# ICU Medical, Inc. (ICUI)

> Source: Nexqual · https://nexqual.com/ICUI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ICU Medical, Inc. (ICUI), nexqual.com/ICUI" · informational, not investment advice.

**Price:** USD 168.33 (+4.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 160.84 · day 160.85–168.62 · 52w 113.37–192.85 · market cap $4.21B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.16B, net income $30.1M (1.4% margin), free cash flow $153M (SEC filings).
- Valuation: P/E 139.9x (avg 4853.9x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income -$1.6M vs operating income $72.1M over the last four quarters; P/E excluding non-operating income ≈132.9x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $7.5M; 7 not under a Rule 10b5-1 plan ($4.0M); 6 by opportunistic insiders (5 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (8 analysts), mean target USD 193.38 (range 178–210).
- Total return with dividends: 1Y +38.4% vs S&P 500 +14.9%; 5Y -25.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.15, revenue estimate $554M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.32B | $2.28B | $2.26B | $2.38B | $2.23B | $2.16B |
| Gross profit | $491M | $698M | $740M | $825M | $822M | — |
| Operating income | $123M | -$42.9M | $22.8M | $43.0M | $42.8M | $72.1M |
| Net income | $103M | -$74.3M | -$29.7M | -$118M | $732K | $30.1M |
| EPS (diluted) | $4.74 | -$3.11 | -$1.23 | -$4.83 | $0.03 | — |
| Free cash flow | $199M | -$152M | $82.3M | $125M | $91.8M | $153M |
| Gross margin | 37.3% | 30.6% | 32.8% | 34.6% | 36.8% | — |
| Operating margin | 9.4% | -1.9% | 1.0% | 1.8% | 1.9% | 3.3% |
| Net margin | 7.8% | -3.3% | -1.3% | -4.9% | 0.0% | 1.4% |
| Revenue growth | +3.6% | +73.2% | -0.9% | +5.4% | -6.3% | — |
| Cash + short-term investments | $567M | $213M | $255M | $309M | — | — |
| Total debt | $0K | $1.65B | $1.63B | $1.58B | $1.28B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 139.9x · P/E ex non-operating (est.) ≈132.9x · P/S 1.9x · P/FCF 27.5x · P/B 2.0x · FCF yield 3.63% · Earnings yield 0.71%
P/E at fiscal year-ends: Dec 2025 4853.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Sanzone Virginia Ruth | VP, General Counsel | 4,856 | $819K | 25% | Yes (adopted June 8, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Bonnell Brian Michael | Chief Financial Officer | 6,381 | $1.1M | 10.2% | Yes (adopted June 1, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Bonnell Brian Michael | Chief Financial Officer | 9,307 | $1.6M | 13% | Yes (adopted June 1, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Woolson Daniel | VP, GM-Infusion Capital | 5,417 | $982K | 24.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-12 | Sousa Ben | Chief Information Officer | 2,250 | $401K | 42.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Voigtlander Christian B. | Chief Operating Officer | 8,929 | $1.6M | 19.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Finney Elisha W | Director | 378 | $69K | 7.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Woolson Daniel | President | 2,123 | $281K | 8.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Sanzone Virginia Ruth | VP, General Counsel | 2,447 | $304K | 11.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Greenberg David C. | Director | 2,424 | $298K | 20.8% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 8 analysts; mean target USD 193.38 (low 178, high 210).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Piper Sandler | Target raised | Overweight | $163 → $195 |
| 2026-08-07 | BTIG | Target raised | Buy | $170 → $200 |
| 2026-08-07 | Needham | Target raised | Buy | $165 → $187 |
| 2026-07-21 | Keybanc | Target raised | Overweight | $164 → $182 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.4% | -25.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.5% | -5.7% |
| Volatility (annualized) | 35.4% | 38.9% |
| Max drawdown | -27.2% (Jan 2026→Apr 2026) | -66.8% (Nov 2021→Nov 2023) |

## Peers (Medical Instruments & Supplies)
NVST (Envista Holdings Corporation) USD 23.97 +3.36% · PLSE (Pulse Biosciences, Inc) USD 52.68 +2.67% · MMED (MiniMed Group, Inc.) USD 18.29 +2.75% · STVN (Stevanato Group S.p.A.) USD 19.5 +3.61% · WRBY (Warby Parker Inc.) USD 25.67 +0.16% · MMSI (Merit Medical Systems, Inc.) USD 93.94 +2.78%

## More
Full page: https://nexqual.com/ICUI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ICUI's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/883984/000088398426000008/icui-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Otsuka Pharmaceutical Factory America | "All statements, other than statements of historical fact, contained in this Annual Report on Form 10-K, including, without limitation, statements regarding: our future results of operations and financial position, busine…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Infusion Consumables | $289.3M | 52.4% | +5.9% |
| Infusion Systems | $189.0M | 34.3% | +12.7% |
| Vital Care | $73.4M | 13.3% | -32.1% |
| Total revenue | $551.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $349.9M | 63.4% | +4.3% |
| EMEA | $95.1M | 17.2% | -4.0% |
| Asia Pacific | $55.6M | 10.1% | -4.7% |
| Other foreign countries | $51.1M | 9.3% | -8.7% |
| Total revenue | $551.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.15 | $2.08 | +3.2% | $553.9M | 7 |
| Next quarter (ends 2026-12-31) | $2.23 | $2.20 | +1.8% | $561.6M | 7 |
| Current fiscal year (ends 2026-12-31) | $8.75 | $8.16 | +7.3% | $2.19B | 8 |
| Next fiscal year (ends 2027-12-31) | $9.65 | $9.30 | +3.7% | $2.29B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±10.8%; last 8 reports averaged ±6.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.8% | ±10.8% |
| 2026-12-18 | 56 | 41.0% | ±13.0% |
| 2027-02-19 | 119 | 40.1% | ±18.3% |
| 2027-05-21 | 210 | 41.0% | ±24.8% |