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ICU Medical Inc ICUI

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Economic Moat




Amid Pandemic Disruption, ICU Leans on Systems Revenue in Q2; We Expect Consumables Demand Rebound

Julie Utterback, CFA Senior Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat ICU Medical reported tepid second-quarter results that showed a moderately negative impact from COVID-19 that aligned with our expectations and management’s guidance. We do not anticipate any changes to our fair value estimate of $190 per share, which remains close to recent share prices. The company's second-quarter results show negative pandemic effects in ICU’s consumables and solutions business lines due to lower elective and nonemergency hospital visits, but we anticipate an incremental recovery from this trough as hospital utilization continues improving in 2020.

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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 either the largest or second largest market share position in all its reporting segments: Infusion consumables (#1 market share, 40% of companywide revenue), IV solutions (#2 market share behind Baxter, 24% of companywide revenue), Infusion systems (#2 market share behind Becton Dickson, 32% of companywide revenue), and Critical care (4% of companywide revenue). The combined entity remains primarily U.S. focused, generating roughly 75% 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 Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 8,000