ICU Medical Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ICU Medical Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, on May 7, 2024.</b>

AI Summary

ICU MEDICAL INC/DE (ICUI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. ICU Medical Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's fiscal year ends on December 31st. The filing was made on May 7, 2024. ICU Medical Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking ICU MEDICAL INC/DE, this filing contains several important signals. This 10-Q filing provides investors with the most recent financial performance and operational updates for ICU Medical Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — ICU MEDICAL INC/DE shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent unusual or high-risk information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand ICU Medical's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (Q1 2023)

Key Players & Entities

• ICU MEDICAL INC/DE (company) — Filer
• 0000883984-24-000016 (filing_id) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240507 (date) — Filed as of Date
• DE (jurisdiction) — State of Incorporation
• 3841 (sic_code) — Standard Industrial Classification
• 951 CALLE AMANECER (address) — Business Address Street 1
• SAN CLEMENTE (city) — Business Address City

FAQ

Industry Context

ICU Medical Inc. operates in the medical device industry, specifically focusing on products for infusion therapy and critical care.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 per share ICUI The Nasdaq Stock Market
• $0.9 m — e months ended March 31, 2023 is net of $0.9 million, related to facility closures cos

Filing Documents

• icui-20240331.htm (10-Q) — 1498KB
• icui-ex31133124.htm (EX-31.1) — 11KB
• icui-ex31233124.htm (EX-31.2) — 11KB
• icui-ex32133124.htm (EX-32.1) — 11KB
• 0000883984-24-000016.txt (&nbsp;) — 9141KB
• icui-20240331.xsd (EX-101.SCH) — 66KB
• icui-20240331_cal.xml (EX-101.CAL) — 56KB
• icui-20240331_def.xml (EX-101.DEF) — 320KB
• icui-20240331_lab.xml (EX-101.LAB) — 689KB
• icui-20240331_pre.xml (EX-101.PRE) — 520KB
• icui-20240331_htm.xml (XML) — 1572KB

Forward Looking Statements

Forward Looking Statements 1

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive (Loss) I ncome for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 51 Item1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 52 Signature 54

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of present and historical fact, contained in this Quarterly Report on Form 10-Q, including, without limitation, statements regarding our future results of operations and financial position, business strategy and approach, expected capital expenditures; expected impacts from new accounting and tax regulations; as well as plans and objectives of management for future operations may be forward-looking statements. Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expect," "exploring," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seeks," or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements. The forward looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including w

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item1. Financial Statements (Unaudited) ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value data and treasury shares) March 31, 2024 December 31, 2023 (Unaudited) (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 251,423 $ 254,222 Short-term investment securities — 501 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES 251,423 254,723 Accounts receivable, net of allowance for doubtful accounts $ 11,626 at March 31, 2024 and $ 11,064 at December 31, 2023 145,186 161,566 Inventories 693,006 709,360 Prepaid income taxes 15,476 21,983 Prepaid expenses and other current assets 82,636 73,640 TOTAL CURRENT ASSETS 1,187,727 1,221,272 PROPERTY, PLANT AND EQUIPMENT, net 602,617 612,909 OPERATING LEASE RIGHT-OF-USE ASSETS 64,928 69,909 GOODWILL 1,459,368 1,472,446 INTANGIBLE ASSETS, net 836,904 870,588 DEFERRED INCOME TAXES 40,203 37,295 OTHER ASSETS 96,651 94,020 TOTAL ASSETS $ 4,288,398 $ 4,378,439 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 152,480 $ 150,030 Accrued liabilities 247,896 268,215 Current portion of long-term debt 51,000 51,000 Income tax payable 2,484 7,714 Contingent earn-out liability 1,500 4,879 TOTAL CURRENT LIABILITIES 455,360 481,838 CONTINGENT EARN-OUT LIABILITY 4,286 3,991 LONG-TERM DEBT 1,566,298 1,577,770 OTHER LONG-TERM LIABILITIES 102,594 100,497 DEFERRED INCOME TAXES 55,585 55,873 INCOME TAX LIABILITY 36,445 35,060 COMMITMENTS AND CONTINGENCIES (Note 18) — — STOCKHOLDERS' EQUITY: Convertible preferred stock, $ 1.00 par value; Authorized — 500 shares; Issued and outstanding — none — — Common stock, $ 0.10 par value; Authorized — 80,000 shares; Issued — 24,412 shares at March 31, 2024 and 24,144 shares at December 31, 2023; and outstanding — 24,365 shares at March 31, 2024 and 24,141 shares at December 31, 2023 2,441 2,414 Additional paid-in capital 1,371,244 1,36

View Full Filing

View this 10-Q filing on SEC EDGAR