ICU Medical Inc

ICUI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$577.00	Ykrm	Sglxpvt

ICU Medical Earnings: Smiths Integration Challenges Results and Near-Term Outlook

Julie Utterback ,

Nov 7, 2023

No-moat ICU Medical’s third-quarter results were largely in line with our expectations. Adjusted total sales declined by 6% year over year in constant currency, but gross margin expanded 100 basis points on an adjusted basis. Management attributed the top-line decline to the weak performance of acquired products from Smiths, and we believe the operational glitches related to the Smiths acquisition are mostly short-term.

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