ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development,
manufacture and sale of innovative medical devices used in infusion
therapy, oncology and critical care applications, today announced
financial results for the fourth quarter and fiscal year ended
December 31, 2016.
Fourth Quarter 2016 ResultsFourth quarter 2016
revenue was $95.7 million, compared to $90.4 million in the same
period last year. GAAP net income for the fourth quarter of 2016
was $9.5 million, or $0.54 per diluted share, as compared to GAAP
net income of $5.5 million, or $0.33 per diluted share, for the
fourth quarter of 2015. Adjusted diluted earnings per share for the
fourth quarter of 2016 were $1.20 as compared to $0.96 for the
fourth quarter of 2015. Also, adjusted EBITDA was $34.3 million for
the fourth quarter of 2016 as compared to $30.1 million for the
fourth quarter of 2015.
Full Fiscal Year 2016 ResultsFiscal year 2016
revenue was $379.4 million, compared to $341.7 million in the same
period last year. GAAP net income for fiscal year 2016 was $63.1
million, or $3.66 per diluted share, as compared to GAAP net income
of $45.0 million, or $2.73 per diluted share, for fiscal year 2015.
Adjusted diluted earnings per share for fiscal year 2016 were $4.88
as compared to $3.96 for fiscal year 2015. Also, adjusted
EBITDA was $134.1 million for fiscal year 2016 as compared to
$113.9 million for fiscal year 2015.
Adjusted EBITDA and adjusted diluted earnings per share are
measures calculated and presented on the basis of methodologies
other than in accordance with GAAP. Please refer to the Use
of Non-GAAP Financial Information following the financial
statements herein for further discussion and reconciliations of
these measures to GAAP measures.
Vivek Jain, ICU Medical's Chief Executive Officer, said, "We are
pleased with our revenue, adjusted EBITDA, and adjusted earnings
per share results in the fourth quarter. Our growth was driven by
continued strength in our Direct Channels for infusion therapy and
oncology market segments."
Revenue for the three and twelve months ended December 31, 2016
and 2015 were as follows:
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(dollars in millions) |
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Three months ended December 31,
2016 |
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Three months ended December 31,
2015 |
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Market Segment |
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Direct |
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OEM |
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Total |
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Direct |
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OEM |
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Total |
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Total Change |
Infusion Therapy |
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$ |
43.5 |
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$ |
25.9 |
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$ |
69.4 |
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$ |
36.7 |
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$ |
28.7 |
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$ |
65.4 |
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$ |
4.0 |
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Critical Care |
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13.3 |
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0.1 |
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13.4 |
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13.0 |
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— |
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13.0 |
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0.4 |
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Oncology |
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9.5 |
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3.2 |
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12.7 |
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7.3 |
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4.3 |
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11.6 |
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1.1 |
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Other |
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0.1 |
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0.1 |
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0.2 |
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0.3 |
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0.1 |
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0.4 |
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(0.2 |
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$ |
66.4 |
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$ |
29.3 |
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$ |
95.7 |
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$ |
57.3 |
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$ |
33.1 |
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$ |
90.4 |
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$ |
5.3 |
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(dollars in millions) |
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Year ended December 31, 2016 |
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Year ended December 31, 2015 |
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Market Segment |
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Direct |
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OEM |
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Total |
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Direct |
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OEM |
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Total |
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Total Change |
Infusion Therapy |
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$ |
162.5 |
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$ |
110.1 |
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$ |
272.6 |
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$ |
132.6 |
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$ |
112.1 |
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$ |
244.7 |
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$ |
27.9 |
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Critical Care |
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53.5 |
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0.1 |
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53.6 |
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54.3 |
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— |
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54.3 |
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(0.7 |
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Oncology |
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37.6 |
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14.7 |
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52.3 |
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26.9 |
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14.6 |
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41.5 |
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10.8 |
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Other |
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0.7 |
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0.2 |
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0.9 |
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1.0 |
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0.2 |
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1.2 |
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(0.3 |
) |
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$ |
254.3 |
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$ |
125.1 |
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$ |
379.4 |
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$ |
214.8 |
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$ |
126.9 |
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$ |
341.7 |
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$ |
37.7 |
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The Company ended the fourth quarter with a strong balance
sheet. As of December 31, 2016, cash, cash equivalents and
investment securities totaled $445.1 million and working capital
was $528.6 million. Additionally, the Company generated operating
cash flow of $89.9 million for the fiscal year of 2016.
