Fourth Quarter Diluted EPS Increased 43.3% to $0.72
FY 2010 Sales Increased 22.9% to $284.6 Million
Company Achieved FY 2010 Net Income of $30.9 Million, or $2.23 per Diluted Share
Operating Cash Flow Totaled $33.1 Million for FY 2010
SAN CLEMENTE, Calif., Jan. 31, 2011 (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 fourth quarter and fiscal year ended December 31, 2010.
Fourth quarter of 2010 revenue increased 8.3% to $75.6 million, compared to $69.8 million in the same period last year. Net income for the fourth quarter of 2010 was $10.0 million, or $0.72 per diluted share, as compared to net income of $7.4 million, or $0.50 per diluted share, for the fourth quarter of 2009.
For the fiscal year ended December 31, 2010, revenue increased 22.9% to $284.6 million, compared to $231.5 million in the same period last year. Net income for the fiscal year ended December 31, 2010, was $30.9 million, or $2.23 per diluted share, compared to net income of $26.6 million, or $1.77 per diluted shares, for the same period last year.
Scott Lamb, ICU Medical's Chief Financial Officer, said, "We are pleased with our operating and financial achievements during the fourth quarter and full year of 2010, marked by record annual sales and profitability. Our growth during the fourth quarter was driven by strong performance of Custom Sets, CLAVEs and new products, which was slightly offset by an expected decline in critical care compared to the same period last year. Excluding critical care, our sales were up 26% year over year. Fourth quarter gross margins expanded 460 basis points year over year and 470 basis points consecutively to 49.6% due to a favorable product mix and improved manufacturing efficiencies."
"During the year, we successfully transitioned the critical care operations from Hospira, completed construction and started product shipments from our new plant in Slovakia, and made important investments in our manufacturing facilities, quality controls, and research and development.
"Looking forward, we believe that our industry leading portfolio of products, investments in sales and marketing initiatives, and established cost efficient operating infrastructure positions us well for continued market expansion worldwide and profitable growth in 2011 and beyond," concluded Mr. Lamb.
The Company ended the fourth quarter with a very healthy balance sheet. As of December 31, 2010, cash, cash equivalents and investment securities totaled $93.4 million and working capital was $182.1 million. Additionally, the Company generated operating cash flow of $33.1 million for the full year of 2010.
Fiscal Year 2011 Guidance
For the full fiscal year of 2011, management expects to generate revenue in the range of $295 million to $305 million, diluted earnings in the range of $2.25 to $2.45 per share, and operating cash flow in the range of $45 million to $50 million.
The Company will be conducting a conference call concerning its fourth quarter and year-end results today at 4:30 p.m. EST (1:30 p.m. PST). The call can be accessed at 800-936-9761, conference ID 36566922 or by replay at 800-642-1687, conference ID 36566922. 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, protecting healthcare workers from exposure to infectious diseases or hazardous drugs and monitor continuous cardiac output 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 Company's positioning for continued global expansion and profitable growth, and the statements under the heading ''Fiscal Year 2011 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 and unexpected changes in the Company's arrangements with its largest customers. 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 September 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.
CONTACT: ICU Medical, Inc. Scott Lamb, Chief Financial Officer (949) 366-2183 ICR, LLC. John F. Mills, Senior Managing Director (310) 954-1100