ICU Medical (ICUI) 47th Annual Raymond James Institutional Investor Conference summary

Business and Market Position

• Focuses on infusion and IV therapy, with core segments in consumables and systems, and an ancillary Vital Care segment, operating in over 100 countries with 14,000 employees and $2.1 billion in revenue, mostly from North America.

• Holds leading US and global positions in IV connectors, sets, and consumables, with a complete portfolio after strategic M&A, including Smiths Medical.

• 87-88% of sales are single-use disposables and software, with a resilient, clinically preferred installed base.

• Market is consolidated with high regulatory barriers, sticky demand, and long product cycles favoring incumbents.

• Achieved significant growth through focused innovation and acquisitions, expanding from IV components to a full infusion therapy portfolio.

Financial Performance and Outlook

• Equity value is about $3.8 billion, enterprise value $4.8 billion as of February 2026, with net debt just under $1 billion and leverage at 2.4x.

• Reports non-GAAP trailing 12-month revenue of $2.1B, with 87% from single-use disposables and software.

• Both consumables and systems businesses grew 5% or better last year; consumables historically grow 6-7%.

• Gross margins hit a low of 34% post-acquisition but are guided to exit this year above 41%, targeting 43% next year and 45% (pre-tariffs) longer term.

• Focused on expanding gross margins through supply chain consolidation, pricing, and product mix, while reducing restructuring and quality remediation costs.

Innovation and Product Development

• Incremental innovation is a core strategy, especially in consumables, with frequent small product enhancements.

• Major investment in pump business integration, creating a unified software platform and modernized devices.

• New product launches, such as Plum Duo/Solo and Medfusion 5000, are expected to drive a multi-year refresh cycle and competitive share gains.

• Over $100 million invested in pump modernization, aiming to upgrade the install base and win competitive share.

• Continued investment in software and hardware platforms enables deeper clinical integration, improved workflows, and future-ready connectivity.