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ICU Medical Inc ICUI

Morningstar Rating
$96.38 +0.61 (0.64%)
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Company Report

ICU's Continued Efforts on Smiths Integration Could Bring Synergies in the Long Term

With roots as a supplier of infusion consumables, ICU Medical enhanced its product mix through the transformative acquisition of Hospira Infusion Systems from Pfizer in 2017 by bringing infusion pumps, a broader consumables offering, and intravenous solutions manufacturing into the fold. The firm has become a more complete provider with the acquisition of Smiths Medical (various IV-related products and other medical supplies) in 2022. In our view, ICU’s focus on building a more comprehensive portfolio adds to the long-term stability of its revenue mix thanks to lengthy contracts and a hallmark razor-and-blade model in its systems business. We think unrivaled scale in consumables may help it to generate excess returns eventually, though its portfolio has lost differentiation. In infusion systems, although we believe ICU faces an uphill battle in competing with leader Becton Dickson, we believe the space offers an attractive opportunity to exploit high switching costs.

Price vs Fair Value

ICUI is trading at a 41% discount.
Price
$95.77
Fair Value
$877.00
Uncertainty
High
1-Star Price
$249.62
5-Star Price
$48.70
Economic Moat
Xrnj
Capital Allocation
Vcnlcdfq

Bulls Say, Bears Say

Bulls

Management has done an impressive job deepening ICU's consumables portfolio through acquisitions and bolstering its leading position in this attractive end market.

Bears

ICU could face further delays in the Smiths integration, which could dent investor trust in long-term guidance and potentially reveal undisclosed problems with the acquired business.

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News

Trading Information

Previous Close Price
$95.77
Day Range
$94.3096.73
52-Week Range
$78.28212.43
Bid/Ask
$96.38 / $96.39
Market Cap
$2.35 Bil
Volume/Avg
133,539 / 259,073

Key Statistics

Price/Earnings (Normalized)
14.33
Price/Sales
1.03
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

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. ICU has become one of the largest players in its industry following its acquisition of Hospira Infusion Systems from Pfizer in 2017 and Smiths Medical from Smiths Group in 2022. It holds top-tier positions across its three reporting segments: consumables (43% of consolidated revenue), infusion systems (28%), and vital care (29%). The combined entity remains primarily US-focused, generating over 63% of its sales domestically.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Small Core
Total Number of Employees
14,000

Competitors

Valuation

Metric
ICUI
FRE
BDX
Price/Earnings (Normalized)
14.335.9919.56
Price/Book Value
1.100.792.66
Price/Sales
1.030.673.47
Price/Cash Flow
7.738.8720.75
Price/Earnings
ICUI
FRE
BDX

Financial Strength

Metric
ICUI
FRE
BDX
Quick Ratio
0.910.640.46
Current Ratio
2.531.341.08
Interest Coverage
0.162.124.17
Quick Ratio
ICUI
FRE
BDX

Profitability

Metric
ICUI
FRE
BDX
Return on Assets (Normalized)
0.54%2.15%3.40%
Return on Equity (Normalized)
1.13%7.52%7.05%
Return on Invested Capital (Normalized)
2.60%3.57%5.04%
Return on Assets
ICUI
FRE
BDX
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