Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ICU Medical Announces Second Quarter 2023 Results and Narrows Fiscal Year 2023 Guidance Ranges

SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- 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 June 30, 2023.

Second Quarter 2023 Results

Second quarter 2023 revenue was $549.3 million, compared to $561.0 million in the same period last year. GAAP gross profit for the second quarter of 2023 was $192.3 million, as compared to $167.6 million in the same period last year. GAAP gross margin for the second quarter of 2023 was 35%, as compared to 30% in the same period last year. GAAP net loss for the second quarter of 2023 was $(9.9) million, or $(0.41) per diluted share, as compared to GAAP net loss of $(7.5) million, or $(0.31) per diluted share, for the second quarter of 2022. Adjusted diluted earnings per share for the second quarter of 2023 was $1.88 as compared to $1.37 for the second quarter of 2022. Also, adjusted EBITDA was $98.1 million for the second quarter of 2023 as compared to $84.7 million for the second 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, “Second quarter results were generally consistent with our expectations, with growth in most large product families except Vascular Access and IV Solutions."

Revenues by product line for the three and six months ended June 30, 2023 and 2022 were as follows (in millions):

  Three months ended
June 30,
   Six months ended
June 30,
  
Product Line  2023   2022  $ Change  2023   2022  $ Change
Consumables $        237.0  $        241.0  $        (4.0) $        473.1  $        481.2  $        (8.1)
Infusion Systems          153.2           148.6           4.6           314.9           286.8           28.1 
Vital Care*          159.2           171.4           (12.2)          330.0           336.1           (6.1)
** $        549.4  $        561.0  $        (11.6) $        1,118.0  $        1,104.1  $        13.9 

*Vital Care includes $14.2 million and $14.0 million of contract manufacturing to Pfizer for the three months ended June 30, 2023 and 2022, respectively and $26.9 million and $25.1 million for the six months ended June 30, 2023 and 2022, respectively.

**Rounded totals may differ to the income statement due to the rounding of product lines.

Fiscal Year 2023 Guidance
For Fiscal Year 2023 the Company estimates GAAP net loss to be in the range of $(59) to $(38) and GAAP diluted loss per share estimated to be in the range of $(2.42) to $(1.57). The Company narrowed the estimates of the range of its full year 2023 guidance of adjusted EBITDA from a range of $375 million to $425 million to a range of $375 million to $405 million and adjusted diluted earnings per share from a range of $5.75 to $7.25 to a range of $6.00 to $6.85.

Conference Call

The Company will host a conference call to discuss its second 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 10180958. 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, the impact of the ongoing COVID-19 pandemic on the Company and our financial results 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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 June 30,
2023
 December 31,
2022
 (Unaudited)  (1) 
ASSETS   
CURRENT ASSETS:   
Cash and cash equivalents$        195,887  $        208,784 
Short-term investment securities         1,812           4,224 
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES         197,699           213,008 
Accounts receivable, net of allowance for doubtful accounts         162,225           221,719 
Inventories         775,269           696,009 
Prepaid income taxes         13,766           15,528 
Prepaid expenses and other current assets         95,783           88,932 
TOTAL CURRENT ASSETS         1,244,742           1,235,196 
PROPERTY, PLANT AND EQUIPMENT, net         616,540           636,113 
OPERATING LEASE RIGHT-OF-USE ASSETS         76,028           74,864 
LONG-TERM INVESTMENT SECURITIES         —           516 
GOODWILL         1,464,478           1,449,258 
INTANGIBLE ASSETS, net         929,830           982,766 
DEFERRED INCOME TAXES         31,466           31,466 
OTHER ASSETS         99,960           105,462 
TOTAL ASSETS$        4,463,044  $        4,515,641 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
CURRENT LIABILITIES:   
Accounts payable$        167,054  $        215,902 
Accrued liabilities         254,508           242,769 
Current portion of long-term obligations         40,375           29,688 
Income tax payable         19,954           6,200 
Contingent earn-out liability         1,989           — 
TOTAL CURRENT LIABILITIES         483,880           494,559 
CONTINGENT EARN-OUT LIABILITY         26,944           25,572 
LONG-TERM OBLIGATIONS         1,600,720           1,623,675 
OTHER LONG-TERM LIABILITIES         109,858           114,104 
DEFERRED INCOME TAXES         89,684           126,007 
INCOME TAX LIABILITY         37,140           41,796 
COMMITMENTS AND CONTINGENCIES         —           — 
STOCKHOLDERS’ EQUITY:   
Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none         —           — 
Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —24,114 and 23,995 shares at June 30, 2023 and December 31, 2022, respectively, and outstanding — 24,104 and 23,993 shares at June 30, 2023 and December 31, 2022, respectively         2,411           2,399 
Additional paid-in capital         1,345,057           1,331,249 
Treasury stock, at cost         (1,611)          (243)
Retained earnings         817,755           837,501 
Accumulated other comprehensive loss         (48,794)          (80,978)
TOTAL STOCKHOLDERS' EQUITY         2,114,818           2,089,928 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$        4,463,044  $        4,515,641 


