DELAWARE | 0-19974 | 33-0022692 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
951 Calle Amanecer, San Clemente, California | 92673 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(c) | Exhibits | |
99.1 | Press release, dated January 30, 2012 announcing ICU Medical, Inc.'s fourth quarter 2011 earnings. |
ICU Medical, Inc. | ||
Date: January 30, 2012 | /s/ SCOTT E. LAMB Scott E. Lamb Secretary, Treasurer and Chief Financial Officer |
Exhibit | Description | |
99.1 | Press release dated January 30, 2012. |
(dollars in millions) | ||||||||||||
Market Segment | 2011 | 2010 | Change | |||||||||
Infusion Therapy | $ | 198.9 | $ | 188.8 | $ | 10.1 | ||||||
Critical Care | $ | 61.4 | $ | 64.5 | $ | (3.1 | ) | |||||
Oncology | $ | 24.4 | $ | 18.3 | $ | 6.1 | ||||||
Other | $ | 17.5 | $ | 13.0 | $ | 4.5 | ||||||
$ | 302.2 | $ | 284.6 | $ | 17.6 | |||||||
Reconciliation of non-GAAP to GAAP SG&A expenses | Q4 2011 | 2011 | ||||||||
Non-GAAP SG&A expenses | $ | 20.7 | $ | 83.7 | ||||||
Expense excluded from non-GAAP SG&A expenses | $ | 1.6 | $ | 1.6 | ||||||
SG&A expenses | $ | 22.3 | $ | 85.3 | ||||||
Reconciliation of non-GAAP to GAAP gain on sales of assets | Q4 2011 | 2011 | ||||||||
Non-GAAP gain on sale of assets | — | — | ||||||||
Gain excluded from non-GAAP gain on sale of assets | $ | (14.2 | ) | $ | (14.2 | ) | ||||
Gain on sale of assets | $ | (14.2 | ) | $ | (14.2 | ) | ||||
Reconciliation of non-GAAP to GAAP income from operations | Q4 2011 | 2011 | ||||||||
Non-GAAP income from operations | $ | 13.1 | $ | 52.6 | ||||||
Gain excluded from non-GAAP income from operations | $ | (12.6 | ) | $ | 12.6 | |||||
Income from operations | $ | 25.7 | $ | 65.2 | ||||||
Reconciliation of non-GAAP to GAAP provision for income taxes | Q4 2011 | 2011 | ||||||||
Non-GAAP provision for income taxes | $ | (3.5 | ) | $ | (17.1 | ) | ||||
Taxes associated with gain excluded from non-GAAP provision for income taxes | $ | (4.6 | ) | $ | (4.6 | ) | ||||
Provision for income taxes | $ | (8.1 | ) | $ | (21.7 | ) | ||||
Reconciliation of non-GAAP to GAAP net income | Q4 2011 | 2011 | ||||||||
Non-GAAP net income | $ | 9.8 | $ | 36.7 | ||||||
Gain, net of taxes, excluded from non-GAAP net income | $ | 8.0 | $ | 8.0 | ||||||
Net income | $ | 17.8 | $ | 44.7 | ||||||
Reconciliation of non-GAAP to GAAP diluted net income per share | Q4 2011 | 2011 | ||||||||
Non-GAAP income from operations | $ | 0.70 | $ | 2.59 | ||||||
Gain excluded from non-GAAP income from operations | $ | 0.56 | $ | 0.56 | ||||||
Income from operations | $ | 1.26 | $ | 3.15 | ||||||
December 31, | |||||||
2011 | 2010 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 99,590 | $ | 78,850 | |||
Investment securities | 60,395 | 14,507 | |||||
Cash, cash equivalents and investment securities | 159,985 | 93,357 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,293 at December 31, 2011 and $742 at December 31, 2010 | 47,736 | 55,106 | |||||
Inventories | 40,423 | 44,056 | |||||
Prepaid income taxes | 4,006 | 687 | |||||
Prepaid expenses and other current assets | 6,759 | 9,574 | |||||
