ICUI earnings analysis
What we found in ICUI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Adjusted EPS Exceeds Prior Year
- Adjusted EPS for Q1 2026 was reported at $1.97, up from $1.72 in Q1 2025.
- 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.
- Revenue Slightly Misses Estimates
- Total revenue for Q1 2026 was $530.2 million, slightly below the consensus estimate of $528.9 million.
- Decrease in SG&A Expenses
- Selling, general and administrative expenses fell to $154.6 million from $157.2 million year-over-year.
- Increased Operating Cash Flow
- Net cash provided by operating activities for Q1 2026 was $38.9 million, highlighting operational cash generation.
- Growth in Infusion Systems Revenue
- Infusion Systems revenue increased by 8.0% year-over-year, reaching $179.6 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Foreign Currency Exchange Risks
- Global economic volatility and foreign currency fluctuations are expected to impact future operating results.
- Ongoing Restructuring Costs
- Restructuring, strategic transaction and integration expenses remained consistent at $16.8 million, indicating enduring financial pressures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.2
- Gross margin
- 38.9%
- Operating margin
- 3.0%
- Segment
- Consumables: $278.3M, Infusion Systems: $179.6M, Vital Care: $72.3M
What they said about what is next.
Management did not provide specific numeric guidance in the report.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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