$ICUI
ICU Medical Inc

2014 Q4 Form 10-Q Financial Statement

#000088398414000062 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $79.90M $77.46M $82.82M
YoY Change 2.51% -6.47% 1.73%
Cost Of Revenue $40.20M $39.31M $41.86M
YoY Change 3.08% -6.09% 2.82%
Gross Profit $39.69M $38.15M $40.96M
YoY Change 1.9% -6.86% 0.64%
Gross Profit Margin 49.67% 49.25% 49.45%
Selling, General & Admin $20.30M $21.84M $22.40M
YoY Change -1.46% -2.48% 11.01%
% of Gross Profit 51.15% 57.26% 54.69%
Research & Development $5.100M $5.055M $3.140M
YoY Change 45.71% 60.99% 5.09%
% of Gross Profit 12.85% 13.25% 7.67%
Depreciation & Amortization $4.800M $4.900M $4.900M
YoY Change -4.0% 0.0% 2.08%
% of Gross Profit 12.1% 12.85% 11.96%
Operating Expenses $25.30M $29.74M $25.54M
YoY Change 5.42% 16.44% 10.25%
Operating Profit $14.39M $8.409M $15.42M
YoY Change -3.75% -45.45% -12.06%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $200.0K $155.0K $190.0K
YoY Change 0.0% -18.42% 20.25%
Pretax Income $12.20M $8.564M $15.61M
YoY Change -11.59% -45.12% -11.77%
Income Tax $4.900M $2.136M $4.572M
% Of Pretax Income 40.16% 24.94% 29.3%
Net Earnings $7.372M $6.428M $11.03M
YoY Change -44.7% -41.74% -9.47%
Net Earnings / Revenue 9.23% 8.3% 13.32%
Basic Earnings Per Share $0.48 $0.42 $0.75
Diluted Earnings Per Share $0.46 $0.42 $0.72
COMMON SHARES
Basic Shares Outstanding 15.37M shares 15.32M shares 14.68M shares
Diluted Shares Outstanding 15.49M shares 15.32M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.8M $329.7M $260.8M
YoY Change 16.81% 26.42% 27.66%
Cash & Equivalents $275.8M $252.2M $188.0M
Short-Term Investments $71.00M $77.50M $72.80M
Other Short-Term Assets $10.50M $11.80M $9.300M
YoY Change -10.26% 26.88% -7.92%
Inventory $36.93M $38.25M $34.15M
Prepaid Expenses
Receivables $39.05M $35.35M $51.79M
Other Receivables $3.900M $9.300M $7.700M
Total Short-Term Assets $432.5M $424.5M $363.8M
YoY Change 9.7% 16.68% 16.38%
LONG-TERM ASSETS
Property, Plant & Equipment $86.09M $88.53M $88.90M
YoY Change -2.01% -0.41% 6.28%
Goodwill $1.478M $1.478M $1.478M
YoY Change 0.0% 0.0% 0.0%
Intangibles $7.063M $7.394M $8.843M
YoY Change -16.81% -16.39% -15.16%
Long-Term Investments
YoY Change
Other Assets $9.300M $5.800M $5.600M
YoY Change 24.0% 3.57% 16.67%
Total Long-Term Assets $108.6M $103.2M $104.9M
YoY Change 3.06% -1.57% 4.55%
TOTAL ASSETS
Total Short-Term Assets $432.5M $424.5M $363.8M
Total Long-Term Assets $108.6M $103.2M $104.9M
Total Assets $541.1M $527.7M $468.7M
YoY Change 8.3% 12.6% 13.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.38M $11.93M $10.83M
YoY Change 0.38% 10.21% -11.0%
Accrued Expenses $17.35M $17.32M $16.24M
YoY Change 11.57% 6.61% -2.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.73M $29.25M $27.07M
YoY Change 6.85% 8.05% -6.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.700M $2.700M $3.300M
YoY Change -38.64% -18.18% -13.16%
Total Long-Term Liabilities $2.700M $2.700M $3.300M
YoY Change -38.64% -18.18% -13.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.73M $29.25M $27.07M
Total Long-Term Liabilities $2.700M $2.700M $3.300M
Total Liabilities $32.90M $36.30M $36.10M
YoY Change -5.73% 0.55% -9.52%
SHAREHOLDERS EQUITY
Retained Earnings $408.9M $401.5M $369.2M
YoY Change 6.88% 8.75% 11.95%
Common Stock $108.9M $95.44M $71.69M
YoY Change 36.11% 33.12% 12.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $1.000K $8.948M
YoY Change -100.0% -99.99% -47.39%
Treasury Stock Shares 0.000 shares 0.000 shares 128.0K shares
Shareholders Equity $508.3M $491.4M $432.6M
YoY Change
Total Liabilities & Shareholders Equity $541.1M $527.7M $468.7M
YoY Change 8.3% 12.6% 13.51%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $7.372M $6.428M $11.03M
YoY Change -44.7% -41.74% -9.47%
Depreciation, Depletion And Amortization $4.800M $4.900M $4.900M
YoY Change -4.0% 0.0% 2.08%
Cash From Operating Activities $12.30M $19.00M $16.20M
YoY Change -47.66% 17.28% 72.34%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$2.500M -$3.700M
YoY Change -41.18% -32.43% -31.48%
Acquisitions
YoY Change
Other Investing Activities $5.300M $700.0K $500.0K
YoY Change 231.25% 40.0% -109.62%
Cash From Investing Activities $3.400M -$1.900M -$3.200M
YoY Change -288.89% -40.63% -69.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.80M 3.900M 2.500M
YoY Change -29.87% 56.0% -59.68%
NET CHANGE
Cash From Operating Activities 12.30M 19.00M 16.20M
Cash From Investing Activities 3.400M -1.900M -3.200M
Cash From Financing Activities 10.80M 3.900M 2.500M
Net Change In Cash 26.50M 21.00M 15.50M
YoY Change -28.57% 35.48% 203.92%
FREE CASH FLOW
Cash From Operating Activities $12.30M $19.00M $16.20M
Capital Expenditures -$2.000M -$2.500M -$3.700M
Free Cash Flow $14.30M $21.50M $19.90M
YoY Change -46.84% 8.04% 34.46%

