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- **Revenue Beat Expectations**: Q3 revenue $533M (+5% organic), driven by 8% growth in Consumables and 9% in IV Systems.
- **Gross Margin Expansion**: 41% adjusted gross margin, up 0.5ppts from Italy payback settlement and 5ppts from JV deconsolidation.
- **EPS Growth**: Diluted EPS $2.03 (+28%), exceeding prior guidance, with adjusted EBITDA $106M (+12% YoY).
- **Tariff Impact**: $11M Q3 tariffs, $25M annualized, reducing gross margin by 2ppts. 2026 outlook cautious on trade headwinds.
- **Strategic Momentum**: New product approvals (Plum Solo, Medfusion 5000) and refresh cycle for installed base position for mid-term growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $533 million, up 5% organically, driven by Consumables (8% reported, 7% organic) and IV Systems (9% reported, 8% organic). Record quarter for absolute sales in Consumables.
- **Gross Margin Improvement**: Adjusted gross margin of 41%, up 0.5 percentage points from Italy payback settlement and 5% from IV Solutions JV deconsolidation. Tariffs reduced margin by 2 percentage points.
- **Strategic Priorities**: Focus on innovation (e.g., Medfusion 5000, Plum Solo), refresh of installed base, and cost control. 2026 outlook cautious on tariffs but optimistic on commercial execution.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $420 million, adjusted EBITDA $106 million (+12% YoY), EPS $2.03 (+28%). Free cash flow $28 million, with $273M debt repayment YTD.
- **Cost Management**: SG&A down 24.3% of revenue, R&D $21 million. Restructuring expenses $13 million, tariffs $11 million Q3, $25M annualized.
- **Balance Sheet**: $1.3B debt, $300M cash. Refinanced $190M Term Loan A to reduce interest costs by $2M annually.

**【Q&A Key Highlights】**
- **Consumables Growth**: Driven by new implementations, niche markets (oncology, dialysis), and Western Europe. Mid-single-digit growth expected for 2025, with 2026 outlook cautious on sequential Q4 decline.
- **Infusion Systems Traction**: Solo orders starting, Duo installations ongoing. Refresh cycle for Plum 360 base expected late 2026. FDA dialogue active on new product approvals.
- **Tariffs and Margin Targets**: 2025 tariffs $25M, 2026 impact uncertain. Target 45% gross margin (tariff-adjusted), with 2 percentage points to close via synergies and volume growth.
- **Free Cash Flow**: Potential for improvement as restructuring costs decline, but tariffs and remediation expenses remain headwinds.
- **Portfolio Management**: Open to optimizing Vital Care segment, but no immediate actions. Focus on core businesses with strong clinical value and manufacturing barriers.

ICU Medical, Inc.(ICUI)-20251107-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ICUI

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