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ICU Medical, Inc. (ICUI) is a global leader in the development, manufacturing, and sale of innovative medical products used in infusion therapy, vascular access, and vital care applications. The company is headquartered in San Clemente, California, and was founded in 1984. ICUI's primary customers include acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities such as outpatient clinics, home health care providers, and long-term care facilities.
- Consumables - Offers infusion therapy, oncology, vascular access, and tracheostomy products, including needle-free connectors, infusion sets, disinfection caps, and closed system transfer devices for hazardous drug compounding.
- Vital Care - Provides IV solutions, hemodynamic monitoring systems, temperature management, and respiratory care products.
- Infusion Systems - Includes large volume, syringe, and ambulatory pumps; dedicated consumables; software with EHR interoperability; and related services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vivek Jain [January 31 ExecutiveBoard | Chairman of the Board and Chief Executive Officer (CEO) | Board of Directors for Envista Holdings Corporation | Vivek Jain is the Chairman of the Board and CEO of ICU Medical, Inc. since February 2014. He also serves on the Board of Directors for Envista Holdings Corporation since 2020. | View Report → |
Brian Bonnell [January 31 Executive | Chief Financial Officer (CFO) and Treasurer | Brian Bonnell serves as the Chief Financial Officer (CFO) and Treasurer at ICU Medical, Inc. since March 3, 2020. He previously served as Corporate Vice President, Finance from May 2018 to March 2020, demonstrating his extensive financial expertise. | ||
Christian Voigtlander [January 31 Executive | Chief Operating Officer (COO) | Christian Voigtlander has served as the Chief Operating Officer (COO) at ICU Medical, Inc. since January 2018. Previously, he held key executive roles at ICU Medical, Inc. as Corporate Vice President, Business Development and General Manager, Infusion Solutions from February 2017 to January 2018 and Vice President, Business Development from June 2015 to February 2017. | ||
Daniel Woolson [January 31 Executive | President | Daniel Woolson is the President of ICU Medical, Inc. since his appointment in September 2024. He previously served as Corporate Vice President, General Manager - Infusion Systems starting in January 2017. | ||
Virginia Sanzone [January 31 Executive | Corporate Vice President, General Counsel, and Secretary | Virginia Sanzone has served as the Corporate Vice President, General Counsel, and Secretary at ICU Medical Inc since January 2018. She previously held the role of Vice President, General Counsel from August 2015 to January 2018 and contributed to legal and compliance functions at CareFusion Corporation. | ||
David C. Greenberg [February 27 Board | Lead Independent Director | CEO of HomeThrive, Inc.; Board Member at Canadian Hospital Specialties; Board Member at Access & Integrated Practice Holdings, LLC | David C. Greenberg serves as Lead Independent Director at ICU Medical, Inc. since his appointment as a director in 2015 and was named Lead Independent Director in 2023. Outside of ICUI, he has been the CEO of HomeThrive, Inc. since October 2018 and holds board roles at Canadian Hospital Specialties and Access & Integrated Practice Holdings, LLC. Previously, he held executive roles at Medline Industries and Aon Corporation, contributing significant strategic and financial expertise. | |
Elisha W. Finney [February 27 Board | Director at ICU Medical, Inc. | NanoString Technologies ; Mettler Toledo ; Viatris | Elisha W. Finney is a Director at ICU Medical, Inc. since January 2016. She serves as Chair of the Nominating and Governance Committee and as a member of the Audit Committee, reflecting her extensive expertise in governance within the medical industry. | |
Laurie Hernandez [February 27 Board | Director | Laurie Hernandez is a retired healthcare executive with over 25 years of strategic healthcare experience and has previously served on various boards. She has been a Director at ICU Medical, Inc. since July 2021. |
- Given that approximately one-third of your global revenues are from products manufactured in Mexico and distributed through the U.S., how are you specifically mitigating the potential impact of new tariffs on your business, and what are the expected time frames and capital investments required to implement these strategies?
- With your goal of achieving 20% EBITDA margins and eventually reaching $500 million in EBITDA, what concrete steps are you taking to accelerate gross margin improvement and synergize acquired assets, and how confident are you in meeting these targets within your projected timelines?
- Considering your net debt of $1.3 billion at the end of 2024 and the continued impact of quality remediation and integration costs on free cash flow, how do you plan to achieve your target leverage ratio of around 2x while balancing necessary investments in innovation and growth, and are additional asset sales being considered to expedite debt reduction?
- Given the importance of innovation for sustaining revenue growth, can you provide specific timelines for your pending FDA submissions for the Plum Solo pump, Med Fusion, and CADD pumps, and how might any delays affect your ability to compete and achieve your growth targets in the Infusion Systems segment?
