(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
, | , | |||||||||||||||||||
(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)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Global Select Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||||||||
Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
(d) | Exhibits | |||||||
Press release, dated November 5, 2020 announcing ICU Medical, Inc.'s third quarter 2020 earnings. | ||||||||
104 | Cover Page Interactive Data File (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
ICU MEDICAL, INC. | ||||||||||||||||||||
Date: November 5, 2020 | By: | /s/ Brian M. Bonnell | ||||||||||||||||||
Brian M. Bonnell | ||||||||||||||||||||
Chief Financial Officer and Treasurer |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
Product Line | 2020 | 2019 | $ Change | 2020 | 2019 | $ Change | ||||||||||||||||||||||||||||||||
Infusion Consumables | $ | 116.1 | $ | 119.8 | $ | (3.7) | $ | 350.6 | $ | 358.0 | $ | (7.4) | ||||||||||||||||||||||||||
Infusion Systems | 88.4 | 78.9 | 9.5 | 267.9 | 244.5 | 23.4 | ||||||||||||||||||||||||||||||||
IV Solutions* | 101.9 | 98.2 | 3.7 | 295.4 | 314.0 | (18.6) | ||||||||||||||||||||||||||||||||
Critical Care | 12.2 | 10.6 | 1.6 | 36.7 | 34.2 | 2.5 | ||||||||||||||||||||||||||||||||
$ | 318.6 | $ | 307.5 | $ | 11.1 | $ | 950.6 | $ | 950.7 | $ | (0.1) |
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | (1) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 350,993 | $ | 268,670 | |||||||
Short-term investment securities | 12,544 | 23,967 | |||||||||
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES | 363,537 | 292,637 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | 164,538 | 202,219 | |||||||||
Inventories | 321,961 | 337,640 | |||||||||
Prepaid income taxes | 8,032 | 15,720 | |||||||||
Prepaid expenses and other current assets | 42,071 | 33,981 | |||||||||
TOTAL CURRENT ASSETS | 900,139 | 882,197 | |||||||||
PROPERTY AND EQUIPMENT, net | 456,348 | 456,085 | |||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 47,802 | 34,465 | |||||||||
GOODWILL | 32,651 | 31,245 | |||||||||
INTANGIBLE ASSETS, net | 200,428 | 211,408 | |||||||||
DEFERRED INCOME TAXES | 36,373 | 27,998 | |||||||||
OTHER ASSETS | 55,795 | 48,984 | |||||||||
TOTAL ASSETS | $ | 1,729,536 | $ | 1,692,382 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 81,027 | $ | 128,629 | |||||||
Accrued liabilities | 103,397 | 117,776 | |||||||||
Income tax payable | 935 | 2,063 | |||||||||
TOTAL CURRENT LIABILITIES | 185,359 | 248,468 | |||||||||
CONTINGENT EARN-OUT LIABILITY | 24,300 | 17,300 | |||||||||
OTHER LONG-TERM LIABILITIES | 48,750 | 32,820 | |||||||||
DEFERRED INCOME TAXES | 2,091 | 2,091 | |||||||||
INCOME TAX PAYABLE | 16,816 | 14,459 | |||||||||
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 — 20,969 shares at September 30, 2020 and 20,743 shares at December 31, 2019 and outstanding — 20,968 shares at September 30, 2020 and 20,742 shares at December 31, 2019 | 2,097 | 2,074 | |||||||||
Additional paid-in capital | 683,326 | 668,947 | |||||||||
Treasury stock, at cost | (180) | (157) | |||||||||
Retained earnings | 782,510 | 721,782 | |||||||||
Accumulated other comprehensive loss | (15,533) | (15,402) | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 1,452,220 | 1,377,244 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,729,536 | $ | 1,692,382 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
TOTAL REVENUES | $ | 318,567 | $ | 307,471 | $ | 950,553 | $ | 950,685 | |||||||||||||||
COST OF GOODS SOLD | 204,643 | 188,919 | 608,930 | 592,961 | |||||||||||||||||||
