• ICU Medical Announces Third Quarter 2024 Results and Updates Its Fiscal Year 2024 Guidance

    来源: Nasdaq GlobeNewswire / 12 11月 2024 15:05:01   America/Chicago

    SAN CLEMENTE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended September 30, 2024.

    Third Quarter 2024 Results

    Third quarter 2024 revenue was $589.1 million, as compared to $553.3 million in the same period in the prior year. GAAP gross profit for the third quarter of 2024 was $204.9 million, as compared to $183.9 million in the same period in the prior year. GAAP gross margin for the third quarter of 2024 was 34.8%, as compared to 33.2% in the same period in the prior year. GAAP net loss for the third quarter of 2024 was $(33.0) million, or $(1.35) per diluted share, as compared to GAAP net income of $7.2 million, or $0.30 per diluted share, for the third quarter of 2023. Adjusted diluted earnings per share for the third quarter of 2024 was $1.59 as compared to $1.57 for the third quarter of 2023. Adjusted EBITDA was $94.8 million for the third quarter of 2024 as compared to $89.8 million for the third quarter of 2023.

    Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.

    Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Third quarter results were generally in line with our expectations."

    Revenues by product line for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):

      Three months ended
    September 30,    		   Nine months ended
    September 30,    		  
    Product Line  2024  2023 $ Change  2024  2023 $ Change
    Consumables $264.9 $242.0 $22.9 $770.7 $715.1 $55.6
    Infusion Systems  159.8  149.0  10.8  480.7  463.9  16.8
    Vital Care*  164.5  162.3  2.2  500.8  492.3  8.5
    Total** $589.2 $553.3 $35.9 $1,752.2 $1,671.3 $80.9

    *Vital Care includes Pfizer contract manufacturing revenue of $9.1 million and $38.6 million for the three and nine months ended September 30, 2024, respectively, as compared to $6.7 million and $33.6 million for the three and nine months ended September 30, 2023.
    ** Totals may differ from the income statement due to the rounding of product lines.

    Fiscal Year 2024 Guidance

    For Fiscal Year 2024 the Company updated its estimates of GAAP net loss from a range of $(118) to $(108) to a range of $(130) to $(122) and GAAP diluted loss per share from a range of $(4.78) to $(4.38) to a range of $(5.28) to $(4.98). The Company updated the estimated range of its full year 2024 guidance of adjusted EBITDA from a range of $345 million to $365 million to a range of $355 million to $365 million and updated the estimated range of diluted earnings per share from a range of $4.95 to $5.35 to a range of $5.40 to $5.70.

    Conference Call

    The Company will host a conference call to discuss its third quarter 2024 financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 343-5172, conference ID "ICUMED". The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay.

    About ICU Medical

    ICU Medical (Nasdaq: ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as ''will,'' ''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,'' ''continue,'' ''build,'' ''expand'' or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company's products, decreased free cash flow, changes in product mix, increased competition from competitors, lack of growth or improving efficiencies, unexpected changes in the Company's arrangements with its largest customers, the impact from fluctuations in foreign currency exchange rates, the impact of inflation on raw materials, freight charges and labor, rising interest rates, and the Company's ability to meet expectations regarding the ongoing integration of the Smiths Medical business. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission ("SEC"), which include those in the Company's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent filings with the SEC. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.


    ICU MEDICAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands)
     
     September 30,
    2024    		 December 31,
    2023
        
    ASSETS   
    CURRENT ASSETS:   
    Cash and cash equivalents$312,512  $254,222 
    Short-term investment securities —   501 
    TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES 312,512   254,723 
    Accounts receivable, net of allowance for doubtful accounts 173,983   161,566 
    Inventories 692,038   709,360 
    Prepaid income taxes 5,787   21,983 
    Prepaid expenses and other current assets 73,735   73,640 
    TOTAL CURRENT ASSETS 1,258,055   1,221,272 
        
    PROPERTY, PLANT AND EQUIPMENT, net 595,627   612,909 
    OPERATING LEASE RIGHT-OF-USE ASSETS 59,757   69,909 
    GOODWILL 1,478,293   1,472,446 
    INTANGIBLE ASSETS, net 785,823   870,588 
    DEFERRED INCOME TAXES 40,646   37,295 
    OTHER ASSETS 86,837   94,020 
    TOTAL ASSETS$4,305,038  $4,378,439 
        
