Company Announcements

ICU Medical Announces Second Quarter 2024 Results and Updates Its Fiscal Year 2024 Guidance

Source: GlobeNewswire
ICU Medical Announces Second Quarter 2024 Results and Updates Its Fiscal Year 2024 Guidance

SAN CLEMENTE, Calif., Aug. 07, 2024 (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 quarterly period ended June 30, 2024.

Second Quarter 2024 Results

Second quarter 2024 revenue was $596.5 million, compared to $549.3 million in the same period in the prior year. GAAP gross profit for the second quarter of 2024 was $207.4 million, as compared to $192.3 million in the same period in the prior year. GAAP gross margin for the second quarter of 2024 and 2023 was 35%. GAAP net loss for the second quarter of 2024 was $(21.4) million, or $(0.88) per diluted share, as compared to GAAP net loss of $(9.9) million, or $(0.41) per diluted share, for the second quarter of 2023. Adjusted diluted earnings per share for the second quarter of 2024 was $1.56 as compared to $1.88 for the second quarter of 2023. Adjusted EBITDA was $91.3 million for the second quarter of 2024 as compared to $98.1 million for the second quarter of 2023.

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 in line with our expectations."

Revenues by product line for the three and six months ended June 30, 2024 and 2023 were as follows (in millions):

  Three months ended
June 30,
   Six months ended
June 30,
  
Product Line 2024 2023 $ Change 2024 2023 $ Change
Consumables $261.8 $237.0 $24.8 $505.9 $473.1 $32.8
Infusion Systems  163.7  153.2  10.5  321.0  314.9  6.1
Vital Care*  171.0  159.2  11.8  336.3  330.0  6.3
Total** $596.5 $549.4 $47.1 $1,163.2 $1,118.0 $45.2
 
* Vital Care includes Pfizer contract manufacturing revenue of $15.5 million and $29.5 million for the three and six months ended June 30, 2024, respectively, as compared to $14.2 million and $26.9 million for the three and six months ended June 30, 2023.
** Totals may differ from the income statement due to the rounding of product lines.
 

Fiscal Year 2024 Guidance

For Fiscal Year 2024 the Company updated its estimates of GAAP net loss from a range of $(127) to $(110) to a range of $(118) to $(108) and GAAP diluted loss per share from a range of $(5.16) to $(4.46) to a range of $(4.78) to $(4.38). The Company updated the estimate of the range of its full year 2024 guidance of adjusted EBITDA from a range of $330 million to $370 million to a range of $345 million to $365 million and diluted earnings per share from a range of $4.40 to $5.10 to a range of $4.95 to $5.35.

Conference Call

The Company will host a conference call to discuss its second quarter 2024 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 579-2543, conference ID "ICUMED". 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 and 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, and the Company's ability to meet expectations regarding the ongoing 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 ("SEC"), which include those in the Company's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent filings with the SEC. 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 unless required by law.

 
ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
 
 June 30,
2024
 December 31,
2023
    
ASSETS   
CURRENT ASSETS:   
Cash and cash equivalents$302,648  $254,222 
Short-term investment securities    501 
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES 302,648   254,723 
Accounts receivable, net of allowance for doubtful accounts 151,765   161,566 
Inventories 682,870   709,360 
Prepaid income taxes 17,883   21,983 
Prepaid expenses and other current assets 80,825   73,640 
TOTAL CURRENT ASSETS 1,235,991   1,221,272 
    
PROPERTY, PLANT AND EQUIPMENT, net 594,085   612,909 
OPERATING LEASE RIGHT-OF-USE ASSETS 66,408   69,909 
GOODWILL 1,450,935   1,472,446 
INTANGIBLE ASSETS, net 805,794   870,588 
DEFERRED INCOME TAXES 38,861   37,295 
OTHER ASSETS 94,593   94,020 
TOTAL ASSETS$4,286,667  $4,378,439 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
CURRENT LIABILITIES:   
Accounts payable$155,515  $150,030 
Accrued liabilities 299,751   268,215 
Current portion of long-term debt 51,000   51,000 
Income tax payable 4,141   7,714 
Contingent earn-out liability 1,500   4,879 
TOTAL CURRENT LIABILITIES 511,907   481,838 
    
CONTINGENT EARN-OUT LIABILITY 3,947   3,991 
LONG-TERM DEBT 1,554,822   1,577,770 
OTHER LONG-TERM LIABILITIES 91,356   100,497 
DEFERRED INCOME TAXES 53,794   55,873 
INCOME TAX LIABILITY 33,029   35,060 
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 —24,430 and 24,144 shares at June 30, 2024 and December 31, 2023, respectively, and outstanding — 24,425 and 24,141 shares at June 30, 2024 and December 31, 2023, respectively 2,443   2,414 
Additional paid-in capital 1,380,703   1,366,493 
Treasury stock, at cost (518)  (262)
Retained earnings 746,969   807,846 
Accumulated other comprehensive loss (91,785)  (53,081)
TOTAL STOCKHOLDERS' EQUITY 2,037,812   2,123,410 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$4,286,667  $4,378,439 


