ICU Medical (ICUI) 44th Annual J.P. Morgan Healthcare Conference summary

Business and Strategic Overview

• Operates as a global MedTech provider focused on IV therapy and critical care, serving over 80 countries and generating ~$2.1B in annual revenue.

• Core business is single-use disposables, with majority of revenue from consumables (53%), and strong US market positions in IV connectors and sets.

• Achieved significant growth through innovation and strategic M&A, expanding from IV components to a full infusion therapy portfolio, including Hospira, Smiths Medical, and a joint venture with Otsuka.

• Operates in a consolidated, high-barrier industry with sticky demand, long product and contract cycles, and high regulatory barriers.

• Global scale, clinically preferred products, and diversified recurring revenue underpin competitive advantage.

Industry Trends and Demand Drivers

• IV therapy is essential, with over 90% of patients receiving it, and demand is driven by long product cycles, high switching costs, and growth in outpatient and specialty care.

• Focus on caregiver safety, device interoperability, and reducing hospital-acquired infections.

• Growth strategy targets niche, faster-growing markets within infusion therapy, emphasizing safety, efficiency, and workflow improvements.

Innovation and Product Development

• Major investment in new infusion pump systems and software (LifeShield, Plum Duo, Plum Solo, Medfusion 5000), with a new IV Performance Platform offering shared cloud-based software and advanced integration.

• Over $100 million invested in pump innovation, focusing on refreshing installed base and competitive share gains.

• Software innovation targets deeper clinical integration, IV-EHR interoperability, and future AI analytics.

• Consumables innovation addresses infection risk, medication integrity, workflow efficiency, and standardization, driving consistent 5-7% annual growth.