ICU Medical Reports $548.9 Million Revenue in Q2 2025, Net Income Turnaround

ICU Medical, Inc. reported a total revenue of $548.9 million for the second quarter of 2025, a decrease of 8% compared to $596.5 million in the same period last year. For the first half of 2025, revenues totaled $1.15 billion, down slightly from $1.16 billion in the first half of 2024. The company achieved a gross profit of $208.1 million for the quarter, resulting in a gross margin of 37.9%, an increase from 35% in the prior year. The net income for the second quarter was $35.3 million, compared to a net loss of $21.4 million in the same quarter of 2024, reflecting a significant turnaround in profitability.

The decline in revenue was primarily attributed to the sale of a 60% interest in the IV Solutions business, which was completed on May 1, 2025. This strategic divestiture resulted in a gain of $41.8 million, which positively impacted the company's overall financial performance. The company also noted that the revenue from its Consumables and Infusion Systems segments increased, driven by new customer installations and heightened demand for certain product lines. However, the Vital Care segment experienced a significant decline in revenue due to the aforementioned divestiture.

Operationally, ICU Medical's total assets decreased to $4.11 billion as of June 30, 2025, down from $4.20 billion at the end of 2024. The company reported a cash and cash equivalents balance of $300 million, a slight decrease from $308.6 million at the end of the previous fiscal year. The company’s long-term debt was reduced to $1.34 billion, reflecting substantial repayments made following the sale of the IV Solutions business. The company’s employee headcount remained stable, with no significant changes reported.

Looking ahead, ICU Medical anticipates continued challenges from global economic conditions, including inflation and supply chain disruptions. The company is focused on integrating its operations following the Smiths Medical acquisition and managing the impacts of the recent divestiture. ICU Medical is also monitoring the evolving regulatory landscape, particularly concerning the FDA's 2025 Warning Letter related to certain infusion pumps, which could affect future operations. The company remains committed to maintaining its market position and is exploring opportunities for growth through innovation and strategic partnerships.