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ASU 2014-08 improves the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entities operations and financial results. Under current U.S. GAAP, disposals of small groups of assets that are recurring in nature and do not change an entity's strategy currently qualify for discontinued operations. ASU 2014-08 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. 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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42244000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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155000 USD
us-gaap Nonoperating Income Expense
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us-gaap Operating Income Loss
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CY2014Q3 us-gaap Operating Income Loss
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8409000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2002000 USD
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-1833000 USD
us-gaap Other Comprehensive Income Loss Tax
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-2060000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-7739000 USD
us-gaap Other Comprehensive Income Loss Tax
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450000 USD
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356000 USD
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us-gaap Payments To Acquire Property Plant And Equipment
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1.00
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CY2014Q3 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2014Q3 us-gaap Preferred Stock Value
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0 USD
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
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5372000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2013Q4 us-gaap Prepaid Taxes
PrepaidTaxes
5966000 USD
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
69470000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
76681000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
21000 USD
us-gaap Proceeds From Stock Options Exercised
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9105000 USD
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us-gaap Proceeds From Stock Plans
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us-gaap Profit Loss
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27086000 USD
us-gaap Profit Loss
ProfitLoss
18963000 USD
CY2014Q3 us-gaap Profit Loss
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6428000 USD
CY2013Q3 us-gaap Profit Loss
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us-gaap Sales Revenue Goods Net
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228997000 USD
us-gaap Sales Revenue Goods Net
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235419000 USD
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40000 USD
us-gaap Provision For Doubtful Accounts
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3000 USD
us-gaap Research And Development Expense
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13252000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8949000 USD
CY2013Q3 us-gaap Research And Development Expense
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3140000 USD
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CY2014Q3 us-gaap Restructuring Charges
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2840000 USD
us-gaap Restructuring Charges
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2840000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2014Q3 us-gaap Restructuring Reserve
RestructuringReserve
2100000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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382576000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
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401539000 USD
us-gaap Revenues
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235775000 USD
CY2013Q3 us-gaap Revenues
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CY2014Q3 us-gaap Revenues
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77329000 USD
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68447000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
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22399000 USD
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SellingGeneralAndAdministrativeExpense
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SellingGeneralAndAdministrativeExpense
68640000 USD
us-gaap Share Based Compensation
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4133000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6990000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1000 shares
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
49000 USD
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TreasuryStockValueAcquiredCostMethod
-5836000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-3033000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15497000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15139000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15324000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15488000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15220000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15319000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14684000 shares
CY2014Q3 icui Debt Securities Maturity Date Range High
DebtSecuritiesMaturityDateRangeHigh
2045
CY2014Q3 icui Debt Securities Maturity Date Range Low
DebtSecuritiesMaturityDateRangeLow
2014
icui Increase Decreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
IncreaseDecreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
-5094000 USD
icui Increase Decreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
IncreaseDecreaseinincometaxesincludingexcesstaxbenefitsanddeferredincometaxes
-3098000 USD
icui Provision For Warranty And Returns
ProvisionForWarrantyAndReturns
-488000 USD
icui Provision For Warranty And Returns
ProvisionForWarrantyAndReturns
124000 USD
dei Entity Registrant Name
EntityRegistrantName
ICU MEDICAL INC/DE
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000883984
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
15365170 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer

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icui-20140930.xml Edgar Link completed
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icui-20140930_cal.xml Edgar Link unprocessable
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icui-ex311_20140930x10q.htm Edgar Link pending
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