ICU Medical Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ICU Medical Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

ICU MEDICAL INC/DE (ICUI) filed a Annual Report (10-K) with the SEC on February 27, 2024. ICU Medical Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 951 Calle Amanecer, San Clemente, CA 92763-6212. The company is incorporated in Delaware (DE). The SIC code for ICU Medical Inc. is 3841, which corresponds to Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking ICU MEDICAL INC/DE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ICU Medical's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — ICU MEDICAL INC/DE shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical disclosure of a company's annual performance and outlook.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand ICU Medical's performance trends and identify any significant changes or risks.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the report)
• 20240227 — Filing Date (Date the report was filed)
• 0000883984-24-000005 — Accession Number (Unique identifier for the filing)
• 001-34634 — SEC File Number (SEC's file number for the company)

Key Players & Entities

• ICU MEDICAL INC/DE (company) — Filer name
• 951 CALLE AMANECER (address) — Business and mailing address
• SAN CLEMENTE (location) — City for business and mailing address
• CA (location) — State for business and mailing address
• DE (location) — State of incorporation
• 3841 (industry_code) — Standard Industrial Classification code

FAQ

Industry Context

ICU Medical Inc. operates within the Surgical & Medical Instruments & Apparatus industry (SIC 3841). This sector involves the manufacturing and distribution of medical devices and equipment used in healthcare settings.

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies. It ensures transparency and provides investors with comprehensive financial and operational information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and strategy.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $0.10 — ock Market LLC Common stock, par value $0.10 per share ICUI (Global Select Market)

Filing Documents

• icui-20231231.htm (10-K) — 2836KB
• exhibit103executiveofficer.htm (EX-10.3) — 8KB
• exhibit104non-employeedire.htm (EX-10.4) — 3KB
• exhibit21subsidiariesofreg.htm (EX-21) — 41KB
• exhibit231consentofdeloitt.htm (EX-23.1) — 5KB
• exhibit311123123.htm (EX-31.1) — 11KB
• exhibit312123123.htm (EX-31.2) — 11KB
• exhibit32123123.htm (EX-32.1) — 11KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 45KB
• icui-20231231_g1.jpg (GRAPHIC) — 85KB
• 0000883984-24-000005.txt (&nbsp;) — 15851KB
• icui-20231231.xsd (EX-101.SCH) — 109KB
• icui-20231231_cal.xml (EX-101.CAL) — 79KB
• icui-20231231_def.xml (EX-101.DEF) — 570KB
• icui-20231231_lab.xml (EX-101.LAB) — 1321KB
• icui-20231231_pre.xml (EX-101.PRE) — 881KB
• icui-20231231_htm.xml (XML) — 2682KB

Forward-Looking Statements

Forward-Looking Statements Risk Factors Summary PART I Item 1

Business

Business 1 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 37 Item 1C Cybersecurity 38 Item 2

Properties

Properties 39 Item 3

Legal Proceedings

Legal Proceedings 40 Item 4 Mine Safety Disclosures 40 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 41 Item 6 Reserved 42 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112 Item 9A

Controls and Procedures

Controls and Procedures 112 Item 9B Other Information 113 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III Item 10 Directors, Executive Officers and Corporate Governance 113 Item 11

Executive Compensation

Executive Compensation 116 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13 Certain Relationships and Related Transactions, and Director Independence 116 Item 14 Principal Accountant Fees and Services 116 PART IV Item 15 Exhibit and Financial Statement Schedules 117 Item 16 Form 10-K Summary 120

Forward Looking Statements

Forward Looking Statements Various portions of this Annual Report on Form 10-K, including Part II. Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations," and documents referenced herein, describe trends in our business and finances that we perceive and state some of our expectations and beliefs about our future. These statements about the future are "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, and we may identify them by using words such as "anticipate," "believe," "expect," "estimate," "intend," "plan," "will," "continue," "could," "may," and by similar expressions and statements about aims, goals and plans. The forward-looking statements are based on the best information currently available to us and assumptions that we believe are reasonable, but we do not intend the statements to be representations as to future results. They include, without limitation, statements about: future growth; future operating results and financial condition (including, among other things, anticipated sales; accruals for restructuring charges, production costs; operating expenses; manufacturing expenses; our expectations regarding liquidity and capital resources over the next twelve months; source of funds for capital purchases and operations; future tax rates; alternative sources of capital or financing; changes in working capital items such as receivables and inventory; and income taxes); factors affecting our operating results, such as the impact of global economic challenges and geopolitical events; an increase in shipping costs; loss of a strategic relationship; change in demand for our products; domestic and international sales; expansion in international markets, future increases or decreases in sales of certain products and in certain markets and distribution channels; maintaining strategic relationships

BUSINESS

ITEM 1. BUSINESS First person pronouns used in this Annual Report on Form 10-K, such as "we," "us," and "our," refer to ICU Medical, Inc. ("ICU") and its subsidiaries unless context requires otherwise. Company Background and Overview of Business ICU develops, manufactures and sells innovative medical products used in infusion therapy, vascular access, and vital care applications. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU's product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, IV catheters, sharps safety products, and sterile IV solutions; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products. Headquartered in San Clemente, California, ICU was founded in 1984. Our primary customers are acute care hospitals, wholesalers, ambulatory clinics and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. Since our inception we have grown organically and through acquisition. In February 2017, we acquired Pfizer Inc.'s ("Pfizer") Hospira Infusion Systems ("HIS") business. The HIS acquisition complemented our legacy non-dedicated infusion sets and oncology business by expanding our product portfolio to include a complete intravenous infusion therapy product-line from IV solutions to IV pumps to non-dedicated infusion sets. In November 2019, we acquired Pursuit Vascular, Inc. ("Pursuit"). Pursuit was a privately-held medical device company with a primary focus on innovative catheter disinfecting products and technologies to reduce costly bloodstream infections and lower healthcare costs. Pursuit's primary product is the ClearGuard HD cap, which is used for the maintenance of hemodialysis catheters. In January 2022, we acquired Smith

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View this 10-K filing on SEC EDGAR