ICU Medical Reports $604.7 Million Revenue in Q1 2025, Net Loss Improves

ICU Medical, Inc. reported a total revenue of $604.7 million for the first quarter of 2025, marking a 6.7% increase from $566.7 million in the same period of the previous year. The company's gross profit also rose to $210.1 million, up from $185.2 million, resulting in a gross margin of 34.8%, compared to 32.7% in the prior year. Despite the revenue growth, ICU Medical recorded a net loss of $15.5 million, an improvement from a net loss of $39.5 million in the first quarter of 2024. The loss per share for the quarter was $(0.63), compared to $(1.63) in the previous year.

The company experienced notable changes in its operational metrics, including a decrease in accounts receivable by $22.4 million and an increase in accounts payable by $32.1 million. Inventory levels rose by $8.2 million as the company built safety stock levels. Additionally, ICU Medical's cash and cash equivalents decreased to $289.7 million from $308.6 million at the end of 2024, primarily due to principal debt payments totaling $47.8 million during the quarter.

Strategically, ICU Medical completed the formation of a limited liability company (LLC) to which it transferred the assets and operations of its IV Solutions product line, selling a 60% equity interest to Otsuka Pharmaceutical Factory for an estimated cash consideration of $209.5 million. This transaction is expected to enhance the company's liquidity, allowing it to pay down a portion of its outstanding Term Loan A debt. The company also launched new products, including the Plum Duo™ and Plum Solo™ precision infusion pumps, which received FDA clearance in April 2025.

In terms of geographic performance, revenue from the United States accounted for $388.2 million, while international sales contributed $216.5 million, with notable growth in the Asia-Pacific region. The company continues to face challenges from global economic conditions, including inflation and supply chain disruptions, which have impacted costs. ICU Medical anticipates that these factors will continue to influence its operations and financial performance in the near term. The company remains focused on maintaining compliance with its financial covenants and managing its debt levels effectively.