ICU Medical (Nasdaq:ICUI) shares took a hit today on fourth-quarter results that came in mixed compared to the consensus forecast.
Shares of ICUI fell 6.2% at $166.70 apiece just after the market opened today.
The San Clemente, California-based company posted losses of $15.5 million in the quarter. That amounts to 65¢ per share on sales of $578 million for the three months ended Dec. 31, 2022.
ICU Medical recorded a large bottom-line slide into the red, having posted profits of nearly $20 million this time last year. However, fourth-quarter sales massively improved year-over-year, growing by 69.7%.
Adjusted to exclude one-time items, earnings per share totaled $1.60. That landed 4¢ ahead of projections on Wall Street. Despite the earnings beat, sales fell just short of expectations, as analysts forecast $582.9 million in revenue.
“Legacy ICU Medical revenues were in line with expectations and results from the acquired Smiths Medical business reflect continued operational improvements,” said CEO Vivek Jain.
The “legacy” product lines accounted for included infusion systems, vascular access and vital care from Smiths Medical. ICU Medical completed its $2.35 billion Smiths Medical acquisition in January 2022.
The company set its 2023 adjusted EPS guidance for between $5.75 and $7.25. ICU Medical expects a GAAP net loss for the year, ranging between $73 million and $37 million below breakeven.