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
- FAILRevenue declining YoY
Revenue contracted year over year
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- CAUTIONDisclosure regression
A previously-disclosed line item is no longer reported — worth checking the filing for why
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo 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 passSafety
1/1 passCash Flow
3/3 passGrowth
0/2 passDividend 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.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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
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).
Accruals healthy
Cash-backed earnings.
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.
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
Lifecycle Phase History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports