ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development,
manufacture and sale of innovative medical products, today
announced financial results for the quarter ended September 30,
2023.
Third Quarter 2023 Results
Third quarter 2023 revenue was $553.3 million, compared to
$597.9 million in the same period last year. GAAP gross profit for
the third quarter of 2023 was $183.9 million, as compared to $186.4
million in the same period last year. GAAP gross margin for the
third quarter of 2023 was 33%, as compared to 31% in the same
period last year. GAAP net income for the third quarter of 2023 was
$7.2 million, or $0.30 per diluted share, as compared to GAAP net
loss of $(13.2) million, or $(0.55) per diluted share, for the
third quarter of 2022. Adjusted diluted earnings per share for the
third quarter of 2023 was $1.57 as compared to $1.75 for the third
quarter of 2022. Also, adjusted EBITDA was $89.8 million for the
third quarter of 2023 as compared to $92.6 million for the third
quarter of 2022.
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, “Third
quarter results were generally in line with our previously revised
expectations."
Revenues by product line for the three and nine months
ended September 30, 2023 and 2022 were as follows (in
millions):
|
|
Three months ended September
30, |
|
|
|
Nine months ended September
30, |
|
|
Product Line |
|
2023 |
|
2022 |
|
$ Change |
|
2023 |
|
2022 |
|
$ Change |
Consumables |
|
$ |
242.0 |
|
$ |
251.6 |
|
$ |
(9.6 |
) |
|
$ |
715.1 |
|
$ |
732.8 |
|
$ |
(17.7 |
) |
Infusion Systems |
|
|
149.0 |
|
|
161.6 |
|
|
(12.6 |
) |
|
|
463.9 |
|
|
448.4 |
|
|
15.5 |
|
Vital Care* |
|
|
162.3 |
|
|
184.7 |
|
|
(22.4 |
) |
|
|
492.3 |
|
|
520.8 |
|
|
(28.5 |
) |
** |
|
$ |
553.3 |
|
$ |
597.9 |
|
$ |
(44.6 |
) |
|
$ |
1,671.3 |
|
$ |
1,702.0 |
|
$ |
(30.7 |
) |
*Vital Care includes $6.7 million and $15.8 million of contract
manufacturing to Pfizer for the three months ended September 30,
2023 and 2022, respectively and $33.6 million and $40.9 million for
the nine months ended September 30, 2023 and 2022,
respectively.
** Rounded totals may differ to the income statement due to the
rounding of product lines.
Conference Call
The Company will host a conference call to discuss its third
quarter 2023 financial results, today at 4:30 p.m. ET (1:30 p.m.
PT). The call can be accessed at (833) 816-1376, conference ID
10182943. 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 Event
Calendar and clicking on the Webcast icon and following the
prompts. The webcast will also be available by replay.
About ICU Medical
ICU Medical (Nasdaq:ICUI) is a global leader in infusion
systems, infusion consumables and high-value critical care products
used in hospital, alternate site and home care settings. Our team
is focused on providing quality, innovation and value to our
clinical customers worldwide. ICU Medical is headquartered in San
Clemente, California. More information about ICU Medical 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. 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, changes in product mix, increased competition from
competitors, lack of growth or improving efficiencies, unexpected
changes in the Company's arrangements with its largest customers,
the impact from fluctuations in foreign currency exchange rates,
the impact of inflation on raw materials, freight charges and
labor, rising interest rates, continuing public health crises,
pandemics and epidemics, such as the COVID-19 pandemic and the
Company's ability to meet expectations regarding integration of the
Smiths Medical 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
Company's most recent Annual Report on Form 10-K 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