    LIABILITIES AND STOCKHOLDERS’ EQUITY   
    CURRENT LIABILITIES:   
    Accounts payable$168,562  $150,030 
    Accrued liabilities 325,728   268,215 
    Current portion of long-term debt 51,000   51,000 
    Income tax payable 2,767   7,714 
    Contingent earn-out liability 1,500   4,879 
    TOTAL CURRENT LIABILITIES 549,557   481,838 
        
    CONTINGENT EARN-OUT LIABILITY —   3,991 
    LONG-TERM DEBT 1,543,342   1,577,770 
    OTHER LONG-TERM LIABILITIES 80,389   100,497 
    DEFERRED INCOME TAXES 48,538   55,873 
    INCOME TAX LIABILITY 34,625   35,060 
    COMMITMENTS AND CONTINGENCIES   
    STOCKHOLDERS’ EQUITY:   
    Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none —   — 
    Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —24,461 and 24,144 shares at September 30, 2024 and December 31, 2023, respectively, and outstanding — 24,459 and 24,141 shares at September 30, 2024 and December 31, 2023, respectively 2,446   2,414 
    Additional paid-in capital 1,394,799   1,366,493 
    Treasury stock, at cost (208)  (262)
    Retained earnings 713,986   807,846 
    Accumulated other comprehensive loss (62,436)  (53,081)
    TOTAL STOCKHOLDERS' EQUITY 2,048,587   2,123,410 
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$4,305,038  $4,378,439 


    ICU MEDICAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share data)
     
     Three months ended
    September 30,    		 Nine months ended
    September 30,
      2024   2023   2024   2023 
    TOTAL REVENUES$589,131  $553,311  $1,752,241  $1,671,270 
    COST OF GOODS SOLD 384,279   369,391   1,154,717   1,102,982 
    GROSS PROFIT 204,852   183,920   597,524   568,288 
    OPERATING EXPENSES:       
    Selling, general and administrative 162,707   148,609   479,913   452,076 
    Research and development 21,028   20,870   66,260   62,933 
    Restructuring, strategic transaction and integration 16,828   7,160   50,069   30,527 
    Change in fair value of contingent earn-out (3,947)  (15,572)  (3,991)  (12,256)
    TOTAL OPERATING EXPENSES 196,616   161,067   592,251   533,280 
    INCOME FROM OPERATIONS 8,236   22,853   5,273   35,008 
    INTEREST EXPENSE, net (24,683)  (24,175)  (72,296)  (70,811)
    OTHER EXPENSE, net (1,481)  (4,044)  (7,206)  (5,815)
    LOSS BEFORE INCOME TAXES (17,928)  (5,366)  (74,229)  (41,618)
    (PROVISION) BENEFIT FOR INCOME TAXES (15,055)  12,604   (19,631)  29,110 
    NET (LOSS) INCOME$(32,983) $7,238  $(93,860) $(12,508)
    NET (LOSS) INCOME PER SHARE       
    Basic$(1.35) $0.30  $(3.85) $(0.52)
    Diluted$(1.35) $0.30  $(3.85) $(0.52)
    WEIGHTED AVERAGE NUMBER OF SHARES       
    Basic 24,438   24,132   24,353   24,075 
    Diluted 24,438   24,368   24,353   24,075 


