ICU Medical Inc

ICUI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$523.00	Jbm	Cssnqtjzb

ICU Medical: Reducing Our Moat Rating to None Due to Ongoing Smiths Integration Uncertainty

Julie Utterback , Matthew Sanders

Jun 20, 2023

We are reducing ICU's moat rating to none, down from narrow, largely to account for uncertainty around the firm's economic profitability related to the Smiths acquisition. In conjunction, we have raised our Uncertainty Rating to High from Medium. The moat reduction shortens our modeled length of economic profitability, which brings our fair value estimate to $177 per share, down from $195 previously.

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