Revenue for the quarter reached $540.7 million, a 14.1% decline from $629.8 million a year earlier, yet it surpassed analysts’ consensus estimate of $530.9 million by $9.8 million. The beat was largely driven by continued growth in the Consumables and Infusion Systems segments, while the divestiture of the IV Solutions business removed lower‑margin legacy revenue from the top line.
GAAP gross profit climbed to $203.0 million, giving a gross margin of 38% versus 36% in the prior year. The improvement reflects a higher mix of high‑margin Infusion Systems and disciplined cost control, and the removal of the IV Solutions segment, which historically carried a lower margin. The company’s cost‑management program has helped offset the revenue decline.
GAAP net loss for the quarter was $15.7 million, or $0.64 per diluted share, compared with a $23.8 million loss ($0.97 per share) in Q4 2024. Adjusted diluted earnings per share were $1.91, a $0.20 increase from $1.71 in the prior year and a $0.22 beat over the consensus estimate of $1.69. The earnings beat was driven by disciplined cost management and a favorable product mix, while integration costs from the Smiths Medical acquisition and ongoing tariff pressures partially offset the gains.
Adjusted EBITDA for the quarter was $98.2 million, down from $105.5 million in Q4 2024 but still above the consensus estimate of $94.75 million. For fiscal year 2026, ICU Medical guided for GAAP net income of $26 million to $44 million, adjusted EPS of $1.03 to $1.74, adjusted EBITDA of $400 million to $430 million, and adjusted EPS of $7.75 to $8.45—slightly above the analyst midpoint of $7.76. The guidance signals management’s confidence in margin expansion, integration synergies, and a continued debt‑reduction trajectory.
Segment analysis shows that Consumables and Infusion Systems grew, while Vital Care declined, largely due to the IV Solutions divestiture. Management highlighted ongoing tariff and inflationary headwinds but noted progress on the Smiths Medical integration and a $30 million principal repayment in Q4 2025, reinforcing the company’s long‑term financial discipline.
Analysts noted the earnings beat and forward guidance, underscoring ICU Medical’s ability to navigate headwinds while maintaining margin growth. The results reinforce management’s confidence in future profitability and the company’s debt‑reduction path.
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