ICU Medical Inc. (ICUI), Monday reported first-quarter net income of $8.7 million or $0.58 per share, up from $7.6 million or $0.53 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
First-quarter revenues dropped to $74.3 million from $75.5 million in the same period last year. Analysts estimated revenues of $74.07 million for the quarter.
Chief Financial Officer Scott Lamb said, "Our top-line performance was driven by growth in custom infusion and oncology products, offset by expected decreases in critical care and needlefree connectors. International sales were up 12.5%, while domestic sales decreased 6.7% year over year."
Gross margins expanded 320 basis points to 49.5 percent as a result of improved manufacturing efficiencies across all manufacturing facilities.
Going forward, the company lowered the upper end of its full year revenue guidance due to current business trends in certain market segments. The company now expects full-year 2013 revenues of $330 million to $337 million, compared to the previous guidance of $330 million to $340 million. The company maintained its earnings guidance in the range of $2.70 to $2.85 per share.
Analysts currently estimate revenues of $2.77 per share and revenues of $335.0 million for the year.
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