- Despite recent improvements in revenue growth predictability, what key risks could disrupt this momentum—such as competitive pressures or market dynamics—and what strategies are you implementing to mitigate these risks and ensure consistent growth across all your business segments?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
In the U.S., competitors include this company in the Infusion Systems market. Outside of the U.S., it is also a primary competitor along with others. This company benefits from greater financial, research and development, and marketing resources than ICU Medical has. | |
In the U.S., this company is a competitor in the Infusion Systems market. It is also a competitor in the U.S. IV Solutions market. | |
B. Braun | In the U.S., this company is a competitor in the Infusion Systems market. It is also a competitor in the U.S. IV Solutions market. |
Moog Medical | In the U.S., this company is a competitor in the Infusion Systems market. |
Fresenius Kabi | In the U.S., this company, a division of Fresenius Group, is a competitor in the Infusion Systems market. Outside of the U.S., it is also a primary competitor. |
This company is a primary competitor in the Vital Care products market. | |
Belmont | This company is a primary competitor in the Vital Care products market. |
Intersurgical plc | This company is a primary competitor in the Vital Care products market. |
This company is a competitor in the Consumables market. | |
This company is a competitor in the Consumables market. | |
EquaShield | This company is a competitor in the Consumables market. |
This company is a competitor in the Consumables market. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Single Distributor | Distribution of ICU Medical products | All | 18% (FY 2024), 16% (FY 2023), 15% (FY 2022) of consolidated net sales |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Smiths Medical | 2022 | The acquisition was valued at approximately $1.9 billion in cash plus 2.5 million shares, with a contingent earn-out of up to $100 million, financed through existing cash and a $2.2 billion credit agreement. Strategically, the deal broadens ICU Medical's product portfolio to include infusion therapy devices and expands its global footprint, although it also brings integration challenges. |
Recent press releases and 8-K filings for ICUI.
- ICU Medical presented at the 24th Annual Needham Healthcare Conference on April 7, 2025, outlining its current positioning and future strategies.
- The presentation reviewed the company's performance across core segments—Consumables, Systems, and Vital Care—highlighting a 2024 revenue of $2.35 billion and post–joint venture improvements.
- It detailed pro forma financial metrics including share price, diluted shares, and enterprise value, emphasizing operational quality, supply chain stabilization, and clinical value.
- Guidance for 2025 was provided with expected adjustments to EBITDA, EPS, revenue growth, and gross margin expansion targets.
- ICU Medical detailed FY 2025 guidance with adjusted EBITDA of $380m to $405m and EPS of $6.55 to $7.25, outlining joint venture impacts and CapEx adjustments.
- The conference highlighted a strategic focus on portfolio optimization across core segments—Infusion Consumables, Infusion Systems, and Vital Care—to stabilize supply chains and drive quality improvements.
- Management discussed operational initiatives for gross margin expansion and supply chain consolidation while noting potential challenges from Mexico tariffs and broader currency headwinds.
- ICU Medical Inc presented at the conference on March 3, 2025, outlining forward-looking strategies and acknowledging risks and uncertainties in future results.
- The discussion highlighted the company’s focus on its core infusion therapy portfolio, including consumables, systems, and vital care segments, with 2024 revenues of $2.35 billion and efforts toward portfolio optimization through initiatives such as the IV Solutions joint venture.
- Updated financial guidance was provided, detailing performance metrics like adjusted EBITDA, EPS, and capex expectations, which reflect the company’s emphasis on quality improvements and operational consolidation.
- Q4 2024 performance: Revenue reached $629.8 million (noted as $622 million with 9% constant currency growth ), with GAAP gross profit of $227.3 million, GAAP net loss of $(23.8) million, and adjusted EPS of $2.11.
- FY 2025 guidance: Expect a GAAP net loss between $(45) million and $(28) million, adjusted EBITDA of $395–$425 million , and adjusted EPS between $6.55 and $7.25 (considering the forthcoming IV Solutions joint venture).
- All business segments—including consumables, infusion systems, and vital care—delivered year-over-year growth, driven by strong performance from IV Solutions .
- Strategic moves such as the IV Solutions joint venture with Otsuka, along with planned cost synergies and debt deleveraging, underpin a robust 2025 outlook .
- The Q4 2024 earnings call on February 27, 2025 provided a detailed review of adjusted revenue performance across key segments from 2023–2024 .
- Disclosures emphasized forward-looking statements and risk considerations, noting impacts from tariffs and joint venture transactions .
- CEO Vivek Jain detailed progress in closing the under-earning gap by improving gross margins via network consolidation, pricing adjustments, and growth in both consumables and pump segments.
- Emphasized its role as a pure-play infusion solutions provider, with consumables driving over $1 billion and the pump business contributing $600–700 million on a trailing 12‑month basis.
- Presented at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, outlining a forward-looking strategy amid evolving industry dynamics.
- Highlighted core segments—Consumables, Systems, and Vital Care—backed by a $2.3 Billion TTM revenue base and a focus on clinical excellence and operational stability.
- Announced a strategic joint venture with Otsuka Pharmaceutical for the IV solutions business to deconsolidate lower‑margin revenue and access enhanced technology.
- Showcased ongoing product innovation with new pump launches (e.g., Plum Duo, Solo, and Medfusion 5000) and enhancements in infusion systems to drive gross margin expansion.