Fiscal Year 2017 Guidance
For the fiscal year of 2017, the Company expects revenue to be
in the range of $1.2 billion to $1.25 billion; adjusted diluted
earnings per share to be in the range of $3.55 to $3.90, and
adjusted EBITDA to be in the range of $165 million to $175
million.
ICU Medical Conference Call
ICU Medical, Inc. invites you to review the presentation
here.
The Company will be conducting a conference call at 4:30
p.m. EST (1:30 p.m. PST), today, Wednesday, March 1, 2017.
The call can be accessed at 800-936-9761, international
408-774-4587, conference ID 72955804. The conference call will be
simultaneously available by webcast, which can be accessed by going
to the Company's website at www.icumed.com, clicking on the
Investors tab, clicking on the Webcast icon and following the
prompts. The webcast will also be available for replay.
About ICU Medical, Inc.
ICU Medical, Inc. (Nasdaq:ICUI) develops, manufactures and sells
innovative medical devices used in vascular therapy, oncology and
critical care applications. ICU Medical's product portfolio
includes IV smart pumps, sets, connectors, closed transfer devices
for hazardous drugs, cardiac monitoring systems, along with pain
management and safety software technology designed to help meet
clinical, safety and workflow goals. ICU Medical is headquartered
in San Clemente, California. More information about ICU Medical,
Inc. can be found at www.icumed.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements contain words such as ''will,''
''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,''
''continue,'' ''build,'' ''expand'' or the negative thereof or
comparable terminology, and may include (without limitation)
information regarding the Company's expectations, goals or
intentions regarding the future, including our full year 2017
guidance. These forward-looking statements are based on
management's current expectations, estimates, forecasts and
projections about the Company and assumptions management believes
are reasonable, all of which are subject to risks and uncertainties
that could cause actual results and events to differ materially
from those stated in the forward-looking statements. These risks
and uncertainties include, but are not limited to, decreased demand
for the Company's products, decreased free cash flow, the inability
to recapture conversion delays or part/resource shortages on
anticipated timing, or at all, changes in product mix, increased
competition from competitors, lack of continued growth or improving
efficiencies, unexpected changes in the Company's arrangements with
its largest customers and the Company’s ability to meet
expectations regarding integration of the Hospira infusion systems
business. Future results are subject to risks and uncertainties,
including the risk factors, and other risks and uncertainties,
described in the Company's filings with the Securities and Exchange
Commission Information contained in this press release is as of the
date hereof, and the Company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
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ICU MEDICAL, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except per share
data)(unaudited) |
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December 31, |
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2016 |
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2015 |
ASSETS |
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CURRENT ASSETS: |
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Cash and cash
equivalents |
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$ |
445,082 |
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$ |
336,164 |
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Short-term investment
securities |
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— |
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41,233 |
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TOTAL CASH, CASH
EQUIVALENTS AND INVESTMENT SECURITIES |
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445,082 |
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377,397 |
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Accounts receivable,
net |
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56,161 |
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57,847 |
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Inventories |
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49,264 |
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43,632 |
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Prepaid income
