ICU Medical, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016 and Tax Rate Guidance for the Fourth Quarter 2016 and Earnings Guidance for the Year 2018
November 09, 2016 at 04:05 pm EST
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ICU Medical, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2016. Third quarter 2016 revenue was $97.1 million, compared to $86.0 million in the same period last year. GAAP net income for the third quarter of 2016 was $18.8 million, or $1.09 per diluted share, as compared to GAAP net income of $16.3 million, or $0.98 per diluted share, for the third quarter of 2015. Adjusted diluted earnings per share for the third quarter of 2016 were $1.35 as compared to $1.00 for the third quarter of 2015. Also, adjusted EBITDA was $34.0 million for the third quarter of 2016 as compared to $29.7 million for the third quarter of 2015. Total revenues were $97.108 million against $86.016 million a year ago. Income from operations was $22.455 million against $24.768 million a year ago. Income before income taxes was $23.026 million against $24.998 million a year ago.
For the nine-month period, the company reported net sales were $283.659 million against $250.876 million a year ago. Total revenues were $283.684 million against $251.281 million a year ago. Income from operations was $69.170 million against $56.062 million a year ago. Income before income taxes was $71.075 million against $57.058 million a year ago. Net income was $53.572 million or $3.13 diluted per share against $39.522 million or $2.41 diluted per share a year ago. Net cash provided by operating activities was $68.707 million against $48.630 million a year ago. Purchases of property and equipment were $15.018 million against $7.729 million a year ago. Adjusted EBITDA was $99.773 million or $3.72 diluted per share against $83.752 million or $3.0 or $3.01 diluted per share a year ago.
For the year, the company is updating guidance and now expects its revenue to be in the range of $375 million to $380 million, adjusted diluted earnings per share to be in the range of $4.80 to $4.90 and adjusted EBITDA to be in the range of $132 million to $134 million. GAAP net income was $69 million to $70 million, GAAP diluted earnings per share was $3.96 to $4.06 and amortization expense was $0.16 to $0.16.
The company expects tax rate to be between 33% and 35% for the fourth quarter of 2016.
The company expects to achieve at least a $150 million in EBITDA by 2018, driven by continued growth in infusion and oncology.
ICU Medical, Inc. develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications. Its product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needle free IV connectors, peripheral IV catheters, and sterile IV solutions; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products. Its Infusion Therapy products include Clave needlefree products, Neutron, and Tego. Its oncology products include ChemoLock Closed System Transfer Devices (CSTD) and Deltec GRIPPER non-coring needles for portal access. Its vascular access products include Safe-T Wing venipuncture and blood collection devices; Port-A-Cath implantable port, and Portex arterial blood sampling syringes. Its Tracheostomy product include Portex BLUselect PVC tracheostomy tubes.
ICU Medical, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016 and Tax Rate Guidance for the Fourth Quarter 2016 and Earnings Guidance for the Year 2018