$ICUI
ICU Medical Inc

2014 Q2 Form 10-Q Financial Statement

#000088398414000054 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $78.68M $78.66M
YoY Change 0.02% 1.79%
Cost Of Revenue $41.14M $40.62M
YoY Change 1.26% 6.35%
Gross Profit $37.54M $38.04M
YoY Change -1.3% -2.67%
Gross Profit Margin 47.72% 48.36%
Selling, General & Admin $24.28M $23.18M
YoY Change 4.73% 1.65%
% of Gross Profit 64.67% 60.94%
Research & Development $4.566M $3.906M
YoY Change 16.9% 43.13%
% of Gross Profit 12.16% 10.27%
Depreciation & Amortization $4.900M $4.900M
YoY Change 0.0% 4.26%
% of Gross Profit 13.05% 12.88%
Operating Expenses $28.84M $27.09M
YoY Change 6.48% 6.08%
Operating Profit $8.698M $10.95M
YoY Change -20.57% -19.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $207.0K $212.0K
YoY Change -2.36% 46.21%
Pretax Income $8.905M $11.16M
YoY Change -20.22% -18.48%
Income Tax $3.027M $3.795M
% Of Pretax Income 33.99% 34.0%
Net Earnings $5.878M $7.367M
YoY Change -20.21% -19.48%
Net Earnings / Revenue 7.47% 9.37%
Basic Earnings Per Share $0.39 $0.50
Diluted Earnings Per Share $0.38 $0.48
COMMON SHARES
Basic Shares Outstanding 15.24M shares 14.62M shares
Diluted Shares Outstanding 15.36M shares 15.22M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.8M $244.0M
YoY Change 29.43% 26.1%
Cash & Equivalents $252.2M $170.6M
Short-Term Investments $79.90M $73.40M
Other Short-Term Assets $11.30M $11.00M
YoY Change 2.73% 6.8%
Inventory $37.82M $36.28M
Prepaid Expenses
Receivables $41.02M $49.55M
Other Receivables $6.700M $5.400M
Total Short-Term Assets $412.6M $346.2M
YoY Change 19.2% 17.98%
LONG-TERM ASSETS
Property, Plant & Equipment $91.90M $88.99M
YoY Change 3.27% 8.29%
Goodwill $1.478M $1.478M
YoY Change 0.0% 0.0%
Intangibles $7.668M $9.272M
YoY Change -17.3% -13.74%
Long-Term Investments
YoY Change
Other Assets $5.800M $5.600M
YoY Change 3.57% 16.67%
Total Long-Term Assets $106.9M $105.4M
YoY Change 1.42% 6.28%
TOTAL ASSETS
Total Short-Term Assets $412.6M $346.2M
Total Long-Term Assets $106.9M $105.4M
Total Assets $519.5M $451.6M
YoY Change 15.05% 15.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.33M $11.73M
YoY Change -3.44% -4.44%
Accrued Expenses $15.80M $16.30M
YoY Change -3.07% -7.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.13M $28.03M
YoY Change -3.23% -6.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.700M $3.300M
YoY Change -18.18% -19.51%
Total Long-Term Liabilities $2.700M $3.300M
YoY Change -18.18% -19.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.13M $28.03M
Total Long-Term Liabilities $2.700M $3.300M
Total Liabilities $34.10M $37.00M
YoY Change -7.84% -9.98%
SHAREHOLDERS EQUITY
Retained Earnings $395.1M $358.2M
YoY Change 10.3% 12.78%
Common Stock $90.15M $69.53M
YoY Change 29.65% 12.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.188M $10.54M
YoY Change -88.73% -53.25%
Treasury Stock Shares 19.00K shares 207.0K shares
Shareholders Equity $485.5M $414.6M
YoY Change
Total Liabilities & Shareholders Equity $519.5M $451.6M
YoY Change 15.05% 15.02%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $5.878M $7.367M
YoY Change -20.21% -19.48%
Depreciation, Depletion And Amortization $4.900M $4.900M
YoY Change 0.0% 4.26%
Cash From Operating Activities $16.60M $15.20M
YoY Change 9.21% 15.15%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$6.200M
YoY Change 14.52% 26.53%
Acquisitions
YoY Change
Other Investing Activities -$4.200M $5.100M
YoY Change -182.35% -142.86%
Cash From Investing Activities -$11.30M -$1.100M
YoY Change 927.27% -93.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.700M 1.300M
YoY Change 184.62% -72.92%
NET CHANGE
Cash From Operating Activities 16.60M 15.20M
Cash From Investing Activities -11.30M -1.100M
Cash From Financing Activities 3.700M 1.300M
Net Change In Cash 9.000M 15.40M
YoY Change -41.56% 1183.33%
FREE CASH FLOW
Cash From Operating Activities $16.60M $15.20M
Capital Expenditures -$7.100M -$6.200M
Free Cash Flow $23.70M $21.40M
YoY Change 10.75% 18.23%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") number 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. This ASU changes the criteria for reporting discontinued operations and adds additional disclosures on discontinued operations. 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We do not anticipate a material impact on our consolidated financial statements from adoption of this ASU.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, provides more useful information to users of financial statements through improved disclosure requirements and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. This guidance requires that an entity depict the consideration by applying a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. We are currently assessing the impact that adopting this new accounting update will have on our consolidated financial statements and footnote disclosures.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period. ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are currently assessing the impact that adopting this new accounting update will have on our consolidated financial statements and footnote disclosures.</font></div></div>
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18575000 USD
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10950000 USD
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1149000 USD
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-1221000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-727000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-803000 USD
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-206000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Tax
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230000 USD
us-gaap Other Comprehensive Income Loss Tax
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-227000 USD
us-gaap Other Comprehensive Income Loss Tax
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-263000 USD
us-gaap Other Sales Revenue Net
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250000 USD
us-gaap Other Sales Revenue Net
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239000 USD
CY2014Q2 us-gaap Other Sales Revenue Net
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122000 USD
CY2013Q2 us-gaap Other Sales Revenue Net
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124000 USD
us-gaap Payments To Acquire Intangible Assets
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633000 USD
us-gaap Payments To Acquire Intangible Assets
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377000 USD
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60090000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
