ICU Medical earnings date
ICU Medical (IC7) Q3 2026 Earnings Report
DE:IC7 Q3 2026 EPS Results
- Actual EPS
- EUR 2.20
- Consensus EPS
- EUR 1.93
- Beat/Miss
- Beat by +EUR 0.27
- One Year Ago EPS
- EUR 1.83
DE:IC7 Q3 2026 Revenue Results
- Actual Revenue
- EUR 506.10M
- Expected Revenue
- EUR 497.48M
- Beat/Miss
- Beat by +EUR 8.62M
- YoY Revenue Growth
- +4.44%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
ICU Medical's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. The company reported solid revenue, EBITDA, EPS and free cash flow performance; record results in Infusion Systems and Consumables; improving gross margins; lower integration spending; debt reduction; and guidance toward the high end of its ranges. These strengths outweighed the stated challenges, including Vital Care's decline, logistics disruptions, tariff and FX pressures, ongoing remediation spending and approval timing for certain products.
ICU Medical expects Consumables to deliver mid-single-digit growth for 2026 and Infusion Systems to be at least high single digits for the full year 2026, while Vital Care will have a larger year-over-year decrease than previously mentioned; full-year adjusted EBITDA is expected towards the higher end of the previously provided guidance range of $415 million to $435 million and adjusted EPS towards the higher end of $8.60 to $9, with no changes to guidance for gross margin rate, operating expenses or interest expense. Full-year CapEx guidance was lowered from $85 million to $75 million, although fourth-quarter CapEx spending is expected to be meaningfully higher than the average quarterly spend to date; year-to-date free cash flow was $173 million versus an original full-year target of $150 million, Q4 free cash flow won't be as strong as Q3, and the company does not expect a material benefit from tariff refunds. The company expects to finish 2026 slightly below 2x net leverage, continue to pay down debt in Q4, and remains focused on achieving a gross margin target of 43% by the time we exit 2027.
- Solid Q3 Revenue and Earnings GrowthQ3 revenue was $556 million, representing 5% organic growth and 4% reported growth. Adjusted EBITDA increased 8% year over year to $114 million, with a 20.5% EBITDA margin, while adjusted diluted EPS rose 20% to $2.44 from $2.03.
- Gross Margin ExpansionAdjusted gross margin was 42%, up approximately 1 percentage point sequentially from 41% in Q2. The improvement was driven by integration synergies and favorable mix, with higher-margin Consumables and Infusion Systems growing faster than certain lower-margin Vital Care product lines. Management said this demonstrates continued progress toward its 43% gross-margin target by the time it exits 2027.
- Record Infusion Systems PerformanceInfusion Systems revenue grew 11% on both a reported and organic basis and reached another record quarter. Growth was driven primarily by LVP products, competitive wins, early stages of product rollovers, strong customer utilization and solid dedicated-set volumes. Management expects the business to grow at least high single digits for full-year 2026, partly because some volume scheduled for early 2027 is arriving earlier than planned.
- Record Consumables SalesConsumables revenue grew 5% on a reported basis and reached a record absolute sales level, supported by sequential and year-over-year growth. Drivers included healthy census, share gains, pump-related consumables pull-through, incremental innovation, oncology and international growth, specialty areas and outside-the-hospital consumables.
- Stable Demand and Utilization EnvironmentManagement characterized the broader demand and utilization environment in Q3 as stable, with volume in line with full-year guidance assumptions. The capital environment was described as status quo, with customers continuing to complete investments they need to make.
- Strong Free Cash Flow and Debt ReductionQ3 free cash flow was $83 million, supported by strong earnings quality, $11 million of tariff refunds, lower restructuring and integration spending and CapEx timing. The company repaid approximately $80 million of debt during the quarter, ending with $1.16 billion of debt, $302 million of cash and a net leverage ratio of 2x.