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands) |
|
|
September 30,2023 |
|
December 31,2022 |
|
(Unaudited) |
|
|
(1) |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
197,192 |
|
|
$ |
208,784 |
|
Short-term investment securities |
|
1,806 |
|
|
|
4,224 |
|
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT
SECURITIES |
|
198,998 |
|
|
|
213,008 |
|
Accounts receivable, net of allowance for doubtful accounts |
|
161,797 |
|
|
|
221,719 |
|
Inventories |
|
759,622 |
|
|
|
696,009 |
|
Prepaid income taxes |
|
14,579 |
|
|
|
15,528 |
|
Prepaid expenses and other current assets |
|
84,412 |
|
|
|
88,932 |
|
TOTAL CURRENT ASSETS |
|
1,219,408 |
|
|
|
1,235,196 |
|
PROPERTY, PLANT AND EQUIPMENT,
net |
|
608,762 |
|
|
|
636,113 |
|
OPERATING LEASE RIGHT-OF-USE
ASSETS |
|
73,767 |
|
|
|
74,864 |
|
LONG-TERM INVESTMENT
SECURITIES |
|
— |
|
|
|
516 |
|
GOODWILL |
|
1,444,456 |
|
|
|
1,449,258 |
|
INTANGIBLE ASSETS, net |
|
891,280 |
|
|
|
982,766 |
|
DEFERRED INCOME TAXES |
|
31,466 |
|
|
|
31,466 |
|
OTHER ASSETS |
|
107,725 |
|
|
|
105,462 |
|
TOTAL ASSETS |
$ |
4,376,864 |
|
|
$ |
4,515,641 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
149,288 |
|
|
$ |
215,902 |
|
Accrued liabilities |
|
251,324 |
|
|
|
242,769 |
|
Current portion of long-term obligations |
|
45,688 |
|
|
|
29,688 |
|
Income tax payable |
|
11,443 |
|
|
|
6,200 |
|
Contingent earn-out liability |
|
6,300 |
|
|
|
— |
|
TOTAL CURRENT LIABILITIES |
|
464,043 |
|
|
|
494,559 |
|
CONTINGENT EARN-OUT
LIABILITY |
|
7,061 |
|
|
|
25,572 |
|
LONG-TERM OBLIGATIONS |
|
1,589,244 |
|
|
|
1,623,675 |
|
OTHER LONG-TERM
LIABILITIES |
|
100,005 |
|
|
|
114,104 |
|
DEFERRED INCOME TAXES |
|
77,845 |
|
|
|
126,007 |
|
INCOME TAX LIABILITY |
|
40,310 |
|
|
|
41,796 |
|
COMMITMENTS AND
CONTINGENCIES |
|
— |
|
|
|
— |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Convertible preferred stock, $1.00 par value; Authorized — 500
shares; Issued and outstanding — none |
|
— |
|
|
|
— |
|
Common stock, $0.10 par value; Authorized — 80,000 shares; Issued
—24,144 and 23,995 shares at September 30, 2023 and December 31,
2022, respectively, and outstanding — 24,139 and 23,993 shares at
September 30, 2023 and December 31, 2022, respectively |
|
2,414 |
|
|
|
2,399 |
|
Additional paid-in capital |
|
1,356,348 |
|
|
|
1,331,249 |
|
Treasury stock, at cost |
|
(672 |
) |
|
|
(243 |
) |
Retained earnings |
|
824,993 |
|
|
|
837,501 |
|
Accumulated other comprehensive loss |
|
(84,727 |
) |
|
|
(80,978 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
2,098,356 |
|
|
|
2,089,928 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ |
4,376,864 |
|
|
$ |
4,515,641 |
|
___________________________(1) December 31, 2022
balances were derived from audited consolidated financial
statements.
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)(In thousands, except per share
data) |
|
|
Three months ended September
30, |
|
Nine months ended September
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
TOTAL REVENUES |
$ |
553,311 |
|
|
$ |
597,857 |
|
|
$ |
1,671,270 |
|
|
$ |
1,701,983 |
|
COST OF GOODS SOLD |
|
369,391 |
|
|
|
411,461 |
|
|
|
1,102,982 |
|
|
|
1,179,167 |
|
GROSS PROFIT |
|
183,920 |
|
|
|
186,396 |
|
|
|
568,288 |
|
|
|
522,816 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
148,609 |
|
|
|
153,452 |
|
|
|
452,076 |
|
|
|
465,412 |
|
Research and development |
|
20,870 |
|
|
|
23,105 |
|
|
|
62,933 |
|
|
|
69,538 |
|
Restructuring, strategic transaction and integration |
|
7,160 |
|
|
|
14,365 |
|
|
|
30,527 |
|
|
|
61,795 |
|
Change in fair value of contingent earn-out |
|
(15,572 |
) |
|
|
(4,059 |
) |
|
|
(12,256 |
) |
|
|
(31,253 |
) |
TOTAL OPERATING EXPENSES |
|
161,067 |
|
|
|
186,863 |
|
|
|
533,280 |
|
|
|
565,492 |
|
INCOME (LOSS) FROM
