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 October 15, 2012 announcing ICU Medical, Inc.'s third quarter 2012 earnings. |
ICU Medical, Inc. | ||
Date: October 15, 2012 | /s/ SCOTT E. LAMB Scott E. Lamb Secretary, Treasurer and Chief Financial Officer |
Exhibit | Description | |
99.1 | Press release dated October 15, 2012 |
(dollars in millions) | |||||||||||
Market Segment | 2,012 | 2,011 | Change | ||||||||
Infusion Therapy | $ | 159.6 | $ | 146.4 | 9.1 | % | |||||
Critical Care | $ | 42.4 | $ | 47.2 | (10.2 | )% | |||||
Oncology | $ | 21.0 | $ | 19.0 | 10.5 | % | |||||
Other | $ | 11.2 | $ | 13.1 | (14.6 | )% | |||||
$ | 234.2 | $ | 225.7 | 3.8 | % |
September 30, 2012 | December 31, 2011 | ||||||
(unaudited) | (1) | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 127,524 | $ | 99,590 | |||
Investment securities | 76,768 | 60,395 | |||||
Cash, cash equivalents and investment securities | 204,292 | 159,985 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,146 at September 30, 2012 and $1,293 at December 31, 2011 | 53,010 | 43,571 | |||||
Inventories | 37,587 | 40,423 | |||||
Prepaid income taxes | 7,568 | 5,589 | |||||
Prepaid expenses and other current assets | 5,931 | 6,759 | |||||
Deferred income taxes | 4,220 | 4,081 | |||||
Total current assets | 312,608 | 260,408 | |||||
PROPERTY AND EQUIPMENT, net | 83,641 | 83,048 | |||||
GOODWILL | 1,478 | 1,478 | |||||
INTANGIBLE ASSETS, net | 10,423 | 11,419 | |||||
DEFERRED INCOME TAXES | 4,757 | 4,759 | |||||
$ | 412,907 | $ | 361,112 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 12,165 | $ | 13,251 | |||
Accrued liabilities | 16,745 | 16,059 | |||||
Total current liabilities | 28,910 | 29,310 | |||||
DEFERRED INCOME TAXES | 7,148 | 7,144 | |||||
INCOME TAX LIABILITY | 3,816 | 4,081 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
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 September 30, 2012 and December 31, 2011, outstanding 14,404 shares September 30, 2012 and 13,871 shares at December 31, 2011 | 1,486 | 1,486 | |||||
Additional paid-in capital | 62,255 | 56,796 | |||||
Treasury stock, at cost — 451 shares at September 30, 2012 and 984 shares at December 31, 2011 | (17,009 | ) | (35,348 | ) | |||
Retained earnings | 329,815 | 300,877 | |||||
Accumulated other comprehensive loss | (3,514 | ) | (3,234 | ) | |||
Total stockholders’ equity | 373,033 | 320,577 | |||||
$ | 412,907 | $ | 361,112 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
REVENUES: | |||||||||||||||
Net sales | $ | 81,266 | $ | 76,317 | $ | 233,788 | $ | 225,316 | |||||||
Other | 139 | 141 | 409 | 409 | |||||||||||
TOTAL REVENUE | 81,405 | 76,458 | 234,197 | 225,725 | |||||||||||
COST OF GOODS SOLD | 40,710 | 40,884 | 119,455 | 119,324 | |||||||||||
Gross profit | 40,695 | 35,574 | 114,742 | 106,401 | |||||||||||
OPERATING EXPENSES: | — | — | |||||||||||||
Selling, general and administrative | 20,177 | 20,411 | 63,873 | 63,004 | |||||||||||
Research and development | 2,988 | 1,877 | 8,410 | 6,420 | |||||||||||
Legal settlement | — | — | — | (2,500 | ) | ||||||||||
Total operating expenses | 23,165 | 22,288 | 72,283 | 66,924 | |||||||||||
Income from operations | 17,530 | 13,286 | 42,459 | 39,477 | |||||||||||
OTHER INCOME | 158 | 132 | 438 | 966 | |||||||||||
Income before income taxes | 17,688 | 13,418 | 42,897 | 40,443 | |||||||||||
PROVISION FOR INCOME TAXES | (5,500 | ) | (4,157 | ) | (13,959 | ) | (13,616 | ) | |||||||
NET INCOME | $ | 12,188 | $ | 9,261 | $ | 28,938 | $ | 26,827 | |||||||
NET INCOME PER SHARE | |||||||||||||||
Basic | $ | 0.85 | $ | 0.66 | $ | 2.04 | $ | 1.94 | |||||||
Diluted | $ | 0.82 | $ | 0.65 | $ | 1.98 | $ | 1.89 | |||||||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||||||||||
Basic | 14,321 | 13,932 | 14,153 | 13,826 | |||||||||||
Diluted | 14,826 | 14,184 | 14,613 | 14,169 |
Nine months ended September 30, | |||||||
2012 | 2011 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 28,938 | $ | 26,827 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 14,262 | 13,687 | |||||
Provision for doubtful accounts | (143 | ) | 509 | ||||
Provision for warranty and returns | 291 | — | |||||
Stock compensation | 4,361 | 2,998 | |||||
Loss (gain) on disposal of property and equipment | 41 | (57 | ) | ||||
Bond premium amortization | 1,660 | 801 | |||||
Cash provided (used) by changes in operating assets and liabilities | |||||||
Accounts receivable | (9,790 | ) | 1,575 | ||||
Inventories | 2,974 | 1,143 | |||||
Prepaid expenses and other assets | 792 | (2,406 | ) | ||||
Accounts payable | (943 | ) | (272 | ) | |||
Accrued liabilities | 682 | (1,698 | ) | ||||
Deferred revenue | — | (254 | ) | ||||
Prepaid and deferred income taxes | (2,194 | ) | (6,802 | ) | |||
Net cash provided by operating activities | 40,931 | 36,051 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (13,208 | ) | (13,761 | ) | |||
Proceeds from sale of asset | 10 | — | |||||
Intangible asset additions | (951 | ) | — | ||||
Proceeds from insurance | — | 2,781 | |||||
Purchases of investment securities | (78,534 | ) | (66,330 | ) | |||
Proceeds from sale of investment securities | 60,452 | 26,935 | |||||
Net cash used by investing activities | (32,231 | ) | (50,375 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from exercise of stock options | 13,214 | 7,021 | |||||
Proceeds from employee stock purchase plan | 2,220 | 909 | |||||
Tax benefits from exercise of stock options | 4,002 | 3,682 | |||||
Purchase of treasury stock | — | (9,992 | ) | ||||
Net cash provided by financing activities | 19,436 | 1,620 | |||||
Effect of exchange rate changes on cash | (202 | ) | 793 | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 27,934 | (11,911 | ) | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 99,590 | 78,850 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 127,524 | $ | 66,939 |