ICUI · Icu Medical Inc/De
One customer — 19% of revenue (six months ended June 30, 2026)
“For the three and six months ended June 30, 2026, our consolidated worldwide net sales to a single distributor were 19%, and 19%, respectively, and for the three and six months ended June 30, 2025, were 19% and 18%.”
One customer — 19% of revenue (three months ended June 30, 2026)
“For the three and six months ended June 30, 2026, our consolidated worldwide net sales to a single distributor were 19%, and 19%, respectively, and for the three and six months ended June 30, 2025, were 19% and 18%.”
One customer — 19% of revenue (three months ended June 30, 2025)
“For the three and six months ended June 30, 2026, our consolidated worldwide net sales to a single distributor were 19%, and 19%, respectively, and for the three and six months ended June 30, 2025, were 19% and 18%.”
One customer — 18% of revenue (six months ended June 30, 2025)
“For the three and six months ended June 30, 2026, our consolidated worldwide net sales to a single distributor were 19%, and 19%, respectively, and for the three and six months ended June 30, 2025, were 19% and 18%.”
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. ICU Medical raised and narrowed its full-year 2026 guidance for adjusted EBITDA to $415-$435 million and adjusted EPS to $8.60-$9.00, with record Q2 results in Infusion Systems (13% reported, 12% organic) and Consumables (6% reported, 5% organic), while Vital Care declined 32% reported / 4% organic on IV Solutions deconsolidation.
- + Q2 Infusion Systems revenue grew 13% reported and 12% organic to a record in pumps.
- + Full-year adjusted EBITDA guidance raised and narrowed to $415-$435 million from $400-$430 million.
- + Full-year adjusted EPS guidance raised and narrowed to $8.60-$9.00 from $7.75-$8.45.
- + Full-year adjusted gross margin guidance raised to ~41.5% on lower tariffs and accelerated synergy capture.
- − Vital Care revenue declined 32% reported / 4% organic in Q2 due to the May 2025 IV Solutions deconsolidation.
- − Q2 restructuring, integration and strategic transaction expense rose to $21 million, including $10 million of non-cash asset write-offs tied to facility exits.
- − GAAP diluted EPS fell to $0.76 from $1.43, and GAAP net income declined to $19.1 million from $35.3 million.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted (Non-GAAP) Total revenues non-GAAP | 547.88M | Three months ended June 30, 2026 | — |
| Adjusted diluted earnings per share non-GAAP | $2.37 | second quarter of 2026 | — |
| Adjusted EBITDA non-GAAP | $110M | second quarter of 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP net income 19.09M
+15.75M Interest, net
+11.87M Stock compensation expense
+49.61M Depreciation and amortization expense
+21.3M Restructuring, strategic transaction and integration
+30K Settlements
+5.89M Quality system and product-related remediation
+0K Gain on sale of business
-1.12M Noncash release of loss on contract provision
-575K Gross profit on contract manufacturing
-18.89M Tariff refunds
+7.07M Provision for income taxes
= Adjusted EBITDA 110.03M
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| Free cash flow non-GAAP | 89.27M | Six months ended June 30, | — |
| Net Debt non-GAAP | 941.51M | As of June 30, 2026 | — |
| Net Leverage Ratio non-GAAP | 2.28 | As of June 30, 2026 | — |
| non-GAAP organic revenue growth non-GAAP | 6% | second quarter of 2026 | — |
| TTM Adjusted EBITDA non-GAAP | 412.81M | As of June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP net income 30.09M
+72.69M Interest, net
+55M Stock compensation expense
+201.27M Depreciation and amortization expense
+71.69M Restructuring, strategic transaction and integration
+1.6M Settlements
+38.07M Quality system and product-related remediation
+887K Asset write-offs and similar charges
-2.97M Gain on sale of business
-4.39M Noncash release of loss on contract provision
-1.29M Gross profit on contract manufacturing
-18.89M Tariff refunds
-30.96M Provision for income taxes
= TTM Adjusted EBITDA 412.81M
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Medical Instruments & Supplies — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ICUI
this stock
Icu Medical Inc/De
|
$4.12B | +11.7% | -6.3% | 138.6 | 6.1% |
|
ISRG
Intuitive Surgical Inc
|
$143.14B | -30.8% | +20.5% | 46.5 | 2.3% |
|
BDX
Becton Dickinson & Co
|
$49.57B | — | +8.2% | — | 4.2% |
|
MDLN
Medline Inc.
|
$45.62B | -15.2% | +11.5% | — | 3.1% |
|
RMD
Resmed Inc
|
$32.02B | -9.1% | +13.4% | 21.3 | 9.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ICUI | -3.4% | -4.2% | +23.2% | -0.7% | +11.7% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -3.2% | -3.7% | +11.1% | -1.6% | -1.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.