taxes |
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11,235 |
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14,366 |
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Prepaid expenses and
other current assets |
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7,355 |
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7,631 |
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Assets held for
sale |
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— |
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|
4,134 |
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Total current
assets |
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569,097 |
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|
505,007 |
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PROPERTY AND EQUIPMENT,
net |
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85,696 |
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|
74,320 |
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GOODWILL |
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5,577 |
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6,463 |
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INTANGIBLE ASSETS,
net |
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22,383 |
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23,936 |
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DEFERRED INCOME
TAXES |
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|
21,935 |
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|
17,099 |
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TOTAL ASSETS |
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$ |
704,688 |
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$ |
626,825 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT
LIABILITIES: |
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Accounts payable |
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$ |
14,641 |
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$ |
13,670 |
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Accrued
liabilities |
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25,896 |
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28,948 |
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Total current
liabilities |
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40,537 |
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42,618 |
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LONG-TERM
LIABILITIES |
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1,107 |
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1,476 |
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DEFERRED INCOME
TAXES |
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1,370 |
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1,372 |
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INCOME TAX
LIABILITY |
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|
1,519 |
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|
1,488 |
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COMMITMENTS AND
CONTINGENCIES |
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— |
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— |
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STOCKHOLDERS’
EQUITY: |
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Convertible preferred
stock |
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— |
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— |
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Common stock |
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1,633 |
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|
1,608 |
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Additional paid-in
capital |
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|
162,828 |
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145,125 |
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Treasury stock, at
cost |
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(14 |
) |
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— |
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Retained earnings |
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|
516,980 |
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|
453,896 |
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Accumulated other
comprehensive loss |
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(21,272 |
) |
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(20,758 |
) |
Total stockholders’
equity |
