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 third quarter ended September 30, 2016.
Third Quarter 2016 Results
Third quarter 2016 revenue was $97.1 million, compared to $86.0
million in the same period last year. GAAP net income for the third
quarter of 2016 was $18.8 million, or $1.09 per diluted share, as
compared to GAAP net income of $16.3 million, or $0.98 per diluted
share, for the third quarter of 2015. Adjusted diluted
earnings per share for the third quarter of 2016 were $1.35 as
compared to $1.00 for the third quarter of 2015. Also, adjusted
EBITDA was $34.0 million for the third quarter of 2016 as compared
to $29.7 million for the third quarter of 2015.
Vivek Jain, ICU Medical's Chief Executive Officer, said, "We are
pleased with our revenue, adjusted EBITDA and net income results in
the third quarter driven by strong performance in our Direct
channel. Our recently announced definitive agreement to
acquire the Hospira infusion systems business is progressing
as anticipated and we continue to expect to close in the first
quarter of 2017.”
Revenues by market segment for the three months ended
September 30, 2016 and 2015 were as follows:
|
|
(dollars in millions) |
|
|
Three months ended September
30, 2016 |
|
Three months ended September
30, 2015 |
|
|
Market Segment |
|
Direct |
|
OEM |
|
Total |
|
Direct |
|
OEM |
|
Total |
|
Total Change |
Infusion Therapy |
|
$ |
45.0 |
|
|
$ |
22.6 |
|
|
$ |
67.6 |
|
|
$ |
33.3 |
|
|
$ |
29.0 |
|
|
$ |
62.3 |
|
|
$ |
5.3 |
|
Oncology |
|
|
10.8 |
|
|
|
4.4 |
|
|
|
15.2 |
|
|
|
7.6 |
|
|
|
3.4 |
|
|
|
11.0 |
|
|
|
4.2 |
|
Critical Care |
|
|
14.0 |
|
|
|
- |
|
|
|
14.0 |
|
|
|
12.5 |
|
|
|
- |
|
|
|
12.5 |
|
|
|
1.5 |
|
Other |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
$ |
70.0 |
|
|
$ |
27.1 |
|
|
$ |
97.1 |
|
|
$ |
53.6 |
|
|
$ |
32.4 |
|
|
$ |
86.0 |
|
|
$ |
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company ended the third quarter of 2016 with a strong
balance sheet. As of September 30, 2016, cash, cash equivalents and
short and long-term investment securities totaled $429.6 million
and working capital was $470.5 million. Additionally, the
Company generated operating cash flow of $27 million for the third
quarter of 2016.
Fiscal Year 2016 Guidance Update
For the year, the Company is updating guidance and now expects
its revenue to be in the range of $375 million to $380 million,
adjusted diluted earnings per share to be in the range of $4.80 to
$4.90 and adjusted EBITDA to be in the range of $132 million to
$134 million.
Conference Call
The Company will host a conference call to discuss
third quarter 2016 financial results today at 4:30 p.m. EST (1:30
p.m. PST). The call can be accessed at (800) 936-9761,
international (408) 774-4587, conference ID 2992544. 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 by replay.
About ICU Medical, Inc.
About ICU Medical, Inc. (Nasdaq:ICUI) develops, manufactures and
sells innovative medical devices used in vascular therapy, oncology
and critical care applications. ICU Medical’s products improve
patient outcomes by helping prevent bloodstream infections and
protecting healthcare workers from exposure to infectious diseases
or hazardous drugs. The company’s complete product line includes
custom IV systems, closed delivery systems for hazardous drugs,
needlefree IV connectors, catheters and cardiac monitoring systems.
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 2016
guidance and our pending acquisition of the Hospira infusion
systems business. 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 the timing, completion and 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, which include those in the
Annual Report on Form 10-K for the year ended December 31, 2015 and
our subsequent filings. Forward-looking statements contained in
this press release are made only 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.
