ICU Medical (ICUI) investor relations material

Executive summary

• Q3 2025 revenue ranged from $533 million to $580 million, with organic growth outpacing reported growth due to the IV Solutions joint venture and deconsolidation, and a GAAP net loss of $3.4 million versus a $33.0 million loss in Q3 2024.

• Adjusted EBITDA rose to $105.9 million–$106 million (up 12% year-over-year), and adjusted EPS increased to $2.03 (up 28% year-over-year).

• Gross margin improved to 37%–41%, with operating expenses and free cash flow improving, and a solid cash position of $299.7 million–$300 million against $1.3 billion in debt.

• The company executed a major refinancing, establishing a $750 million Term Loan A and $500 million revolving facility, extending maturities and reducing interest expense.

• The IV Solutions JV with Otsuka led to deconsolidation and impacted reported results, with related service fees offsetting costs.

Financial highlights

• Q3 2025 total revenue was $537.0 million–$580 million, with organic growth of 5%–9% and reported growth affected by the IV Solutions JV.

• Adjusted gross margin for Q3 was 37%–41%, aided by a one-time $4 million benefit from the Italy payback settlement and the deconsolidation of IV Solutions.

• Adjusted SG&A was $109 million, adjusted R&D $21 million, and total adjusted operating expenses were $130 million (24.3% of revenue).

• Tariffs negatively impacted gross margin by two percentage points, with $9 million in Q3 expense.

• Free cash flow for Q3 was $28 million; for the nine months ended September 30, 2025, it was $55.9 million.

Outlook and guidance

• Full-year adjusted EBITDA guidance raised to $395–$405 million, and adjusted EPS guidance increased to $7.35–$7.65.

• Fiscal year 2025 GAAP net loss guidance improved to $(8) million to $0 million.

• Q4 gross margin expected at 40%–41%, with net interest expense of $8–$19 million and a 25% tax rate.

• 2025 revenue growth expected in the low to mid-single digits, with currency impact neutral.