ICU Medical Announces Second Quarter 2026 Results and Updates its Fiscal Year 2026 Guidance

Rhea-AI Summary

ICU Medical (Nasdaq: ICUI) reported second quarter 2026 GAAP revenue of $551.7 million, up 1% year-over-year, with non-GAAP organic revenue up 6% excluding the IV Solutions divestiture and FX. GAAP gross profit rose to $235.1 million and gross margin improved to 43% from 38%.

GAAP net income was $19.1 million ($0.76 diluted EPS) versus $35.3 million ($1.43) a year earlier, while adjusted diluted EPS increased to $2.37 from $2.10 and adjusted EBITDA to $110.0 million from $100.3 million. For fiscal 2026, the company raised GAAP net income guidance to $73–$83 million and GAAP diluted EPS to $2.89–$3.29, and lifted adjusted EBITDA guidance to $415–$435 million and adjusted diluted EPS to $8.60–$9.00.

Positive

• Q2 2026 GAAP revenue $551.7M, up 1% YoY; organic +6%
• Q2 2026 gross margin improved to 43% from 38% YoY
• Adjusted diluted EPS rose to $2.37 from $2.10 in Q2 2025
• Adjusted EBITDA increased to $110.0M from $100.3M in Q2 2025
• FY 2026 GAAP net income guidance raised to $73–$83M from $26–$44M
• Operating cash flow for first half 2026 increased to $119.1M from $62.5M

Negative

• Q2 2026 GAAP net income declined to $19.1M from $35.3M YoY
• Vital Care revenue fell to $73.4M from $108.0M in Q2 2025
• Year-to-date 2026 revenue decreased to $1,081.9M from $1,153.6M
• Total debt remained high at approximately $1.23B including current portion as of June 30, 2026

News Explained

As of June 30, ICU Medical reported cash, long-term debt, and shares outstanding.

The August 6 release reports the quarter ended June 30, 2026.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, so these reported share counts identify a potential dilution mechanism.

Market Context

Tag-specific earnings history showed an average move of -0.13% across five events. Against that reco...

Analysis

Tag-specific earnings history showed an average move of -0.13% across five events. Against that record, updated guidance and adjusted results provide the central comparison; weaker GAAP profitability and Net Selling insider activity remain risks to monitor.

Key Figures

Organic revenue growth: 6% GAAP revenue: $551.7 million GAAP gross margin: 43% +5 more

8 metrics

Organic revenue growth 6% Q2 2026 year-over-year, excluding divestiture and foreign currency

GAAP revenue $551.7 million Q2 2026, compared with $548.9 million in Q2 2025

GAAP gross margin 43% Q2 2026, compared with 38% in Q2 2025

GAAP net income $19.1 million Q2 2026, compared with $35.3 million in Q2 2025

Adjusted diluted EPS $2.37 Q2 2026, compared with $2.10 in Q2 2025

Adjusted EBITDA $110.0 million Q2 2026, compared with $100.3 million in Q2 2025

FY2026 GAAP net income guidance $73 million-$83 million Updated from $26 million-$44 million

FY2026 adjusted diluted EPS guidance $8.60-$9.00 Updated from $7.75-$8.45

Previous Earnings Reports

5 past events · Latest: May 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q1 earnings	Positive	+2.7%	Profitability improved and adjusted earnings increased year over year
Feb 19	Q4 earnings	Positive	+4.9%	Fourth-quarter results and initial fiscal-year guidance were reported
Nov 06	Q3 earnings	Positive	+8.1%	Adjusted earnings improved and fiscal-year guidance was raised
Aug 07	Q2 earnings	Neutral	-13.1%	Profitability improved despite lower revenue and revised fiscal-year guidance
May 08	Q1 earnings	Positive	-3.2%	Adjusted earnings and gross margin improved despite a GAAP net loss

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings events aligned with positive reactions in 3 of 5 events, while two positive or mixed releases diverged with negative reactions.

