Revenue growth has entered a period of sustained contraction, reaching -12.3% in 2026Q1 while operating margins remain thin at 5.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.16B | 2.23B | 2.38B | 2.26B | 2.28B | 1.32B | 1.27B | 1.27B | 1.4B | 1.29B | 379.37M | 341.67M | 309.26M | 313.72M | 316.87M | 302.19M | 284.58M | 231.51M | 204.73M | 188.14M | 201.61M | 157.53M | 75.55M | 107.35M | 87.81M | 69.06M | 56.19M | 47M | 39.8M | 30.4M | 24.6M |
| Revenue Growth % | -10.89% | -6.38% | 5.44% | -0.92% | 73.21% | 3.56% | 0.38% | -9.56% | 8.31% | 240.72% | 11.04% | 10.48% | -1.42% | -1% | 4.86% | 6.19% | 22.92% | 13.08% | 8.82% | -6.68% | 27.98% | 108.51% | -29.63% | 22.26% | 27.16% | 22.89% | 19.56% | 18.09% | 30.92% | 23.58% | 15.49% |
| Cost of Goods Sold | 1.37B | 1.41B | 1.56B | 1.52B | 1.58B | 824.82M | 809.51M | 794.34M | 830.01M | 866.52M | 177.97M | 160.87M | 157.86M | 158.98M | 160.36M | 159.84M | 153.99M | 122.69M | 114.91M | 109.89M | 120.93M | 88.13M | 39.85M | 48.44M | 36.46M | 28.93M | 19.18M | 16M | 14.3M | 10.7M | 8.4M |
| COGS % of Revenue | - | 63.24% | 65.38% | 67.25% | 69.4% | 62.66% | 63.69% | 62.73% | 59.28% | 67.04% | 46.91% | 47.08% | 51.04% | 50.68% | 50.61% | 52.89% | 54.11% | 53% | 56.13% | 58.41% | 59.98% | 55.94% | 52.75% | 45.13% | 41.53% | 41.9% | 34.12% | 34.04% | 35.93% | 35.2% | 34.15% |
| Gross Profit | 784.17M | 819.65M | 824.78M | 739.87M | 697.76M | 491.49M | 461.5M | 471.86M | 570.03M | 426.1M | 201.4M | 180.8M | 151.4M | 154.73M | 156.51M | 142.35M | 130.59M | 108.82M | 89.82M | 78.24M | 80.68M | 69.4M | 35.7M | 58.91M | 51.34M | 40.12M | 37.02M | 31M | 25.5M | 19.7M | 16.2M |
| Gross Margin % | 36.36% | 36.76% | 34.62% | 32.75% | 30.6% | 37.34% | 36.31% | 37.27% | 40.72% | 32.96% | 53.09% | 52.92% | 48.96% | 49.32% | 49.39% | 47.11% | 45.89% | 47% | 43.87% | 41.59% | 40.02% | 44.06% | 47.25% | 54.87% | 58.47% | 58.1% | 65.88% | 65.96% | 64.07% | 64.8% | 65.85% |
| Gross Profit Growth % | - | -0.62% | 11.48% | 6.04% | 41.97% | 6.5% | -2.2% | -17.22% | 33.78% | 111.57% | 11.39% | 19.42% | -2.15% | -1.14% | 9.94% | 9.01% | 20.01% | 21.16% | 14.79% | -3.03% | 16.25% | 94.43% | -39.4% | 14.74% | 27.96% | 8.39% | 19.41% | 21.57% | 29.44% | 21.6% | 26.56% |
| Operating Expenses | 703.96M | 712.71M | 781.82M | 717.05M | 740.66M | 368.25M | 363.33M | 364.5M | 381.01M | 355.21M | 102.38M | 98.93M | 107.27M | 102.78M | 95.23M | 93.88M | 81.31M | 70.85M | 58.43M | 53.59M | 49.81M | 41.81M | 29.79M | 24.79M | 21.34M | 18M | 20.39M | 17.6M | 15.5M | 11.9M | 10.2M |
| OpEx % of Revenue | - | 31.96% | 32.82% | 31.74% | 32.49% | 27.98% | 28.59% | 28.79% | 27.21% | 27.48% | 26.99% | 28.95% | 34.69% | 32.76% | 30.05% | 31.06% | 28.57% | 30.6% | 28.54% | 28.49% | 24.71% | 26.54% | 39.42% | 23.09% | 24.31% | 26.07% | 36.29% | 37.45% | 38.94% | 39.14% | 41.46% |
