ICU Medical Raises Full-Year Profit Guidance as Revenue Rebounds
The medical technology company raised its fiscal 2026 GAAP net income guidance to a range of $73 million to $83 million from a prior range of $26 million to $44 million.
ICU Medical (ICUI) reported second-quarter results that marked a return to growth and a significant upward revision of its full-year financial outlook.
The company shifted from a contraction in the previous quarter to a period of acceleration. GAAP revenue increased 1% year-over-year to $551.7 million, a reversal from the 12% year-over-year decline reported in the first quarter. Non-GAAP organic revenue growth also accelerated to 6% year-over-year, up from 1% in the prior quarter.
Profitability metrics showed a consistent upward trajectory. GAAP gross margin expanded to 43% in the second quarter from 38% in the same period last year. This followed a steady climb from 38% in the fourth quarter of 2024 and 39% in the first quarter of 2025. Adjusted EBITDA rose to $110.0 million, compared to $100.3 million in the second quarter of 2024 and $98.7 million in the first quarter of 2025.
Growth was driven by gains across key product lines. GAAP revenue for Infusion Systems accelerated to 13% year-over-year growth, compared to 2% in the first quarter. Consumables GAAP revenue growth also increased to 6% year-over-year, up from 4% in the prior quarter.
ICU Medical raised its full-year 2025 GAAP diluted EPS guidance to a range of $2.89 to $3.29, up from a prior range of $1.03 to $1.74. The company also increased its Adjusted EBITDA guidance to a range of $415 million to $435 million from a prior range of $400 million to $430 million. Adjusted diluted EPS guidance was raised to a range of $8.60 to $9.00 from $7.75 to $8.45.
The company disclosed a new non-GAAP adjustment for tariff refunds totaling $18.888 million in the second quarter. This adjustment was not present in the reconciliation for the second quarter of the prior year.