ICU Medical (ICUI) FY2022 results: revenue $2.3 billion, up 73.2% on the year

ICU Medical Inc. (ICUI) reported revenue of $2.3 billion for fiscal 2022, the year ended 31 December 2022, up 73.2% on the year before. Net income was -$74 million, and diluted earnings per share $-3.11. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$2.3 billion

+73.2% on the year

FY2015FY2022

Operating margin

-1.9%

9.4% a year earlier

FY2015FY2022

Net income

-$74 million

FY2015FY2022

Diluted EPS

-$3.11

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,280	1,316	1,271	+73.2%
Cost of revenue	1,582	825	810	+91.8%
Gross profit	698	491	461	+42.0%
Gross margin	30.6%	37.3%	36.3%
Research and development	93.0	47.5	42.9	+95.8%
Selling, general and administrative	608	303	284	+101.1%
Operating income	-42.9	123	98.2
Operating margin	-1.9%	9.4%	7.7%
Interest expense	70.8	0.9	1.8	+8,152.3%
Pre-tax income	n/a	n/a	97.5
Income tax	-40.1	20.1	10.6
Effective tax rate	n/a	n/a	10.9%
Net income	-74.3	103	86.9
Net margin	-3.3%	7.8%	6.8%
Diluted EPS	-$3.11	$4.74	$4.02

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-62.1	268	223
Capital expenditure	90.3	68.5	92.0	+31.8%
Free cash flow	-152	199	131
Free cash flow margin	-6.7%	15.1%	10.3%
Cash from investing	-1,909	-90.7	-98.1
Cash from financing	1,637	-16.9	-0.0
Depreciation and amortisation	235	89.7	85.6	+162.2%
Share-based compensation	36.0	27.3	24.0	+31.8%
Buybacks	10.9	8.3	12.9	+30.6%
Diluted shares, weighted	24m	22m	22m	+9.6%
Shares outstanding at period end	24m	21m	21m	+12.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,090	1,616	1,502	+29.3%
Debt	1,653	0.0	0.0
Operating lease liabilities	60.9	34.0	41.0	+79.3%
Finance lease liabilities	1.9	2.1	2.4	-10.3%
Other liabilities	710	229	218	+210.3%
Total liabilities and equity	4,516	1,881	1,764	+140.1%
Fixed assets	636	468	467	+35.8%
Goodwill	1,449	43.4	33.0	+3,236.3%
Intangible assets	983	188	197	+421.9%
Investments	4.7	19.0	27.7	-75.1%
Cash and equivalents	209	553	396	-62.2%
Receivables	222	106	124	+109.4%
Inventory	696	290	315	+139.8%
Other assets	316	213	204	+48.7%
Total assets	4,516	1,881	1,764	+140.1%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.