ICU Medical, Inc.

Worth knowing

• Profit lifted by an asset sale. 2025 operating profit includes a $45M gain on selling assets; without it the operating margin was about -0.1%.

  ICU Medical's 2025 operating profit of $43M includes a one-off $45M gain on selling assets or businesses. Without it, operations would have earned -$2M, an operating margin of about -0.1%.

• Stock pay outran buybacks. Stock-based pay expense $143M vs $30M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +4.2% from December 2022 to July 2026.

  Over three fiscal years ICU Medical recorded $143M of stock-based pay expense and spent $30M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years ICU Medical recorded $143M of stock-based pay expense and spent $30M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

  ICU Medical made a profit per share in its latest year after a loss the year before.

• Cash flow well above reported profit. Free cash flow is 5.1× reported profit.

  Free cash flow is 5.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.