Revenue: As of FY2026 Q1, the actual value is USD 530.23 M, missing the estimate of USD 531.12 M.EPS: As of FY2026 Q1, the actual value is USD 1.2, beating the estimate of USD 0.0967.EBIT: As of FY2026 Q1, the actual value is USD 30.07 M.<h4>Segment Revenue</h4><ul><li>Total Revenues: ICU Medical, Inc. reported total revenues of $530,225 thousand for the three months ended March 31, 2026, a decrease from $604,702 thousand for the same period in 2025.</li><li>Consumables Revenue: GAAP consumables revenue increased by $12.1 million (4.5%) year-over-year to $278.3 million for the three months ended March 31, 2026, compared to $266.2 million in 2025. In constant currency, this segment’s revenue was $271.5 million in 2026, an increase of $5.3 million (2.0%) year-over-year.</li><li>Infusion Systems Revenue: GAAP infusion systems revenue grew by $13.3 million (8.0%) year-over-year to $179.6 million for the three months ended March 31, 2026, up from $166.3 million in 2025. In constant currency, this revenue was $176.0 million in 2026, representing a $9.7 million (5.8%) year-over-year increase.</li><li>Vital Care Revenue: GAAP vital care revenue decreased significantly by -$99.9 million (-58.0%) year-over-year to $72.3 million for the three months ended March 31, 2026, from $172.2 million in 2025. The constant currency decrease was -$101.3 million (-58.8%), with revenue at $70.9 million in 2026.</li></ul><h4>Operational Metrics</h4><ul><li>Gross Profit: Gross profit was $206,226 thousand for the three months ended March 31, 2026, down from $210,109 thousand in the prior year period.</li><li>Gross Margin: The gross margin improved to 38.9% for the three months ended March 31, 2026, compared to 34.8% for the same period in 2025.</li><li>Income from Operations: Income from operations increased to $13,579 thousand for the three months ended March 31, 2026, from $12,888 thousand in the prior year.</li><li>Operating Expenses:<ul><li>Selling, General and Administrative (SG&amp;A): SG&amp;A expenses were $154,566 thousand for the three months ended March 31, 2026, a decrease from $157,233 thousand in 2025.</li><li>Research and Development (R&amp;D): R&amp;D expenses decreased to $21,280 thousand for the three months ended March 31, 2026, from $23,291 thousand in 2025.</li><li>Restructuring, Strategic Transaction and Integration Expenses: These expenses were $16,801 thousand for the three months ended March 31, 2026, slightly up from $16,697 thousand in 2025.</li></ul></li><li>Interest Expense, Net: Net interest expense was -$16,494 thousand for the three months ended March 31, 2026, an improvement from -$22,031 thousand in 2025.</li><li>Benefit (Provision) for Income Taxes: The company recognized a benefit for income taxes of $34,714 thousand for the three months ended March 31, 2026, compared to a provision of -$4,570 thousand in 2025.</li><li>Equity in Losses of Unconsolidated Affiliates: Equity in losses was -$607 thousand for the three months ended March 31, 2026, compared to $0 thousand in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Net cash provided by operating activities was $38,909 thousand for the three months ended March 31, 2026, down from $51,327 thousand in the prior year period.</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was -$11,209 thousand for the three months ended March 31, 2026, an improvement from -$16,811 thousand in 2025.</li><li>Net Cash Used in Financing Activities: Net cash used in financing activities was -$44,122 thousand for the three months ended March 31, 2026, compared to -$56,336 thousand in 2025.</li><li>Cash and Cash Equivalents, End of Period: Cash and cash equivalents stood at $288,330 thousand as of March 31, 2026, slightly lower than $289,704 thousand as of March 31, 2025.</li></ul><h4>Unique Metrics and Strategic Summary</h4><ul><li>Disposal of IV Solutions Business: On May 1, 2025, ICU Medical, Inc. sold a 60% ownership interest in its IV Solutions business to OPF, forming the Otsuka ICU Medical LLC joint venture, resulting in a combined gain of $44.8 million. The company used $200.0 million of the proceeds to pay down its Term Loan A long-term debt.</li><li>Hedging Activities: ICU Medical, Inc. uses foreign exchange forward contracts with a total notional amount of $222.5 million as of March 31, 2026, to hedge foreign currency-denominated revenues and expenses. The company also uses interest rate swaps to manage floating interest rate risk, with outstanding notional amounts of approximately $173.7 million for Term Loan A, an additional $300.0 million swap, and a new $225.0 million swap for Term Loan A interest payments.</li><li>Long-Term Debt: As of March 31, 2026, the total outstanding principal under the Amended Credit Agreement was $1.3 billion, which includes a $750.0 million senior secured Term Loan A and a $500.0 million revolving credit facility. ICU Medical, Inc. was in compliance with all financial covenants, including a Maximum Secured Net Leverage Ratio of 4.50 to 1.00 and a Minimum Interest Coverage Ratio of 3.00 to 1.00.</li><li>2025 FDA Warning Letter: ICU Medical, Inc. received a warning letter from the FDA in April 2025 concerning changes to its MedFusion™ Model 4000 Syringe Infusion Pump and CADD™ Solis VIP Ambulatory Infusion Pump, leading to the withdrawal and planned resubmission of 510(k) applications after additional testing.</li><li>Tariffs and Duties: Following a Supreme Court ruling in February 2026 against the U.S. Administration’s authority to impose tariffs under IEEPA, new broader tariff measures under Section 122 of the Trade Act of 1974 were immediately implemented, which could increase import costs.</li><li>Stock Repurchase Plan: As of March 31, 2026, $100.0 million remained available for repurchase under the share purchase plan approved in August 2019, subject to limitations by the Credit Agreement.</li></ul><h4>Outlook and Guidance</h4>ICU Medical, Inc. anticipates planned capital expenditures for 2026 to be between $85 million and $100 million, consistent with previous disclosures. Additionally, future capital investments, including those for quality systems and compliance, are projected to be between $60 million and $80 million for 2026. The company is monitoring its liquidity to address a potential earlier repayment obligation for Term Loan B, which could accelerate the maturity of Term Loan A and the Revolving Credit Facility.

ICU Medical | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 530.23 M