ICU Medical (ICUI) Q2 2026 Earnings Report

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Previous Report: Q1 2026

ICUI Q2 2026 EPS Results

Actual EPS$2.37

Consensus EPS$1.91

Beat/MissBeat by +$0.46

One Year Ago EPS$2.10

ICUI Q2 2026 Revenue Results

Actual Revenue$552.19M

Expected Revenue$533.44M

Beat/MissBeat by +$18.75M

YoY Revenue Growth+0.64%

Earnings Announcement Details

QuarterQ2 2026

Date08/06/2026

TimeAfter Close

Conference CallThursday, August 6, 2026

ICUI Upcoming Earnings

ICU Medical's next earnings date is estimated for November 9, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

ICUI Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 06, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a positive operational and financial trajectory: record revenues in key businesses, margin expansion, raised full-year guidance, and strong free cash flow enabled a $50M debt paydown and progress toward a ~2x leverage target. Headwinds remain — notably tariffs, currency impacts, restructuring charges, and a weakened Vital Care reported performance due to JV deconsolidation — and there is some timing uncertainty around regulatory resubmissions and project phasing. On balance, the company emphasized momentum and achievable margin/cash goals despite macro and one-time pressures.

Company Guidance

ICU updated full‑year guidance, raising adjusted EBITDA to $415–$435 million (vs. prior $400–$430M) and adjusted EPS to $8.60–$9.00 (vs. prior $7.75–$8.45), and now expects full‑year adjusted gross margin of about 41.5%. Management assumes adjusted operating expenses of ~25% of revenue, net interest of ≈$65M, an adjusted tax rate of 25% and diluted shares of ~25.2M, and said the IV Solutions JV should be breakeven or a small loss for the year. They noted Q2 free cash flow of $62M (YTD $89M) and receipt of $20M in tariff refunds (Q2 tariff expense $8M, ≈1.5% of adjusted revenue), finished the quarter with $1.24B debt and $298M cash (net leverage 2.3x after a $50M paydown) and reiterated a target of roughly 2x leverage by year‑end. Guidance assumes a stable macro environment (inflation, currency and rates at current levels), the latest oil/diesel price forecast and no changes to current tariff policy; management also cited ongoing headwinds of ~$30–$40M of annual tariffs and ~ $60M of currency impact over the last four years.

Revenue Growth (Organic)

Q2 revenue of $548 million; company organic revenue growth of 6% year-over-year (reported growth 1% due to prior JV deconsolidation).

Record Revenues in Core Businesses

Record quarters for Infusion Systems (pumps) and Consumables driven by balanced growth across product families and strong pump demand.

Adjusted Profitability Expansion

Q2 adjusted gross margin of 41% (in line with expectations) and adjusted EBITDA of $110 million, representing a 20% margin and 10% year-over-year EBITDA growth.

Earnings Per Share Improvement

Adjusted diluted EPS of $2.37 in Q2, up 13% versus prior year (Q2 2025).

Strong Free Cash Flow and Balance Sheet Progress

Q2 free cash flow of $62 million (includes $20M tariff refunds); repaid $50 million of debt in the quarter, reducing net leverage to 2.3x and on track to target ~2x by year-end.

Upgraded Full-Year Guidance

Raised and narrowed full-year adjusted EBITDA guidance to $415–435 million (from $400–430M) and adjusted EPS guidance to $8.60–9.00 (from $7.75–8.45); full-year adjusted gross margin expected around ~41.5%.

Operational Efficiency and SG&A Improvement

Adjusted SG&A for Q2 was $112 million (20.4% of adjusted revenue), improving by ~1 percentage point versus both Q1 and prior-year Q2 due to IT integration and favorable timing.

Progress on Strategic Product Programs

Substantial progress on additional verification testing for the Medfusion 5000 syringe pump with plan to resubmit to FDA this year; Plum Duo/Solo product families and LifeShield gaining market traction.

ICUI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 09, 2026	2026 (Q3)	2.14 / -	2.03	―
Aug 06, 2026	2026 (Q2)	1.91 / 2.37	2.1	12.86% (+0.27)
May 07, 2026	2026 (Q1)	1.75 / 1.97	1.72	14.53% (+0.25)
Feb 19, 2026	2025 (Q4)	1.69 / 1.91	2.11	-9.48% (-0.20)
Nov 06, 2025	2025 (Q3)	1.43 / 2.03	1.59	27.67% (+0.44)
Aug 07, 2025	2025 (Q2)	1.50 / 2.10	1.56	34.62% (+0.54)
May 08, 2025	2025 (Q1)	1.28 / 1.72	0.96	79.17% (+0.76)
Feb 27, 2025	2024 (Q4)	1.48 / 2.11	1.57	34.39% (+0.54)
Nov 12, 2024	2024 (Q3)	1.25 / 1.59	1.57	1.27% (+0.02)
Aug 07, 2024	2024 (Q2)	1.00 / 1.56	1.88	-17.02% (-0.32)

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.

Beat

Missed