresolved in the latest quarterly report; ICU withdrew related MedFusion and CADD clearance applications and planned resubmission after testing. Single-source materials, concentrated manufacturing, tariffs and fixed-price contracts create additional exposure. In August, management raised 2026 guidance to $73–83 million GAAP net income and $415–435 million adjusted EBITDA. Tariff refunds and tax benefits explain part of the much larger GAAP revision. These are forecasts, not achieved results or evidence that regulatory and integration risks have ended.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
USD 2.382046 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 2.382046 bn | 5.4% |
| 2023 | USD 2.259126 bn | — |
GAAP consolidated revenue, including the controlled IV Solutions business.
Sources: 10-K · 2025-12-31
USD 2.231262 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.231262 bn | — |
GAAP consolidated revenue; 2025 includes IV Solutions only until loss of control and subsequent recognized continuing commercial activity.
Sources: 10-K · 2025-12-31
USD -117.688 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -117.688 m | Loss widened |
| 2023 | USD -29.655 m | — |
GAAP consolidated net income or loss after tax.
Sources: 10-K · 2025-12-31
USD 732,000
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 732,000 | — |
GAAP net income after tax and equity in losses of unconsolidated affiliates.
Sources: 10-K · 2025-12-31
USD 179.847 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 179.847 m | -11.9% |
| 2024 | USD 204.033 m | 22.8% |
| 2023 | USD 166.201 m | — |
GAAP operating cash flow after operating working-capital changes; not net income.
Sources: 10-K · 2025-12-31
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