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.