| Selling, General & Admin | 622.54M | 625.21M | 638.76M | 606.69M | 608.35M | 302.58M | 283.95M | 276.98M | 328.15M | 303.95M | 89.43M | 83.22M | 88.94M | 90.38M | 84.6M | 85.29M | 76.64M | 68.2M | 53.61M | 45.48M | 44.24M | 36.99M | 26.41M | 23.03M | 19.87M | 16.82M | 14.3M | 12.5M | 12.1M | 8.5M | 8.2M |
| SG&A % of Revenue | - | 28.04% | 26.82% | 26.86% | 26.68% | 22.99% | 22.34% | 21.87% | 23.44% | 23.51% | 23.57% | 24.36% | 28.76% | 28.81% | 26.7% | 28.22% | 26.93% | 29.46% | 26.19% | 24.18% | 21.95% | 23.48% | 34.96% | 21.45% | 22.63% | 24.35% | 25.45% | 26.6% | 30.4% | 27.96% | 33.33% |
| Research & Development | 85.48M | 87.5M | 88.61M | 85.34M | 92.98M | 47.5M | 42.95M | 48.61M | 52.87M | 51.25M | 12.96M | 15.71M | 18.33M | 12.41M | 10.63M | 8.59M | 4.68M | 2.65M | 4.82M | 8.11M | 7.66M | 4.82M | 3.38M | 1.76M | 1.47M | 1.19M | 1.48M | 1.2M | 1M | 1.3M | 0 |
| R&D % of Revenue | - | 3.92% | 3.72% | 3.78% | 4.08% | 3.61% | 3.38% | 3.84% | 3.78% | 3.97% | 3.41% | 4.6% | 5.93% | 3.95% | 3.35% | 2.84% | 1.64% | 1.14% | 2.36% | 4.31% | 3.8% | 3.06% | 4.47% | 1.64% | 1.68% | 1.72% | 2.63% | 2.55% | 2.51% | 4.28% | - |
| Other Operating Expenses | 1000K | 0 | 54.44M | 25.01M | 39.33M | 18.16M | 36.43M | 38.91M | 1.47M | -2.48M | 767K | 0 | 755K | 765K | 563K | 0 | 0 | 0 | 0 | 0 | -2.09M | 0 | 0 | 0 | 0 | 0 | 4.61M | 3.9M | 2.4M | 2.1M | 2M |
| Operating Income | 80.22M | 106.95M | 42.96M | 22.82M | -42.9M | 123.25M | 98.16M | 107.36M | 21.61M | -15.08M | 82.94M | 68.56M | 39.04M | 51.95M | 61.28M | 65.22M | 49.28M | 37.97M | 31.38M | 24.65M | 30.87M | 27.59M | 5.91M | 34.12M | 30M | 22.12M | 16.62M | 13.4M | 10M | 7.8M | 6M |
| Operating Margin % | 3.72% | 4.8% | 1.8% | 1.01% | -1.88% | 9.36% | 7.72% | 8.48% | 1.54% | -1.17% | 21.86% | 20.07% | 12.62% | 16.56% | 19.34% | 21.58% | 17.32% | 16.4% | 15.33% | 13.1% | 15.31% | 17.52% | 7.83% | 31.79% | 34.17% | 32.03% | 29.58% | 28.51% | 25.13% | 25.66% | 24.39% |
| Operating Income Growth % | - | 148.93% | 88.23% | 153.21% | -134.81% | 25.55% | -8.57% | 396.76% | 243.33% | -118.18% | 20.97% | 75.64% | -24.86% | -15.22% | -6.05% | 32.35% | 29.79% | 20.98% | 27.32% | -20.16% | 11.88% | 366.76% | -82.67% | 13.75% | 35.63% | 33.07% | 24.04% | 34% | 28.21% | 30% | 11.11% |
| EBITDA | 285.05M | 324.94M | 45.4M | 251.6M | 192.25M | 222.54M | 193.01M | 184.28M | 96.35M | 51.49M | 101.99M | 86.64M | 58.48M | 71.45M | 80.28M | 83.52M | 66.62M | 53.64M | 45.6M | 36.44M | 42.1M | 37.29M | 14.51M | 41.48M | 35.29M | 27.15M | 21.23M | 17.3M | 12.4M | 9.9M | 8M |
| EBITDA Margin % | 13.22% | 14.57% | 1.91% | 11.14% | 8.43% | 16.91% | 15.19% | 14.55% | 6.88% | 3.98% | 26.88% | 25.36% | 18.91% | 22.78% | 25.33% | 27.64% | 23.41% | 23.17% | 22.28% | 19.37% | 20.88% | 23.67% | 19.21% | 38.64% | 40.19% | 39.32% | 37.79% | 36.81% | 31.16% | 32.57% | 32.52% |
| EBITDA Growth % | 1.85% | 615.75% | -81.96% | 30.87% | -13.61% | 15.3% | 4.74% | 91.26% | 87.11% | -49.51% | 17.72% | 48.14% | -18.15% | -10.99% | -3.88% | 25.35% | 24.21% | 17.62% | 25.13% | -13.44% | 12.9% | 157.02% | -65.02% | 17.56% | 29.96% | 27.88% | 22.74% | 39.52% | 25.25% | 23.75% | 11.11% |
