ICU Medical (ICUI) FY2024 results: revenue $2.4 billion, up 5.4% on the year

ICU Medical Inc. (ICUI) reported revenue of $2.4 billion for fiscal 2024, the year ended 31 December 2024, up 5.4% on the year before. Net income was -$118 million, and diluted earnings per share $-4.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$2.4 billion

+5.4% on the year

FY2017FY2024

Operating margin

1.8%

1.0% a year earlier

FY2017FY2024

Net income

-$118 million

FY2017FY2024

Diluted EPS

-$4.83

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,382	2,259	2,280	+5.4%
Cost of revenue	1,557	1,519	1,582	+2.5%
Gross profit	825	740	698	+11.5%
Gross margin	34.6%	32.8%	30.6%
Research and development	88.6	85.3	93.0	+3.8%
Selling, general and administrative	639	607	608	+5.3%
Operating income	43.0	22.8	-42.9	+88.2%
Operating margin	1.8%	1.0%	-1.9%
Interest expense	107	103	70.8	+3.7%
Pre-tax income	-66.0	-78.3	n/a
Income tax	51.7	-48.6	-40.1
Net income	-118	-29.7	-74.3
Net margin	-4.9%	-1.3%	-3.3%
Diluted EPS	-$4.83	-$1.23	-$3.11

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	204	166	-62.1	+22.8%
Capital expenditure	79.4	83.9	90.3	-5.4%
Free cash flow	125	82.3	-152	+51.5%
Free cash flow margin	5.2%	3.6%	-6.7%
Cash from investing	-89.0	-87.9	-1,909
Cash from financing	-55.8	-36.0	1,637
Depreciation and amortisation	220	229	235	-4.0%
Share-based compensation	46.9	40.6	36.0	+15.6%
Buybacks	12.0	9.3	10.9	+28.3%
Diluted shares, weighted	24m	24m	24m	+1.2%
Shares outstanding at period end	25m	24m	24m	+1.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,965	2,123	2,090	-7.4%
Debt	1,583	1,629	1,653	-2.8%
Operating lease liabilities	40.8	53.0	60.9	-23.0%
Finance lease liabilities	2.3	2.0	1.9	+19.3%
Other liabilities	613	571	710	+7.2%
Total liabilities and equity	4,204	4,378	4,516	-4.0%
Fixed assets	443	613	636	-27.8%
Goodwill	1,433	1,472	1,449	-2.7%
Intangible assets	741	871	983	-14.9%
Investments	0.0	0.5	4.7
Cash and equivalents	309	254	209	+21.4%
Receivables	183	162	222	+13.2%
Inventory	585	709	696	-17.6%
Other assets	512	297	316	+72.3%
Total assets	4,204	4,378	4,516	-4.0%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.