Short answer
ICU MEDICAL INC/DE (ICUI) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $2.2B (−6.3% year over year) and net income of $732,000.
- Top risk flagged: Regulatory risk Italy Medical Device Payback law IMDP liability settled for $2.5M with $3.8M reserve release in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- −6.3% YoY
- Net income
- $732,000
- +100.6% YoY
- Operating margin
- 1.9%
- +0.1 pp YoY
- Gross margin
- 36.8%
- +2.2 pp YoY
- EPS (diluted)
- $0.03
- +100.6% YoY
- ROE
- 0.0%
- +6.0 pp YoY
- Operating cash flow
- $180M
- −11.9% YoY
Source: XBRL data from the ICU MEDICAL INC/DE (ICUI) FY2025 10-K on SEC EDGAR. USD.
ICU MEDICAL INC/DE FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development, manufacturing, and sales of innovative medical products for infusion therapy, vascular access, and vital care applications worldwide
- New strategic joint venture formed in April 2025, selling 60% controlling interest in IV Solutions business to Otsuka Pharmaceutical Factory America
- Introduction of Plum Duo™ and Plum Solo™ precision infusion pumps with FDA clearance in April 2025, featuring ±3% delivery accuracy and dual channel medication delivery
- Employees and geographic expansion details not disclosed; strongest product recognition includes Plum 360™ winning Best in KLAS awards for eight years, including 2025
- Noteworthy separation of IV Solutions in a joint venture while retaining 40% interest, coupled with continuing commercial agreements for sales and distribution post-divestiture
Management Discussion & Analysis
- Foreign currency exposure partially hedged, not fully covering forecasted revenues and expenses
- Potential increased risk from unhedged currency fluctuations impacting financial results
- Additional hedging contracts could limit losses but also pose counter-party risk and financial harm
- Current hedging efforts may not fully offset adverse currency exchange rate impacts
- Currency risks could materially negatively affect financial condition or results of operations
Risk Factors
- Regulatory risk Italy Medical Device Payback law IMDP liability settled for $2.5M with $3.8M reserve release in 2025
- Macroeconomic exposure $85M-$100M capital expenditures planned across Costa Rica, Europe, Mexico, and U.S. manufacturing in 2026
- Operational risk integration and restructuring expenses post-Smiths Medical acquisition estimated at $60M-$80M in 2026
- Competitive risk infusion pump market affected by expansion investment; no direct competitor named but global production increased
- Financial risk $1.25B credit facilities with potential accelerated maturity 91 days before Term Loan B due in 2029
Generated from the filing text; verify against the original. How to read a 10-K
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