Quality Investor

ICU Medical, Inc.

Rank #326ValueWatchlistCompare with other stocks

ICUI · Nasdaq · Healthcare

ICU Medical, Inc. (ICUI) — Rank #326 by gross profitability (GP/assets 0.21) · ROE 0.0% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0000883984 · all metrics point-in-time as of the filing date.

About

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical products used in infusion therapy, vascular access, and vital care applications worldwide.

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It offers Clave needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoLock closed system transfer devices and ChemoClaveTM for preparation and administration of hazardous drugs; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; ClearGuard, SwabCap, and SwabTip disinfection caps; and vascular access products. The company provides IV therapy and diluents, such as sodium chloride, dextrose, balanced electrolyte solutions, lactated ringer's, ringer's, mannitol, sodium chloride/dextrose, and sterile water; and irrigation solutions comprising sodium chloride, sterile water irrigation, physiologic solutions, ringer's irrigation, acetic acid irrigation, glycine irrigation, sorbitol-mannitol irrigation, flexible containers, and pour bottle options. It offers infusion pumps under the Plum 360 and Plum Duo brands; ambulatory and syringe infusion hardware products; IV mediation safety software, including ICU Medical MedNet, an enterprise-class medication management platform; LifeShield and PharmGuard medication infusion safety software; hemodynamic monitoring products; anesthesia systems and devices, breathing circuits, ventilation, respiratory, and specialty airway products; temperature management solutions; anesthesia/pain management trays and components; and professional services. The company's customers include acute care hospitals, wholesalers, ambulatory clinics, and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. ICU Medical, Inc.

was founded in 1984 and is based in San Clemente, California.

Industry
Medical Instruments & Supplies
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
icumed.com

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

13,000

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

9/12

Flags passed

ICUI fails 1 critical flag

Passes 9 of 12 quality flags, 2 cautions

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.21
Return on equity
0.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.85
Current ratio
2.43×
Net cash
-$932.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.5%

Growth

0/2 pass
Revenue growth
-6.3%
Piotroski F-Score
6 / 9
Share dilution
2.1%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0th percentile of 20 SIC 3841 peers

Gross profitability (GP / assets)

0.21

Primary signal (Novy-Marx).

0th pctl of 20 SIC 3841 peers

Return on equity

0.0%

Gross margin

36.8%

5th pctl of 20 SIC 3841 peers

Revenue growth (YoY)

-6.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-0.7%

Revenue CAGR (5Y)

11.9%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 12442% above net income

Free cash flow

$91.80M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

12441.5%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.5%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net debt $932.90M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.85

13th of 19 SIC 3841 peers (best = lowest)

Current ratio

2.43×

32nd pctl of 20 SIC 3841 peers

Quick ratio

0.97×

Net cash

-$932.90M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend
2.1%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
7.3%5/5 Strong

Lifecycle Phase History

20202025
Value
Hypergrowth
Startup