Key Terms

gaap, non-gaap organic revenue, adjusted ebitda, divestiture

4 terms

gaap financial

"Second quarter 2026 GAAP revenue increased 1% year-over-year"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap organic revenue financial

"non-GAAP organic revenue increased 6%"

Non-GAAP organic revenue is a company-reported sales figure that excludes items the company judges to be non-recurring or unrelated to core operations—commonly removing effects of acquisitions, divestitures, currency swings, and certain one-time charges—using accounting rules outside standard GAAP. For investors, it aims to show the underlying revenue trend like looking at a store’s sales net of temporary events, making it easier to compare ongoing performance across periods or against peers while requiring scrutiny of which items were excluded.

adjusted ebitda financial

"Adjusted EBITDA was $110.0 million for the second quarter of 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

divestiture financial

"The following year-over-year results reflect the strategic divestiture"

Divestiture is the process of selling or getting rid of a part of a company, such as a division or asset. It often happens when a business wants to focus on its core activities or improve its finances. For investors, divestitures can signal strategic shifts or influence the company's value, affecting investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN CLEMENTE, Calif., Aug. 06, 2026 (GLOBE NEWSWIRE) -- ICU Medical, Inc. (Nasdaq:ICUI), a leader in the development, manufacture and sale of innovative medical products, today announced financial results for the quarterly period ended June 30, 2026.

Second Quarter 2026 Results

The following year-over-year results reflect the strategic divestiture of the IV Solutions business on May 1, 2025. Second quarter 2026 GAAP revenue increased 1% year-over-year; however, excluding the impact of the IV Solutions divestiture and foreign currency, non-GAAP organic revenue increased 6%.

Second quarter 2026 GAAP revenue was $551.7 million, as compared to $548.9 million in the same period in the prior year. GAAP gross profit for the second quarter of 2026 was $235.1 million, as compared to $208.1 million in the same period in the prior year. GAAP gross margin for the second quarter of 2026 was 43%, as compared to 38% in the same period in the prior year. GAAP net income for the second quarter of 2026 was $19.1 million, or $0.76 per diluted share, as compared to GAAP net income of $35.3 million, or $1.43 per diluted share, for the second quarter of 2025. Adjusted diluted earnings per share for the second quarter of 2026 was $2.37 as compared to $2.10 for the second quarter of 2025. Adjusted EBITDA was $110.0 million for the second quarter of 2026 as compared to $100.3 million for the second quarter of 2025.

Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.

Vivek Jain, ICU Medical’s Chief Executive Officer, said, “Second quarter results were ahead of our expectations for Infusion Systems and generally in line with expectations for the remainder of the business."

Revenues by product line for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):

		Three months ended June 30,										Six months ended June 30,
Product Line			2026			2025		$ Change					2026			2025		$ Change
Consumables		$	289.3		$	273.1		$	16.2			$	567.6		$	539.4		$	28.2
Infusion Systems			189.0			167.7			21.3				368.6			334.0			34.6
Vital Care*			73.4			108.0			(34.6	)			145.7			280.2			(134.5	)
Total**		$	551.7		$	548.8		$	2.9			$	1,081.9		$	1,153.6		$	(71.7	)

*On May 1, 2025, we disposed of our IV Solutions business which was included within our Vital Care product line. Vital Care includes contract manufacturing revenue of $3.8 million and $8.2 million for the three and six months ended June 30, 2026, respectively, as compared to $5.3 million and $10.5 million for the three and six months ended June 30, 2025, respectively.
** Totals may differ from the income statement due to the rounding of product lines.

Fiscal Year 2026 Guidance

For Fiscal Year 2026 the Company is updating its estimates of GAAP net income from a range of $26 million to $44 million to a range of $73 million to $83 million and GAAP diluted earnings per share from a range of $1.03 to $1.74 to a range of $2.89 to $3.29. The Company is updating the estimate of its full year 2026 guidance of Adjusted EBITDA from a range of $400 million to $430 million to a range of $415 million to $435 million and diluted earnings per share from a range of $7.75 to $8.45 to a range of $8.60 to $9.00.

Conference Call

The Company will host a conference call to discuss its second quarter financial results, today at 4:30 p.m. ET (1:30 p.m. PT). The call can be accessed at (800) 420-1459, conference ID "ICUMED". The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay.

