ICU Medical, Inc.
), a provider of medical devices, reported second quarter 2012
adjusted earnings of 63 cents, beating the Zacks Consensus Estimate
of 60 cents. The results, however fell short of the year-ago
earnings of 67 cents.
Net income in the quarter came in at $9.1 million, down 3.6 %
year over year.
Total revenues declined 0.7% year over year to $77.3 million,
missing the Zacks Consensus Estimate of $78 million.
On a geographic basis, revenues increased 5.2% year over year in
the U.S. while overseas revenues declined 13.8%.
Revenues for the Infusion Therapy segment for the six months
(ended June 30) increased 6.7% year over year to $102.4
Critical Care revenues for the period declined 9.5% to $29.2
Revenues for the Oncology segment for the six months were $13.5
million, up 10.4% year over year.
Revenues from other sources registered $7.5 million for the same
period, down 12.5% year over year.
Gross margin in the reported quarter increased to 50.6% from
46.6% in the year-ago period on the back of favorable foreign
exchange rate, product mix and production optimality. Operating
margin declined to 17.5% compared with 18% in the prior-year
Selling, general and administrative expenses rose 15.6% year
over year to $22.8 million while research and development
expenditure increased 9.5% to $2.7 million in the reported
ICU Medical ended the second quarter with cash and cash
equivalents of $121.6 million, up 39.1% year over year. The company
had no long-term debt. Operating cash flow in the quarter was $13.1
million, up 27.2% year over year.
ICU Medical lowered its revenue guidance for 2012 to the range
of $318 million to $325 million compared with the earlier guidance
of $318 million to $330 million. The company however, raised its
earnings guidance to a band of $2.55 to $2.70 per share from the
earlier estimate of $2.45 to $2.70. Operating cash flow is expected
to be in the range of $40 million to $50 million for 2012.
ICU Medical is a provider of complete portfolio of medical
devices for hospitals in Infusion Therapy, Critical Care and
Oncology applications. It plans to expand its footprint in the
international market, especially in Europe on the back of increased
capacity utilization and strategic marketing. However, the company
faces a tough competitive landscape in certain niches with larger
Baxter International Inc.
Becton, Dickinson and
ICU Medical currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating.
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ICU MEDICAL INC (ICUI): Free Stock Analysis
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