ICU Medical Finishes 2022 Both Aided and Challenged by Supply Constraints

Narrow-moat ICU Medical reported solid performance in the fourth quarter, and at first glance, we expect to maintain our $239 fair value estimate. In constant currency, quarterly revenue grew 7% year over year. We believe a large part of this growth was due to temporary demand from omicron surge-related hospitalizations and medical supply shortages, which should recede in 2022. Also, we are optimistic about the Smiths Medical integration, considering ICU's demonstrated success integrating Hospira Infusion Systems.