About ICU Medical

ICU Medical (Nasdaq: ICUI) is a global leader in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical can be found at www.icumed.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative thereof or comparable terminology and may include (without limitation) information regarding the Company's expectations, goals and intentions regarding the future and financial outlook for 2026. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to: risks from doing business in foreign countries, including related to tariffs and other barriers to trade; the Company’s ability to compete successfully, including with larger international companies and established local companies; decreased demand for the Company's products; costs related to product development; cost volatility or potential loss of supply of raw materials due to our dependence on single and limited source third-party suppliers; ability to achieve operating efficiencies; risks related to significant sales through our distributors; inflation and foreign currency exchange rates; impacts from global macroeconomic and geopolitical conditions, including from escalated conflicts in the Middle East and associated disruptions to shipping and increased oil costs; healthcare costs and reimbursement levels; disruptions at the FDA and other governmental agencies; damage at the Company’s manufacturing or supply facilities; risks associated with the IV Solutions joint venture and the Smiths Medical integration; risks associated with the timing and resolution of the 2025 warning letter; risks related to protection of our information technology systems and compliance with privacy laws and regulations; risks related to our intellectual property; and the other important factors described under “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and our subsequent filings with the SEC. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
	June 30, 2026				December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	298,299			$	307,963
Accounts receivable, net of allowance for doubtful accounts		183,531				180,515
Inventories		607,421				615,859
Prepaid expenses and other current assets		121,657				86,217
TOTAL CURRENT ASSETS		1,210,908				1,190,554
PROPERTY, PLANT AND EQUIPMENT, net		446,798				451,817
OPERATING LEASE RIGHT-OF-USE ASSETS		38,610				54,470
GOODWILL		1,484,384				1,499,754
INTANGIBLE ASSETS, net		567,665				633,559
DEFERRED INCOME TAXES		25,569				25,891
OTHER ASSETS		63,435				62,877
INVESTMENTS IN UNCONSOLIDATED AFFILIATES		133,913				131,586
TOTAL ASSETS	$	3,971,282			$	4,050,508
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	149,165			$	154,374
Accrued liabilities		322,489				315,337
Current portion of long-term debt		18,750				18,750
Income tax payable		7,960				10,400
TOTAL CURRENT LIABILITIES		498,364				498,861
LONG-TERM DEBT		1,212,449				1,265,917
OTHER LONG-TERM LIABILITIES		70,994				89,536
DEFERRED INCOME TAXES		12,227				37,756
INCOME TAX LIABILITY		25,397				34,613
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Convertible preferred stock, $1.00 par value; Authorized — 500 shares; Issued and outstanding — none		—				—
Common stock, $0.10 par value; Authorized — 80,000 shares; Issued —25,186 and 24,688 shares at June 30, 2026 and December 31, 2025, respectively, and outstanding — 25,007 and 24,688 shares at June 30, 2026 and December 31, 2025, respectively		2,519				2,469
Additional paid-in capital		1,475,974				1,465,118
Treasury stock, at cost		(23,415	)			(22	)
Retained earnings		740,109				690,890
Accumulated other comprehensive loss		(43,336	)			(34,630	)
TOTAL STOCKHOLDERS' EQUITY		2,151,851				2,123,825
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,971,282			$	4,050,508

ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
	Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
TOTAL REVENUES	$	551,683			$	548,866			$	1,081,908			$	1,153,568
COST OF GOODS SOLD		316,630				340,802				640,629				735,395
GROSS PROFIT		235,053				208,064				441,279				418,173
OPERATING EXPENSES:
Selling, general and administrative		151,922				159,392				306,488				316,625
Research and development		22,702				21,867				43,982				45,158
Restructuring, strategic transaction and integration		21,302				16,218				38,103				32,915
TOTAL OPERATING EXPENSES		195,926				197,477				388,573				394,698
INCOME FROM OPERATIONS		39,127				10,587				52,706				23,475
INTEREST EXPENSE, net		(15,747	)			(20,549	)			(32,241	)			(42,580	)
OTHER (EXPENSE) INCOME, net		(236	)			1,818				(1,296	)			55
GAIN ON SALE OF BUSINESS		—				41,823				—				41,823
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES		23,144				33,679				19,169				22,773
(PROVISION) BENEFIT FOR INCOME TAXES		(7,070	)			(1,178	)			27,644				(5,748	)
NET INCOME FROM CONSOLIDATED COMPANIES		16,074				32,501				46,813				17,025
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES		3,013				2,837				2,406				2,837
NET INCOME	$	19,087			$	35,338			$	49,219			$	19,862
NET INCOME PER SHARE
Basic	$	0.76			$	1.43			$	1.98			$	0.81
Diluted	$	0.76			$	1.43			$	1.96			$	0.80
WEIGHTED AVERAGE NUMBER OF SHARES
Basic		25,000				24,645				24,884				24,593
Diluted		25,044				24,708				25,132				24,746

ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
	Six months ended June 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	49,219			$	19,862
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		99,640				99,110
Noncash lease expense		8,136				9,308
Stock compensation		25,881				26,636
Loss on disposal of property, plant and equipment and other assets		1,983				1,753
Debt issuance costs amortization		1,574				3,482
Undistributed equity in earnings of unconsolidated affiliates		(2,406	)			(2,837	)
Gain on sale of business		—				(41,823	)
Other		13,471				8,037
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable		(7,562	)			16,691
Inventories		4,625				(29,213	)
Prepaid expenses and other current assets		(16,461	)			(9,208	)
Other assets		(2,936	)			(5,682	)
Accounts payable		(4,909	)			14,382
Accrued liabilities		(5,895	)			(19,835	)
Income taxes, including excess tax benefits and deferred income taxes		(45,301	)			(28,125	)
Net cash provided by operating activities		119,059				62,538
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(29,813	)			(34,317	)
Proceeds from the sale of business		—				209,464
Deposit received for the sale of a business		2,000				—
Proceeds from sale of assets		22				42
Intangible asset additions		(3,555	)			(4,541	)
Net cash (used in) provided by investing activities		(31,346	)			170,648
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments of long-term debt		(54,688	)			(247,750	)
Proceeds from exercise of stock options		490				5,972
Payments on finance leases		(1,297	)			(885	)
Tax withholding payments related to net share settlement of equity awards		(38,862	)			(8,688	)
Net cash used in financing activities		(94,357	)			(251,351	)
Effect of exchange rate changes on cash		(3,020	)			9,624
NET DECREASE IN CASH AND CASH EQUIVALENTS		(9,664	)			(8,541	)
CASH AND CASH EQUIVALENTS, beginning of period		307,963				308,566
CASH AND CASH EQUIVALENTS, end of period	$	298,299			$	300,025

Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. Our management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. We use non-GAAP financial measures in addition to and in conjunction with GAAP financial measures to analyze and assess the overall performance of our business, in making financial, operating and planning decisions, and in determining executive incentive compensation.

The non-GAAP financial measures as shown in the tables below, exclude special items because they are highly variable or unusual and impact year-over-year comparisons.

For the three months ended June 30, 2026 and 2025, special items include the following:

Contract manufacturing: We manufacture certain products or product components in accordance with manufacturing services agreements. We do not include the contract revenue in our adjusted revenue, or any gross profit impact in our adjusted gross profit as the commercial relationship under these types of agreements are originally negotiated contemporaneously with a business combination or other transactions and are not indicative of normal market transactions.

Stock compensation expense: Stock-based compensation is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. The value of our restricted stock awards is determined using the grant date stock price, which may not be indicative of our operational performance over the expense period. Additionally, in order to establish the fair value of performance-based stock awards, which are currently an element of our ongoing stock-based compensation, we are required to apply judgment to estimate the probability of the extent to which performance objectives will be achieved. Based on the above factors, we believe it is useful to exclude stock-based compensation in order to better understand our operating performance.

Intangible asset amortization expense: We do not acquire businesses or capitalize certain patent costs on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition. Capitalized patent costs can vary significantly based on our current level of development activities. We believe that excluding amortization of intangible assets provides the users of our financial statements with a consistent basis for comparison across accounting periods.

Restructuring, strategic transaction and integration: We incur restructuring and strategic transaction charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our ongoing business. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our ongoing operations with prior and future periods.

Settlements: Occasionally, we are involved in contract renegotiations or other events that may result in one-time settlements. We exclude these settlements as they have no direct correlation to the operation of our ongoing business.

Quality system and product-related remediation: We exclude certain quality system and product-related remediation charges in determining our non-GAAP financial measures as they may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

Noncash release of loss on contract provision: We provide certain services under fixed priced arrangements in accordance with a transition services arrangement. We do not include the loss on contract provision or subsequent release net of the related interest accretion as a result of providing those services in our non-GAAP financial measures as the agreement was negotiated contemporaneously with a disposition and is not indicative of a normal market transaction. The loss provision and subsequent release is a non-recurring noncash adjustment that if included may limit the comparability of our ongoing operations with prior and future periods.

Gain on sale of business: We exclude any non-cash gains/losses on the sale of a business in determining our non-GAAP financial measures as the inclusion may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

Tariff Refunds: We exclude certain IEEPA tariff refunds in determining our non-GAAP financial measures because these regulatory adjustments are infrequent, non-operational items that may limit the comparability of our ongoing operations with prior and future periods.

From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management.

In addition to the above special items, Adjusted EBITDA additionally excludes the following items from net income:

Depreciation expense: We exclude depreciation expense in deriving adjusted EBITDA because companies utilize productive assets of different ages and the depreciable lives can vary significantly resulting in considerable variability in depreciation expense among companies.

Interest, net: We exclude interest in deriving adjusted EBITDA as interest can vary significantly among companies depending on a company's level of income generating instruments and/or level of debt.

Taxes: We exclude taxes in deriving adjusted EBITDA as taxes are deemed to be non-core to the business and may limit the comparability of our ongoing operations with prior and future periods and distort the evaluation of our normal operating performance.

