ICU Medical, Inc. (ICUI) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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ICUI Revenue Growth
Revenue Breakdown (FY 2025)
ICUI's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
ICUI Revenue Analysis (2014–2025)
As of May 8, 2026, ICU Medical, Inc. (ICUI) generated trailing twelve-month (TTM) revenue of $2.16 billion, reflecting significant decline in growth of -12.3% year-over-year. The most recent quarter (Q1 2026) recorded $530.2 million in revenue, down 1.9% sequentially.
Looking at the longer-term picture, ICUI's 5-year compound annual growth rate (CAGR) stands at +11.9%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.38 billion in 2024.
Revenue diversification analysis shows ICUI's business is primarily driven by Equipment revenue (71%), Software revenue (30%), and Other deferred revenue (1%). With over half of revenue concentrated in Equipment revenue, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including BDX (+2.4% YoY), BSX (+19.9% YoY), and ITGR (+6.0% YoY), ICUI has underperformed the peer group in terms of revenue growth. Compare ICUI vs BDX →
ICUI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ICUICurrent | $2.2B | -12.3% | +11.9% | 4.8% | |
 BDX | $21.8B | +2.4% | +6.3% | 11.8% | |
 BSX | $20.1B | +19.9% | +15.2% | 19.8% | |
 ITGR | $1.8B | +6.0% | +11.5% | 11.3% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% | |
 NVCR | $655M | +8.5% | +5.8% | -23.5% |
ICUI Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.23B | -6.4% | $819.7M | 36.8% | $107.0M | 4.8% |
| 2024 | $2.38B | +5.4% | $824.8M | 34.6% | $43.0M | 1.8% |
| 2023 | $2.26B | -0.9% | $739.9M | 32.8% | $22.8M | 1.0% |
| 2022 | $2.28B | +73.2% | $697.8M | 30.6% | $-42,898,000 | -1.9% |
| 2021 | $1.32B | +3.6% | $491.5M | 37.3% | $123.2M | 9.4% |
| 2020 | $1.27B | +0.4% | $461.5M | 36.3% | $98.2M | 7.7% |
| 2019 | $1.27B | -9.6% | $471.9M | 37.3% | $107.4M | 8.5% |
| 2018 | $1.40B | +8.3% | $570.0M | 40.7% | $21.6M | 1.5% |
| 2017 | $1.29B | +240.7% | $426.1M | 33.0% | $-15,078,000 | -1.2% |
| 2016 | $379.4M | +11.0% | $201.4M | 53.1% | $82.9M | 21.9% |
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Start ComparisonICUI — Frequently Asked Questions
Quick answers to the most common questions about buying ICUI stock.
Is ICUI's revenue growth accelerating or slowing?
ICUI revenue declined -12.3% year-over-year, contrasting with the 5-year CAGR of +11.9%. TTM revenue fell to $2.2B. This reverses the prior growth trend.
What is ICUI's long-term revenue growth rate?
ICU Medical, Inc.'s 5-year revenue CAGR of +11.9% reflects the variable expansion pattern. Current YoY growth of -12.3% is below this long-term average.
How is ICUI's revenue distributed by segment?
ICUI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.