__________________________________________________
(1) December 31, 2022 balances were derived from audited consolidated financial statements.


 
ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
 
 Three months ended
June 30,
 Six months ended
June 30,
  2023   2022   2023   2022 
TOTAL REVENUES$        549,310  $        561,004  $        1,117,959  $        1,104,126 
COST OF GOODS SOLD         356,983           393,411           733,591           767,706 
GROSS PROFIT         192,327           167,593           384,368           336,420 
OPERATING EXPENSES:       
Selling, general and administrative         150,895           158,748           303,467           311,960 
Research and development         22,302           22,562           42,063           46,433 
Restructuring, strategic transaction and integration         12,354           13,525           23,367           47,430 
Change in fair value of contingent earn-out         4,016           (27,194)          3,316           (27,194)
TOTAL OPERATING EXPENSES         189,567           167,641           372,213           378,629 
INCOME (LOSS) FROM OPERATIONS         2,760           (48)          12,155           (42,209)
INTEREST EXPENSE, net         (24,121)          (15,440)          (46,636)          (28,495)
OTHER EXPENSE, net         (1,502)          (1,366)          (1,771)          (951)
LOSS BEFORE INCOME TAXES         (22,863)          (16,854)          (36,252)          (71,655)
BENEFIT FOR INCOME TAXES         12,929           9,380           16,506           26,113 
NET LOSS$        (9,934) $        (7,474) $        (19,746) $        (45,542)
NET LOSS PER SHARE       
Basic$        (0.41) $        (0.31) $        (0.82) $        (1.91)
Diluted$        (0.41) $        (0.31) $        (0.82) $        (1.91)
WEIGHTED AVERAGE NUMBER OF SHARES       
Basic         24,075           23,897           24,045           23,787 
Diluted         24,075           23,897           24,045           23,787 


 
ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
 Six months ended
June 30,
  2023   2022 
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net loss$        (19,746) $        (45,542)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:   
Depreciation and amortization         113,244           119,697 
Amortization of inventory step-up         —           22,676 
Noncash lease expense         11,110           10,888 
Provision for doubtful accounts         399           (99)
Provision for warranty, returns and field action         7,070           1,483 
Stock compensation         18,931           19,854 
Loss on disposal of property, plant and equipment and other assets         1,019           267 
Bond premium amortization         8           211 
Debt issuance costs amortization         3,404           3,495 
Change in fair value of contingent earn-out         3,316           (27,194)
Usage of spare parts         10,056           5,229 
Other         2,909           (2,807)
Changes in operating assets and liabilities, net of amounts acquired:   
Accounts receivable         46,796           (1,090)
Inventories         (76,040)          (100,024)
Prepaid expenses and other current assets         2,983           4,710 
Other assets         (12,698)          (17,323)
Accounts payable         (46,864)          22,149 
Accrued liabilities         (104)          (33,509)
Income taxes, including excess tax benefits and deferred income taxes         (26,022)          (45,798)
Net cash provided by (used in) operating activities         39,771           (62,727)
CASH FLOWS FROM INVESTING ACTIVITIES:   
Purchases of property, plant and equipment         (32,489)          (48,039)
Proceeds from sale of assets         1,431           900 
Business acquisitions, net of cash acquired         —           (1,844,164)
Intangible asset additions         (4,651)          (4,440)
Purchases of investment securities         —           (3,397)
Proceeds from sale and maturities of investment securities         2,920           26,198 
Net cash used in investing activities         (32,789)          (1,872,942)
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         (14,813)          (18,125)
Payment of third-party debt issuance costs         —           (1,852)
Proceeds from exercise of stock options         2,233           2,992 
Payments on finance leases         (436)          (321)
Tax withholding payments related to net share settlement of equity awards         (8,718)          (10,438)
Net cash (used in) provided by financing activities         (21,734)          1,644,887 
Effect of exchange rate changes on cash         1,855           (6,347)
NET DECREASE IN CASH AND CASH EQUIVALENTS         (12,897)          (297,129)
CASH AND CASH EQUIVALENTS, beginning of period         208,784           552,827 
CASH AND CASH EQUIVALENTS, end of period$        195,887  $        255,698 