Adjusted Diluted EPS excludes from diluted EPS, net of tax, the special items listed above. The tax effect on the special items is calculated using the specific tax rate applied to each adjustment based on the nature of the item/or the tax jurisdiction in which the item has been recorded. Additionally, adjusted diluted EPS may exclude the income tax impact of certain non-recurring discrete tax items that are not reflective of income tax expense/benefit incurred as a result of current period earnings/ loss, as well as the impact of certain deferred tax valuation allowances when assessed against non-GAAP profitability.

We also present Free cash flow as a non-GAAP financial measure as management believes that this is an important measure for use in evaluating overall company financial performance as it measures our ability to generate additional cash flow from business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

We also present organic revenue growth as a non-GAAP financial measure as management believes that this measure provides a more representative view of the Company's underlying growth trajectory by excluding the impact of revenue from non-arm's length transactions, the impact of foreign currency and the revenue associated with acquisitions and divestitures. We calculate constant currency revenue by translating current period foreign currency revenue at prior period comparable exchange rates and we calculate the constant currency growth percentages by dividing the current period constant currency revenue by the prior year comparable period revenue.

The following tables reconcile our non-GAAP financial measures for the periods presented:

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands)
	Adjusted EBITDA
	Three months ended June 30,
		2026				2025
GAAP net income	$	19,087			$	35,338
Non-GAAP adjustments:
Interest, net		15,747				20,549
Stock compensation expense		11,870				14,457
Depreciation and amortization expense		49,614				49,665
Restructuring, strategic transaction and integration		21,302				16,218
Settlements		30				150
Quality system and product-related remediation		5,890				5,706
Gain on sale of business		—				(41,823	)
Noncash release of loss on contract provision		(1,120	)			(717	)
Gross profit on contract manufacturing		(575	)			(412	)
Tariff refunds		(18,888	)			—
Provision for income taxes		7,070				1,178
Total non-GAAP adjustments		90,940				64,971
Adjusted EBITDA	$	110,027			$	100,309

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (In thousands, except percentages and per share data)
The Company’s U.S. GAAP results for the three months ended June 30, 2026 included special items which impacted the U.S. GAAP measures as follows:
	Total revenues			Gross profit			Selling, general and administrative			Research and development			Restructuring, strategic transaction and integration			Income from operations			Interest expense, net			Income before income taxes and equity in income of unconsolidated affiliates			Provision for income taxes			Net income from consolidated companies			Equity in earnings of unconsolidated affiliated			Net income (loss)			Diluted earnings (loss) income per share
Reported (GAAP)	$	551,683		$	235,053		$	151,922		$	22,702		$	21,302		$	39,127		$	(15,747	)	$	23,144		$	(7,070	)	$	16,074		$	3,013		$	19,087		$	0.76
Reported percent of total revenues or (percent of income (loss) before income taxes and equity in earnings of unconsolidated affiliates)					43	%		28	%		4	%		4	%		7	%	(3		)%		4	%		30.5	%		3	%
Contract manufacturing		(3,799	)		(575	)		—			—			—			(575	)		—			(575	)		141			(434	)		—			(434	)		(0.02	)
Stock compensation expense		—			1,850			(9,249	)		(771	)		—			11,870			—			11,870			(2,879	)		8,991			—			8,991			0.36
Amortization expense		—			1,265			(31,722	)		—			—			32,987			—			32,987			(8,200	)		24,787			—			24,787			0.99
Restructuring, strategic transaction and integration		—			—			—			—			(21,302	)		21,302			—			21,302			(5,049	)		16,253			—			16,253			0.65
Settlements		—			—			(30	)		—			—			30			—			30			(7	)		23			—			23			—
Quality system and product-related remediation		—			5,890			—			—			—			5,890			—			5,890			(1,265	)		4,625			—			4,625			0.18
Noncash release of loss on contract provision		—			—			1,120			—			—			(1,120	)		318			(802	)		196			(606	)		—			(606	)		(0.02	)
Tariff refunds		—			(18,888	)		—			—			—			(18,888	)		(710	)		(19,598	)		4,802			(14,796	)		—			(14,796	)		(0.59	)
Tax benefit from discrete reserve release and valuation allowance*		—			—			—			—			—			—			—			—			1,548			1,548			—			1,548			0.06
Tax benefit from equity in loss of unconsolidated affiliates		—			—			—			—			—			—			—			—			738			738			(738	)		—			—
Adjusted (Non-GAAP)**	$	547,884		$	224,595		$	112,041		$	21,931		$	—		$	90,623		$	(16,139	)	$	74,248		$	(17,045	)	$	57,203		$	2,275		$	59,478		$	2.37
Adjusted percent of total revenues or (percent of (loss) income before income taxes and equity in loss of unconsolidated affiliates for benefit (provision) for income taxes)					41	%		20	%		4	%		—	%		17	%	(3		)%		14	%		23.0	%		10	%

