IC
ICU Medical Inc
ICUI—
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ICU Medical Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 1.5B is 70% of equity with negative tangible book value (-36M) - acquisition-heavy balance sheet creates impairment risk[Goodwill]
- Interest expense of 97M TTM consumes 75% of operating income (129M) - debt service severely constrains profitability[Interest Expense]
- P/E of 835x vs industry median 32x despite negative net income (-7M TTM) - valuation disconnected from fundamentals[P/E Ratio]
Watch Triggers
- Interest Expense: Exceeds 100M annually or >80% of operating income — Signals debt spiral - current 75% coverage ratio leaves minimal margin for error
- Goodwill: Any impairment charge or write-down announcement — 1.5B goodwill vs 2.1B equity - impairment would devastate book value
- Free Cash Flow TTM: Falls below 50M or turns negative — 62M FCF barely services 1.4B debt - deterioration threatens solvency
Bull Case
Operating margin 5.6% TTM positive vs industry median -5% - profitable in unprofitable sector with 328M EBITDA providing debt coverage
Operating Margin TTMEBITDA TTM
EPS growth 56% 3Y CAGR vs industry 5% median shows operational turnaround despite revenue headwinds
EPS Growth 3Y TTMTotal Revenue 3Y Growth
Bear Case
Revenue declining -3.5% 3Y while industry grows 6% - losing market share with gross margin 36% below industry median 53%
Total Revenue 3Y GrowthGross Margin TTM
Negative tangible book (-36M) with 2.2B intangibles means 53% of assets are goodwill/intangibles - acquisition write-down risk
Tangible Book ValueGoodwill and Other Intangible Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Debt burden will force margin expansion or asset sales within 18 months
1-3ymed
- 1.4B debt at 0.64 D/E with 97M annual interest
- FCF of 62M TTM barely covers debt service
- Revenue declining -3.5% 3Y CAGR limits organic deleveraging
Interest expense 97M vs EBIT 125M TTMFCF margin 2.7% vs capex needsNet debt 1.0B with 300M cash
Valuation Context
Caveats
Public Strategies Rankings
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ICUI Fundamentals
Manufacturing → Miscellaneous Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.81B | — | ||
$4.87B | — | ||
876 | — | ||
$2.32B | -0.8% | — | |
$0.18 | — | ||
5.57% | +3.6% | — | |
-0.32% | +4.4% | — | |
$62.24M | -61.0% | — | |
0.00 | +5.0% | — | |
Beta 5Y (Monthly) | unknown | — |
ICUI Dividend History
No dividends
ICUI Stock Splits
1 stock split
03/18/020.666667:1 split
ICUI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
11/12/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
11/06/23 | 09/30/23 | 10-Q | |
08/07/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/27/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
03/02/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/01/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/16/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/12/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
10/22/13 | 09/30/13 | 10-Q | |
07/25/13 | 06/30/13 | 10-Q | |
04/22/13 | 03/31/13 | 10-Q | |
02/26/13 | 12/31/12 | 10-K | |
10/19/12 | 09/30/12 | 10-Q | |
07/20/12 | 06/30/12 | 10-Q | |
04/20/12 | 03/31/12 | 10-Q | |
03/23/12 | 12/31/11 | 10-K | |
10/21/11 | 09/30/11 | 10-Q | |
07/22/11 | 06/30/11 | 10-Q | |
04/22/11 | 03/31/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
12/08/11 | 09/30/10 | 10-Q/A | |
07/23/10 | 06/30/10 | 10-Q | |
12/08/11 | 06/30/10 | 10-Q/A | |
04/23/10 | 03/31/10 | 10-Q | |
02/19/10 | 12/31/09 | 10-K | |
10/22/09 | 09/30/09 | 10-Q | |
10/22/10 | 09/30/09 | 10-Q | |
07/24/09 | 06/30/09 | 10-Q | |
04/23/09 | 03/30/09 | 10-Q | |
02/20/09 | 12/31/08 | 10-K | |
10/23/08 | 09/30/08 | 8-K | |
07/30/08 | 06/30/08 | 10-Q | |
05/05/08 | 03/30/08 | Unknown | -- |
02/22/08 | 12/31/07 | 10-K | |
10/25/07 | 09/30/07 | 10-Q | |
07/26/07 | 06/30/07 | 10-Q | |
04/26/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
10/26/06 | 09/30/06 | 10-Q | |
07/26/06 | 06/30/06 | 10-Q | |
04/26/06 | 03/30/06 | Unknown | -- |
03/10/06 | 12/31/05 | 10-K | |
10/31/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/09/05 | 03/30/05 | Unknown | -- |
03/14/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/05/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/11/03 | 06/30/03 | 10-Q | |
05/12/03 | 03/30/03 | Unknown | -- |
03/28/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 3 | |
08/12/02 | 06/30/02 | 10-Q | |
04/24/02 | 03/30/02 | Unknown | -- |
02/25/02 | 12/31/01 | 10-K | |
11/08/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
04/25/01 | 03/31/01 | S-8 | |
03/09/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/03/00 | 06/30/00 | 10-Q | |
04/28/00 | 03/30/00 | Unknown | -- |