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660,155 |
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|
579,871 |
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
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|
$ |
704,688 |
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$ |
626,825 |
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ICU MEDICAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(Amounts in thousands, except per share
data)(unaudited) |
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Year ended December 31, |
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|
2016 |
|
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2015 |
|
|
2014 |
REVENUES: |
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|
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Net sales |
|
$ |
379,339 |
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$ |
341,254 |
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|
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$ |
308,770 |
|
Other |
|
33 |
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|
|
414 |
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|
|
490 |
|
TOTAL REVENUE |
|
379,372 |
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|
|
341,668 |
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|
|
309,260 |
|
COST OF GOODS SOLD |
|
177,974 |
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|
160,871 |
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|
157,859 |
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GROSS
PROFIT |
|
201,398 |
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|
180,797 |
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|
|
151,401 |
|
OPERATING
EXPENSES: |
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|
|
|
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Selling, general and
administrative |
|
89,426 |
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|
|
83,216 |
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|
|
88,939 |
|
Research and
development |
|
12,955 |
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|
15,714 |
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|
18,332 |
|
Restructuring and
strategic transaction |
|
15,348 |
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|
8,451 |
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|
5,093 |
|
Gain on sale of
building |
|
— |
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|
|
(1,086 |
) |
|
|
— |
|
Legal settlements |
|
— |
|
|
|
1,798 |
|
|
|
— |
|
Impairment of assets
held for sale |
|
728 |
|
|
|
4,139 |
|
|
|
— |
|
TOTAL
OPERATING EXPENSES |
|
118,457 |
|
|
|
112,232 |
|
|
|
112,364 |
|
INCOME
FROM OPERATIONS |
|
82,941 |
|
|
|
68,565 |
|
|
|
39,037 |
|
BARGAIN PURCHASE
GAIN |
|
1,456 |
|
|
|
— |
|
|
|
— |
|
OTHER INCOME |
|
767 |
|
|
|
1,134 |
|
|
|
755 |
|
Income before income
taxes |
|
85,164 |
|
|
|
69,699 |
|
|
|
39,792 |
|
PROVISION FOR INCOME
TAXES |
|
(22,080 |
) |
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|
(24,714 |
) |
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|
(13,457 |
) |
NET INCOME |
|
$ |
63,084 |
|
|
|
$ |
44,985 |
|
|
|
$ |
26,335 |
|
NET INCOME PER
SHARE |
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.90 |
|
|
|
$ |
2.84 |
|
|
|
$ |
1.72 |
|
Diluted |
|
$ |
3.66 |
|
|
|
$ |
2.73 |
|
|
|
$ |
1.68 |
|
WEIGHTED AVERAGE NUMBER
OF SHARES |
|
|
|
|
|
|
|
|
Basic |
|
16,168 |
|
|
|
15,848 |
|
|
|
15,282 |
|
Diluted |
|
17,254 |
|
|
|
16,496 |
|
|
|
15,647 |
|
|
|
|
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ICU MEDICAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(Amounts in thousands, except per share
data)(unaudited) |
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
REVENUES: |
|
|
|
|
|
|
|
Net sales |
|
|
$ |
95,680 |
|
|
|
|
$ |
90,378 |
|
Other |
|
|
8 |
|
|
|
|
9 |
|
TOTAL REVENUE |
|
|
95,688 |
|
|
|
|
90,387 |
|
COST OF GOODS SOLD |
|
|
44,928 |
|
|
|
|
42,130 |
|
Gross profit |
|
|
50,760 |
|
|
|
|
48,257 |
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
22,598 |
|
|
|
|
22,519 |
|
Research and
development |
|
|
2,654 |
|
|
|
|
4,057 |
|
Restructuring and
strategic transaction |
|
|
11,009 |
|
|
|
|
5,040 |
|
Impairment of assets
held for sale |
|
|
728 |
|
|
|
|
4,139 |
|
Total operating
expenses |
|
|
36,989 |
|
|
|
|
35,755 |
|
Income from
operations |
|
|
13,771 |
|
|
|
|
12,502 |
|
OTHER INCOME |
|
|
318 |
|
|
|
|
139 |
|
Income before income
taxes |
|
|
14,089 |
|
|
|
|
12,641 |
|
PROVISION FOR INCOME
TAXES |
|
|
(4,577 |
) |
|
|
|
(7,178 |
) |
NET INCOME |
|
|
$ |
9,512 |
|
|
|