    ICU MEDICAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
     Nine months ended
    September 30,
      2024   2023 
    CASH FLOWS FROM OPERATING ACTIVITIES:   
    Net loss$(93,860) $(12,508)
    Adjustments to reconcile net loss to net cash provided by operating activities:   
    Depreciation and amortization 166,519   171,615 
    Noncash lease expense 16,008   16,543 
    Provision for doubtful accounts 1,381   865 
    Provision for warranty, returns and field action 1,801   5,597 
    Stock compensation 34,366   29,878 
    Loss on disposal of property, plant and equipment and other assets 184   1,757 
    Debt issuance costs amortization 5,111   5,108 
    Change in fair value of contingent earn-out liability (3,991)  (12,256)
    Usage of spare parts 13,965   13,587 
    Other 7,256   4,407 
    Changes in operating assets and liabilities, net of amounts acquired:   
    Accounts receivable (11,517)  43,086 
    Inventories 9,416   (66,662)
    Prepaid expenses and other current assets (11,188)  11,295 
    Other assets (17,540)  (18,860)
    Accounts payable 21,086   (65,049)
    Accrued liabilities 20,484   (10,532)
    Income taxes, including excess tax benefits and deferred income taxes 4,360   (42,939)
    Net cash provided by operating activities 163,841   74,932 
    CASH FLOWS FROM INVESTING ACTIVITIES:   
    Purchases of property, plant and equipment (55,292)  (53,956)
    Proceeds from sale of assets 695   1,481 
    Intangible asset additions (8,317)  (7,742)
    Proceeds from sale and maturities of investment securities 500   2,920 
    Net cash used in investing activities (62,414)  (57,297)
    CASH FLOWS FROM FINANCING ACTIVITIES:   
    Principal repayments of long-term debt (38,250)  (22,250)
    Proceeds from exercise of stock options 5,883   4,022 
    Payments on finance leases (775)  (681)
    Payments of contingent earn-out liability (2,600)  — 
    Tax withholding payments related to net share settlement of equity awards (11,867)  (9,221)
    Net cash used in financing activities (47,609)  (28,130)
    Effect of exchange rate changes on cash 4,472   (1,097)
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 58,290   (11,592)
    CASH AND CASH EQUIVALENTS, beginning of period 254,222   208,784 
    CASH AND CASH EQUIVALENTS, end of period$312,512  $197,192 


    Use of Non-GAAP Financial Information

    This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. We use non-GAAP financial measures in addition to and in conjunction with GAAP financial measures to analyze and assess the overall performance of our business, in making financial, operating and planning decisions, and in determining executive incentive compensation.

    The non-GAAP financial measures include adjusted EBITDA, adjusted revenue, adjusted gross profit, adjusted selling, general and administrative, adjusted research and development, adjusted restructuring, strategic transaction and integration, adjusted change in fair value of contingent earn-out, adjusted (loss) income from operations, adjusted other expense, net, adjusted (loss) income before income taxes, adjusted (provision) benefit for income taxes, adjusted net (loss) income and adjusted diluted (loss) earnings per share, all of which exclude special items because they are highly variable or unusual and impact year-over-year comparisons.

    For the three months ended September 30, 2024 and 2023, special items include the following:

    Contract manufacturing: We manufacture certain products for Pfizer in accordance with a manufacturing services agreement. We do not include the contract revenue in our adjusted revenue as the commercial relationship under this agreement was originally negotiated contemporaneously with a business combination and is not indicative of a normal market transaction.

    Stock compensation expense: Stock-based compensation is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. The value of stock options is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. The value of our restricted stock awards is determined using the grant date stock price, which may not be indicative of our operational performance over the expense period. Additionally, in order to establish the fair value of performance-based stock awards, which are currently an element of our ongoing stock-based compensation, we are required to apply judgment to estimate the probability of the extent to which performance objectives will be achieved. Based on the above factors, we believe it is useful to exclude stock-based compensation in order to better understand our operating performance.

    Intangible asset amortization expense: We do not acquire businesses or capitalize certain patent costs on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition. Capitalized patent costs can vary significantly based on our current level of development activities. We believe that excluding amortization of intangible assets provides the users of our financial statements with a consistent basis for comparison across accounting periods.

    Restructuring, strategic transaction and integration: We incur restructuring and strategic transaction charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our ongoing operations with prior and future periods.

    Change in fair value of contingent earn-out: We exclude the impact of certain amounts recorded in connection with business combinations. We exclude items that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing.

    Quality system and product-related remediation: We exclude certain quality system and product-related remediation charges in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

    Legal settlement: Occasionally, we are involved in legal proceedings that may result in one-time legal settlements. We exclude these settlements as they have no direct correlation to the operation of our ongoing business.

    Asset write-offs and similar charges: Occasionally, we may write-off certain assets or we may sell certain assets. We exclude the non-cash gain/loss on the write-off/sale of these assets in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

    From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management.

    In addition to the above special items, Adjusted EBITDA additionally excludes the following items from net income:

    Depreciation expense: We exclude depreciation expense in deriving adjusted EBITDA because companies utilize productive assets of different ages and the depreciable lives can vary significantly resulting in considerable variability in depreciation expense among companies.

