ICU Medical (ICUI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $530.2 million, down 12% year-over-year due to the IV Solutions divestiture and segment-specific declines, 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.

• Adjusted EBITDA was $99 million, nearly flat year-over-year, and adjusted EPS rose 15% to $1.97.

• Free cash flow was $28 million, with strong quality of earnings and lower CapEx.

Financial highlights

• Consumables revenue grew 5% to $278 million; Infusion Systems revenue rose 8% to $180 million, both driven by strong demand and record pump sales.

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

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

• $10 million tariff expense recognized in Q1; restructuring and integration costs were $17 million.

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

Outlook and guidance

• Full-year guidance reaffirmed for revenue, EBITDA, and EPS despite macro headwinds and volatility in Vital Care and Infusion Therapy.

• Growth in IV Systems expected to be more balanced throughout the year.

• Free cash flow expected to improve, targeting close to $150 million for 2026.

• Margin expansion targeted with two percentage points of opportunity remaining.

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