|
$ |
5,463 |
|
NET INCOME PER
SHARE |
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.58 |
|
|
|
|
$ |
0.34 |
|
Diluted |
|
|
$ |
0.54 |
|
|
|
|
$ |
0.33 |
|
WEIGHTED AVERAGE NUMBER
OF SHARES |
|
|
|
|
|
|
|
Basic |
|
|
16,331 |
|
|
|
|
16,020 |
|
Diluted |
|
|
17,563 |
|
|
|
|
16,697 |
|
|
|
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(Amounts in thousands)(unaudited) |
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
$ |
63,084 |
|
|
|
|
$ |
44,985 |
|
|
|
|
$ |
26,335 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
19,050 |
|
|
|
|
18,073 |
|
|
|
|
19,447 |
|
Provision for doubtful
accounts |
|
|
— |
|
|
|
|
54 |
|
|
|
|
34 |
|
Provision for warranty
and returns |
|
|
559 |
|
|
|
|
52 |
|
|
|
|
(360 |
) |
Stock compensation |
|
|
15,242 |
|
|
|
|
12,827 |
|
|
|
|
9,592 |
|
Loss (gain) on disposal
of property and equipment |
|
|
59 |
|
|
|
|
(1,106 |
) |
|
|
|
8 |
|
Bond premium
amortization |
|
|
1,355 |
|
|
|
|
1,670 |
|
|
|
|
2,188 |
|
Impairment of assets
held for sale |
|
|
728 |
|
|
|
|
4,139 |
|
|
|
|
— |
|
Bargain purchase
gain |
|
|
(1,456 |
) |
|
|
|
— |
|
|
|
|
— |
|
Other |
|
|
75 |
|
|
|
|
— |
|
|
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
744 |
|
|
|
|
(20,515 |
) |
|
|
|
4,912 |
|
Inventories |
|
|
(5,501 |
) |
|
|
|
(8,337 |
) |
|
|
|
(3,836 |
) |
Prepaid expenses and
other assets |
|
|
(3,028 |
) |
|
|
|
(1,832 |
) |
|
|
|
1,970 |
|
Accounts payable |
|
|
(463 |
) |
|
|
|
3,118 |
|
|
|
|
(621 |
) |
Accrued
liabilities |
|
|
(1,221 |
) |
|
|
|
9,454 |
|
|
|
|
2,344 |
|
Income taxes, including
excess tax benefits and deferred income taxes |
|
|
714 |
|
|
|
|
1,613 |
|
|
|
|
4,327 |
|
Net cash provided by
operating activities |
|
|
89,941 |
|
|
|
|
64,195 |
|
|
|
|
66,340 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
(23,361 |
) |
|
|
|
(12,984 |
) |
|
|
|
(16,604 |
) |
Proceeds from sale of
assets |
|
|
— |
|
|
|
|
3,592 |
|
|
|
|
5 |
|
Proceeds from the
disposal of assets held for sale, net |
|
|
3,268 |
|
|
|
|
— |
|
|
|
|
— |
|
Intangible asset
additions |
|
|
(1,192 |
) |
|
|
|
(951 |
) |
|
|
|
(989 |
) |
Business acquisitions,
net of cash acquired |
|
|
(2,584 |
) |
|
|
|
(56,786 |
) |
|
|
|
— |
|
Proceeds from sale of
business |
|
|
— |
|
|
|
|
28,970 |
|
|
|
|
— |
|
Purchases of investment
securities |
|
|
(118,384 |
) |
|
|
|
(56,137 |
) |
|
|
|
(93,588 |
) |
Proceeds from sale of
investment securities |
|
|
158,534 |
|
|
|
|
83,054 |
|
|
|
|
89,426 |
|
Net cash provided by
(used in) investing activities |
|
|
16,281 |
|
|
|
|
(11,242 |
) |
|
|
|
(21,750 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options |
|
|
17,346 |
|
|
|
|
15,042 |
|
|
|
|
16,998 |
|
Proceeds from employee
stock purchase plan |
|
|
2,361 |
|
|
|
|
2,162 |
|
|
|
|
2,485 |
|
Purchase of treasury
stock |
|
|
(17,235 |
) |
|
|
|
(1,523 |
) |
|
|
|
(5,836 |
) |
Net cash provided by
financing activities |
|
|
2,472 |
|
|
|
|
15,681 |
|
|
|
|
13,647 |
|
Effect of exchange rate
changes on cash |
|
|
224 |
|
|
|
|
(8,282 |
) |
|
|
|
(8,447 |
) |
NET INCREASE IN CASH
AND CASH EQUIVALENTS |
|
|
108,918 |
|
|
|
|
60,352 |
|
|
|
|
49,790 |
|
CASH AND CASH
EQUIVALENTS, beginning of period |
|
|
336,164 |
|
|
|
|
275,812 |
|
|
|
|
226,022 |
|
CASH AND CASH
EQUIVALENTS, end of period |
|
|
$ |
445,082 |
|
|
|
|
$ |
336,164 |
|
|
|
|
$ |
275,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Information
This press release contains financial measures that are not
calculated in accordance with U.S. generally accepted accounting
principles ("GAAP"). The non-GAAP financial measures should be
considered supplemental to, and not as a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
There are material limitations in using these non-GAAP financial
measures because they are not prepared in accordance with GAAP and
may not be comparable to similarly titled non-GAAP financial
measures used by other companies, including peer companies. Our
management believes that the non-GAAP data provides useful
supplemental information to management and investors regarding our
performance and facilitates a more meaningful comparison of results
of operations between current and prior periods. We use non-GAAP
financial measures in addition to and in conjunction with GAAP
financial measures to analyze and assess the overall performance of
our business, in making financial, operating and planning
decisions, and in determining executive incentive compensation. The
non-GAAP financial measures included in this press release are
adjusted EBITDA and adjusted diluted earnings per share ("Adjusted
Diluted EPS").
