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ICU Medical Inc ICUI Stock Quote

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Morningstar‘s Stock Analysis ICUI

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Is it the right time to buy or sell?

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ICU Medical’s Gross Margin Primed for Improvement; Still Undervalued Despite Adjusted FVE

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat ICU Medical posted strong top-line results in its third quarter but soft margins. After a sharp cut to guidance last quarter, management reaffirmed adjusted EPS guidance of between $6.20-$6.80, now guiding toward the lower end. Considering these trends, we are lowering our fair value estimate to $195 per share from $207. We view this name as undervalued. After the firm posted disappointing results last quarter, lackluster growth and declining margins raised many questions around the Smiths acquisition. After this quarter, our worst concerns have been largely alleviated.

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Key Statistics ICUI

Company Profile ICUI

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
Industry Medical Instruments & Supplies
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 15,300