| D&A (Non-Cash Add-back) | 204.84M | 217.99M | 2.44M | 228.77M | 235.15M | 99.29M | 94.85M | 76.92M | 74.73M | 66.57M | 19.05M | 18.07M | 19.45M | 19.51M | 19M | 18.29M | 17.34M | 15.67M | 14.22M | 11.8M | 11.23M | 9.7M | 8.6M | 7.36M | 5.29M | 5.03M | 4.61M | 3.9M | 2.4M | 2.1M | 2M |
| EBIT | 109.63M | 108.55M | 40.53M | 24.43M | -43.6M | 124.17M | 99.25M | 115.26M | 197.16M | 53.33M | 85.28M | 69.74M | 44.13M | 53.32M | 61.84M | 48.48M | 47.66M | 37.97M | 31.38M | 24.65M | 30.87M | 27.59M | 5.91M | 34.12M | 30M | 22.12M | 16.62M | 13.4M | 10M | 7.8M | 6M |
| Net Interest Income | -46.56M | -95.07M | -95.75M | -95.22M | -66.38M | 1.98M | 1.92M | -549K | -709K | -2.05M | -118K | -39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.65M | 10.31M | 10.79M | 7.51M | 4.43M | 2.84M | 3.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 51.22M | 105.38M | 106.54M | 102.73M | 70.81M | 858K | 1.75M | 549K | 709K | 2.05M | 118K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -70.72M | -103.78M | -108.98M | -101.12M | -71.51M | -59K | -668K | 7.35M | -7.38M | 64.58M | 2.22M | 1.13M | 755K | 765K | 563K | 1.2M | 129K | 1.18M | 4.7M | 8.7M | 4.46M | 2.72M | 1.58M | 1.12M | 1.43M | 1.99M | 2.1M | 1.4M | 1.4M | 1.4M | 1.2M |
| Pretax Income | 9.49M | 3.17M | -66.01M | -78.3M | -114.41M | 123.19M | 97.49M | 114.71M | 22.37M | 51.28M | 85.16M | 69.7M | 39.79M | 52.71M | 61.84M | 66.42M | 49.41M | 39.15M | 36.08M | 33.35M | 35.34M | 30.32M | 7.49M | 35.25M | 31.43M | 24.11M | 18.72M | 14.8M | 11.4M | 9.2M | 7.2M |
| Pretax Margin % | 0.44% | 0.14% | -2.77% | -3.47% | -5.02% | 9.36% | 7.67% | 9.06% | 1.6% | 3.97% | 22.45% | 20.4% | 12.87% | 16.8% | 19.52% | 21.98% | 17.36% | 16.91% | 17.62% | 17.72% | 17.53% | 19.24% | 9.92% | 32.83% | 35.8% | 34.91% | 33.31% | 31.49% | 28.64% | 30.26% | 29.27% |
| Income Tax | -36.85M | 2.44M | 51.68M | -48.64M | -40.12M | 20.05M | 10.62M | 13.67M | -6.42M | -17.36M | 22.08M | 24.71M | 13.46M | 12.3M | 20.56M | 21.75M | 18.48M | 12.59M | 11.78M | 10.34M | 10.24M | 10.46M | -109K | 12.95M | 11.75M | 8.72M | 6.93M | 5.4M | 4.2M | 3.5M | 2.5M |
| Effective Tax Rate % | -388.15% | 76.9% | -78.28% | 62.13% | 35.07% | 16.28% | 10.9% | 11.92% | -28.69% | -33.85% | 25.93% | 35.46% | 33.82% | 23.33% | 33.24% | 32.75% | 37.4% | 32.16% | 32.65% | 31% | 28.98% | 34.5% | -1.46% | 36.74% | 37.38% | 36.17% | 37.02% | 36.49% | 36.84% | 38.04% | 34.72% |
| Net Income | 46.34M | 732K | -117.69M | -29.66M | -74.29M | 103.14M | 86.87M | 101.03M | 28.79M | 68.64M | 63.08M | 44.98M | 26.34M | 40.42M | 41.28M | 44.67M | 30.93M | 26.56M | 24.3M | 23.08M | 25.66M | 20.27M | 5M | 22.3M | 19.68M | 15.39M | 11.79M | 9.4M | 7.2M | 5.7M | 4.7M |
| Net Margin % | 2.15% | 0.03% | -4.94% | -1.31% | -3.26% | 7.84% | 6.83% | 7.98% | 2.06% | 5.31% | 16.63% | 13.17% | 8.52% | 12.88% | 13.03% | 14.78% | 10.87% | 11.47% | 11.87% | 12.27% | 12.73% | 12.87% | 6.62% | 20.77% | 22.42% | 22.28% | 20.98% | 20% | 18.09% | 18.75% | 19.11% |