    Interest, net: We exclude interest in deriving adjusted EBITDA as interest can vary significantly among companies depending on a company's level of income generating instruments and/or level of debt.

    Taxes: We exclude taxes in deriving adjusted EBITDA as taxes are deemed to be non-core to the business and may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

    Adjusted Diluted EPS excludes from diluted EPS, net of tax, the special items listed above. The tax effect on the special items is calculated using the specific tax rate applied to each adjustment based on the nature of the item/or the tax jurisdiction in which the item has been recorded. Additionally, adjusted diluted EPS may exclude the income tax impact of certain non-recurring discrete tax items that are not reflective of income tax expense/benefit incurred as a result of current period earnings/ loss, as well as the impact of certain deferred tax valuation allowances when assessed against non-GAAP profitability.

    We also present Free cash flow as a non-GAAP financial measure as management believes that this is an important measure for use in evaluating overall company financial performance as it measures our ability to generate additional cash flow from business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

    The following tables reconcile our non-GAAP financial measures for the periods presented:

    ICU MEDICAL, INC. AND SUBSIDIARIES
    Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share data)
     
      Adjusted EBITDA
     Three months ended
    September 30,
      2024   2023 
    GAAP net (loss) income$(32,983) $7,238 
        
    Non-GAAP adjustments:   
    Interest, net 24,683   24,175 
    Stock compensation expense 11,770   10,947 
    Depreciation and amortization expense 55,675   58,371 
    Restructuring, strategic transaction and integration 16,828   7,160 
    Change in fair value of contingent earn-out (3,947)  (15,572)
    Quality system and product-related charges 7,737   4,016 
    Asset write-offs and similar charges —   6,083 
    Legal settlement 20   — 
    Provision (Benefit) for income taxes 15,055   (12,604)
    Total non-GAAP adjustments 127,821   82,576 
        
    Adjusted EBITDA$94,838  $89,814 


    ICU MEDICAL, INC. AND SUBSIDIARIES
    Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except percentages and per share)

    The Company’s U.S. GAAP results for the three months ended September 30, 2024 included special items which impacted the U.S. GAAP measures as follows:

     Total
    revenues    		Gross
    profit    		Selling,
    general and
    administrative    		Research
    and
    development    		Restructuring,
    strategic
    transaction
    and
    integration    		Change in
    fair value of
    contingent
    earn-out     		Income
    (loss) from
    operations    		(Loss)
    income
    before
    income
    taxes    		Provision
    for income
    taxes    		Net (loss)
    income    		Diluted
    (loss)
    earnings
    per share
    Reported (GAAP)$589,131 $204,852 $162,707 $21,028 $16,828 $(3,947)$8,236 $(17,928)$(15,055)$(32,983)$(1.35)
    Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  35% 28% 4% 3%(1)% 1%(3)%(84.0)%(6)% 
    Contract manufacturing (9,063) —  —  —  —  —  —  —  —  —  
    Stock compensation expense —  1,816  (9,287) (667) —  —  11,770  11,770  (2,825) 8,945  0.36 
    Amortization expense —  692  (33,611) —  —  —  34,303  34,303  (8,338) 25,965  1.06 
    Restructuring, strategic transaction and integration —  —  —  —  (16,828) —  16,828  16,828  (4,043) 12,785  0.52 
    Change in fair value of contingent earn-out —  —  —  —  —  3,947  (3,947) (3,947) —  (3,947) (0.16)
    Quality system and product-related remediation —  7,737  —  —  —  —  7,737  7,737  (1,839) 5,898  0.24 
    Legal settlement —  —  (20) —  —  —  20  20  —  20  — 
    Tax expense from valuation allowance* —  —  —  —  —  —  —  —  22,394  22,394  0.91 
    Earnings per share impact on net loss due to basic versus diluted weighted average shares —  —  —  —  —  —  —  —  —  —  0.01 
    Adjusted (Non-GAAP)**$580,068 $215,097 $119,789 $20,361 $— $— $74,947 $48,783 $(9,706)$39,077 $1.59 
    Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  37% 21% 4% —% —% 13% 8% 19.9% 7% 

    _______________________

    * The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of September 30, 2024. However, based on the same assessment, including, predominantly, our being, and expectation of remaining for 2024, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.
    ** Amounts may not foot due to rounding.

