ICU Medical (ICUI) investor relations material

Executive summary

• Q2 2026 GAAP revenue was $551.7 million, up 1% year-over-year, with 6% organic growth excluding IV Solutions divestiture and currency impacts.

• Gross margin improved to 43% in Q2 2026 from 38% in Q2 2025, driven by tariff refunds and the divestiture of the lower-margin IV Solutions business.

• Adjusted EBITDA reached $110 million and adjusted EPS was $2.37, both showing year-over-year improvement.

• Net income for Q2 2026 was $19.1 million, down from $35.3 million in Q2 2025, reflecting the prior-year gain on sale of business.

• Strong free cash flow enabled $50 million in debt repayment, reducing net leverage to 2.3x.

Financial highlights

• Adjusted EBITDA margin for Q2 2026 was approximately 20%, with core business offsetting headwinds from deconsolidation and tariffs.

• Free cash flow for the six months ended June 30, 2026 was $89.3 million, up from $28.3 million in the prior year.

• Adjusted SG&A was $112 million (20.4% of revenue), and adjusted R&D was $22 million (4.0% of revenue).

• Net interest expense was $16 million in Q2 2026; adjusted effective tax rate was 23%.

• Operating cash flow for the first half of 2026 was $119.1 million.

Outlook and guidance

• Full-year adjusted EBITDA guidance raised to $415–$435 million (from $400–$430 million); adjusted EPS guidance increased to $8.60–$9.00 (from $7.75–$8.45).

• Fiscal 2026 GAAP net income guidance raised to $73–83 million (from $26–$44 million); GAAP EPS guidance increased to $2.89–$3.29 (from $1.03–$1.74).

• Full-year adjusted gross margin expected at 41.5%, reflecting lower tariffs and synergy capture.

• Capital expenditures for 2026 projected at $85–$100 million.

• Guidance assumes stable macro environment, with inflation, currency, and interest rates at current levels.