______________________

* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets, as well as, the tax benefit on the release of income tax reserves in foreign jurisdictions for tax years which are no longer subject to an assessment from the local taxing authorities. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2026. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate. Tax reserves were released as a result of the expiration of statute of limitations which resulted in a discrete tax benefit for GAAP purposes. This tax benefit is excluded from our non-GAAP annual effective tax rate to the extent it is not related to on-going business operations.
** Amounts may not foot due to rounding.

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued) (In thousands, except percentages and per share data)
The Company’s U.S. GAAP results for the three months ended June 30, 2025 included special items which impacted the U.S. GAAP measures as follows:
	Total revenues			Gross profit			Selling, general and administrative			Research and development			Restructuring, strategic transaction and integration			Income from operations			Interest expense, net			Gain on sale of business			Income before income taxes and equity in earnings of unconsolidated affiliates			Provision for income taxes			Net income from consolidated companies			Equity in earnings of unconsolidated affiliated			Net income			Diluted earnings per share
Reported (GAAP)	$	548,866		$	208,064		$	159,392		$	21,867		$	16,218		$	10,587		$	(20,549	)	$	41,823		$	33,679		$	(1,178	)	$	32,501		$	2,837		$	35,338		$	1.43
Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes)					38	%		29	%		4	%		3	%		2	%	(4)        %				8	%		6	%		3.5	%		6	%
Contract manufacturing		(5,293	)		(412	)		—			—			—			(412	)		—			—			(412	)		101			(311	)		—			(311	)		(0.01	)
Stock compensation expense		—			1,851			(11,990	)		(616	)		—			14,457			—			—			14,457			(3,511	)		10,946			—			10,946			0.44
Amortization expense		—			1,038			(31,690	)		—			—			32,728			—			—			32,728			(8,068	)		24,660			—			24,660			1.00
Depreciation expense reduction - assets held for sale classification		—			(1,074	)		—			—			—			(1,074	)		—			—			(1,074	)		263			(811	)		—			(811	)		(0.03	)
Restructuring, strategic transaction and integration		—			—			—			—			(16,218	)		16,218			—			—			16,218			(3,973	)		12,245			—			12,245			0.50
Settlements		—			—			(150	)		—						150			—			—			150			(37	)		113			—			113			—
Quality system and product-related remediation		—			5,706			—			—			—			5,706			—			—			5,706			(1,268	)		4,438			—			4,438			0.18
Gain on sale of business		—			—			—			—			—			—			—			(41,823	)		(41,823	)		10,247			(31,576	)		—			(31,576	)		(1.28	)
Noncash release of loss on contract provision		—			—			717			—			—			(717	)		247			—			(470	)		115			(355	)		—			(355	)		(0.01	)
Tax expense from valuation allowance*		—			—			—			—			—			—			—			—			—			(2,699	)		(2,699	)		—			(2,699	)		(0.11	)
Tax expense from equity in earnings of unconsolidated affiliates		—			—			—			—			—			—			—			—			—			695			695			(695	)		—			—
Adjusted (Non-GAAP)**	$	543,573		$	215,173		$	116,279		$	21,251		$	—		$	77,643		$	(20,302	)	$	—		$	59,159		$	(9,313	)	$	49,846		$	2,142		$	51,988		$	2.10
Adjusted percent of total revenues (or percent of (loss) income before income taxes for provision for income taxes)					40	%		21	%		4	%		—	%		14	%	(4)        %				—	%		11	%		15.7	%		9	%

_____________
* The Company’s non-GAAP annual effective tax rate is calculated without the tax expense related to the valuation allowance against certain U.S. Federal and State deferred tax assets. The valuation allowance was recorded based on an assessment of available positive and negative evidence, including, predominantly, an estimate that we will be in a three-year cumulative U.S. loss position on a GAAP basis as of June 30, 2025. However, based on the same assessment, including, predominantly, our being, in a three-year cumulative U.S. income position on a non-GAAP basis, which excludes the impact of our non-GAAP adjustments, we concluded that recording a valuation allowance would not have been appropriate for non-GAAP reporting. As a result, the tax expense for the valuation allowance was added back to our calculation of non-GAAP annual effective tax rate.
** Amounts may not foot due to rounding

