ICU Medical 3Q net income jumps 32 percent
SAN CLEMENTE, Calif. (AP) — ICU Medical Inc. said Monday that its net income climbed 32 percent in the third quarter on more sales of infusion therapy and cancer treatment products.
ICU raised its profit guidance for the full year, but trimmed its revenue estimates because of the weaker euro and softer results from its critical care business.
Net income rose to $12.2 million, or 82 cents per share, from $9.3 million, or 65 cents per share, a year ago. Revenue increased 6 percent, to $81.4 million.
Analysts expected ICU to report earnings of 68 cents per share on $81.3 million in revenue, according to FactSet.
The medical device now expects annual net income of $2.75 to $2.80 per share, up from a previous estimate of $2.55 to $2.70 per share. Revenue is estimated between $315 million and $318 million, down from an earlier forecast of $318 million to $325 million.
Analysts forecast income of $2.60 per share and revenue of $320.4 million, on average.
Shares of ICU Medical rose 75 cents to close at $59.96.