ICU MEDICAL, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
|
|
|
|
|
September 30,
2016 (unaudited) |
|
December 31,
2015 (1) |
ASSETS |
|
|
|
CURRENT
ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
322,963 |
|
|
$ |
|
336,164 |
|
Short-term investment securities |
|
49,475 |
|
|
|
|
41,233 |
|
Cash,
cash equivalents and investment securities |
|
372,438 |
|
|
|
|
377,397 |
|
Accounts
receivable, net |
|
53,638 |
|
|
|
|
57,847 |
|
Inventories |
|
50,953 |
|
|
|
|
43,632 |
|
Prepaid
income taxes |
|
15,202 |
|
|
|
|
14,366 |
|
Prepaid
expenses and other current assets |
|
6,569 |
|
|
|
|
7,631 |
|
Assets
held for sale |
|
4,249 |
|
|
|
|
4,134 |
|
TOTAL
CURRENT ASSETS |
|
503,049 |
|
|
|
|
505,007 |
|
|
|
|
|
PROPERTY
AND EQUIPMENT, net |
|
80,588 |
|
|
|
|
74,320 |
|
LONG-TERM INVESTMENT SECURITIES |
|
57,162 |
|
|
|
|
- |
|
GOODWILL |
|
5,577 |
|
|
|
|
6,463 |
|
INTANGIBLE ASSETS, net |
|
22,832 |
|
|
|
|
23,936 |
|
DEFERRED
INCOME TAXES |
|
19,491 |
|
|
|
|
17,099 |
|
TOTAL
ASSETS |
$ |
688,699 |
|
|
$ |
|
626,825 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Accounts
payable |
$ |
12,555 |
|
|
$ |
|
13,670 |
|
Accrued
liabilities |
|
19,961 |
|
|
|
|
28,948 |
|
TOTAL
CURRENT LIABILITIES |
|
32,516 |
|
|
|
|
42,618 |
|
|
|
|
|
LONG-TERM LIABILITIES |
|
1,197 |
|
|
|
|
1,476 |
|
DEFERRED
INCOME TAXES |
|
5,022 |
|
|
|
|
1,372 |
|
INCOME
TAX LIABILITY |
|
1,488 |
|
|
|
|
1,488 |
|
COMMITMENTS AND CONTINGENCIES |
|
- |
|
|
|
|
- |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Convertible preferred stock |
|
- |
|
|
|
|
- |
|
Common
stock |
|
1,631 |
|
|
|
|
1,608 |
|
Additional paid-in capital |
|
157,603 |
|
|
|
|
145,125 |
|
Retained
earnings |
|
507,468 |
|
|
|
|
453,896 |
|
Accumulated other comprehensive loss |
|
(18,226 |
) |
|
|
|
(20,758 |
) |
TOTAL
STOCKHOLDERS' EQUITY |
|
648,476 |
|
|
|
|
579,871 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
688,699 |
|
|
$ |
|
626,825 |
|
______________________________ |
|
|
|
(1) December 31, 2015 balances were derived from audited
consolidated financial statements. |
ICU MEDICAL, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
REVENUES: |
|
|
|
|
|
|
|
Net
sales |
$ |
97,098 |
|
|
$ |
85,891 |
|
|
$ |
283,659 |
|
|
$ |
250,876 |
|
Other |
|
10 |
|
|
|
125 |
|
|
|
25 |
|
|
|
405 |
|
TOTAL
REVENUE |
|
97,108 |
|
|
|
86,016 |
|
|
|
283,684 |
|
|
|
251,281 |
|
COST OF
GOODS SOLD |
|
45,835 |
|
|
|
39,751 |
|
|
|
133,046 |
|
|
|
118,741 |
|
GROSS
PROFIT |
|
51,273 |
|
|
|
46,265 |
|
|
|
150,638 |
|
|
|
132,540 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling,
general and administrative |
|
22,362 |
|
|
|
20,206 |
|
|
|
66,828 |
|
|
|
60,698 |
|
Research
and development |
|
3,650 |
|
|
|
4,227 |
|
|
|
10,301 |
|
|
|
11,657 |
|
Restructuring and strategic transaction |
|
2,806 |
|
|
|
3,411 |
|
|
|
4,339 |
|
|
|
3,411 |
|
Gain on
sale of building |
|
- |
|
|
|
(1,086 |
) |
|
|
- |
|
|
|
(1,086 |
) |
Legal
settlement |
|
- |
|
|
|
(5,261 |
) |
|
|
- |
|
|
|
1,798 |
|
TOTAL
OPERATING EXPENSES |
|
28,818 |
|
|
|
21,497 |
|
|
|
81,468 |
|
|
|
76,478 |
|
INCOME
FROM OPERATIONS |
|
22,455 |
|
|
|
24,768 |
|
|
|
69,170 |
|
|
|
56,062 |
|
BARGAIN
PURCHASE GAIN |
|
346 |
|
|
|
- |
|
|
|
1,456 |
|
|
|
- |
|
OTHER
INCOME, net |
|
225 |
|
|
|
230 |
|
|
|
449 |
|
|
|
996 |
|
INCOME
BEFORE INCOME TAXES |
|
23,026 |
|
|
|
24,998 |
|
|
|
71,075 |
|
|
|
57,058 |
|
PROVISION FOR INCOME TAXES |
|
(4,220 |
) |
|
|
(8,732 |
) |
|
|
(17,503 |
) |
|
|
(17,536 |
) |
NET
INCOME |
$ |
18,806 |
|
|
$ |
16,266 |
|
|
$ |
53,572 |
|
|
$ |
39,522 |
|
NET
INCOME PER SHARE |
|
|
|
|
|
|
|
Basic |
$ |
1.16 |
|
|
$ |
1.02 |
|
|
$ |
3.32 |
|
|
$ |
2.50 |
|
Diluted |
$ |
1.09 |
|
|
$ |
0.98 |
|
|
$ |
3.13 |
|
|
$ |
2.41 |
|
WEIGHTED
AVERAGE NUMBER OF SHARES |
|
|
|
|
|
|
|
Basic |
|
16,200 |
|
|
|
15,894 |
|
|
|
16,113 |
|
|
|
15,790 |
|
Diluted |
|
17,286 |
|
|
|
16,575 |
|
|
|
17,100 |
|
|
|
16,409 |
|
ICU MEDICAL, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
(In thousands) |
|
|
|
|
|
Nine months ended September
30, |
|
|
2016 |
|
|
|
2015 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net
income |
$ |
53,572 |
|
|
$ |
39,522 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
14,351 |
|
|
|
13,266 |
|
Provision
for doubtful accounts |
|
- |
|
|
|
53 |
|
Provision
for warranty and returns |
|
(22 |
) |
|
|
38 |
|
Stock
compensation |
|
11,464 |
|
|
|
9,305 |
|
Loss
(gain) on disposal of property and equipment |
|
40 |
|
|
|
(1,102 |
) |
Bargain
purchase gain |
|
(1,456 |
) |
|
|
- |
|
Bond
premium amortization |
|
1,026 |
|
|
|
1,451 |
|
Other |
|
69 |
|
|
|
- |
|
Changes
in operating assets and liabilities: |
|
|
|
Accounts
receivable |
|
4,736 |
|
|
|
(11,390 |
) |
Inventories |
|
(6,635 |
) |
|
|
(4,867 |
) |
Prepaid
expenses and other assets |
|
(2,228 |
) |
|
|
(8,824 |
) |
Accounts
payable |
|
(1,587 |
) |
|
|
3,246 |
|
Accrued
liabilities |
|
(7,314 |
) |
|
|
6,915 |
|
Income
taxes, including excess tax benefits and deferred income taxes |
|
2,691 |
|
|
|
1,017 |
|
Net cash
provided by operating activities |
|
68,707 |
|
|
|
48,630 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases
of property and equipment |
|
(15,018 |
) |
|
|
(7,729 |
) |
Proceeds
from sale of assets |
|
1 |
|
|
|
3,592 |
|
Business
acquisitions, net of acquired cash |
|
(2,584 |
) |
|
|
- |
|
Intangible asset additions |
|
(861 |
) |
|
|
(778 |
) |
Purchases
of investment securities |
|
(111,575 |
) |
|
|
(40,217 |
) |
Proceeds
from sale of investment securities |
|
45,429 |
|
|
|
70,293 |
|
Net cash
(used in) provided by investing activities |
|
(84,608 |
) |
|
|
25,161 |
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds
from exercise of stock options |
|
15,830 |
|
|
|
10,974 |
|
Proceeds
from employee stock purchase plan |
|
2,361 |
|
|
|
2,162 |
|
Purchase
of treasury stock |
|
(17,155 |
) |
|
|
(1,523 |
) |
Net cash
provided by financing activities |
|
1,036 |
|
|
|
11,613 |
|
Effect of
exchange rate changes on cash |
|
1,664 |
|
|
|
(5,848 |
) |
NET
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
(13,201 |
) |
|
|
79,556 |
|
CASH AND
CASH EQUIVALENTS, beginning of period |
|
336,164 |
|
|
|
275,812 |
|
CASH AND
CASH EQUIVALENTS, end of period |
$ |
322,963 |
|
|
$ |
355,368 |
|
|
|
|
|
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:
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.
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.
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.
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.
