ICU Medical, Inc. Announces Third Quarter 2016 Results

SAN CLEMENTE, Calif., Nov. 09, 2016 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical devices used in infusion therapy, oncology and critical care applications, today announced financial results for the third quarter ended September 30, 2016.

Third Quarter 2016 Results

Third quarter 2016 revenue was $97.1 million, compared to $86.0 million in the same period last year. GAAP net income for the third quarter of 2016 was $18.8 million, or $1.09 per diluted share, as compared to GAAP net income of $16.3 million, or $0.98 per diluted share, for the third quarter of 2015.  Adjusted diluted earnings per share for the third quarter of 2016 were $1.35 as compared to $1.00 for the third quarter of 2015. Also, adjusted EBITDA was $34.0 million for the third quarter of 2016 as compared to $29.7 million for the third quarter of 2015.

Vivek Jain, ICU Medical's Chief Executive Officer, said, "We are pleased with our revenue, adjusted EBITDA and net income results in the third quarter driven by strong performance in our Direct channel.  Our recently announced definitive agreement to acquire the Hospira infusion systems business is progressing as anticipated and we continue to expect to close in the first quarter of 2017."

Revenues by market segment for the three months ended September 30, 2016 and 2015 were as follows:
    (dollars in millions)
    Three months ended September 30, 2016   Three months ended September 30, 2015    
Market Segment   Direct   OEM   Total   Direct   OEM   Total   Total Change
Infusion Therapy   $   45.0     $   22.6     $   67.6     $   33.3     $   29.0     $   62.3     $   5.3  
Oncology       10.8         4.4         15.2         7.6         3.4         11.0         4.2  
Critical Care           14.0         -          14.0         12.5         -          12.5         1.5  
Other       0.2         0.1         0.3         0.2         -          0.2         0.1  
          $   70.0     $   27.1     $   97.1     $   53.6     $   32.4     $   86.0     $   11.1  
                             

The Company ended the third quarter of 2016 with a strong balance sheet. As of September 30, 2016, cash, cash equivalents and short and long-term investment securities totaled $429.6 million and working capital was $470.5 million.  Additionally, the Company generated operating cash flow of $27 million for the third quarter of 2016.

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