ICU Medical, Inc. reported total revenues of $2.23 billion for the fiscal year ending December 31, 2025, a decrease from $2.38 billion in 2024. The company's gross profit margin improved to 36.8% from 34.6% in the previous year, primarily due to the divestiture of its lower-margin IV Solutions business and cost reductions in supply chain operations. The net income for 2025 was $732,000, a significant recovery from a net loss of $117.7 million in 2024, reflecting a gain of $44.8 million from the sale of a 60% interest in the IV Solutions business.
The company experienced notable changes in its product revenue distribution. Consumables revenue increased to 50% of total revenue, up from 44% in 2024, driven by new customer installations and heightened demand for infusion consumables and oncology products. Conversely, Vital Care revenue fell to 19% of total revenue, down from 29% in 2024, largely due to the aforementioned divestiture. Infusion Systems revenue also saw growth, accounting for 31% of total revenue, up from 27% in the prior year, attributed to increased sales of large volume pumps and dedicated sets.
Strategically, ICU Medical completed the formation of a joint venture with Otsuka Pharmaceutical Factory America, Inc. in May 2025, transferring its IV Solutions business and retaining a 40% ownership interest. This move is expected to enhance operational focus and financial performance. The company also continued to invest in research and development, with expenses slightly decreasing to $87.5 million in 2025 from $88.6 million in 2024, reflecting ongoing efforts to innovate and expand its product offerings.
Operationally, ICU Medical reported a workforce of approximately 13,000 employees across 35 countries as of December 31, 2025. The company’s manufacturing facilities are located in the U.S., Mexico, Costa Rica, and the Czech Republic, with a significant portion of its products sold internationally. The company noted that fluctuations in foreign currency exchange rates and ongoing geopolitical tensions could impact future operations and financial results. Looking ahead, ICU Medical anticipates continued challenges from global economic conditions, including inflation and supply chain disruptions, but remains focused on leveraging its product portfolio and strategic partnerships to drive growth.
About ICU MEDICAL INC/DE
ICU Medical, Inc. develops, manufactures, and sells innovative medical products for infusion therapy, vascular access, and vital care. Its offerings include infusion pumps, IV sets, safety devices, and respiratory and anesthesia products. Serving hospitals, clinics, and healthcare providers worldwide, ICU emphasizes quality, safety, and regulatory compliance, leveraging a diversified product portfolio and global supply chain to deliver value and improve patient care.
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