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 (loss) income and adjusted diluted (loss) earnings 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 June 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.

Disposition/write-off of certain assets: Occasionally, we may sell/write-off certain assets. We exclude the non-cash gain/loss on the disposition/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 SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share data)
 
  Adjusted EBITDA
 Three months ended
June 30,
  2023   2022 
GAAP net loss$        (9,934) $        (7,474)
    
Non-GAAP adjustments:   
Interest, net         24,121           15,440 
Stock compensation expense         9,773           7,762 
Depreciation and amortization expense         57,500           66,559 
Restructuring, strategic transaction and integration         12,354           13,525 
Change in fair value of contingent earn-out         4,016           (27,194)
Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair value         —           8,306 
Quality system and product-related charges         13,134           17,195 
Disposition/write-off of certain assets         19           — 
Benefit for income taxes         (12,929)          (9,380)
Total non-GAAP adjustments         107,988           92,213 
    
Adjusted EBITDA$        98,054  $        84,739 


 
ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation 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 June 30, 2023 included special items which impacted the U.S. GAAP measures as follows:
 
 Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationChange in fair value of contingent earn-out Income from operationsOther expense, net(Loss) income before income taxesBenefit (provision) for income taxesNet (loss) incomeDiluted (loss) earnings per share
Reported (GAAP)$        549,310 $        192,327 $        150,895 $        22,302 $        12,354 $        4,016 $        2,760 $        (1,502)$        (22,863)$        12,929 $        (9,934)$        (0.41)
Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)    35% 27% 4% 2% 1% 1% % (4)% 56.6% (2)% 
Contract manufacturing         (14,198)         —          —          —          —          —          —          —          —          —          —  
Stock compensation expense         —          1,571          (7,794)         (408)         —          —          9,773          —          9,773          (2,346)         7,427          0.30 
Amortization expense         —          —          (33,121)         —          —          —          33,121          —          33,121          (8,110)         25,011          1.02 
Restructuring, strategic transaction and integration         —          —          —          —          (12,354)         —          12,354          —          12,354          (2,984)         9,370          0.38 
Change in fair value of contingent earn-out         —          —          —          —          —          (4,016)         4,016          —          4,016          —          4,016          0.16 
Quality system and product-related remediation         —          13,134          —          —          —          —          13,134          —          13,134          (3,234)         9,900          0.41 
Disposition/write-off of certain assets         —          —          —          —          —          —          —          19          19          —          19          — 
Adjusted (Non-GAAP)*$        535,112 $        207,032 $        109,980 $        21,894 $        — $        — $        75,158 $        (1,483)$        49,554 $        (3,745)$        45,809 $        1.88 
Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)          39%         21%         4%         —%         —%         14%         —%         9%         7.6%         9% 


_______________
* Amounts may not foot due to rounding


 
ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation 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 June 30, 2022 included special items which impacted the U.S. GAAP measures as follows:
 
