ICU Medical, Inc.

icumed.com

What Do They Do?

Sells infusion sets, needle-free connectors and vascular-access products to hospitals, clinics and other healthcare providers.

How Do They Make Money?

Hospitals and distributors buy products, generally paying within 30 days of delivery; software renewal invoices are due within 30 days of the term start.

revenue

Segment	Share	How money arrives
Infusion Consumables Sold outright	50% FY2022: 43%	Sold outright
Infusion Systems Mix	31% FY2022: 27%	Mix
Vital Care Sold outright	20% FY2022: 30%	Sold outright

Who Are Their Customers?

Healthcare providers and original equipment manufacturer suppliers may buy directly or through independent full-line distributors; distributors and manufacturers also resell products to healthcare providers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 16% from one customer

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

2% of revenue

▼ 0% vs FY2024 ($43M, 2%)

Net income, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$117.7M, −5%)

Free cash flow, FY2025

4% of revenue

▼ −26% vs FY2024 ($124.7M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $548.9M in Q2 FY2025
Net income: ▼ −46%; vs $35.3M in Q2 FY2025

Infusion Consumables share of revenue vs 49.8% in Q2 FY2025

Growing. Revenue grew 70% in 4 years, from $1.3B in FY2021 to $2.2B in FY2025, about 14% a year.

IV Solutions arrangement ICU’s IV Solutions role shifted from offering a broad product portfolio to selling and distributing those products on behalf of a joint venture.

Revenue over time

Infusion Consumables Infusion Systems Vital Care

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Becton Dickinson, Baxter, B. Braun, Angiodynamics, Teleflex, EquaShield, Medtronic, Moog Medical, Fresenius Kabi, Fresenius, Edwards Lifesciences, Belmont, Medical Technologies, and Intersurgical

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