ICU Medical Reverses First-Quarter Sales Decline

The Tip Desk · November 6, 2026 · 2 min read

Third-quarter revenue reached $560.4 million, up 4.4% from a year earlier, as Infusion Systems growth accelerated and the company reaffirmed full-year 2026 guidance.

ICU Medical, Inc. (ICUI), a developer and manufacturer of infusion systems, consumables and critical-care products, reported third-quarter GAAP revenue of $560.4 million, up 4.4% from $537.0 million a year earlier.

That year-over-year increase reversed a 12% decline in the first quarter and a 1% rise in the second. Chief Executive Officer Vivek Jain said third-quarter results were ahead of the company’s expectations for Infusion Systems and generally in line with expectations for the remainder of the business.

GAAP results swung to net income of $26.8 million, or $1.07 a share, from a net loss of $3.4 million, or $0.14 a share, a year earlier. Adjusted diluted earnings were $2.44 a share, compared with $2.03 a year earlier. Adjusted EBITDA was $113.9 million, versus $105.9 million a year earlier.

GAAP gross profit was $234.8 million, and GAAP gross margin was 42%, compared with 37% a year earlier. Income from operations was $52.3 million. Restructuring, strategic transaction and integration expense was $6.3 million. The company recorded $10.4 million of IEEPA tariff refunds, excluded from adjusted EBITDA, and a $2.8 million impairment of an equity-method investment.

Infusion Systems revenue was $192.5 million, up 10.7% from $173.9 million a year earlier. Consumables revenue was $298.4 million, up 4.7% from $285.1 million a year earlier. Vital Care revenue was $69.5 million, down 10.9% from $78.0 million a year earlier, after a 32.0% decline in the second quarter and a 58.0% decline in the first. On May 1, 2025, the company disposed of its IV Solutions business, which had been included in Vital Care.

Vital Care included $4.2 million of contract-manufacturing revenue in the third quarter, compared with $3.6 million a year earlier. Selling, general and administrative expense was $154.4 million. Research and development expense was $21.8 million. Interest expense, net, was $15.2 million.

The company reaffirmed full-year 2026 guidance of GAAP net income of $73 million to $83 million and GAAP diluted earnings of $2.89 to $3.29 a share, and Adjusted EBITDA of $415 million to $435 million and adjusted diluted earnings of $8.60 to $9.00 a share, saying it expects to end the fiscal year towards the higher end of the range. Those ranges had been lifted from $26 million to $44 million of GAAP net income and $400 million to $430 million of Adjusted EBITDA after the second quarter.

Cash and cash equivalents were $301.8 million at September 30, 2026. Long-term debt was $1.13 billion.