    ICU MEDICAL, INC. AND SUBSIDIARIES
    Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued)
    (In thousands, except percentages and per share)

    The Company’s U.S. GAAP results for the three months ended September 30, 2023 included special items which impacted the U.S. GAAP measures as follows:

     Total
    revenues    		Gross
    profit    		Selling,
    general and
    administrative    		Research
    and
    development    		Restructuring,
    strategic
    transaction
    and
    integration    		Change in
    fair value of
    contingent
    earn-out    		Income
    from
    operations    		Other
    expense,
    net    		(Loss)
    income
    before
    income
    taxes    		Benefit
    (provision)
    for income
    taxes    		Net
    income    		Diluted
    earnings
    per share
    Reported (GAAP)$553,311 $183,920 $148,609 $20,870 $7,160 $(15,572)$22,853 $(28,219)$(5,366)$12,604 $7,238 $0.30 
    Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  33% 27% 4% 1%(3)% 4%(5)%(1)% 234.9% 1% 
    Contract manufacturing (6,696) —  —  —  —  —  —  —  —  —  —  
    Stock compensation expense —  1,754  (8,743) (450) —  —  10,947  —  10,947  (2,627) 8,320  0.34 
    Amortization expense —  —  (33,411) —  —  —  33,411  —  33,411  (8,179) 25,232  1.04 
    Restructuring, strategic transaction and integration —  —  —  —  (7,160) —  7,160  —  7,160  (1,722) 5,438  0.22 
    Change in fair value of contingent earn-out —  —  —  —  —  15,572  (15,572) —  (15,572) —  (15,572) (0.64)
    Quality system and product-related remediation —  4,016  —  —  —  —  4,016  —  4,016  (974) 3,042  0.12 
    Asset write-offs and similar charges —  6,306  —  —  —  —  6,306  223  6,083  (1,513) 4,570  0.19 
    Adjusted (Non-GAAP)*$546,615 $195,996 $106,455 $20,420 $— $— $69,121 $(27,996)$40,679 $(2,411)$38,268 $1.57 
    Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)  36% 19% 4% —% —% 13%(5)% 7% 5.9% 7% 

    _____________
    * Amounts may not foot due to rounding


    ICU MEDICAL, INC. AND SUBSIDIARIES
    Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
    (In thousands)
     
     Three months ended
    September 30,    		 Nine months ended
    September 30,
      2024   2023   2024   2023 
    Net cash provided by operating activities$36,097   35,161  $163,841  $74,932 
    Purchase of property, plant and equipment (19,910)  (21,467)  (55,292)  (53,956)
    Proceeds from sale of assets 3   50   695   1,481 
    Free cash flow$16,190  $13,744  $109,244  $22,457 


    ICU MEDICAL, INC. AND SUBSIDIARIES
    Fiscal Year 2024
    Outlook (Unaudited)
    (In millions, except per share data)
     
     Low End of Guidance High End of Guidance
    GAAP net loss$(130) $(122)
        
    Non-GAAP adjustments:   
    Interest, net 97   97 
    Stock compensation expense 46   46 
    Depreciation and amortization expense 223   223 
    Restructuring, strategic transaction and integration 65   65 
    Quality and regulatory initiatives and remediation 30   30 
    Change in fair value of contingent earn-out (4)  (4)
    Provision for income taxes 28   30 
    Total non-GAAP adjustments$485  $487 
        
    Adjusted EBITDA$355  $365 
        
        
        
    GAAP basic/diluted loss per share$(5.28) $(4.98)
        
    Non-GAAP adjustments:   
    Stock compensation expense 1.87   1.87 
    Amortization expense 5.53   5.53 
    Restructuring, strategic transaction and integration 2.64   2.64 
    Quality and regulatory initiatives and remediation 1.22   1.22 
    Change in fair value of contingent earn-out (0.16)  (0.16)
    Tax expense from valuation allowance 2.29   2.29 
    Estimated income tax impact from adjustments (2.71)  (2.71)
    Adjusted diluted earnings per share$5.40  $5.70 


    CONTACT:
    ICU Medical, Inc.                                        
    Brian Bonnell, Chief Financial Officer
    (949) 366-2183
         
    ICR, Inc.
    John Mills, Partner
    (646) 277-1254


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