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ICU Medical Inc ICUI

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Stock XNAS Rating as of
$103.24 −0.75 (0.72%)
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As of Delayed Price Closed
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Company Report

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ICU Medical Earnings: Steady Progress Toward Quality Remediation and Smiths Integration

Julie Utterback,

No-moat ICU Medical’s first-quarter results came slightly below our expectations. Nevertheless, we are maintaining our $161 fair value estimate, as we see steady progress with the company’s quality remediation and integration initiatives. We think the company is on track to fully integrate with Smiths by the end of 2025, which should bring meaningful margin improvement in the long term.

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Price vs Fair Value

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ICUI is trading at a 318% premium.
Price
$103.24
Fair Value
$148.00
Uncertainty
High
1-Star Price
$453.47
5-Star Price
$47.80
Economic Moat
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Capital Allocation
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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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Trading Information

Previous Close Price
$103.99
Day Range
$102.92–104.40
52-Week Range
$78.28–196.57
Bid/Ask
$41.30 / $165.18
Market Cap
$2.52 Bil
Volume/Avg
112,534 / 245,674

Key Statistics

Price/Earnings (Normalized)
17.77
Price/Sales
1.14
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
Website
https://www.icumed.com

Competitors

Valuation

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Metric
ICUI
FRE
BDX
Price/Earnings (Normalized)
 17.776.2819.41
Price/Book Value
 1.250.832.67
Price/Sales
 1.140.713.50
Price/Cash Flow
 9.429.3019.35
Price/Earnings
ICUI
FRE
BDX

Financial Strength

Metric
ICUI
FRE
BDX
Quick Ratio
 0.920.640.46
Current Ratio
 2.611.341.08
Interest Coverage
 −0.052.124.17
Quick Ratio
ICUI
FRE
BDX

Profitability

Metric
ICUI
FRE
BDX
Return on Assets (Normalized)
 3.32%2.15%3.59%
Return on Equity (Normalized)
 6.94%7.52%7.46%
Return on Invested Capital (Normalized)
 5.84%3.57%5.23%
Return on Assets
ICUI
FRE
BDX
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