ICU Medical Inc

ICUI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$921.00	Rgx	Tdrxlvlcf

ICU Medical Ends Year With Some Stability; Long Integration Runway Ahead

Julie Utterback , Matthew Sanders

Feb 28, 2023

Narrow-moat ICU Medical’s full-year revenue came in just slightly higher than our estimate due to good fourth-quarter results from Smiths Medical and margins roughly as expected. We reiterate there is a strong runway for growth and margin improvement in the next few years for the newly combined firm. Also, while 2023 guidance looks slightly weaker than anticipated, at first glance, we expect to maintain our $195 fair value estimate.

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