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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Icu Medical reported revenue of $2.2B in the fiscal year ended Dec 2025, down 6.3% from the year before. Operating income was $43M, an operating margin of 1.9%, and net income was $732,000. Operating cash flow of $180M less capital expenditure of $88M left free cash flow of $92M. Net debt was $977M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,316 | 2,280 | 2,259 | 2,382 | 2,231 |
| Cost of revenue | 825 | 1,582 | 1,519 | 1,557 | 1,409 |
| Gross profit | 491 | 698 | 740 | 825 | 822 |
| Research & development | 47.5 | 93.0 | 85.3 | 88.6 | 87.5 |
| Selling, general & admin | 303 | 608 | 607 | 639 | 625 |
| Operating income | 123 | −42.9 | 22.8 | 43.0 | 42.8 |
| Net interest incomeBanks | 2.0 | −66.4 | −95.2 | −95.8 | −83.0 |
| Interest expense | 0.9 | 70.8 | 103 | 107 | 93.3 |
| Pre-tax income | – | – | −78.3 | −66.0 | 4.4 |
| Income tax | 20.1 | −40.1 | −48.6 | 51.7 | 2.4 |
| Net income | 103 | −74.3 | −29.7 | −118 | 0.7 |
| Diluted EPS | 4.74 | −3.11 | −1.23 | −4.83 | 0.03 |
| Diluted shares | 21.8 | 23.9 | 24.1 | 24.4 | 24.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 553 | 209 | 254 | 309 | 308 |
| Receivables | 106 | 222 | 162 | 183 | 181 |
| Inventory | 290 | 696 | 709 | 585 | 616 |
| Current assets | 1,030 | 1,235 | 1,221 | 1,442 | 1,191 |
| Net PP&E | 468 | 636 | 613 | 443 | 452 |
| Goodwill | 43.4 | 1,449 | 1,472 | 1,433 | 1,500 |
| Total assets | 1,881 | 4,516 | 4,378 | 4,204 | 4,051 |
| Payables | 81.1 | 216 | 150 | 148 | 154 |
| Deferred revenue | 12.6 | 30.8 | 31.6 | 30.4 | 33.8 |
| Current liabilities | 201 | 495 | 482 | 556 | 499 |
| Short-term debt | 0.0 | 29.7 | 51.0 | 51.0 | 18.8 |
| Long-term debt | 0.0 | 1,624 | 1,578 | 1,532 | 1,266 |
| Total liabilities | 265 | 2,426 | 2,255 | 2,239 | 1,927 |
| Shareholders' equity | 1,616 | 2,090 | 2,123 | 1,965 | 2,124 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 268 | −62.1 | 166 | 204 | 180 |
| Capital expenditure | 68.5 | 90.3 | 83.9 | 79.4 | 88.0 |
| Free cash flow | 199 | −152 | 82.3 | 125 | 91.8 |
| Depreciation & amortisation | 89.7 | 235 | 229 | 220 | 201 |
| Stock-based compensation | 27.3 | 36.0 | 40.6 | 46.9 | 55.8 |
| Acquisitions | 14.5 | 1,844 | 0.0 | 0.0 | – |
| Share buybacks | 8.3 | 10.9 | 9.4 | 12.0 | 8.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 73.2% | −0.9% | 5.4% | −6.3% |
| Operating income growth (YoY) | – | −134.8% | – | 88.2% | −0.3% |
| EPS growth (YoY) | – | −165.6% | – | – | – |
| Gross margin | 37.3% | 30.6% | 32.8% | 34.6% | 36.8% |
| Operating margin | 9.4% | −1.9% | 1.0% | 1.8% | 1.9% |
| Net margin | 7.8% | −3.3% | −1.3% | −4.9% | 0.0% |
| Return on equityBlank when equity is negative | 6.4% | −3.6% | −1.4% | −6.0% | 0.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.3% | −1.1% | 0.6% | 1.2% | 1.2% |
| Free cash flow margin | 15.1% | −6.7% | 3.6% | 5.2% | 4.1% |
| Cash conversion (CFO ÷ net income) | 2.59x | 0.84x | −5.60x | −1.73x | 246x |
| Receivable days | 29 | 35 | 26 | 28 | 30 |
| Inventory days | 128 | 161 | 170 | 137 | 160 |
| Payable days | 36 | 50 | 36 | 35 | 40 |
| Interest cover | 144x | −0.61x | 0.22x | 0.40x | 0.46x |
| Debt ÷ equity | 0.00x | 0.79x | 0.77x | 0.81x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −553 | 1,445 | 1,375 | 1,274 | 977 |
| Current ratio | 5.13x | 2.50x | 2.53x | 2.59x | 2.39x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.