Basis of Presentation:

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation [Text Block]

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.") and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the consolidated results for the interim periods presented. Results for the interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of ICU Medical, Inc., ("ICU") a Delaware corporation, filed with the SEC for the year ended December 31, 2016.

We are engaged in the development, manufacturing and sale of innovative medical devices used in infusion therapy, and critical care markets.  We sell the majority of our products through our direct sales force and through independent distributors throughout the U. S. and internationally.  Additionally, we sell our products on an original equipment manufacturer basis to other medical device manufacturers. All subsidiaries are wholly owned and are included in the condensed consolidated financial statements.  All intercompany balances and transactions have been eliminated.

During the second quarter of 2016, we adopted Accounting Standard Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update required excess tax benefits or deficiencies to be recognized in income tax expense instead of recorded to additional paid in capital. Also, the assumed proceeds from applying the treasury stock method when computing earnings per share no longer includes the amount of excess tax benefits or deficiencies. The update also required that the excess tax benefits or deficiencies be classified as an operating cash flow line item instead of a financing cash flow line item in our condensed consolidated statement of cash flows. The requirements of the update were to be reflected as of the beginning of the fiscal year regardless in which interim period actually adopted, accordingly certain line-items in our condensed consolidated financial statements for the three months ended March 31, 2016 have been adjusted from previously reported amounts. Provision for income taxes and net income were adjusted by $2.3 million; weighted average common and common equivalent shares outstanding was adjusted by 314,000 shares; basic earnings per share was adjusted to $1.13 from $0.99; and diluted earnings per share was adjusted to $1.08 from $0.96. In addition, we adjusted net cash provided by operating and financing cash flows by $2.5 million.