Adjusted EBITDA excludes the following items:
Stock compensation expense: Stock-based compensation is
generally fixed at the time the stock-based instrument is granted
and amortized over a period of several years. The value of stock
options is determined using a complex formula that incorporates
factors, such as market volatility, that are beyond our control.
The value of our restricted stock awards is determined using the
grant date stock price, which may not be indicative of our
operational performance over the expense period. Additionally, in
order to establish the fair value of performance-based stock
awards, which are currently an element of our ongoing stock-based
compensation, we are required to apply judgment to estimate the
probability of the extent to which performance objectives will be
achieved. Based on the above factors, we believe it is useful to
exclude stock-based compensation in order to better understand our
operating performance.
Depreciation expense: We exclude depreciation expense in
deriving adjusted EBITDA because companies utilize productive
assets of different ages and the depreciable lives can vary
significantly resulting in considerable variability in depreciation
expense among companies.
Intangible asset amortization expense: We do not acquire
businesses or capitalize certain patent costs on a predictable
cycle. The amount of purchase price allocated to intangible assets
and the term of amortization can vary significantly and are unique
to each acquisition. Capitalized patent costs can vary
significantly based on our current level of development activities.
We believe that excluding amortization of intangible assets
provides the users of our financial statements with a consistent
basis for comparison across accounting periods.
Restructuring and strategic transaction: We incur restructuring
and strategic transaction charges that result from events, which
arise from unforeseen circumstances and/or often occur outside of
the ordinary course of our ongoing business. Although these events
are reflected in our GAAP financial statements, these unique
transactions may limit the comparability of our ongoing operations
with prior and future periods.
Gain on sale of building: Occasionally, we may sell certain
assets if no longer needed for current operations. We exclude any
gains or losses recognized on the sale of these assets in
determining our non-GAAP financial measures as they may limit the
comparability of our ongoing operations with prior and future
periods and distort the evaluation of our normal operating
performance.
Legal settlement: We may incur charges or benefits as well as
legal costs related to litigation and other contingencies. We
exclude these charges or benefits, when significant as well as the
legal costs associated with significant legal matters, because we
do not believe they are an indication of our operating
performance.
Impairment of assets held for sale: We have excluded the
effect of the impairment on assets held for sale in calculating our
non-GAAP adjusted EBITDA and non-GAAP adjusted earnings per
share. Impairments on assets no longer used in operations are
not reflective of our ongoing business and operating results.
Bargain purchase gain: We may incur a bargain purchase gain on
certain acquisitions if the fair market value of the identifiable
assets acquired and liabilities assumed, net of deferred taxes
exceeds the total consideration paid. We exclude such gains as they
are related to acquisitions and have no direct correlation to the
operation of our ongoing business.
Adjusted Diluted EPS excludes, net of tax, intangible asset
amortization expense, stock compensation expense, restructuring and
strategic transaction, gain on sale of building, legal settlement,
impairment of assets held for sale and bargain purchase gain, which
was tax free. We apply our GAAP consolidated effective tax rate to
our non-GAAP financial measures, other than when the underlying
item has a materially different tax treatment.
From time to time in the future, there may be other items that
we may exclude if we believe that doing so is consistent with the
goal of providing useful information to investors and
management.
