updated 10/18/2010 4:16:16 PM ET 2010-10-18T20:16:16

Sales Increased 40.3% to $75.7 Million

Diluted EPS Increased 54.8% to $0.65

Company Raises 2010 Revenue and Earnings Guidance

SAN CLEMENTE, Calif., Oct. 18, 2010 (GLOBE NEWSWIRE) -- ICU Medical, Inc., (Nasdaq:ICUI), a leading low cost manufacturer of safe medical connectors, custom medical products and critical care devices, announced results for the third quarter and nine months ended September 30, 2010.

Third quarter of 2010 revenue increased 40.3% to $75.7 million, compared to $54.0 million in the same period last year. Net income for the third quarter of 2010 was $9.0 million, or $0.65 per diluted share, as compared to net income of $6.3 million, or $0.42 per diluted share, for the third quarter of 2009.

For the nine months ended September 30, 2010, revenue increased 29.2% to $209.0 million, compared to $161.7 million in the same period last year. Net income for the nine months ended September 30, 2010, was $20.9 million, or $1.51 per diluted share, compared to net income of $19.1 million, or $1.27 per diluted share, for the same period last year.

Scott Lamb, ICU Medical's Chief Financial Officer, said, "We are pleased with our financial performance during the third quarter which included double-digit improvements in revenue and profitability. Our top-line growth was fueled by positive contributions from all of our product lines, led by CLAVEs, custom products and critical care. Domestic distributor and direct sales increased 38% year over year, while international sales were up 29%."

"During the quarter, we successfully completed the transition of the critical care operations that we purchased last year from Hospira. We also launched operations at our new plant in Slovakia and expect to start shipments of products from this new facility during the fourth quarter. We believe that this new facility will greatly improve our time to market for custom products in Europe. Additionally, we continued to make investments in research and development, quality controls and manufacturing efficiencies, which are essential in maintaining our proven track record of customer satisfaction," concluded Mr. Lamb.

The Company ended the third quarter with a strong balance sheet. As of September 30, 2010, cash, cash equivalents and investment securities totaled $81.9 million and working capital was $168.7 million. Additionally, the Company generated operating cash flow of $18.7 million for the first nine months of 2010.

Fiscal Year 2010 Guidance

Based on the current business trends, management has raised the Company's revenue and earnings per share guidance range for the full fiscal year of 2010. Revenue is now expected to be in the range of $277 million to $282 million, up from the previous guidance of $270 million to $275 million. Diluted earnings are now expected to be in the range of $2.00 to $2.07 per share, compared to the previous guidance of $1.85 to $1.92 per share. Operating cash flow is expected to be in the range of $35 million to $40 million.

Conference Call

The Company will be conducting a conference call concerning its third quarter results today at 4:30 p.m. EDT (1:30 p.m. PDT). The call can be accessed at 866-783-2143, passcode 41883861 or by replay at 888-286-8010, passcode 18772156. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. Certain information provided as part of that call will be provided on the Company's website at www.icumed.com within 48 hours of the call.

About ICU Medical, Inc. 

ICU Medical, Inc. (Nasdaq:ICUI) develops, manufactures and sells innovative medical technologies used in vascular therapy, oncology, and critical care applications. ICU Medical's products improve patient outcomes by helping prevent bloodstream infections, protect healthcare workers and patients from exposure to infectious diseases or hazardous drugs and monitor the hemodynamic status of critical care patients. The Company's complete product line includes custom I.V. systems, closed delivery systems for hazardous drugs, needleless I.V. connectors, catheters and cardiac monitoring systems. ICU Medical is headquartered in San Clemente, California. For more information, visit the Company's web site at www.icumed.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as ''will,'' ''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,'' ''continue,'' ''build,'' ''expand'' or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including, but not limited to, statements regarding the timing of the commencement of shipments from the new manufacturing plant in Slovakia and the Company's expectations regarding improved time to market for custom products in Europe; the Company's continued investment in research and development, quality controls and manufacturing efficiencies; and the Company's positioning for continued long-term growth and profitability and delivering value to its shareholders. In addition, forward-looking statements also include the statements under the heading ''Fiscal Year 2010 Guidance.'' These forward-looking statements are based on Management's current expectations, estimates, forecasts and projections about the Company and assumptions Management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company's products, increased competition from competitors, lack of continued growth or improving efficiencies, increased costs for shipping products and unexpected delays or costs associated with the operation of the manufacturing plant in Slovakia. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission, which include those in the Annual Report on Form 10-K for the year ended December 31, 2009 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2010. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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