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ICU Medical Inc ICUI

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Morningstar’s Analysis

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ICU Medical Holds Revenue Stable Despite Stagnation Abroad; Maintaining Fair Value Estimate

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat ICU Medical’s first-quarter results were largely in line with our expectations, posting a sequential revenue decline of 1%. Based on these results, we do not anticipate changing our $190 per share fair value estimate for the company at first glance. Shares still appear moderately overvalued to us.

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Company Profile

Business Description

ICU Medical is a California-based, pure-play infusion therapy company that provides consumables, systems, and services for virtually every component of the IV continuum of care. After ICU’s acquisition of Hospira Infusion Systems from Pfizer in 2017, it became one of the largest players in this concentrated industry, holding top-tier positions in its major reporting segments: infusion consumables (37% of 2020 revenue), IV solutions (31%), infusion systems (28%), and critical care (4%). The combined entity remains primarily U.S. focused, generating over 70% of its sales domestically.

951 Calle Amanecer
San Clemente, CA, 92673
T +1 949 366-2183
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 7,900