The following is a summary of the ICU Medical, Inc. (ICUI) Q4 2023 Earnings Call Transcript:
Financial Performance:
ICU Medical's full year 2023 consolidated adjusted revenue was down 1% in reported terms and flat in constant currency.
The company's Q4 gross margin was 34%, reflecting the impact from lower manufacturing absorption.
Q4 adjusted diluted earnings per share was $1.57 compared to $1.60 last year.
Q4 adjusted EBITDA decreased by 11%.
For 2024, the company expects full year consolidated adjusted revenue growth in the mid-single-digit range.
Business Progress:
The company has invested in quality system and product-related remediation for legacy SM.
ICU Medical plans to further reduce inventory during 2024.
All product lines in the Consumables segment reported sequential growth due to new global customer implementations and improved capacity.
The company's newly cleared Plum Duo infusion system and LifeShield IV safety software are production ready.
Future development is focused on a single-channel infusion system and a refreshed syringe pump.
The company is prioritizing debt repayment as the highest capital allocation priority.
More details: ICU Medical IR
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