ICU Medical (ICUI) investor relations material

Executive summary

• Q1 2026 revenue was $530.2 million, down 12% year-over-year due to the IV Solutions divestiture and lower sales in Pain Management and Critical Care, but organic revenue grew 1%.

• Net income improved to $30.1 million from a net loss of $15.5 million last year, driven by higher gross margins and a discrete tax benefit.

• Gross margin increased to 41% on an adjusted basis, benefiting from favorable product mix and the IV Solutions divestiture.

• Adjusted EBITDA was $99 million, and adjusted EPS rose to $1.97, up from $1.72 last year.

• Free cash flow was $28 million, with cash and equivalents at $288 million and net leverage unchanged.

Financial highlights

• Consumables revenue grew 5% to $278 million; Infusion Systems revenue rose 8% to $180 million, both achieving record sales.

• Vital Care revenue declined 58–59% to $72–68 million, mainly due to the IV Solutions divestiture and SKU exits.

• Adjusted SG&A was $112 million (21% of revenue); adjusted R&D was $21 million (4% of revenue).

• Net interest expense was $16–16.5 million; adjusted effective tax rate was 24%.

• Ended Q1 with $1.3 billion debt and $288 million cash.

Outlook and guidance

• Full-year guidance for EBITDA, EPS, and free cash flow ($150 million target) reiterated.

• Infusion systems growth expected to be more balanced throughout the year.

• Consumables and systems businesses expected to reach record revenues in 2026.

• Margin expansion targeted by capturing remaining 2 percentage points of opportunity.

• Sufficient liquidity expected for the next twelve months, supported by cash, operations, and credit facilities.