ICU Medical, Inc. reported total revenues of $2.4 billion for the fiscal year ending December 31, 2024, reflecting a 5.4% increase from $2.3 billion in 2023. The company's gross profit margin improved to 34.6%, up from 32.8% in the previous year, driven by lower supply chain costs and price increases. However, the company recorded a net loss of $117.7 million, compared to a net loss of $29.7 million in 2023, primarily due to increased interest expenses and restructuring costs associated with the integration of Smiths Medical, which was acquired in January 2022.
In terms of operational changes, ICU Medical has focused on integrating Smiths Medical into its operations, which has resulted in significant restructuring expenses totaling $59.8 million in 2024. The company has also entered into a joint venture agreement with Otsuka Pharmaceutical Factory America, expected to close in the second quarter of 2025, aimed at enhancing supply chain resilience in the North American IV solutions market. This strategic move is anticipated to bolster ICU Medical's market position and operational capabilities.
The company’s product lines showed varied performance, with Consumables revenue increasing to $1.04 billion, a 7.5% rise from the previous year, attributed to new customer installations and heightened demand. Infusion Systems revenue also grew by 6.9% to $652.4 million, driven by higher sales of large volume pumps and ambulatory hardware. Conversely, Vital Care revenue increased to $690.8 million, up 4.9%, largely due to a market shortage of IV solutions following a competitor's facility damage.
ICU Medical's workforce expanded to approximately 15,000 employees as of December 31, 2024, following the Smiths Medical acquisition, which added around 6,700 employees. The company continues to face challenges related to inflation, supply chain disruptions, and foreign currency fluctuations, which have impacted its operational costs and profitability. Looking ahead, ICU Medical anticipates ongoing pressures from macroeconomic conditions but remains focused on leveraging its expanded product portfolio and market reach to drive future growth.
About ICU MEDICAL INC/DE
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