ICU Medical Posts Adjusted EPS of $2.44 and Reaffirms 2026 Outlook
Key Facts
ICU Medical reported on November 5 results for the quarter ended September 30, 2026, posting adjusted earnings per share of $2.44, compared with $2.03 in the year-earlier quarter. The company reaffirmed its full-year financial outlook, saying results are likely to come in near the high end of its ranges. On a GAAP basis, the company recorded net income of $26.8 million, or $1.07 per diluted share. That compares with a net loss of $3.4 million, or a loss of $0.14 per diluted share, in the third quarter of 2025. The figures show the company moving from a GAAP loss to a profit, alongside an improvement in adjusted earnings per share.
Chief Executive Vivek Jain said infusion systems results "exceeded our expectations," while the rest of the business was "generally in line with expectations." The assessment puts infusion systems at the forefront of the quarter's performance, with the company's other activities broadly steady. Infusion systems revenue was $192.5 million, compared with $173.9 million in the year-earlier period. Consumables revenue was $298.4 million, versus $285.1 million a year earlier. Revenue from the critical care line was $69.5 million, compared with $78.0 million. The comparison reflects contrasting trends, with growth in infusion systems and consumables revenue and a decline in critical care, without the company attributing the difference to a specific cause in its statement.
Gross profit improved to $234.8 million from $200.9 million in the third quarter of 2025, while the GAAP gross margin rose to 42% from 37%. The wider margin accompanied the company's return to GAAP net income, while adjusted earnings per share remained above the year-earlier level. Adjusted EBITDA was $113.9 million, compared with $105.9 million in the year-earlier quarter. These measures provide additional insight into profitability alongside net income and earnings per share, with the two adjusted measures remaining separate from GAAP figures. The earnings statement did not give a specific explanation for the margin improvement or the increase in adjusted EBITDA.
ICU Medical reaffirmed its 2026 adjusted EBITDA range of $415 million to $435 million and adjusted EPS range of $8.60 to $9.00. The company said it expects full-year results to come in near the high end of the ranges, keeping the low and high ends of each measure unchanged. The company had set the same ranges in its previous guidance issued in August. It therefore made no change in the published boundaries of its annual outlook in its third-quarter results, instead repeating its guidance and indicating that results would be near the high end. The adjusted EPS outlook remains separate from the company's GAAP earnings-per-share result for the quarter.
The company's shares closed at $172.62 on November 4, the latest closing price included in the available data before the results announcement the next day. That price did not include any share movement after the results were published. The company had scheduled the release of its third-quarter results for November 5 at about 4:00 p.m. Eastern Time, followed by an earnings call at 4:30 p.m. the same day. The call came after the company reported a return to GAAP profitability and higher adjusted earnings per share than in the year-earlier quarter. Management also had the opportunity to discuss its assessment of infusion systems and the rest of the business, alongside reaffirming its annual guidance ranges.