Deferred income taxes | 4,081 | 5,053 | |||||
Total current assets | 262,990 | 207,833 | |||||
PROPERTY AND EQUIPMENT, net | 83,048 | 83,545 | |||||
GOODWILL | 1,478 | 1,478 | |||||
INTANGIBLE ASSETS, net | 11,419 | 14,806 | |||||
DEFERRED INCOME TAXES | 4,759 | 4,564 | |||||
$ | 363,694 | $ | 312,226 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 13,251 | $ | 10,879 | |||
Accrued liabilities | 16,059 | 14,629 | |||||
Deferred revenue | — | 254 | |||||
Total current liabilities | 29,310 | 25,762 | |||||
COMMITMENTS AND CONTINGENCIES | — | — | |||||
DEFERRED INCOME TAXES | 7,144 | 8,023 | |||||
INCOME TAX LIABILITY | 4,081 | 4,155 | |||||
STOCKHOLDERS' EQUITY: | |||||||
Convertible preferred stock, $1.00 par value Authorized-500 shares; Issued and outstanding- none | — | — | |||||
Common stock, $0.10 par value - Authorized-80,000 shares; Issued 14,855 shares at December 31, 2011 and December 31, 2010, outstanding 13,871 shares at December 31, 2011 and 13,659 shares at December 31, 2010 | 1,486 | 1,486 | |||||
Additional paid-in capital | 56,796 | 56,502 | |||||
Treasury stock, at cost - 984 shares at December 31, 2011 and 1,196 shares at December 31, 2010 | (35,348 | ) | (41,428 | ) | |||
Retained earnings | 303,459 | 258,790 | |||||
Accumulated other comprehensive loss | (3,234 | ) | (1,064 | ) | |||
Total stockholders' equity | 323,159 | 274,286 | |||||
$ | 363,694 | $ | 312,226 |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
REVENUES: | |||||||||||
Net sales | $ | 301,642 | $ | 283,980 | $ | 230,973 | |||||
Other | 553 | 602 | 540 | ||||||||
TOTAL REVENUE | 302,195 | 284,582 | 231,513 | ||||||||
COST OF GOODS SOLD | 159,841 | 153,989 | 122,695 | ||||||||
Gross profit | 142,354 | 130,593 | 108,818 | ||||||||
OPERATING EXPENSES: | |||||||||||
Selling, general and administrative | 85,287 | 76,636 | 68,205 | ||||||||
Research and development | 8,588 | 4,678 | 2,645 | ||||||||
Legal settlement | (2,500 | ) | — | — | |||||||
Gain on sale of assets | (14,242 | ) | — | — | |||||||
Total operating expenses | 77,133 | 81,314 | 70,850 | ||||||||
Income from operations | 65,221 | 49,279 | 37,968 | ||||||||
OTHER INCOME | 1,201 | 129 | 1,181 | ||||||||
Income before income taxes | 66,422 | 49,408 | 39,149 | ||||||||
PROVISION FOR INCOME TAXES | (21,753 | ) | (18,479 | ) | (12,592 | ) | |||||
NET INCOME | $ | 44,669 | $ | 30,929 | $ | 26,557 | |||||
NET INCOME PER SHARE | |||||||||||
Basic | $ | 3.23 | $ | 2.27 | $ | 1.80 | |||||
Diluted | $ | 3.15 | $ | 2.23 | $ | 1.77 | |||||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||||||
Basic | 13,835 | 13,611 | 14,720 | ||||||||
Diluted | 14,161 | 13,855 | 14,984 |
Three months ended December 31, | |||||||
2011 | 2010 | ||||||
REVENUES: | |||||||
Net sales | $ | 76,326 | $ | 75,469 | |||
Other | 144 | 151 | |||||
TOTAL REVENUE | 76,470 | 75,620 | |||||
COST OF GOODS SOLD | 40,517 | 38,113 | |||||
Gross profit | 35,953 | 37,507 | |||||
OPERATING EXPENSES: | |||||||
Selling, general and administrative | 22,283 | 19,268 | |||||
Research and development | 2,168 | 1,741 | |||||
Gain on sale of assets | (14,242 | ) | — | ||||