The following tables reconcile our GAAP and non-GAAP financial
measures:
|
|
|
ICU Medical, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures(Amounts in thousands, except per share
data)(unaudited) |
|
|
|
|
|
Adjusted EBITDA |
|
|
Q4 |
|
|
Year Ended |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
GAAP net income |
|
$ |
9,512 |
|
|
|
$ |
5,463 |
|
|
|
$ |
63,084 |
|
|
|
$ |
44,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation expense |
|
3,778 |
|
|
|
3,522 |
|
|
|
15,242 |
|
|
|
12,827 |
|
Depreciation and amortization expense |
|
4,699 |
|
|
|
4,807 |
|
|
|
19,050 |
|
|
|
18,073 |
|
Restructuring and strategic transaction expense |
|
11,009 |
|
|
|
5,040 |
|
|
|
15,348 |
|
|
|
8,451 |
|
Gain on
sale of building |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,086 |
) |
Legal
settlements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,798 |
|
Impairment of assets held for sale |
|
728 |
|
|
|
4,139 |
|
|
|
728 |
|
|
|
4,139 |
|
Bargain
purchase gain |
|
— |
|
|
|
— |
|
|
|
(1,456 |
) |
|
|
— |
|
Provision
for income taxes |
|
4,577 |
|
|
|
7,178 |
|
|
|
22,080 |
|
|
|
24,714 |
|
Total
non-GAAP adjustments |
|
24,791 |
|
|
|
24,686 |
|
|
|
70,992 |
|
|
|
68,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
34,303 |
|
|
|
$ |
30,149 |
|
|
|
$ |
134,076 |
|
|
|
$ |
113,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per
share |
|
|
Q4 |
|
|
Year Ended |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
GAAP diluted earnings
per share |
|
$ |
0.54 |
|
|
|
$ |
0.33 |
|
|
|
$ |
3.66 |
|
|
|
$ |
2.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation expense |
|
$ |
0.22 |
|
|
|
$ |
0.21 |
|
|
|
$ |
0.88 |
|
|
|
$ |
0.78 |
|
Amortization expense |
|
$ |
0.04 |
|
|
|
$ |
0.04 |
|
|
|
$ |
0.16 |
|
|
|
$ |
0.13 |
|
Restructuring and strategic transaction expense |
|
$ |
0.63 |
|
|
|
$ |
0.30 |
|
|
|
$ |
0.89 |
|
|
|
$ |
0.51 |
|
Gain on
sale of building |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
(0.07 |
) |
Legal
settlements |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
0.11 |
|
Impairment of assets held for sale |
|
$ |
0.04 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.04 |
|
|
|
$ |
0.25 |
|
Bargain
purchase gain |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
(0.08 |
) |
|
|
$ |
— |
|
Estimated
income tax impact from adjustments |
|
$ |
(0.27 |
) |
|
|
$ |
(0.17 |
) |
|
|
$ |
(0.67 |
) |
|
|
$ |
(0.48 |
) |
Adjusted diluted
earnings per share |
|
$ |
1.20 |
|
|
|
$ |
0.96 |
|
|
|
$ |
4.88 |
|
|
|
$ |
3.96 |
|
|
|
|
|
|
|
|
ICU Medical, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures - Fiscal Year 2017 Outlook(In millions, except per share
data)(unaudited) |
|
|
|
|
|
|
|
|
|
Low End of Guidance |
|
|
|
High End of Guidance |
GAAP net income |
|
$ |
59 |
|
|
|
|
$ |
66 |
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
Stock
compensation expense |
|
18 |
|
|
|
|
18 |
|
Depreciation and amortization expense |
|
62 |
|
|
|
|
62 |
|
Provision
for income taxes |
|
26 |
|
|
|
|
29 |
|
Total
non-GAAP adjustments |
|
106 |
|
|
|
|
109 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
165 |
|
|
|
|
$ |
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share |
|
$ |
2.89 |
|
|
|
|
$ |
3.24 |
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
Stock
compensation expense |
|
$ |
0.86 |
|
|
|
|
$ |
0.86 |
|
Amortization expense |
|
$ |
0.14 |
|
|
|
|
$ |
0.14 |
|
Estimated
income tax impact from adjustments |
|
$ |
(0.34 |
) |
|
|
|
$ |
(0.34 |
) |
Adjusted diluted
earnings per share |
|
$ |
3.55 |
|
|
|
|
$ |
3.90 |
|
CONTACT:
ICU Medical, Inc.
Scott Lamb, Chief Financial Officer
(949) 366-2183
ICR, Inc.
John Mills, Partner
(646) 277-1254
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