ICU Medical (ICUI) FY2021 results: revenue $1.3 billion, up 3.6% on the year

ICU Medical Inc. (ICUI) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 3.6% on the year before. Net income was $103 million, up 18.7%, and diluted earnings per share $4.74. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.3 billion

+3.6% on the year

FY2014FY2021

Operating margin

9.4%

7.7% a year earlier

FY2014FY2021

Net income

$103 million

+18.7% on the year

FY2014FY2021

Diluted EPS

$4.74

+17.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,316	1,271	1,266	+3.6%
Cost of revenue	825	810	794	+1.9%
Gross profit	491	461	472	+6.5%
Gross margin	37.3%	36.3%	37.3%
Research and development	47.5	42.9	48.6	+10.6%
Selling, general and administrative	303	284	277	+6.6%
Operating income	123	98.2	107	+25.6%
Operating margin	9.4%	7.7%	8.5%
Interest expense	0.9	1.8	0.5	-51.1%
Pre-tax income	n/a	97.5	115
Income tax	20.1	10.6	13.7	+88.7%
Effective tax rate	n/a	10.9%	11.9%
Net income	103	86.9	101	+18.7%
Net margin	7.8%	6.8%	8.0%
Diluted EPS	$4.74	$4.02	$4.69	+17.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	268	223	102	+20.1%
Capital expenditure	68.5	92.0	97.3	-25.5%
Free cash flow	199	131	4.6	+52.2%
Free cash flow margin	15.1%	10.3%	0.4%
Cash from investing	-90.7	-98.1	-167
Cash from financing	-16.9	-0.0	-10.9
Depreciation and amortisation	89.7	85.6	76.9	+4.7%
Share-based compensation	27.3	24.0	21.9	+14.1%
Buybacks	8.3	12.9	18.6	-35.3%
Diluted shares, weighted	22m	22m	22m	+0.9%
Shares outstanding at period end	21m	21m	21m	+1.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,616	1,502	1,377	+7.6%
Debt	0.0	0.0	n/a
Operating lease liabilities	34.0	41.0	28.9	-17.2%
Finance lease liabilities	2.1	2.4	0.0	-13.4%
Other liabilities	229	218	286	+4.9%
Total liabilities and equity	1,881	1,764	1,692	+6.6%
Fixed assets	468	467	456	+0.4%
Goodwill	43.4	33.0	31.2	+31.6%
Intangible assets	188	197	211	-4.5%
Investments	19.0	27.7	24.0	-31.2%
Cash and equivalents	553	396	269	+39.6%
Receivables	106	124	202	-14.7%
Inventory	290	315	338	-7.8%
Other assets	213	204	161	+4.2%
Total assets	1,881	1,764	1,692	+6.6%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.