Total operating expenses | 10,209 | 21,009 | |||||
Income from operations | 25,744 | 16,498 | |||||
OTHER INCOME | 235 | 89 | |||||
Income before income taxes | 25,979 | 16,587 | |||||
PROVISION FOR INCOME TAXES | (8,137 | ) | (6,601 | ) | |||
NET INCOME | $ | 17,842 | $ | 9,986 | |||
NET INCOME PER SHARE | |||||||
Basic | $ | 1.29 | $ | 0.73 | |||
Diluted | $ | 1.26 | $ | 0.72 | |||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||
Basic | 13,861 | 13,627 | |||||
Diluted | 14,114 | 13,878 |
Years ended December 31, | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 44,669 | $ | 30,929 | $ | 26,557 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 18,294 | 17,345 | 15,671 | |||||||||
Provision for doubtful accounts | 648 | 443 | 1 | |||||||||
Stock compensation | 4,016 | 3,471 | 2,708 | |||||||||
Loss (gain) on disposal of property and equipment | (42 | ) | 338 | — | ||||||||
Gain on sale of assets | (14,242 | ) | — | — | ||||||||
Bond premium amortization | 1,294 | 1,092 | 2,530 | |||||||||
Cash provided (used) by changes in operating assets and liabilities | ||||||||||||
Accounts receivable | 6,232 | (8,001 | ) | (9,043 | ) | ) | ||||||
Inventories | 3,170 | (3,670 | ) | 2,012 | ||||||||
Prepaid expenses and other assets | (920 | ) | (2,518 | ) | (3,150 | ) | ) | |||||
Accounts payable | 2,673 | (8,222 | ) | 10,380 | ||||||||
Accrued liabilities | 1,684 | 1,946 | (2,046 | ) | ) | |||||||
Deferred revenue | (254 | ) | (2,135 | ) | 2,389 | |||||||
Prepaid and deferred income taxes | (2,735 | ) | 2,077 | 3,130 | ||||||||
Net cash provided by operating activities | 64,487 | 33,095 | 51,139 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of property and equipment, net | (15,824 | ) | (23,171 | ) | (16,690 | ) | ) | |||||
Proceeds from sale of asset | 16,201 | 893 | — | |||||||||
Proceeds from insurance | 2,781 | 622 | — | |||||||||
Assets purchased | — | — | (29,447 | ) | ) | |||||||
Business acquisition, net of assets acquired | — | — | (5,662 | ) | ) | |||||||
Change in restricted cash | — | — | 6,014 | |||||||||
Purchases of investment securities | (90,502 | ) | (23,382 | ) | (99,185 | ) | ) | |||||
Proceeds from sale of investment securities | 41,610 | 64,670 | 107,211 | |||||||||
Net cash provided (used) by investing activities | (45,734 | ) | 19,632 | (37,759 | ) | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from exercise of stock options | 7,974 | 2,517 | 1,375 | |||||||||
Proceeds from employee stock purchase plan | 1,828 | 1,576 | 1,271 | |||||||||
Tax benefits from exercise of stock options | 4,288 | 1,680 | 101 | |||||||||
Purchase of treasury stock | (11,956 | ) | (28,648 | ) | (20,441 | ) | ) | |||||
Net cash provided (used) by financing activities | 2,134 | (22,875 | ) | (17,694 | ) | ) | ||||||
Effect of exchange rate changes on cash | (147 | ) | (2,250 | ) | (134 | ) | ) | |||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 20,740 | 27,602 | (4,448 | ) | ) | |||||||
CASH AND CASH EQUIVALENTS, beginning of period | 78,850 | 51,248 | 55,696 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 99,590 | $ | 78,850 | $ | 51,248 |