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
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
SUBSIDIARIES |
Reconciliation of GAAP to Non-GAAP Financial
Measures (Unaudited) |
(In thousands, except per share data) |
|
|
|
Three months ended September
30, |
|
Nine months ended September
30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
GAAP net
income |
$ |
18,806 |
|
|
$ |
16,266 |
|
|
$ |
53,572 |
|
|
$ |
39,522 |
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Stock
compensation expense |
|
3,790 |
|
|
|
3,358 |
|
|
|
11,464 |
|
|
|
9,305 |
|
Depreciation and amortization expense |
|
4,703 |
|
|
|
4,240 |
|
|
|
14,351 |
|
|
|
13,266 |
|
Restructuring and strategic transaction |
|
2,806 |
|
|
|
3,411 |
|
|
|
4,339 |
|
|
|
3,411 |
|
Gain on
sale of building |
|
|
|
(1,086 |
) |
|
|
- |
|
|
|
(1,086 |
) |
Legal
settlement |
|
- |
|
|
|
(5,261 |
) |
|
|
- |
|
|
|
1,798 |
|
Bargain
purchase gain |
|
(346 |
) |
|
|
- |
|
|
|
(1,456 |
) |
|
|
- |
|
Provision
for income taxes |
|
4,220 |
|
|
|
8,732 |
|
|
|
17,503 |
|
|
|
17,536 |
|
Total
non-GAAP adjustments |
|
15,173 |
|
|
|
13,394 |
|
|
|
46,201 |
|
|
|
44,230 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
33,979 |
|
|
$ |
29,660 |
|
|
$ |
99,773 |
|
|
$ |
83,752 |
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share |
|
Three months ended September
30, |
|
Nine months ended September
30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
GAAP
diluted earnings per share |
$ |
1.09 |
|
|
$ |
0.98 |
|
|
$ |
3.13 |
|
|
$ |
2.41 |
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Stock
compensation expense |
$ |
0.22 |
|
|
$ |
0.20 |
|
|
$ |
0.67 |
|
|
$ |
0.57 |
|
Amortization expense |
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.12 |
|
|
$ |
0.09 |
|
Restructuring and strategic transaction |
$ |
0.16 |
|
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.21 |
|
Gain on
sale of building |
$ |
- |
|
|
$ |
(0.07 |
) |
|
$ |
- |
|
|
$ |
(0.07 |
) |
Legal
settlement |
$ |
- |
|
|
$ |
(0.32 |
) |
|
$ |
- |
|
|
$ |
0.11 |
|
Bargain
purchase gain |
$ |
(0.02 |
) |
|
$ |
- |
|
|
$ |
(0.09 |
) |
|
$ |
- |
|
Estimated
income tax impact from adjustments |
$ |
(0.14 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.31 |
) |
Adjusted
diluted earnings per share |
$ |
1.35 |
|
|
$ |
1.00 |
|
|
$ |
3.72 |
|
|
$ |
3.01 |
|
|
|
|
|
|
|
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIES |
Reconciliation of GAAP to Non-GAAP Financial
Measures - Fiscal Year 2016 Outlook (Unaudited) |
(In millions, except per share data) |
|
|
|
Low End of Guidance |
|
High End of Guidance |
GAAP net
income |
$ |
69 |
|
|
$ |
70 |
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
Stock
compensation expense |
|
15 |
|
|
|
15 |
|
Depreciation and amortization expense |
|
19 |
|
|
|
19 |
|
Restructuring and strategic transaction |
|
7 |
|
|
|
7 |
|
Bargain
purchase gain |
|
(2 |
) |
|
|
(2 |
) |
Provision
for income taxes |
|
24 |
|
|
|
25 |
|
Total
non-GAAP adjustments |
|
63 |
|
|
|
64 |
|
|
|
|
|
Adjusted
EBITDA |
$ |
132 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
GAAP
diluted earnings per share |
$ |
3.96 |
|
|
$ |
4.06 |
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
Stock
compensation expense |
$ |
0.87 |
|
|
$ |
0.87 |
|
Amortization expense |
$ |
0.16 |
|
|
$ |
0.16 |
|
Restructuring and strategic transaction |
$ |
0.38 |
|
|
$ |
0.38 |
|
Bargain
purchase gain |
$ |
(0.09 |
) |
|
$ |
(0.09 |
) |
Estimated
income tax impact from adjustments |
$ |
(0.48 |
) |
|
$ |
(0.48 |
) |
Adjusted
diluted earnings per share |
$ |
4.80 |
|
|
$ |
4.90 |
|
CONTACT:
ICU Medical, Inc.
Scott Lamb, Chief Financial Officer
(949) 366-2183
ICR, Inc.
John Mills, Partner
(646) 277-1254
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