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ICU Medical
(NASDAQ:ICUI)
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Rating:65Neutral
Price Target:
$177.00
▼(-2.88% Downside)
Action:Reiterated
Date:08/07/26
ICUI scores as a mid-quality opportunity: improving fundamentals and strong cash flow (plus raised guidance and balance-sheet progress) are the main positives, supported by an upward technical trend. The largest offset is valuation risk from a very high P/E and still-thin/volatile profitability, which keeps the overall score in the mid-60s rather than higher.
Positive Factors
Organic and core-business growth
Organic growth and record performance in core infusion businesses indicate continued demand for ICU Medical’s products beyond reported results affected by JV deconsolidation. Balanced growth across product families supports revenue durability and strengthens the company’s operating foundation over the next several quarters.
Negative Factors
Thin and historically volatile profitability
The recent earnings rebound has not yet established a consistently strong profitability record. Low net and operating margins leave less cushion against execution challenges, while prior losses and near-breakeven results make future earnings power less dependable than the latest recovery alone suggests.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic and core-business growth
Organic growth and record performance in core infusion businesses indicate continued demand for ICU Medical’s products beyond reported results affected by JV deconsolidation. Balanced growth across product families supports revenue durability and strengthens the company’s operating foundation over the next several quarters.
Read all positive factors
ICU Medical Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how sales split across ICU Medical’s businesses—such as infusion systems, IV disposables, oncology/chemotherapy products, and services—revealing which product lines drive growth and profit. A heavier weight in recurring consumables points to steadier, higher-margin cash flow, while reliance on capital equipment or a single segment increases sensitivity to hospital purchasing cycles, competitive shifts, or one-time contract wins and losses.
Shows how sales split across ICU Medical’s businesses—such as infusion systems, IV disposables, oncology/chemotherapy products, and services—revealing which product lines drive growth and profit. A heavier weight in recurring consumables points to steadier, higher-margin cash flow, while reliance on capital equipment or a single segment increases sensitivity to hospital purchasing cycles, competitive shifts, or one-time contract wins and losses.
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The Fly
The FlyICU Medical (ICUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.12B
Dividend YieldN/A
Average Volume (3M)236.25K
Price to Earnings (P/E)137.5
Beta (1Y)0.78
Revenue Growth-8.84%
EPS GrowthN/A
CountryUS
Employees13,000
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.20
Shares Outstanding25,007,038
10 Day Avg. Volume266,133
30 Day Avg. Volume236,255
Financial Highlights & Ratios
PEG Ratio-47.74
Price to Book (P/B)1.66
Price to Sales (P/S)1.58
P/FCF Ratio38.29
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$191.40Price Target Upside5.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)8.17
Revenue Forecast (FY)$2.17B
ICU Medical Business Overview & Revenue Model
Company Description
ICU Medical, Inc., operating globally through its subsidiaries, is a medical technology firm that specializes in the development, manufacture, and sale of devices for both infusion therapy and critical care. Their extensive product line for infusi...
How the Company Makes Money
ICU Medical primarily makes money by selling infusion therapy and vascular access products to healthcare providers and, in some cases, through long-term supply arrangements where a durable capital device drives recurring demand for consumables. Ke...
ICU Medical Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
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.Positive Updates
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).
Negative Updates
Reported Growth Impacted by JV Deconsolidation
Reported revenue growth only 1% (vs. 6% organic) primarily due to mid-2025 creation of Otsuka ICU Medical JV and deconsolidation of IV Solutions from the income statement.
Read all updates
Q2-2026 Updates
Positive
Negative
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).
Read all positive updates
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.ICU Medical Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
60
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.16B | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B |
| Gross Profit | 811.16M | 819.65M | 824.78M | 739.87M | 697.76M | 491.49M |
| EBITDA | 297.64M | 326.54M | 42.96M | 253.20M | 191.55M | 223.46M |
| Net Income | 30.09M | 732.00K | -117.69M | -29.66M | -74.29M | 103.14M |
Balance Sheet | ||||||
| Total Assets | 3.97B | 4.05B | 4.20B | 4.38B | 4.52B | 1.88B |
| Cash, Cash Equivalents and Short-Term Investments | 298.30M | 307.96M | 308.57M | 254.72M | 213.01M | 567.25M |
| Total Debt | 1.27B | 1.39B | 1.64B | 1.70B | 1.73B | 45.05M |
| Total Liabilities | 1.82B | 1.93B | 2.24B | 2.26B | 2.43B | 264.71M |
| Stockholders Equity | 2.15B | 2.12B | 1.97B | 2.12B | 2.09B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 152.83M | 91.80M | 124.66M | 72.53M | -161.46M | 186.37M |
| Operating Cash Flow | 236.37M | 179.85M | 204.03M | 166.20M | -62.13M | 267.54M |
| Investing Cash Flow | -79.77M | 122.23M | -88.96M | -87.95M | -1.91B | -90.69M |
| Financing Cash Flow | -154.53M | -311.52M | -55.80M | -35.98M | 1.64B | -16.87M |
ICU Medical Technical Analysis
Positive
182.24
Price Trends
168.53
Negative
153.64
Positive
146.67
Positive
Market Momentum
-2.51
Negative
51.52
Neutral
84.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICUI, the sentiment is Positive. The current price of 182.24 is above the 20-day moving average (MA) of 162.17, above the 50-day MA of 168.53, and above the 200-day MA of 146.67, indicating a neutral trend. The MACD of -2.51 indicates Negative momentum. The RSI at 51.52 is Neutral, neither overbought nor oversold. The STOCH value of 84.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICUI.
ICU Medical Risk Analysis
ICU Medical disclosed 40 risk factors in its most recent earnings report. ICU Medical reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ICU Medical Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.22B | 35.71 | 9.07% | ― | 10.51% | 20.67% | |
65 Neutral | $4.12B | 137.46 | 1.41% | ― | -8.84% | ― | |
65 Neutral | $50.07B | 55.37 | 3.79% | 2.16% | -2.56% | -40.38% | |
62 Neutral | $640.24M | -17.60 | -21.01% | ― | 9.46% | -6.34% | |
58 Neutral | $5.17B | -5.24 | -31.83% | 1.11% | -14.49% | -644.98% | |
57 Neutral | $12.08B | -11.46 | -16.60% | 0.17% | 5.36% | -632.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ICUI
ICU Medical
164.95
47.91
40.93%
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BAX
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BDX
Becton Dickinson
183.82
42.75
30.31%
MMSI
Merit Medical Systems
87.50
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8.22%
TFX
Teleflex
122.07
2.75
2.30%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.