10-K · February 19, 2026
ICU Medical reported a decline in total revenues to $2.23 billion in 2025, down from $2.38 billion in 2024, while gross profit increased slightly to 36.8% of revenues. The company completed the sale of a 60% ownership…
Earnings analysis · 10-Q
ICUI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
ICU Medical, Inc. reported Q1 2026 results showing revenue of $530.2 million, slightly below Street estimates of $528.9 million, and an EPS of $1.20, missing expectations of $1.67. Despite challenges including a…
Read full summary
ICU Medical, Inc. reported Q1 2026 results showing revenue of $530.2 million, slightly below Street estimates of $528.9 million, and an EPS of $1.20, missing expectations of $1.67. Despite challenges including a significant revenue drop in the Vital Care segment by 58% due to the divestiture of IV Solutions, improved gross margin at 38.9% reflects operational efficiencies. Management anticipates ongoing economic challenges to impact operations, though there was no specific guidance provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.2
- Segment
- Consumables: $278.3M, Infusion Systems: $179.6M, Vital Care: $72.3M
What stood out
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Adjusted EPS Exceeds Prior Year
Adjusted EPS for Q1 2026 was reported at $1.97, up from $1.72 in Q1 2025.
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Improved Gross Margin
Gross margin improved to 38.9% from 34.8% in the prior year, driven by price increases and lower supply chain costs.
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Revenue Slightly Misses Estimates
Total revenue for Q1 2026 was $530.2 million, slightly below the consensus estimate of $528.9 million.
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Decrease in SG&A Expenses
Selling, general and administrative expenses fell to $154.6 million from $157.2 million year-over-year.
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Increased Operating Cash Flow
Net cash provided by operating activities for Q1 2026 was $38.9 million, highlighting operational cash generation.
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Growth in Infusion Systems Revenue
Infusion Systems revenue increased by 8.0% year-over-year, reaching $179.6 million.
What to watch
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Revenue Decline in Vital Care Segment
Vital Care revenue decreased by 58% to $72.3 million, attributed to the divestiture of the IV Solutions business.
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Foreign Currency Exchange Risks
Global economic volatility and foreign currency fluctuations are expected to impact future operating results.
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Ongoing Restructuring Costs
Restructuring, strategic transaction and integration expenses remained consistent at $16.8 million, indicating enduring financial pressures.
Management's outlook
Management did not provide specific numeric guidance in the report.
Earlier filings 4
10-Q · November 6, 2025
ICU Medical, Inc. reported impressive Q3 2025 results, surpassing both revenue and EPS estimates significantly. Revenues were $537 million, indicating a slight decrease from the previous quarter but a strong…
10-Q · August 7, 2025
ICU Medical reported strong Q2 2025 results, exceeding both revenue and EPS estimates significantly. Despite a revenue of $549M, a 7.9% decline from the prior year, EPS saw a remarkable turnaround at $2.10 compared to a…
10-Q · May 8, 2025
ICU Medical, Inc. reported strong financial results for Q1 2025, with revenues increasing by 6.7% from the previous quarter and 6.7% compared to the same period last year. Gross margin improved to 34.8% driven by cost…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.