- Free Cash Flow Ahead of Original TargetYear-to-date free cash flow through Q3 was $173 million, already above the original full-year target of $150 million. Management attributed the performance to $31 million of tariff refunds, lower CapEx spending and higher earnings.
- Full-Year Guidance at the High EndManagement expects to finish 2026 toward the higher end of its previously provided guidance ranges of $415 million to $435 million of adjusted EBITDA and $8.60 to $9.00 of adjusted EPS. There were no changes to previously provided guidance for gross margin rate, operating expenses or interest expense.
- Lower Full-Year CapEx GuidanceFull-year CapEx guidance was reduced from $85 million to $75 million because of lighter spending year to date, although Q4 CapEx is expected to be meaningfully higher than the average quarterly spend to date because of project timing.
- Operating Expense Leverage and Lower Integration SpendingAdjusted SG&A was $114 million, adjusted R&D was $21 million and total operating expenses were $135 million, or 24.3% of revenue versus 24.5% in Q2. Restructuring, integration and strategic transaction expenses were $6 million, a significant step down from historical spending levels as longer-term integration projects near completion.
- Continued Investment in Innovation and CapitalManagement said it has remained committed to innovation and has not reduced R&D or capital investments despite difficult periods. It believes many differentiated product lines are at the beginning of new product cycles that should support long-term predictable revenue growth.
- Product Development and Regulatory ProgressThe company expects additional clearances for products including MicroClave connector access ports on non-PVC DEHP-free IV bags and a disinfection-cap line extension, with launches planned for 2027. It completed additional verification testing for the MedFusion 5000 Syringe Pump and expects to file a revised 510(k) in the next few weeks. It also received Canadian approvals for the MedFusion 5000 and latest CADD versions and European authorization for the Plum Duo and Solo LVP pumps.
- Infusion Platform and Software RoadmapManagement said the LifeShield, Plum Duo and Solo product families are being well received. The company is working toward connecting hospital LVP, syringe and ambulatory pumps through a common software framework and has a development plan to connect the CADD home-care environment to the same framework.
- Otsuka Joint Venture Factory ProgressThe Otsuka Pharmaceutical Factory joint venture broke ground in Q3 on a new IV solutions factory. Management said the partnership is intended to support PVC-free DEHP-free product technology, lower production costs and improved clinical features in the cost-competitive IV solutions market.
- Vital Care Product and Profitability ProgressVital Care received several 510(k) approvals, including for new temperature-management disposables addressing historical concerns around the product line. Management also said the business has been 'profitized' relative to its prior margin profile and is providing more earnings contribution at current revenue levels than it did a couple of years ago.
- Progress Toward Strategic and Capital Allocation GoalsManagement said the company is focused on expanding gross margin toward 43%, improving free cash flow, reducing debt and transferring value from debt to equity. It expects to continue paying down debt in Q4, has reached its target leverage of 2x or below, and said external M&A needs are minimal because of its organic innovation pipeline.
DE:IC7 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 1.94- | 1.72 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 1.932.20 | 1.83 | 20.20% (+0.37) | |
| Aug 06, 2026 | 2026 (Q2) | 1.722.14 | 1.89 | 12.86% (+0.24) | |
| May 07, 2026 | 2026 (Q1) | 1.581.78 | 1.55 | 14.53% (+0.23) | |
| Feb 19, 2026 | 2025 (Q4) | 1.531.72 | 1.9 | -9.48% (-0.18) | |
| Nov 06, 2025 | 2025 (Q3) | 1.291.83 | 1.43 | 27.67% (+0.40) | |
| Aug 07, 2025 | 2025 (Q2) | 1.351.89 | 1.41 | 34.62% (+0.49) | |
| May 08, 2025 | 2025 (Q1) | 1.151.55 | 0.87 | 79.17% (+0.68) | |
| Feb 27, 2025 | 2024 (Q4) | 1.341.90 | 1.41 | 34.39% (+0.49) | |
| Nov 12, 2024 | 2024 (Q3) | 1.131.43 | 1.41 | 1.27% (+0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
