ICU Medical (ICUI) FY2023 results: revenue $2.3 billion, down 0.9% on the year

ICU Medical Inc. (ICUI) reported revenue of $2.3 billion for fiscal 2023, the year ended 31 December 2023, down 0.9% on the year before. Net income was -$30 million, and diluted earnings per share $-1.23. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$2.3 billion

-0.9% on the year

FY2016FY2023

Operating margin

1.0%

-1.9% a year earlier

FY2016FY2023

Net income

-$30 million

FY2016FY2023

Diluted EPS

-$1.23

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,259	2,280	1,316	-0.9%
Cost of revenue	1,519	1,582	825	-4.0%
Gross profit	740	698	491	+6.0%
Gross margin	32.8%	30.6%	37.3%
Research and development	85.3	93.0	47.5	-8.2%
Selling, general and administrative	607	608	303	-0.3%
Operating income	22.8	-42.9	123
Operating margin	1.0%	-1.9%	9.4%
Interest expense	103	70.8	0.9	+45.1%
Pre-tax income	-78.3	n/a	n/a
Income tax	-48.6	-40.1	20.1
Net income	-29.7	-74.3	103
Net margin	-1.3%	-3.3%	7.8%
Diluted EPS	-$1.23	-$3.11	$4.74

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	166	-62.1	268
Capital expenditure	83.9	90.3	68.5	-7.1%
Free cash flow	82.3	-152	199
Free cash flow margin	3.6%	-6.7%	15.1%
Cash from investing	-87.9	-1,909	-90.7
Cash from financing	-36.0	1,637	-16.9
Depreciation and amortisation	229	235	89.7	-2.7%
Share-based compensation	40.6	36.0	27.3	+12.6%
Buybacks	9.3	10.9	8.3	-14.1%
Diluted shares, weighted	24m	24m	22m	+0.9%
Shares outstanding at period end	24m	24m	21m	+0.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,123	2,090	1,616	+1.6%
Debt	1,629	1,653	0.0	-1.5%
Operating lease liabilities	53.0	60.9	34.0	-13.0%
Finance lease liabilities	2.0	1.9	2.1	+5.3%
Other liabilities	571	710	229	-19.5%
Total liabilities and equity	4,378	4,516	1,881	-3.0%
Fixed assets	613	636	468	-3.6%
Goodwill	1,472	1,449	43.4	+1.6%
Intangible assets	871	983	188	-11.4%
Investments	0.5	4.7	19.0	-89.4%
Cash and equivalents	254	209	553	+21.8%
Receivables	162	222	106	-27.1%
Inventory	709	696	290	+1.9%
Other assets	297	316	213	-6.1%
Total assets	4,378	4,516	1,881	-3.0%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.