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued) (In thousands, except percentages)
Reconciliation of GAAP revenue growth to Non-GAAP organic revenue growth:
	Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Consumables GAAP revenue	$	289,276			$	273,133			$	567,551			$	539,359
Consumables GAAP revenue growth		6	%			4	%			5	%			7	%
Foreign currency impact(3)		(1,952	)							(8,766	)
Non-GAAP organic revenue	$	287,324			$	273,133			$	558,785			$	539,359
Non-GAAP organic revenue growth		5	%			3	%			4	%			7	%
Infusion Systems GAAP revenue	$	188,998			$	167,696			$	368,602			$	333,996
Infusion Systems GAAP revenue growth		13	%			2	%			10	%			4	%
Foreign currency impact(3)		(924	)							(4,559	)
Non-GAAP organic revenue	$	188,074			$	167,696			$	364,043			$	333,996
Non-GAAP organic revenue growth		12	%			2	%			9	%			5	%
Vital Care GAAP revenue	$	73,409			$	108,036			$	145,755			$	280,213
Vital Care GAAP revenue growth	(32		)%		(37		)%		(48		)%		(17		)%
MSA Revenue(1)		(3,799	)			(5,293	)			(8,250	)			(10,504	)
Non-GAAP adjusted revenue		69,610				102,743				137,505				269,709
Non-GAAP adjusted revenue growth	(32		)%		(34		)%		(49		)%		(12		)%
Less: Revenue from divested business(2)						(30,028	)							(119,522	)
Foreign currency impact(3)		99								(1,302	)
Non-GAAP organic revenue	$	69,709			$	72,715			$	136,203			$	150,187
Non-GAAP organic revenue growth	(4		)%		(4		)%		(9		)%			5	%
Total GAAP revenue	$	551,683			$	548,866			$	1,081,908			$	1,153,568
Total GAAP revenue growth		1	%		(8		)%		(6		)%		(1		)%
MSA Revenue(1)		(3,799	)			(5,293	)			(8,250	)			(10,504	)
Non-GAAP adjusted revenue		547,884				543,573				1,073,658				1,143,064
Non-GAAP adjusted revenue growth		1	%		(6		)%		(6		)%			1	%
Less: Revenue from divested business(2)						(30,028	)							(119,522	)
Foreign currency impact(3)		(2,777	)							(14,627	)
Non-GAAP organic revenue	$	545,107			$	513,545			$	1,059,031			$	1,023,542
Non-GAAP organic revenue growth		6	%			2	%			3	%			6	%

_____________________________________________

⁽¹⁾ We manufacture certain products or product components in accordance with manufacturing services agreements. We do not include the contract revenue in our adjusted revenue as the commercial relationship under these types of agreements are originally negotiated contemporaneously with a business combination or other transactions and are not indicative of normal market transactions.
⁽²⁾ For businesses divested, non-GAAP organic revenue growth excludes prior period revenue associated with the divested business for the same length of time they were not owned by the company in the current year. The divested business prior period revenue in this line item does not include MSA revenue, which is excluded on a separate line.
⁽³⁾ We exclude the impact of foreign exchange rate changes to show a constant currency comparison of our underlying business performance.

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued) (In thousands)
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
	Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
Net cash provided by operating activities	$	80,150				11,211			$	119,059			$	62,538
Purchase of property, plant and equipment		(18,511	)			(19,696	)			(29,813	)			(34,317	)
Proceeds from sale of assets		21				—				22				42
Free cash flow	$	61,660			$	(8,485	)		$	89,268			$	28,263

ICU MEDICAL, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)(continued) (In thousands)
Net Leverage Ratio Calculation
	Net Debt
	As of June 30, 2026
Current portion of long-term debt	$	18,750
Long-Term Debt		1,212,449
Total GAAP Long-Term Debt		1,231,199
Add: Unamortized Debt Issuance Costs/Discounts(1)		8,614
Less: Cash and cash equivalents		(298,299	)
Net Debt (Non-GAAP)	$	941,514
(1)Represents unamortized debt issuance costs and original issue discounts deducted from the carrying value of long-term debt on the Condensed Consolidated Balance Sheets in accordance with U.S. GAAP. Management adds back these costs to present total contractual principal obligations outstanding when evaluating debt leverage.
	TTM Adjusted EBITDA
	As of June 30, 2026
GAAP net income	$	30,089
Non-GAAP adjustments:
Interest, net		72,692
Stock compensation expense		55,003
Depreciation and amortization expense		201,273
Restructuring, strategic transaction and integration		71,693
Settlements		1,596
Quality system and product-related remediation		38,070
Asset write-offs and similar charges		887
Gain on sale of business		(2,969	)
Noncash release of loss on contract provision		(4,392	)
Gross profit on contract manufacturing		(1,292	)
Tariff refunds		(18,888	)
Provision for income taxes		(30,955	)
Total non-GAAP adjustments		382,718
TTM Adjusted EBITDA	$	412,807
	Net Leverage Ratio
Net Debt	$	941,514
Divided by: TTM Adjusted EBITDA	$	412,807
Net Leverage Ratio		2.28		x