 Total revenuesGross profitSelling, general and administrativeResearch and developmentRestructuring, strategic transaction and integrationChange in fair value of contingent earn-out(Loss) income from operations(Loss) income before income taxesBenefit (provision) for income taxesNet (loss) incomeDiluted (loss) earnings per share
Reported (GAAP)$        561,004 $        167,593 $        158,748 $        22,562 $        13,525 $        (27,194)$        (48)$        (16,854)$        9,380 $        (7,474)$        (0.31)
Reported percent of total revenues (or percent of income before income taxes for benefit provision for income taxes)    30% 28% 4% 2% (5)% % (3)% 55.7% (1)% 
Contract manufacturing         (14,043)         —          —          —          —          —          —          —          —          —  
Stock compensation expense         —          1,408          (5,945)         (409)         —          —          7,762          7,762          (1,863)         5,899          0.24 
Amortization expense         —          2,943          (38,673)         —          —          —          41,616          41,616          (9,905)         31,711          1.33 
Restructuring, strategic transaction and integration         —          —          —          —          (13,525)         —          13,525          13,525          (2,610)         10,915          0.46 
Change in fair value of contingent earn-out         —          —          —          —          —          27,194          (27,194)         (27,194)         —          (27,194)         (1.14)
Adjustment to reverse the cost recognition related to the purchase accounting write-up of inventory to fair value         —          8,306          —          —          —          —          8,306          8,306          (1,952)         6,354          0.27 
Quality system and product-related remediation         —          17,195          —          —          —          —          17,195          17,195          (4,247)         12,948          0.54 
Earnings per share impact on net loss due to basic versus diluted weighted average shares         —          —          —          —          —          —          —          —          —          —          (0.02)
Adjusted (Non-GAAP)$        546,961 $        197,445 $        114,130 $        22,153 $        — $        — $        61,162 $        44,356 $        (11,197)$        33,159 $        1.37 
Adjusted percent of total revenues (or percent of income before income taxes for provision for income taxes)          36%         21%         4%         —%         —%         11%         8%         25.2%         6% 


 
ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow (Unaudited)
(In thousands)
 
 Three months ended
June 30,
 Six months ended
June 30,
  2023   2022   2023   2022 
Net cash (used in) provided by operating activities$        (1,474) $        (61,385) $        39,771  $        (62,727)
Purchase of property, plant and equipment         (18,284)          (24,433)          (32,489)          (48,039)
Proceeds from sale of assets         1,377           —           1,431           900 
Free cash flow$        (18,381) $        (85,818) $        8,713  $        (109,866)


 
ICU MEDICAL, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Fiscal Year 2023
Guidance (Unaudited)
(In millions, except per share data)
 
 Low End of Guidance High End of Guidance
GAAP net loss$        (59) $        (38)
    
Non-GAAP adjustments:   
Interest, net         98           98 
Stock compensation expense         42           42 
Depreciation and amortization expense         228           228 
Restructuring, strategic transaction and integration         41           41 
Quality and regulatory initiatives and remediation         53           53 
Change in fair value of contingent earn-out         3           3 
Disposition of certain assets         1           1 
Benefit for income taxes         (32)          (23)
Total non-GAAP adjustments$        434  $        443 
    
Adjusted EBITDA$        375  $        405 
    
    
    
GAAP diluted loss per share$        (2.42) $        (1.57)
    
Non-GAAP adjustments:   
Stock compensation expense         1.71           1.71 
Amortization expense         5.39           5.39 
Restructuring, strategic transaction and integration         1.67           1.67 
Quality and regulatory initiatives and remediation         2.16           2.16 
Change in fair value of contingent earn-out         0.12           0.12 
Disposition of certain assets         0.04           0.04 
Estimated income tax impact from adjustments         (2.67)          (2.67)
Adjusted diluted earnings per share$        6.00  $        6.85 


CONTACT:
ICU Medical, Inc.                                        
Brian Bonnell, Chief Financial Officer
(949) 366-2183
     
ICR, Inc.
John Mills, Partner
(646) 277-1254


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.