SAN CLEMENTE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (NASDAQ:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended March 31, 2024. First Quarter 2024 Results First quarter 2024 revenue was $566.7 million, compared to $568.6 million in the same period in the prior year. GAAP gross profit for the first quarter of 2024 was $185.2 million, as compared to $192.0 million in the same period in the prior year. GAAP gross margin for the first quarter of 2024 was 33%, as compared to 34% in the same period in the prior year. GAAP net loss for the first quarter of 2024 was $(39.5) million, or $(1.63) per diluted share, as compared to GAAP net loss of $(9.8) million, or $(0.41) per diluted share, for the first quarter of 2023. Adjusted diluted earnings per share for the first quarter of 2024 was $0.96 as compared to $1.74 for the first quarter of 2023. Adjusted EBITDA was $78.8 million for the first quarter of 2024 as compared to $102.0 million for the first quarter of 2023. Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures. Vivek Jain, ICU Medical's Chief Executive Officer, said, "First quarter results were generally in line with our expectations." Revenues by product line for the three months ended March 31, 2024 and 2023 were as follows (in millions):     Three months ended March 31,     Product Line   2024   2023   $ Change Consumables   $ 244.1   $ 236.1   $ 8.0   Infusion Systems     157.3     161.7     (4.4 ) Vital Care*     165.3     170.8     (5.5 ) Total**   $ 566.7   $ 568.6   $ (1.9 ) *Vital Care includes Pfizer contract manufacturing revenue of $14.1 million and $12.7 million for the three months ended March 31, 2024, and 2023 respectively. ** Totals may differ from the income statement due to the rounding of product lines. Conference Call The Company will host a conference call to discuss its first quarter 2024 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 717-1738, conference ID 1112534. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. About ICU Medical ICU Medical (NASDAQ:ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as ''will,'' ''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,'' ''continue,'' ''build,'' ''expand'' or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company's products, decreased free cash flow, changes in product mix, increased competition from competitors, lack of growth or improving efficiencies, unexpected changes in the Company's arrangements with its largest customers, the impact from fluctuations in foreign currency exchange rates, the impact of inflation on raw materials, freight charges and labor, rising interest rates, and the Company's ability to meet expectations regarding the ongoing integration of the Smiths Medical business. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission ("SEC"), which include those in the Company's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent filings with the SEC. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law. ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In thousands)   March 31,2024   December 31,2023         ASSETS       CURRENT ASSETS:       Cash and cash equivalents $ 251,423     $ 254,222   Short-term investment securities   —       501   TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES   251,423       254,723   Accounts receivable, net of allowance for doubtful accounts   145,186       161,566   Inventories   693,006       709,360   Prepaid income taxes   15,476       21,983   Prepaid expenses and other current assets   82,636       73,640   TOTAL CURRENT ASSETS   1,187,727       1,221,272           PROPERTY, PLANT AND EQUIPMENT, net   602,617       612,909   OPERATING LEASE RIGHT-OF-USE ASSETS   64,928       69,909   GOODWILL   1,459,368       1,472,446   INTANGIBLE ASSETS, net   836,904       870,588   DEFERRED INCOME TAXES   40,203       37,295   OTHER ASSETS   96,651       94,020   TOTAL ASSETS $ 4,288,398     $ 4,378,439           LIABILITIES AND STOCKHOLDERS' EQUITY       CURRENT LIABILITIES:       Accounts payable $ 152,480     $ 150,030   Accrued liabilities   247,896       268,215   Current portion of long-term debt   51,000       51,000   Income tax payable   2,484       7,714   Contingent earn-out liability   1,500       4,879   TOTAL CURRENT LIABILITIES   455,360       481,838           CONTINGENT EARN-OUT LIABILITY   4,286       3,991   LONG-TERM DEBT   1,566,298       1,577,770   OTHER LONG-TERM LIABILITIES   102,594       100,497   DEFERRED INCOME TAXES   55,585       55,873   INCOME TAX LIABILITY   36,445       35,060   COMMITMENTS AND CONTINGENCIES   —       —   STOCKHOLDERS' EQUITY:       Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none   —       —   Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —24,412 and 24,144 shares at March 31, 2024 and December 31, 2023, respectively, and outstanding — 24,365 and 24,141 shares at March 31, 2024 and December 31, 2023, respectively   2,441       2,414   Additional paid-in capital   1,371,244       1,366,493   Treasury stock, at cost   (4,692 )     (262 ) Retained earnings   768,375       807,846   Accumulated other comprehensive loss   (69,538 )     (53,081 ) TOTAL STOCKHOLDERS' EQUITY   2,067,830       2,123,410   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,288,398     $ 4,378,439   ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share data)   Three months ended March 31,     2024       2023   TOTAL REVENUES $ 566,655     $ 568,649   COST OF GOODS SOLD   381,411       376,608   GROSS PROFIT   185,244       192,041   OPERATING EXPENSES:       Selling, general and administrative   157,657       152,572   Research and development   21,842       19,761   Restructuring, strategic transaction and integration   16,105       11,013   Change in fair value of contingent earn-out   295       (700 ) TOTAL OPERATING EXPENSES   195,899       182,646   (LOSS) INCOME FROM OPERATIONS   (10,655 )     9,395   INTEREST EXPENSE, net   (23,772 )     (22,515 ) OTHER EXPENSE, net   (2,341 )     (269 ) LOSS BEFORE INCOME TAXES   (36,768 )     (13,389 ) (PROVISION) BENEFIT FOR INCOME TAXES   (2,703 )     3,577   NET LOSS $ (39,471 )   $ (9,812 ) NET LOSS PER SHARE       Basic $ (1.63 )   $ (0.41 ) Diluted $ (1.63 )   $ (0.41 ) WEIGHTED AVERAGE NUMBER OF SHARES       Basic   24,222       24,014   Diluted   24,222       24,014   ICU MEDICAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In thousands)   Three months ended March 31,     2024       2023   CASH FLOWS FROM OPERATING ACTIVITIES:       Net loss $ (39,471 )   $ (9,812 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       Depreciation and amortization   55,526       55,744   Noncash lease expense   5,341       5,656   Provision for doubtful accounts   549       666   Provision for warranty, returns and field action   (618 )     3,951   Stock compensation   11,598       9,158   (Gain) loss on disposal of property, plant and equipment and other assets   (65 )     367   Debt issuance costs amortization