| Net Income Growth % | 149.46% | 100.62% | -296.86% | 60.08% | -172.03% | 18.72% | -14.02% | 250.9% | -58.05% | 8.81% | 40.23% | 70.82% | -34.84% | -2.09% | -7.58% | 44.42% | 16.46% | 9.29% | 5.29% | -10.06% | 26.57% | 305.48% | -77.58% | 13.29% | 27.91% | 30.53% | 25.4% | 30.56% | 26.32% | 21.28% | 11.9% |
| Net Income (Continuing) | 46.34M | 732K | -117.69M | -29.66M | -74.29M | 103.14M | 86.87M | 101.03M | 28.79M | 68.64M | 63.08M | 44.98M | 26.34M | 40.42M | 41.28M | 44.67M | 30.93M | 26.56M | 24.3M | 23.08M | 25.66M | 20.27M | 5M | 22.3M | 19.68M | 15.39M | 11.79M | 9.4M | 7.2M | 5.7M | 4.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 358K | 923K | 966K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 0.03 | -4.83 | -1.23 | -3.11 | 4.74 | 4.02 | 4.69 | 1.33 | 3.29 | 3.66 | 2.73 | 1.68 | 2.65 | 2.80 | 3.15 | 2.16 | 1.77 | 1.67 | 1.51 | 1.64 | 1.35 | 0.33 | 1.48 | 1.28 | 1.06 | 0.87 | 0.72 | 0.57 | 0.47 | 0.36 |
| EPS Growth % | 148.3% | 100.61% | -292.68% | 60.45% | -165.61% | 17.91% | -14.29% | 252.63% | -59.57% | -10.11% | 34.07% | 62.5% | -36.6% | -5.36% | -11.11% | 45.83% | 22.03% | 5.99% | 10.6% | -7.93% | 21.48% | 309.09% | -77.7% | 15.63% | 20.75% | 21.84% | 20.83% | 26.32% | 21.28% | 30.56% | 2.86% |
| EPS (Basic) | - | 0.03 | -4.83 | -1.23 | -3.11 | 4.86 | 4.16 | 4.90 | 1.33 | 3.50 | 3.90 | 2.84 | 1.72 | 2.75 | 2.90 | 3.23 | 2.20 | 1.80 | 1.72 | 1.62 | 1.78 | 1.47 | 0.37 | 1.62 | 1.43 | 1.20 | 0.95 | 0.77 | 0.60 | 0.47 | 0.36 |
| Diluted Shares Outstanding | 25.18M | 24.9M | 24.39M | 24.09M | 23.87M | 21.78M | 21.59M | 21.55M | 21.6M | 20.86M | 17.25M | 16.5M | 15.65M | 15.27M | 14.72M | 14.16M | 13.86M | 14.98M | 14.56M | 15.27M | 15.6M | 15.04M | 14.96M | 15.05M | 15.35M | 14.45M | 13.59M | 13.04M | 12.63M | 12.04M | 13.26M |
| Basic Shares Outstanding | 24.76M | 24.64M | 24.39M | 24.09M | 23.87M | 21.21M | 20.91M | 20.63M | 21.6M | 19.61M | 16.17M | 15.85M | 15.28M | 14.69M | 14.22M | 13.84M | 13.61M | 14.72M | 14.14M | 14.28M | 14.41M | 13.81M | 13.69M | 13.75M | 13.79M | 12.84M | 12.5M | 12.23M | 11.98M | 11.92M | 13.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Integration-driven margin volatility
As reported in recent quarterly filings, ICUI has experienced a sustained period of top-line decline, with revenue growth reaching -12.3% in 2026Q1, signaling significant challenges in maintaining market share within the highly competitive infusion pump and consumables landscape following recent large-scale corporate acquisitions.
The consistent negative growth trajectory suggests that the company is struggling to offset the rationalization of its product portfolio post-integration. Investors should monitor whether this trend reflects a permanent loss of competitive positioning against larger peers or merely a temporary byproduct of aggressive SKU consolidation.
Based on the provided income statement data, gross margins have fluctuated significantly, peaking at 37.9% in 2025Q2 before compressing to 32.6% in 2026Q1, which highlights the sensitivity of the company's cost structure to raw material inputs and ongoing operational integration complexities.