OPERATIONS |
|
22,853 |
|
|
|
(467 |
) |
|
|
35,008 |
|
|
|
(42,676 |
) |
INTEREST EXPENSE, net |
|
(24,175 |
) |
|
|
(17,808 |
) |
|
|
(70,811 |
) |
|
|
(46,303 |
) |
OTHER EXPENSE, net |
|
(4,044 |
) |
|
|
(3,032 |
) |
|
|
(5,815 |
) |
|
|
(3,983 |
) |
LOSS BEFORE INCOME TAXES |
|
(5,366 |
) |
|
|
(21,307 |
) |
|
|
(41,618 |
) |
|
|
(92,962 |
) |
BENEFIT FOR INCOME TAXES |
|
12,604 |
|
|
|
8,099 |
|
|
|
29,110 |
|
|
|
34,212 |
|
NET INCOME (LOSS) |
$ |
7,238 |
|
|
$ |
(13,208 |
) |
|
$ |
(12,508 |
) |
|
$ |
(58,750 |
) |
NET INCOME LOSS PER SHARE |
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
$ |
(0.55 |
) |
|
$ |
(0.52 |
) |
|
$ |
(2.47 |
) |
Diluted |
$ |
0.30 |
|
|
$ |
(0.55 |
) |
|
$ |
(0.52 |
) |
|
$ |
(2.47 |
) |
WEIGHTED AVERAGE NUMBER OF
SHARES |
|
|
|
|
|
|
|
Basic |
|
24,132 |
|
|
|
23,908 |
|
|
|
24,075 |
|
|
|
23,828 |
|
Diluted |
|
24,368 |
|
|
|
23,908 |
|
|
|
24,075 |
|
|
|
23,828 |
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited)(In thousands) |
|
|
Nine months ended September
30, |
|
2023 |
|
2022 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net loss |
$ |
(12,508 |
) |
|
$ |
(58,750 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
|
171,615 |
|
|
|
178,338 |
|
Amortization of inventory step-up |
|
— |
|
|
|
22,676 |
|
Noncash lease expense |
|
16,543 |
|
|
|
17,382 |
|
Provision for doubtful accounts |
|
865 |
|
|
|
214 |
|
Provision for warranty, returns and field action |
|
5,597 |
|
|
|
3,439 |
|
Stock compensation |
|
29,878 |
|
|
|
28,597 |
|
Loss on disposal of property, plant and equipment and other
assets |
|
1,757 |
|
|
|
2,391 |
|
Bond premium amortization |
|
14 |
|
|
|
254 |
|
Debt issuance costs amortization |
|
5,108 |
|
|
|
5,254 |
|
Change in fair value of contingent earn-out |
|
(12,256 |
) |
|
|
(31,253 |
) |
Usage of spare parts |
|
13,587 |
|
|
|
7,915 |
|
Other |
|
4,393 |
|
|
|
(2,855 |
) |
Changes in operating assets and liabilities, net of amounts
acquired: |
|
|
|
Accounts receivable |
|
43,086 |
|
|
|
(8,956 |
) |
Inventories |
|
(66,662 |
) |
|
|
(151,840 |
) |
Prepaid expenses and other current assets |
|
11,295 |
|
|
|
20,074 |
|
Other assets |
|
(18,860 |
) |
|
|
(22,594 |
) |
Accounts payable |
|
(65,049 |
) |
|
|
30,413 |
|
Accrued liabilities |
|
(10,532 |
) |
|
|
(38,070 |
) |
Income taxes, including excess tax benefits and deferred income
taxes |
|
(42,939 |
) |
|
|
(63,047 |
) |
Net cash provided by (used in) operating activities |
|
74,932 |
|
|
|
(60,418 |
) |
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchases of property, plant and equipment |
|
(53,956 |
) |
|
|
(68,715 |
) |
Proceeds from sale of assets |
|
1,481 |
|
|
|
933 |
|
Business acquisitions, net of cash acquired |
|
— |
|
|
|
(1,844,164 |
) |
Intangible asset additions |
|
(7,742 |
) |
|
|
(6,560 |
) |
Purchases of investment securities |
|
— |
|
|
|
(3,397 |
) |
Proceeds from sale and maturities of investment securities |
|
2,920 |
|
|
|
36,433 |
|
Net cash used in investing activities |
|
(57,297 |
) |
|
|
(1,885,470 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Proceeds from issuance of long-term debt, net of lender debt
issuance costs |
|
— |
|
|
|
1,672,631 |
|
Principal repayments of long-term debt |
|
(22,250 |
) |
|
|
(20,250 |
) |
Payment of third-party debt issuance costs |
|
— |
|
|
|
(1,852 |
) |
Proceeds from exercise of stock options |
|
4,022 |
|
|
|
7,906 |
|
Payments on finance leases |
|
(681 |
) |
|
|
(477 |
) |
Tax withholding payments related to net share settlement of equity
awards |
|
(9,221 |
) |
|
|
(10,541 |
) |
Net cash (used in) provided by financing activities |
|
(28,130 |
) |
|
|
1,647,417 |
|
Effect of exchange rate
changes on cash |
|
(1,097 |
) |
|
|
(10,477 |
) |
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
|