ICU MEDICAL, INC. AND SUBSIDIARIES Fiscal Year 2026 Outlook (Unaudited) (In millions, except per share data)
	Low End of Guidance				High End of Guidance
GAAP net income	$	73			$	83
Non-GAAP adjustments:
Interest, net		65				65
Stock compensation expense		50				50
Depreciation and amortization expense		203				203
Restructuring, strategic transaction and integration		52				52
Quality and regulatory initiatives and remediation		25				25
Noncash release of loss on contract provision		(4	)			(4	)
Gross profit on contract manufacturing		(2	)			(2	)
Tariff refunds		(19	)			(19	)
Benefit for income taxes		(28	)			(18	)
Total non-GAAP adjustments	$	342			$	352
Adjusted EBITDA	$	415			$	435
GAAP income per share	$	2.89			$	3.29
Non-GAAP adjustments:
Stock compensation expense		1.98				1.98
Amortization expense		5.28				5.28
Restructuring, strategic transaction and integration		2.06				2.06
Quality and regulatory initiatives and remediation		0.99				0.99
Noncash release of loss on contract provision		(0.12	)			(0.12	)
Gross profit on contract manufacturing		(0.08	)			(0.08	)
Tariff refunds		(0.79	)			(0.79	)
Tax benefit from discrete reserve release and valuation allowance		(1.33	)			(1.33	)
Estimated income tax impact from adjustments		(2.28	)			(2.28	)
Adjusted earnings per share	$	8.60			$	9.00

CONTACT:
ICU Medical, Inc.                                        
Brian Bonnell, Chief Financial Officer
(949) 366-2183
     
ICR, Inc.
John Mills, Partner
(646) 277-1254

FAQ

How did ICU Medical (ICUI) perform in Q2 2026 in terms of revenue and earnings?

ICU Medical reported Q2 2026 GAAP revenue of $551.7 million and GAAP diluted EPS of $0.76. Adjusted diluted EPS was $2.37, and adjusted EBITDA reached $110.0 million, reflecting higher profitability on an adjusted basis compared with Q2 2025.

Did ICU Medical (ICUI) raise its fiscal year 2026 earnings guidance?

Yes. ICU Medical raised 2026 GAAP net income guidance to $73–$83 million and GAAP diluted EPS to $2.89–$3.29. According to the company, adjusted EBITDA guidance is now $415–$435 million and adjusted diluted EPS is $8.60–$9.00.

What drove the year-over-year change in ICU Medical’s Q2 2026 margins and profitability?

ICU Medical’s GAAP gross margin improved to 43% from 38% in Q2 2025 as gross profit rose to $235.1 million. According to the company, adjusted EBITDA increased to $110.0 million and adjusted diluted EPS to $2.37, despite lower GAAP net income versus the prior year.

How did ICU Medical’s product lines perform in Q2 2026?

In Q2 2026, Consumables revenue was $289.3 million and Infusion Systems revenue was $189.0 million. Vital Care revenue was $73.4 million, reflecting the prior divestiture of the IV Solutions business from this product line on May 1, 2025.

What is ICU Medical’s cash and debt position as of June 30, 2026?

As of June 30, 2026, ICU Medical reported cash and cash equivalents of $298.3 million. Long-term debt was $1.212 billion with an additional $18.8 million current portion. According to the company, total stockholders’ equity was $2.15 billion.

How strong were ICU Medical’s operating cash flows in the first half of 2026?

ICU Medical generated $119.1 million in net cash from operating activities in the first half of 2026, up from $62.5 million a year earlier. According to the company, this improvement reflects higher net income and working capital movements versus the prior-year period.

How did ICU Medical’s divestiture of the IV Solutions business impact 2026 results?

ICU Medical completed the IV Solutions divestiture on May 1, 2025, previously within Vital Care. According to the company, 2026 year-over-year comparisons reflect this strategic divestiture, and non-GAAP organic revenue growth of 6% in Q2 2026 excludes its impact and foreign currency.