45368000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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11781000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12729000 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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1.00
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2014Q2 us-gaap Preferred Stock Shares Authorized
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500000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
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500000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7319000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
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6729000 USD
CY2013Q4 us-gaap Prepaid Taxes
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5966000 USD
CY2014Q2 us-gaap Prepaid Taxes
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6651000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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49650000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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49863000 USD
CY2013Q2 us-gaap Profit Loss
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7367000 USD
CY2014Q2 us-gaap Profit Loss
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5878000 USD
us-gaap Proceeds From Stock Plans
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1267000 USD
dei Amendment Flag
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false
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7016000 USD
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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us-gaap Profit Loss
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12535000 USD
us-gaap Profit Loss
ProfitLoss
16052000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
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213001000 USD
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225204000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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87861000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
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91899000 USD
us-gaap Provision For Doubtful Accounts
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40000 USD
us-gaap Provision For Doubtful Accounts
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3000 USD
CY2013Q2 us-gaap Research And Development Expense
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3906000 USD
us-gaap Research And Development Expense
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8197000 USD
us-gaap Research And Development Expense
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4566000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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382576000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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395111000 USD
us-gaap Revenues
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151907000 USD
CY2014Q2 us-gaap Revenues
Revenues
78677000 USD
us-gaap Revenues
Revenues
152960000 USD
CY2013Q2 us-gaap Revenues
Revenues
78661000 USD
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151668000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
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78555000 USD
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78537000 USD
us-gaap Sales Revenue Goods Net
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152710000 USD
dei Document Fiscal Period Focus
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Q2
CY2013Q2 us-gaap Selling General And Administrative Expense
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23182000 USD
us-gaap Selling General And Administrative Expense
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46048000 USD
us-gaap Selling General And Administrative Expense
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46797000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24278000 USD
us-gaap Share Based Compensation
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2822000 USD
us-gaap Share Based Compensation
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4459000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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485467000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q4 us-gaap Treasury Stock Shares
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CY2014Q2 us-gaap Treasury Stock Shares
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CY2013Q4 us-gaap Treasury Stock Value
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49000 USD
CY2014Q2 us-gaap Treasury Stock Value
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1188000 USD
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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15362000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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15439000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15147000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15170000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14562000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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14617000 shares
CY2014Q2 icui Debt Securities Maturity Date Range High
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2045
icui Increase Decreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
IncreaseDecreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
-95000 USD
icui Increase Decreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
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-2894000 USD
CY2014Q2 icui Debt Securities Maturity Date Range Low
DebtSecuritiesMaturityDateRangeLow
2014
CY2014Q2 icui Estimatedrestructuringcharges
Estimatedrestructuringcharges
3000000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000883984
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
15269056 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ICU MEDICAL INC/DE

Files In Submission

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0000883984-14-000054-index-headers.html Edgar Link pending
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0000883984-14-000054.txt Edgar Link pending
0000883984-14-000054-xbrl.zip Edgar Link pending
amendedandrestatedretentio.htm Edgar Link pending
employmentagreementwithgeo.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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icui-20140630.xml Edgar Link completed
icui-20140630.xsd Edgar Link pending
icui-20140630_cal.xml Edgar Link unprocessable
icui-20140630_def.xml Edgar Link unprocessable
icui-20140630_lab.xml Edgar Link unprocessable
icui-20140630_pre.xml Edgar Link unprocessable
icui-ex311_20140630x10q.htm Edgar Link pending
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