(11,592 |
) |
|
|
(308,948 |
) |
CASH AND CASH EQUIVALENTS,
beginning of period |
|
208,784 |
|
|
|
552,827 |
|
CASH AND CASH EQUIVALENTS, end
of period |
$ |
197,192 |
|
|
$ |
243,879 |
|
|
|
|
|
|
|
|
|
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 include adjusted EBITDA,
adjusted revenue, adjusted gross profit, adjusted selling, general
and administrative, adjusted research and development, adjusted
restructuring, strategic transaction and integration, adjusted
change in fair value of contingent earn-out, adjusted income from
operations, adjusted other expense, net, adjusted (loss) income
before income taxes, adjusted benefit (provision) for income taxes,
adjusted net income/(loss) and adjusted diluted earnings/(loss) per
share, all of which exclude special items because they are highly
variable or unusual and impact year-over-year comparisons.
For the three months ended September 30, 2023 and 2022, special
items include the following:
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.
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, strategic transaction and integration: 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.
Change in fair value of contingent earn-out: We exclude the
impact of certain amounts recorded in connection with business
combinations. We exclude items that are either non-cash or not
normal, recurring operating expenses due to their nature,
variability of amounts, and lack of predictability as to occurrence
and/or timing.
Adjustment to reverse the cost recognition related to the
purchase accounting write-up of inventory to fair market value: The
inventory step-up represents the expense recognition of fair value
adjustments in excess of the historical cost basis of inventory
obtained through acquisition, these charges are outside of our
normal operations and are excluded.
Quality system and product-related remediation: We exclude
certain quality system product-related remediation charges 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.
Asset write-offs and similar charges: Occasionally, we may
write-off certain assets. We exclude the non-cash gain/loss on the
write-off 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.
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.
In addition to the above special items, Adjusted EBITDA
additionally excludes the following items from net income:
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.
Interest, net: We exclude interest in deriving adjusted EBITDA
as interest can vary significantly among companies depending on a
company's level of income generating instruments and/or level of
debt.
Taxes: We exclude taxes in deriving adjusted EBITDA as taxes are
deemed to be non-core to the business and may limit the
comparability of our ongoing operations with prior and future
periods and distort the evaluation of our normal operating
performance.
We also present Free cash flow as a non-GAAP financial measure
as management believes that this is an important measure for use in
evaluating overall company financial performance as it measures our
ability to generate additional cash flow from business operations.
Free cash flow should be considered in addition to, rather than as
a substitute for, net income as a measure of our performance or net
cash (used in) provided by operating activities as a measure of our
liquidity. Additionally, our definition of free cash flow is
limited and does not represent residual cash flows available for
discretionary expenditures due to the fact that the measure does
not deduct the payments required for debt service and other
obligations or payments made for business acquisitions. Therefore,
we believe it is important to view free cash flow as supplemental
to our entire statement of cash flows.