 
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,
 2024 2023 2024 2023
TOTAL REVENUES$596,455  $549,310  $1,163,110  $1,117,959 
COST OF GOODS SOLD 389,027   356,983   770,438   733,591 
GROSS PROFIT 207,428   192,327   392,672   384,368 
OPERATING EXPENSES:       
Selling, general and administrative 159,549   150,895   317,206   303,467 
Research and development 23,390   22,302   45,232   42,063 
Restructuring, strategic transaction and integration 17,136   12,354   33,241   23,367 
Change in fair value of contingent earn-out (339)  4,016   (44)  3,316 
TOTAL OPERATING EXPENSES 199,736   189,567   395,635   372,213 
INCOME (LOSS) FROM OPERATIONS 7,692   2,760   (2,963)  12,155 
INTEREST EXPENSE, net (23,841)  (24,121)  (47,613)  (46,636)
OTHER EXPENSE, net (3,384)  (1,502)  (5,725)  (1,771)
LOSS BEFORE INCOME TAXES (19,533)  (22,863)  (56,301)  (36,252)
(PROVISION) BENEFIT FOR INCOME TAXES (1,873)  12,929   (4,576)  16,506 
NET LOSS$(21,406) $(9,934) $(60,877) $(19,746)
NET LOSS PER SHARE       
Basic$(0.88) $(0.41) $(2.51) $(0.82)
Diluted$(0.88) $(0.41) $(2.51) $(0.82)
WEIGHTED AVERAGE NUMBER OF SHARES       
Basic 24,393   24,075   24,295   24,045 
Diluted 24,393   24,075   24,295   24,045 


 
ICU MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
 Six months ended
June 30,
 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net loss$(60,877) $(19,746)
Adjustments to reconcile net loss to net cash provided by operating activities:   
Depreciation and amortization 110,844   113,244 
Noncash lease expense 10,524   11,110 
Provision for doubtful accounts 1,370   399 
Provision for warranty, returns and field action (2,458)  7,070 
Stock compensation 22,596   18,931 
(Gain) loss on disposal of property, plant and equipment and other assets (78)  1,019 
Debt issuance costs amortization 3,411   3,404 
Change in fair value of contingent earn-out liability (44)  3,316 
Usage of spare parts 8,944   10,056 
Other 4,925   2,917 
Changes in operating assets and liabilities, net of amounts acquired:   
Accounts receivable 6,715   46,796 
Inventories 21,095   (76,040)
Prepaid expenses and other current assets (12,638)  2,983 
Other assets (11,124)  (12,698)
Accounts payable 9,432   (46,864)
Accrued liabilities 20,245   (104)
Income taxes, including excess tax benefits and deferred income taxes (5,138)  (26,022)
Net cash provided by operating activities 127,744   39,771 
CASH FLOWS FROM INVESTING ACTIVITIES:   
Purchases of property, plant and equipment (35,382)  (32,489)
Proceeds from sale of assets 692   1,431 
Intangible asset additions (5,364)  (4,651)
Proceeds from sale and maturities of investment securities 500   2,920 
Net cash used in investing activities (39,554)  (32,789)
CASH FLOWS FROM FINANCING ACTIVITIES:   
Principal repayments of long-term debt (25,500)  (14,813)
Proceeds from exercise of stock options 3,074   2,233 
Payments on finance leases (518)  (436)
Payment of contingent earn-out liability (2,600)   
Tax withholding payments related to net share settlement of equity awards (11,685)  (8,718)
Net cash used in financing activities (37,229)  (21,734)
Effect of exchange rate changes on cash (2,535)  1,855 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 48,426   (12,897)
CASH AND CASH EQUIVALENTS, beginning of period 254,222   208,784 
CASH AND CASH EQUIVALENTS, end of period$302,648  $195,887 
        

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 (loss) income from operations, adjusted other expense, net, adjusted (loss) income before income taxes, adjusted (provision) benefit 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, 2024 and 2023, special items include the following:

Contract manufacturing: We manufacture certain products for Pfizer in accordance with a manufacturing services agreement. We do not include the contract revenue in our adjusted revenue as the commercial relationship under this agreement was originally negotiated contemporaneously with a business combination and is not indicative of a normal market transaction.

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.

Quality system and product-related remediation: We exclude certain quality system and 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 or we may sell certain assets. We exclude the non-cash gain/loss on the write-off/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.

