ICU MEDICAL INC/DE (ICUI) FY2025 10-K Annual Report
ICU MEDICAL INC/DE (ICUI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ICU MEDICAL INC/DE FY2025 10-K Analysis
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
ICU MEDICAL INC/DE FY2025 Key Financial MetricsXBRL
Revenue
$2.2B
▼ -6.3% YoY
Net Income
$732,000
▲ +100.6% YoY
Gross Margin
36.8%
▲ +222bp YoY
Operating Margin
1.9%
▲ +12bp YoY
Net Margin
0.0%
▲ +497bp YoY
ROE
0.0%
▲ +602bp YoY
Total Assets
$4.1B
▼ -3.6% YoY
EPS (Diluted)
$0.03
▲ +100.6% YoY
Operating Cash Flow
$180M
▼ -11.9% YoY
Source: XBRL data from ICU MEDICAL INC/DE FY2025 10-K filing on SEC EDGAR. All figures in USD.
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