The following tables reconcile our GAAP and non-GAAP financial
measures:
|
ICU MEDICAL, INC. AND
SUBSIDIARIESReconciliation of GAAP to Non-GAAP
Financial Measures (Unaudited)(In thousands, except per
share data) |
|
|
Adjusted EBITDA |
|
Three months endedSeptember
30, |
|
2023 |
|
2022 |
GAAP net income (loss) |
$ |
7,238 |
|
|
$ |
(13,208 |
) |
|
|
|
|
Non-GAAP adjustments: |
|
|
|
Interest, net |
|
24,175 |
|
|
|
17,807 |
|
Stock compensation expense |
|
10,947 |
|
|
|
8,743 |
|
Depreciation and amortization expense |
|
58,371 |
|
|
|
58,641 |
|
Restructuring, strategic transaction and integration |
|
7,160 |
|
|
|
14,365 |
|
Change in fair value of contingent earn-out |
|
(15,572 |
) |
|
|
(4,059 |
) |
Quality system and product-related charges |
|
4,016 |
|
|
|
18,395 |
|
Asset write-offs and similar charges |
|
6,083 |
|
|
|
— |
|
Benefit for income taxes |
|
(12,604 |
) |
|
|
(8,099 |
) |
Total non-GAAP
adjustments |
|
82,576 |
|
|
|
105,793 |
|
|
|
|
|
Adjusted EBITDA |
$ |
89,814 |
|
|
$ |
92,585 |
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESReconciliation of GAAP to Non-GAAP
Financial Measures (Unaudited)(In thousands, except
percentages and per share) |
|
The company’s
U.S. GAAP results for the three months ended September 30, 2023
included special items which impacted the U.S. GAAP measures as
follows: |
|
|
Total revenues |
Gross profit |
Selling,general andadministrative |
Research anddevelopment |
Restructuring,strategictransactionandintegration |
Change in fair value
ofcontingentearn-out |
Income fromoperations |
Other expense, net |
(Loss) income before income taxes |
Benefit (provision) for income taxes |
Net income |
Diluted earnings per share |
Reported (GAAP) |
$ |
553,311 |
|
$ |
183,920 |
|
$ |
148,609 |
|
$ |
20,870 |
|
$ |
7,160 |
|
$ |
(15,572 |
) |
$ |
22,853 |
|
$ |
(28,219 |
) |
$ |
(5,366 |
) |
$ |
12,604 |
|
$ |
7,238 |
|
$ |
0.30 |
|
Reported percent of total
revenues (or percent of (loss) income before income taxes for
benefit (provision) for income taxes) |
|
|
33 |
% |
|
27 |
% |
|
4 |
% |
|
1 |
% |
(3 |
)% |
|
4 |
% |
(5 |
)% |
(1 |
)% |
|
234.9 |
% |
|
1 |
% |
|
Contract manufacturing |
|
(6,696 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Stock compensation
expense |
|
|
1,754 |
|
|
(8,743 |
) |
|
(450 |
) |
|
— |
|
|
— |
|
|
10,947 |
|
|
— |
|
|
10,947 |
|
|
(2,627 |
) |
|
8,320 |
|
|
0.34 |
|
Amortization expense |
|
— |
|
|
— |
|
|
(33,411 |
) |
|
— |
|
|
— |
|
|
— |
|
|
33,411 |
|
|
— |
|
|
33,411 |
|
|
(8,179 |
) |
|
25,232 |
|
|
1.04 |
|
Restructuring, strategic
transaction and integration |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,160 |
) |
|
— |
|
|
7,160 |
|
|
— |
|
|
7,160 |
|
|
(1,722 |
) |
|
5,438 |
|
|
0.22 |
|
Change in fair value of
contingent earn-out |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,572 |
|
|
(15,572 |
) |
|
— |
|
|
(15,572 |
) |
|
— |
|
|
(15,572 |
) |
|
(0.64 |
) |
Quality system and
product-related remediation |
|
— |
|
|
4,016 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,016 |
|
|
— |
|
|
4,016 |
|
|
(974 |
) |
|
3,042 |
|
|
0.12 |
|
Asset write-offs and similar
charges |
|
— |
|
|
6,306 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,306 |
|
|
223 |
|
|
6,083 |
|
|
(1,513 |
) |
|
4,570 |
|
|
0.19 |
|
Rounding |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted
(Non-GAAP)* |
$ |
546,615 |
|
$ |
195,996 |
|
$ |
106,455 |
|
$ |
20,420 |
|
$ |
— |
|
$ |
— |
|
$ |
69,121 |
|
$ |
(27,996 |
) |
$ |
40,679 |
|
$ |
(2,411 |
) |
$ |
38,268 |
|
$ |
1.57 |
|
Adjusted percent of total
revenues (or percent of (loss) income before income taxes for
