San Clemente, California-based ICU Medical, Inc. (ICUI), Monday said its second-quarter profit increased from the same quarter a year ago, helped by an increase in product demand as well as an improvement in margin. The company raised its forecast for the fiscal year 2009.
Quarterly net income increased to $5.741 million or $0.38 per share from $4.772 million or $0.33 per share in the same quarter a year ago, above the Street's estimate.
On average, three analysts polled by Thomson Reuters expected second-quarter earnings of $0.35 per share. Analysts estimate typically excludes Special items such as one time charges or gains.
Second-quarter Income from operations increased to $8.669 million from $5.667 million in the same quarter a year ago.
Total revenues for the second quarter increased 9.9% to $53.282 million from $48.382 million in the second quarter of last year, in line with the Street's view of $53.03 million, helped by an improvement in product demand.
For the period of six months, net income increased to $12.803 million or $0.85 per share from $7.670 million or $0.53 per share in the same period last year.
Revenues for the period increased 15.5% to $107.734 million from $92.053 million a year ago.
Looking forward to the fiscal year 2009, the company raised its earnings forecast to a range of $1.62 per share to $1.71 per share from the previous guidance that ranged from $1.58 per share to $1.70 per share.
The revision in its forecast for the year was after considering the positive effect of the critical care acquisition, improvements in the existing business, the company said. The revisions was also impacted by the close of the recent critical care acquisition.
The acquisition of the critical care is expected to contribute earnings in the range of $0.01 per share to $0.02 per share towards the second half of the year 2009.
ICU Medical also raised its revenue forecast for the fiscal year and now expects revenues in the range of $220 million to $230 million.
Considering continued improvements in product mix and favorable exchange rates, gross margin for the fiscal year 2009 are now expected in the range of 46% to 47%, up from the previous forecast of 44% to 45%.
Commenting on the results, Scott Lamb, chief financial officer, ICU Medical said, "During the second quarter, we continued to benefit from a favorable product mix, improving manufacturing efficiencies and favorable foreign exchange rates, which increased gross margins to 48%, a five percentage point increase compared to the same period last year."
ICUI closed Monday's trading at $43.95, up $0.66 or 1.52%, on a volume of 0.205 million shares on the Nasdaq. In the after hours, the stock lost $0.94 or 2.14%, to trade at $43.01.
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