In This Article:
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Total Revenue: $580 million, representing a 7% growth on a constant currency basis and 6% on a reported basis.
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Adjusted EBITDA: $95 million, a 6% increase from the previous year.
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EPS (Earnings Per Share): $1.59, compared to $1.57 last year.
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Gross Margin: 37%, slightly better than expected due to favorable product mix and supply chain efficiencies.
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Free Cash Flow: $16 million, including a $26 million outflow related to accounts receivable purchase program.
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Cash Balance: Approximately $313 million.
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Debt: $1.6 billion.
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Consumables Growth: 9% growth on both constant currency and reported basis.
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IT Systems Business Unit Growth: 10% constant currency growth and 7% on a reported basis.
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Vital Care Segment: Flat year-over-year on a constant currency and reported basis.
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Adjusted SG&A Expense: $120 million.
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Adjusted R&D Expense: $20 million.
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Adjusted Operating Expenses: $140 million, representing 24.2% of revenue.
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Adjusted Effective Tax Rate: 20%.
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Guidance for Adjusted EBITDA: Raised to a range of $355 million to $365 million.
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Guidance for Adjusted EPS: Raised to a range of $5.40 to $5.70 per share.
Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ICU Medical Inc (NASDAQ:ICUI) reported a 7% growth in total company revenue on a constant currency basis, with consumables growing 9% and IT systems business unit growing 10%.
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The company achieved higher-than-expected gross margins due to supply chain efficiencies and favorable foreign exchange impacts.
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ICU Medical Inc (NASDAQ:ICUI) generated strong free cash flow, allowing for a reduction in accounts receivable factoring and an increase in cash balance to $313 million.
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The company announced a strategic joint venture with Otsuka Pharmaceutical, expected to enhance innovation and supply reliability in the IV solutions market.
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ICU Medical Inc (NASDAQ:ICUI) raised its full-year adjusted EPS guidance, reflecting improved outlook and performance in the third quarter.
Negative Points
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The company will deconsolidate IV solutions financial results due to the joint venture, impacting revenue reporting.
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ICU Medical Inc (NASDAQ:ICUI) faces challenges in driving meaningful innovation in the IV solutions category as a standalone entity.
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The company experienced some disruption during the implementation of its new ERP system in North America.
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There is potential for unfavorable foreign currency impacts in the fourth quarter as the US dollar strengthens.
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ICU Medical Inc (NASDAQ:ICUI) anticipates a reduction in utilization of its accounts receivable factoring program, which may affect cash flow.