benefit (provision) for income taxes) |
|
|
36 |
% |
|
19 |
% |
|
4 |
% |
|
— |
% |
|
— |
% |
|
13 |
% |
(5 |
)% |
|
7 |
% |
|
5.9 |
% |
|
7 |
% |
|
___________________________* Amounts may not foot due to
rounding
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESReconciliation of GAAP to Non-GAAP
Financial Measures (Unaudited)(continued)(In thousands,
except percentages and per share) |
|
The company’s
U.S. GAAP results for the three months ended September 30, 2022
included special items which impacted the U.S. GAAP measures as
follows: |
|
|
Total revenues |
Grossprofit |
Selling, general and administrative |
Research and development |
Restructuring, strategic transaction and
integration |
Change in fair value ofcontingent earn-out |
(Loss) income from operations |
(Loss) income before income taxes |
Benefit (provision) for income taxes |
Net (loss) income |
Diluted (loss) earnings per share |
Reported (GAAP) |
$ |
597,857 |
|
$ |
186,396 |
|
$ |
153,452 |
|
$ |
23,105 |
|
$ |
14,365 |
|
$ |
(4,059 |
) |
$ |
(467 |
) |
$ |
(21,307 |
) |
$ |
8,099 |
|
$ |
(13,208 |
) |
$ |
(0.55 |
) |
Reported percent of total
revenues (or percent of income before income taxes for benefit
provision for income taxes) |
|
|
31 |
% |
|
26 |
% |
|
4 |
% |
|
2 |
% |
(1 |
)% |
|
— |
% |
(4 |
)% |
|
38.0 |
% |
(2 |
)% |
|
Contract manufacturing |
|
(15,780 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Stock compensation
expense |
|
— |
|
|
1,355 |
|
|
(6,980 |
) |
|
(408 |
) |
|
— |
|
|
— |
|
|
8,743 |
|
|
8,743 |
|
|
(2,098 |
) |
|
6,645 |
|
|
0.28 |
|
Amortization expense |
|
— |
|
|
(3,391 |
) |
|
(39,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
35,609 |
|
|
35,609 |
|
|
(8,474 |
) |
|
27,135 |
|
|
1.14 |
|
Restructuring, strategic
transaction and integration |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(14,365 |
) |
|
— |
|
|
14,365 |
|
|
14,365 |
|
|
(2,870 |
) |
|
11,495 |
|
|
0.48 |
|
Change in fair value of
contingent earn-out |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,059 |
|
|
(4,059 |
) |
|
(4,059 |
) |
|
— |
|
|
(4,059 |
) |
|
(0.17 |
) |
Quality system and
product-related remediation |
|
— |
|
|
18,395 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,395 |
|
|
18,395 |
|
|
(4,218 |
) |
|
14,177 |
|
|
0.59 |
|
Earnings per share impact on
net loss due to basic versus diluted weighted average shares |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
Adjusted
(Non-GAAP) |
$ |
582,077 |
|
$ |
202,755 |
|
$ |
107,472 |
|
$ |
22,697 |
|
$ |
— |
|
$ |
— |
|
$ |
72,586 |
|
$ |
51,746 |
|
$ |
(9,561 |
) |
$ |
42,185 |
|
$ |
1.75 |
|
Adjusted percent of total
revenues (or percent of income before income taxes for provision
for income taxes) |
|
|
35 |
% |
|
18 |
% |
|
4 |
% |
|
— |
% |
|
— |
% |
|
12 |
% |
|
9 |
% |
|
18.5 |
% |
|
7 |
% |
|
|
ICU MEDICAL, INC. AND
SUBSIDIARIESReconciliation of Net Cash Provided by
(Used in) Operating Activities to Free Cash Flow
(Unaudited)(In thousands) |
|
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net cash provided by (used in) operating activities |
$ |
35,161 |
|
|
$ |
2,309 |
|
|
$ |
74,932 |
|
|
$ |
(60,418 |
) |
Purchase of property, plant
and equipment |
|
(21,467 |
) |
|
|
(20,676 |
) |
|
|
(53,956 |
) |
|
|
(68,715 |
) |
Proceeds from sale of
assets |
|
50 |
|
|
|
33 |
|
|
|
1,481 |
|
|
|
933 |
|
Free cash flow |
$ |
13,744 |
|
|
$ |
(18,334 |
) |
|
$ |
22,457 |
|
|
$ |
(128,200 |
) |
|
CONTACT: ICU Medical, Inc.Brian Bonnell, Chief Financial
Officer(949) 366-2183
ICR, Inc.John Mills, Partner(646) 277-1254
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