ICU Medical (ICUI) AI Stock Analysis

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ICU Medical

(NASDAQ:ICUI)

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Rating:68Neutral

Price Target:$183.00▲(2.66% Upside)

Action:reiterated

Date:11/06/26

ICUI’s score is driven primarily by improving financial quality—especially strong recent free cash flow and improving leverage—supported by a positive earnings call with high-end guidance and margin progress. Technicals are mildly favorable with price above key moving averages but momentum is neutral. The main offset is expensive valuation (high P/E) with no dividend yield data to provide support.

Positive Factors

Strong cash generation and deleveragingStrong operating and free cash flow gives ICU Medical internal funding capacity for product development, integration and debt reduction. The concurrent decline in leverage improves financial resilience and should support more flexible capital allocation over the next several quarters.

Negative Factors

Vital Care contraction and logistics disruptionThe Vital Care decline shows that integration and distribution changes can disrupt execution and product availability across the portfolio. Continued weakness would dilute the benefit of stronger Infusion Systems performance and pressure consolidated growth and mix.

ICU Medical Key Performance Indicators (KPIs)

Revenue by SegmentShows 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.

Chart Insights

Consumables and Infusion Systems are the operational engines — both delivering steady organic growth and supporting recent gross‑margin expansion (Infusion Systems hit a record pumps quarter) — while the sharp mid‑2025 collapse in Vital Care is largely an accounting/deconsolidation (IV Solutions) and portfolio‑pruning effect rather than pure organic collapse. Management expects tariff relief and efficiency gains to offset logistics and remediation costs, but FDA testing delays for new pumps and elevated near‑term capex/integration spend are the key execution risks to future upside and FCF/leverage targets.

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ICU Medical (ICUI) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $4.46B
Dividend Yield: ―
Average Volume (3M): 250.60K
Price to Earnings (P/E): 74.0
Beta (1Y): 0.71
Revenue Growth: -5.82%
EPS Growth: ―
Country: US
Employees: 13,000
Sector: Healthcare
Sector Strength: 51
Industry: Medical - Instruments & Supplies

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 infusion...

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. Key r...

ICU Medical Earnings Call Summary

Earnings Call Date:Nov 05, 2026(Q3-2026)|% Change Since:6.33%|Next Earnings Date:Mar 03, 2027

Earnings Call SentimentPositive

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.

Positive Updates

Solid Q3 Revenue and Earnings Growth

Q3 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.

Negative Updates

Logistics Consolidation Disruptions

The consolidation of legacy Smiths physical distribution and logistics into a common network caused operational bumps, particularly in international markets. The company had to prioritize Infusion Systems products, followed by Infusion Consumables and Vital Care, resulting in a slightly different revenue mix even though management said there was no net impact to total company revenue expectations.

Company Guidance

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.

ICU Medical Financial Statement Overview

Summary

Financials reflect a recovery with improving profitability (TTM net margin ~2.9% and gross margin ~39%) and declining leverage (debt-to-equity down to ~0.53 TTM). The strongest pillar is cash generation (TTM operating cash flow ~$279M and free cash flow ~$209M, with strong FCF growth), though earnings power and revenue momentum remain uneven and ROE is still low (~1.4% TTM).

Income Statement

62Positive

Balance Sheet

68Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.18B	2.23B	2.38B	2.26B	2.28B	1.32B
Gross Profit	845.03M	819.65M	824.78M	739.87M	697.76M	491.49M
EBITDA	284.93M	309.29M	260.04M	253.20M	191.55M	213.86M
Net Income	60.33M	732.00K	-117.69M	-29.66M	-74.29M	103.14M
Balance Sheet
Total Assets	3.94B	4.05B	4.20B	4.38B	4.52B	1.88B
Cash, Cash Equivalents and Short-Term Investments	301.78M	307.96M	308.57M	254.72M	213.01M	567.25M
Total Debt	1.15B	1.39B	1.64B	1.70B	1.73B	45.05M
Total Liabilities	1.75B	1.93B	2.24B	2.26B	2.43B	264.71M
Stockholders Equity	2.19B	2.12B	1.97B	2.12B	2.09B	1.62B
Cash Flow
Free Cash Flow	208.60M	91.80M	124.66M	72.53M	-161.46M	186.37M
Operating Cash Flow	279.24M	179.85M	204.03M	166.20M	-62.13M	267.54M
Investing Cash Flow	-63.66M	122.23M	-88.96M	-87.95M	-1.91B	-90.69M
Financing Cash Flow	-209.81M	-311.52M	-55.80M	-35.98M	1.64B	-16.87M

ICU Medical Technical Analysis

Technical Analysis SentimentPositive

Last Price178.26

Price Trends

50DMA163.16Positive

100DMA164.08Positive

200DMA149.16Positive

Market Momentum

MACD3.37Negative

RSI66.87Neutral

STOCH86.23Negative

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 178.26 is above the 20-day moving average (MA) of 166.83, above the 50-day MA of 163.16, and above the 200-day MA of 149.16, indicating a bullish trend. The MACD of 3.37 indicates Negative momentum. The RSI at 66.87 is Neutral, neither overbought nor oversold. The STOCH value of 86.23 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.

Production - Risks related to the company’s ability to manufacture goods and services

Latest Risks Added

3 New Risks

1.We derive a significant portion of our revenues from non-U.S. sales and from products manufactured at our non-U.S. facilities which are then imported to the U.S. We are therefore subject to risks of doing business in other countries, including those related to tariffs, retaliatory counter measures and further escalation of trade tensions.Q4, 2025

2.We derive a significant portion of our revenues from non-U.S. sales and from products manufactured at our non-U.S. facilities which are then imported to the U.S. We are therefore subject to risks of doing business in other countries, including those related to tariffs, retaliatory counter measures and further escalation of trade tensions.Q2, 2025

3.We derive a significant portion of our revenues from non-U.S. sales and from products manufactured at our non-U.S. facilities which are then imported to the U.S. We are therefore subject to risks of doing business in other countries, including those related to tariffs, retaliatory counter measures and further escalation of trade tensions.Q1, 2025

ICU Medical Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

ICUI against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MMSI	71Outperform	$5.26B	32.74	9.65%	―	9.34%	33.77%
ICUI	68Neutral	$4.55B	73.97	2.81%	―	-5.82%	―
BDX	63Neutral	$57.91B	51.69	3.67%	1.85%	-7.40%	-28.89%
TFX	57Neutral	$6.16B	18.79	9.74%	0.87%	-29.30%	―
ANGO	52Neutral	$507.60M	-15.72	-19.25%	―	8.20%	-0.88%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BAX	46Neutral	$13.67B	-19.09	-11.62%	0.15%	5.33%	-164.67%

* Healthcare Sector Average

Performance Comparison

ICUI and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
ICUI	ICU Medical	178.26	39.73	28.68%
ANGO	Angiodynamics, Inc.	12.42	0.12	0.98%
BAX	Baxter International Inc	26.34	7.68	41.13%
BDX	Becton, Dickinson and Co	214.52	66.52	44.95%
MMSI	Merit Medical	88.07	0.67	0.77%
TFX	Teleflex	156.33	48.10	44.44%

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.

Date of analysis: Nov 06, 2026

ICU Medical AI Stock Analysis