The inability to maintain a stable gross margin profile suggests that the company lacks the pricing power of its larger peers, such as Boston Scientific. This volatility implies that the firm remains highly vulnerable to inflationary pressures in medical-grade plastics and logistics costs.
According to historical financial statements, operating income has remained consistently thin, with the operating margin reaching only 5.8% in 2026Q1, indicating that the company has yet to achieve the necessary scale to effectively leverage its substantial SG&A and R&D expenditure base.
The persistent gap between gross profit and operating income suggests that administrative and integration-related overheads are absorbing the majority of the firm's value creation. This lack of operating leverage warrants further investigation into whether management can successfully streamline the cost base without compromising long-term innovation.
Analysis of the income statement reveals that net income has been highly erratic, swinging from a $35.3 million profit in 2025Q2 to a $15.7 million loss in 2025Q4, largely driven by non-operating items and significant stock-based compensation expenses averaging over $12 million per quarter.
The frequent divergence between operating income and net income suggests that investors should focus on adjusted metrics to gauge true performance. The recurring nature of stock-based compensation, despite the lack of consistent profitability, may indicate a misalignment between executive incentives and shareholder value creation.
While the company emphasizes its closed infusion ecosystem as a competitive advantage, the reported financial data suggests that the ongoing integration of Smiths Medical may be eroding the very operational efficiency required to defend this market position against better-capitalized competitors like Becton Dickinson.
Short-sellers would likely focus on the persistent revenue decline and the inability to generate consistent net income as evidence that the acquisition strategy has failed to deliver promised synergies. The risk remains that the company is sacrificing its long-term competitive moat to manage short-term liquidity and integration pressures.
Quick answers to the most common questions about buying ICUI stock.
For fiscal year 2025, ICU Medical, Inc. (ICUI) reported total revenue of $2.23B. This represents a 8965.1% increase compared to $24.6M in 1996.
ICU Medical, Inc. (ICUI) is profitable, generating $0.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
ICU Medical, Inc. (ICUI) reported an operating income of $107.0M, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ICU Medical, Inc. (ICUI) generated $819.7M in gross profit for the year, representing a gross profit margin of 36.8%. This demonstrates the company's core pricing power and production efficiency.