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.

Adjusted Diluted EPS excludes from diluted EPS, net of tax, the special items listed above. The tax effect on the special items is calculated using the specific tax rate applied to each adjustment based on the nature of the item/or the tax jurisdiction in which the item has been recorded. Additionally, adjusted diluted EPS may exclude the income tax impact of certain non-recurring discrete tax items that are not reflective of income tax expense/benefit incurred as a result of current period earnings/ loss, as well as the impact of certain deferred tax valuation allowances when assessed against non-GAAP profitability.

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 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 non-GAAP financial measures for the periods presented:

 
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,
 2024
 2023
GAAP net loss$(21,406) $(9,934)
    
Non-GAAP adjustments:   
Interest, net 23,841   24,121 
Stock compensation expense 10,998   9,773 
Depreciation and amortization expense 55,318   57,500 
Restructuring, strategic transaction and integration 17,136   12,354 
Change in fair value of contingent earn-out (339)  4,016 
Quality system and product-related charges 3,924   13,134 
Asset write-offs and similar charges (8)  19 
Provision (Benefit) for income taxes 1,873   (12,929)
Total non-GAAP adjustments 112,743   107,988 
    
Adjusted EBITDA$91,337  $98,054 


     
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, 2024 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 operationsOther expense, net(Loss) income before income taxesProvision for income taxesNet (loss) incomeDiluted (loss) earnings per share
Reported (GAAP)$596,455 $207,428 $159,549 $23,390 $17,136 $(339)$7,692 $(3,384)$(19,533)$(1,873)$(21,406)$(0.88)
Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  35% 27% 4% 3% % 1%(1)%(3)%(9.6)%(4)% 
Contract manufacturing (15,473)                     
Stock compensation expense   1,524  (9,071) (403)     10,998    10,998  (2,640) 8,358  0.34 
Amortization expense     (33,059)       33,059    33,059  (8,037) 25,022  1.02 
Restructuring, strategic transaction and integration         (17,136)   17,136    17,136  (4,124) 13,012  0.53 
Change in fair value of contingent earn-out           339  (339)   (339)   (339) (0.01)
Quality system and product-related remediation   3,924          3,924    3,924  (885) 3,039  0.12 
Asset write-offs and similar charges               (8) (8) 2  (6)  
Tax expense from valuation allowance*                   10,387  10,387  0.42 
Adjusted (Non-GAAP)**$580,982 $212,876 $117,419 $22,987 $ $ $72,470 $(3,392)$45,237 $(7,170)$38,067 $1.56 
Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  37% 20% 4% % % 12%(1)% 8% 15.8% 7% 

_______________________

* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2024. However, based on the same assessment, including, predominantly, our being, and expectation of remaining for 2024, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.
** 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, 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-outIncome 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 
Asset write-offs and similar charges               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 Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
(In thousands)
 
 Three months ended
June 30,
 Six months ended
June 30,
 2024 2023 2024 2023
Net cash provided by operating activities$81,953   (1,474) $127,744  $39,771 
Purchase of property, plant and equipment (19,467)  (18,284)  (35,382)  (32,489)
Proceeds from sale of assets 185   1,377   692   1,431 
Free cash flow$62,671  $(18,381) $93,054  $8,713 


 
ICU MEDICAL, INC. AND SUBSIDIARIES
Fiscal Year 2024
Outlook (Unaudited)
(In millions, except per share data)
 
 Low End of Guidance High End of Guidance
GAAP net loss$(118) $(108)
    
Non-GAAP adjustments:   
Interest, net 105   105 
Stock compensation expense 44   44 
Depreciation and amortization expense 229   229 
Restructuring, strategic transaction and integration 50   50 
Quality and regulatory initiatives and remediation 35   35 
Change in fair value of contingent earn-out (4)  (4)
Provision for income taxes 4   14 
Total non-GAAP adjustments$463  $473 
    
Adjusted EBITDA$345  $365 
    
    
    
GAAP basic/diluted loss per share$(4.78) $(4.38)
    
Non-GAAP adjustments:   
Stock compensation expense 1.79   1.79 
Amortization expense 5.53   5.53 
Restructuring, strategic transaction and integration 2.03   2.03 
Quality and regulatory initiatives and remediation 1.42   1.42 
Change in fair value of contingent earn-out (0.16)  (0.16)
Tax expense from valuation allowance 1.67   1.67 
Estimated income tax impact from adjustments (2.55)  (2.55)
Adjusted diluted earnings per share$4.95  $5.35 
        

CONTACT:
ICU Medical, Inc.
Brian Bonnell, Chief Financial Officer
(949) 366-2183

ICR, Inc.
John Mills, Partner
(646) 277-1254