ICU Medical
(Nasdaq: ICUI)
stock is down today after a third-quarter earnings report that included a revenue miss.
ICUI shares were down more than 15% to $86.68 apiece by midday trading today. MassDevice‘s MedTech 100 Index was down slightly.
San Clemente, California–based ICU Medical — maker of infusion systems, infusion consumables and critical care products — announced yesterday evening that it earned $7.2 million, or 30¢ per share, off of $553.3 million in revenue for the quarter that ended Sept. 30, 2023. The bottom line swung to the black compared with a loss of $13.2 million in Q3 2022. However, revenue was down more than 7%.
Adjusted to exclude one-time items, ICU Medical saw an EPS of $1.57. The result was 19¢ ahead of The Street, where the analyst consensus expected EPS of $1.38 on sales of $565.75.
ICU Medical CEO Vivek Jain said in a news release: “Third quarter results were generally in line with our previously revised expectations.”
It’s been nearly two years since the company closed on its $2.35 billion purchase of Smiths Medical. ICU Medical officials explained during the company’s earnings call that the Q3 revenue decline took place because there was a backorder recovery taking place in the legacy Smiths Medical part of the business during the third quarter of last year. Meanwhile, there was growth year-0ver-year in the legacy ICU businesses.