ICU Medical Says 1Q Profit More Than Doubled

SAN CLEMENTE, Calif. (AP) — Medical device maker ICU Medical Inc. said late Thursday the global economic slump had little effect on its business in the first quarter, as its profit more than doubled.

ICU earned $7.1 million, or 47 cents per share, in the first quarter, up from $2.9 million, or 20 cents per share, in the same quarter a year ago. Its revenue grew 22 percent to $54.3 million from $44.7 million. ICU said sales of new products more than tripled, and sales in core product categories were up more than 10 percent.

The company maintained its outlook for a full-year profit of $1.58 to $1.70 per share and revenue of $215 million to $225 million. The company said a few of its customers have started "taking a slightly more conservative stance on inventory levels" in recent weeks, but it expects to get a boost from more favorable currency exchange rates and sales of more profitable products.