The following is a summary of the ICU Medical, Inc. (ICUI) Q1 2024 Earnings Call Transcript:
Financial Performance:
ICU Medical reported a Q1 revenue of $553 million, indicating a total company growth of 1% on a constant currency basis or a decline of 1% on a reported basis.
Gross margins for Q1 were higher than expected at 35%, due to a favorable product mix and early realization of supply chain efficiencies.
The company's adjusted EPS and EBITDA were $0.96 and $79 million, respectively.
Free cash flow for Q1 was $30 million, marking the third consecutive quarter of positive free cash flow.
Business Progress:
The company has seen steady demand and utilization across all geographies in Q1, with Oncology and Vascular Access lines growing at or above 6%.
The New Plum Duo device and LifeShield IV safety software have been fully available for several weeks gaining customer approval.
The company expects the open warning letter issue to close soon, due to heavy investments in quality.
The closure of two underutilized production sites were announced and their products consolidated into the existing network.
ICU is optimistic about opportunities in the pump market and expects to increase their market share through investment in technology.
There is an expectation of contract renewals and absorption by systems and members by Q1 of the following year.
More details: ICU Medical IR
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