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    Michael Toomey • Jefferies

    Michael Toomey's questions to ICU Medical Inc (ICUI) leadership

    Michael Toomey's questions to ICU Medical Inc (ICUI) leadership • Q2 2025

    Question

    Michael Toomey of Jefferies questioned whether the replacement cycle for ICU Medical's existing pump fleet had started to contribute to results and asked about the expected timing for this cycle to begin.

    Answer

    CEO Vivek Jain confirmed that the replacement cycle has not yet had a consequential impact on results. He explained that discussions with customers are just beginning and that he realistically expects the replacement cycle to be more of a 2026 event, as the current devices are highly durable and will reach the nine-year mark at the end of 2025.

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    Michael Toomey's questions to ICU Medical Inc (ICUI) leadership • Q1 2025

    Question

    Michael Toomey questioned whether the strong Q1 performance in Infusion Systems was driven by market growth or share gains, and if there were any signs of hospital CapEx spending slowing down due to the new tariffs.

    Answer

    Executive Vivek Jain attributed the strength in Infusion Systems to a combination of good utilization on dedicated sets and some LVP hardware installations occurring earlier in the year than anticipated. Regarding capital spending, Jain stated that the environment remains 'status quo' and that they have not seen a meaningful change, as customers still need to complete necessary investments and financing options are available.

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    Michael Toomey's questions to ICU Medical Inc (ICUI) leadership • Q4 2024

    Question

    Michael Toomey asked about the rationale for excluding potential tariffs from guidance, details on mitigation strategies like leveraging the Costa Rica facility, the phasing of the gross margin benefit from the IV Solutions JV into 2026, and the cadence of margin expansion in 2025 excluding the JV.

    Answer

    Executive Vivek Jain explained that acting on tariff mitigation strategies, such as shifting production, requires certainty on their duration due to the significant capital and time involved. Executive Brian Bonnell confirmed the gross margin benefit from the JV not realized in 2025 would be fully captured in 2026. He also stated that any underlying margin expansion in 2025, excluding the JV, is expected to be gradual throughout the year.

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    Michael Toomey's questions to ICU Medical Inc (ICUI) leadership • Q3 2024

    Question

    Michael Toomey of Jefferies inquired about the expected free cash flow accretion and capital expenditure requirements associated with the new Otsuka joint venture.

    Answer

    Executive Brian Bonnell stated that the transaction is expected to be neutral to marginally positive for ICU Medical's free cash flow. Executive Vivek Jain added that it will not fundamentally change the company's overall cash flow profile but may allow for capital to be reinvested into other strategic areas of the business.

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