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ICU Medical
ICU Medical (ICUI) investor relations material
ICU Medical Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Q4 2025 revenue was $536M–$540.7M, down 14% year-over-year due to IV Solutions JV deconsolidation; full-year 2025 revenue was $2.21B–$2.23B, with 5% organic growth.
Both consumables and systems businesses achieved record operational revenue quarters, with consumables up 6% and infusion systems up 3% in Q4.
Integration of Smiths Medical sites and ERP systems largely completed, supporting future synergies.
FDA warning letter closure and progress on new 510(k) clearances for key pump products.
IV Solutions business was included in consolidated revenue until May 1, 2025, after which it was excluded due to the joint venture formation.
Financial highlights
Q4 2025 gross margin was 40.5% (adjusted), GAAP gross margin 38%; adjusted EBITDA was $98M–$98.2M, down 7% YoY due to JV deconsolidation and tariffs.
Adjusted EPS for Q4 was $1.91, down 9% YoY; free cash flow for Q4 was $44M; full-year free cash flow was $100M–$125.4M.
Ended Q4 with $1.3B debt, $308M cash, and net debt just below $1B.
Consumables segment posted $1,109M in 2025, up 7% year-over-year organically.
Oncology Systems revenue grew 5% year-over-year to $684M in 2025.
Outlook and guidance
2026 organic revenue growth expected in low- to mid-single digits; mid-single digits for consumables and infusion systems, flat to slightly down for vital care.
Adjusted gross margin for 2026 guided at ~41%, improving through the year as integration benefits are realized.
Adjusted EBITDA for 2026 expected at $400M–$430M; adjusted EPS $7.75–$8.45; GAAP net income projected at $26M–$44M.
Free cash flow to improve in 2026, weighted to the back half as integration spending declines.
CapEx for 2026 is expected to range from $85M to $100M.
Vital Care organic revenue growth post-divestiture
What underpins 2026 GAAP net income guidance?
Q4 2025 gross margin improvement drivers
Vital Care strategic choices after FDA letter
New pump ASP impact on hardware margins
Free cash flow after integration spending ends
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Next ICU Medical earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
ICU Medical
Next ICU Medical earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
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Frequently asked questions
ICU Medical Inc develops, manufactures, and sells medical devices used in infusion therapy, oncology, and critical care. The company’s products include IV sets, pumps, needle-free connectors, and related systems used by hospitals and healthcare providers. The company is headquartered in San Clemente, California, and its shares are listed on the NASDAQ.
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