SAN CLEMENTE, Calif., April 18 /PRNewswire-FirstCall/ -- ICU Medical, Inc., , a leading low cost manufacturer of safe medical connectors, custom medical products and critical care devices, today announced results for the first quarter ended March 31, 2006.
First quarter revenue was $48.8 million, as compared to $27.1 million in the same period last year. Net income totaled $6.4 million, or $0.41 per diluted share, as compared to $4.4 million, or $0.30 per diluted share, in the first quarter of 2005.
“We are encouraged by our better than expected revenue and earnings results in the first quarter,” said Frank O’Brien, ICU Medical’s Chief Financial Officer. “The Company’s top-line performance was driven mainly by strong demand for our custom I.V. Systems and by our critical care product lines. Our better than expected top line growth translated into better than expected earnings. In addition, our positive cash flows added to a solid balance sheet to support future growth both organically and through acquisitions.”
As of March 31, 2006, ICU Medical had $95.9 million in cash and investments and $132.8 million in working capital. Additionally, the Company generated $8.7 million of cash from operating activities during the first quarter.
Mr. O’Brien concluded, “Based on our top-line outlook for the remainder of 2006, we are raising our revenue and earnings projections. We now expect to achieve sales between $188 million and $190 million. In addition we are raising our diluted earnings per share estimate by $0.10 to a range of $1.56 to $1.59.”
The Company will be conducting a conference call concerning its first quarter ended March 31, 2006 results at 1:30 p.m. PST (4:30 p.m. EST) on Tuesday, April 18, 2006 which can be accessed at 800-901-5247, passcode 53017454 or by replay at 888-286-8010, passcode 54460990. 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 this announcement.
The foregoing statement concerning Management’s expectation with respect to future results is a forward looking statement based upon the best information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results. Future results are subject to risks and uncertainties, including the most recent 10-K. Actual results in the future may differ materially from Management’s current expectations.
Contact: Francis J. O’Brien Chief Financial Officer ICU Medical, Inc. (949) 366-2183 John F. Mills Managing Director Integrated Corporate Relations (310) 395-2215 ICU Medical, Inc. Summary Consolidated Balance Sheet Data (all dollar amounts in thousands, except share data) ASSETS 3/31/06 12/31/05 (unaudited) CURRENT ASSETS: Cash and liquid investments $95,855 $86,742 Accounts receivable, net 26,594 23,644 Inventories 16,664 15,435 Prepaid and deferred income taxes 4,277 7,241 Other current assets 3,823 4,700 Total current assets 147,213 137,762 PROPERTY AND EQUIPMENT, NET 53,666 52,194 OTHER ASSETS 14,114 14,581 $214,993 $204,537 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES $14,394 $13,887 DEFERRED INCOME TAXES 352 529 MINORITY INTEREST 780 923 STOCKHOLDERS’ EQUITY 14,282,815 common shares outstanding at March 31, 2006 199,467 189,198 $214,993 $204,537 ICU Medical, Inc. Condensed Consolidated Statements of Income (all dollar amounts in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2006 2005 REVENUES: Net sales $47,457 $25,663 Other 1,324 1,422 TOTAL REVENUE 48,781 27,085 COST OF GOODS SOLD 27,431 11,860 Gross profit 21,350 15,225 OPERATING EXPENSES: Selling, general and administrative 10,591 8,023 Research and development 1,569 674 Total operating expenses 12,160 8,697 Income from operations 9,190 6,528 OTHER INCOME 761 588 Income before income taxes 9,951 7,116 PROVISION FOR INCOME TAXES 3,728 2,771 MINORITY INTEREST (143) (72) NET INCOME $6,366 $4,417 NET INCOME PER SHARE Diluted $0.41 $0.30 WEIGHTED AVERAGE NUMBER OF SHARES Diluted 15,403,069 14,762,038 ICU Medical, Inc. Summary Consolidated Statements of Cash Flows (all dollar amounts in thousands) (unaudited) Three Months Ended 3/31/06 3/31/05 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $6,366 $4,417 Adjustments to reconcile net income to net cash Provided by operating activities -- Depreciation and amortization 2,531 1,531 Net change in current assets and liabilities, and other (235) 833 8,662 6,781 Tax benefits from exercise of stock options in 2005 -- 1,077 Net cash provided by operating activities 8,662 7,858 PURCHASES OF PROPERTY AND EQUIPMENT (3,577) (1,233) NET INCREASE IN LIQUID INVESTMENTS (6,796) (7,900) EMPLOYEE EQUITY PLANS 3,710 1,863 OTHER 318 248 NET INCREASE IN CASH AND CASH EQUIVALENTS $2,317 $836
ICU Medical, Inc.
CONTACT: Francis J. O’Brien, Chief Financial Officer of ICU Medical, Inc.,+1-949-366-2183; or John F. Mills, Managing Director of IntegratedCorporate Relations, +1-310-395-2215, for ICU Medical, Inc.
Web site: http://www.icumed.com/
