ICU Medical, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Earnings Guidance for the Full Year 2018 and Provides Tax Rate Guidance for the Second Half of 2018
August 09, 2018 at 04:01 pm EDT
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ICU Medical. Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales of $360,460,000 against $331,218,000 a year ago. Total revenue was $360,460,000 against $331,514,000 a year ago. Income from operations was $29,997,000 against loss of $35,932,000 a year ago. Income before income taxes was $29,597,000 against loss of $39,177,000 a year ago. Net income was $31,054,000 against loss of $37,060,000 a year ago. Net income per diluted share was $1.44 against loss of $1.87 million a year ago. Adjusted EBITDA was $77,401,000 against $46,950,000 a year ago. Adjusted diluted earnings per share were $2.66 against $0.76 a year ago. The company finished the quarter with approximately $341 million in adjusted revenue. The company generated $80 million of operating cash.
The company spent $21 million on CapEx for general maintenance, integration and infrastructure.
For the six months, the company reported net sales of $732,493,000 against $578,461,000 a year ago. Total revenue was $732,493,000 against $579,253,000 a year ago. Income from operations was $32,929,000 against loss of $52,915,000 a year ago. Income before income taxes $33,420,000 against $6,671,000 a year ago. Net income was $35,929,000 against $18,803,000 a year ago. Net income per diluted share was $1.67 against $0.93 a year ago.
For the fiscal year 2018, the company expects adjusted EBITDA from a range of $240 million to $260 million to a range of $270 million to $280 million and adjusted earnings per share from a range of $6.60 to $7.30 to a range of $8.30 to $8.70. The company
expect capital expenditures to come down to approximately 3% to 5% of revenues.
The company expects tax rate for the second half of the year should be approximately 20% to 22%.
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. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Earnings Guidance for the Full Year 2018 and Provides Tax Rate Guidance for the Second Half of 2018