GROSS PROFIT | 113,924 | 118,552 | 341,623 | 357,724 | |||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Selling, general and administrative | 70,854 | 65,876 | 210,401 | 206,333 | |||||||||||||||||||
Research and development | 10,126 | 12,002 | 31,151 | 36,024 | |||||||||||||||||||
Restructuring, strategic transaction and integration | 4,114 | 7,975 | 22,903 | 69,408 | |||||||||||||||||||
Change in fair value of contingent earn-out | 4,300 | (200) | 7,000 | (47,400) | |||||||||||||||||||
Contract settlement | (1,000) | — | (975) | 3,822 | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 88,394 | 85,653 | 270,480 | 268,187 | |||||||||||||||||||
INCOME FROM OPERATIONS | 25,530 | 32,899 | 71,143 | 89,537 | |||||||||||||||||||
INTEREST EXPENSE | (616) | (139) | (1,583) | (411) | |||||||||||||||||||
OTHER INCOME (EXPENSE), net | 1,252 | (10) | (2,175) | 4,660 | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 26,166 | 32,750 | 67,385 | 93,786 | |||||||||||||||||||
PROVISION FOR INCOME TAXES | (1,180) | (6,187) | (6,657) | (13,392) | |||||||||||||||||||
NET INCOME | $ | 24,986 | $ | 26,563 | $ | 60,728 | $ | 80,394 | |||||||||||||||
NET INCOME PER SHARE | |||||||||||||||||||||||
Basic | $ | 1.19 | $ | 1.29 | $ | 2.91 | $ | 3.90 | |||||||||||||||
Diluted | $ | 1.16 | $ | 1.24 | $ | 2.82 | $ | 3.73 | |||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||||||||||||||||||
Basic | 20,948 | 20,666 | 20,870 | 20,607 | |||||||||||||||||||
Diluted | 21,556 | 21,487 | 21,561 | 21,556 |
Adjusted EBITDA | |||||||||||
Three months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
GAAP net income | $ | 24,986 | $ | 26,563 | |||||||
Non-GAAP adjustments: | |||||||||||
Interest, net | (142) | (1,601) | |||||||||
Stock compensation expense | 6,265 | 3,723 | |||||||||
Depreciation and amortization expense | 21,462 | 19,187 | |||||||||
Restructuring, strategic transaction and integration | 4,114 | 7,975 | |||||||||
Change in fair value of contingent earn-out | 4,300 | (200) | |||||||||
Contract settlement | — | 794 | |||||||||
Provision for income taxes | 1,180 | 6,187 | |||||||||
Total non-GAAP adjustments | 37,179 | 36,065 | |||||||||
Adjusted EBITDA | $ | 62,165 | $ | 62,628 |
Adjusted diluted earnings per share | |||||||||||
Three months ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
GAAP diluted earnings per share | $ | 1.16 | $ | 1.24 | |||||||
Non-GAAP adjustments: | |||||||||||
Stock compensation expense | $ | 0.29 | $ | 0.17 | |||||||
Amortization expense | $ | 0.27 | $ | 0.20 | |||||||
Restructuring, strategic transaction and integration | $ | 0.19 | $ | 0.37 | |||||||
Change in fair value of contingent earn-out | $ | 0.20 | $ | (0.01) | |||||||
Contract settlement | $ | — | $ | 0.04 | |||||||
Estimated income tax impact from adjustments | $ | (0.21) | $ | (0.36) | |||||||
Adjusted diluted earnings per share | $ | 1.90 | $ | 1.65 |
Low End of Guidance | High End of Guidance | ||||||||||
GAAP net income | $ | 73 | $ | 81 | |||||||
Non-GAAP adjustments: | |||||||||||
Interest, net | (1) | (1) | |||||||||
Stock compensation expense | 24 | 24 | |||||||||
Depreciation and amortization expense | 86 | 86 | |||||||||
Restructuring, strategic transaction and integration | 30 | 30 | |||||||||
Change in fair value of contingent earn-out | 7 | 7 | |||||||||
Contract settlement and product-related charges | 5 | 5 | |||||||||
Provision for income taxes | 11 | 13 | |||||||||
Total non-GAAP adjustments | $ | 162 | $ | 164 | |||||||
Adjusted EBITDA | $ | 235 | $ | 245 | |||||||
GAAP diluted earnings per share | $ | 3.41 | $ | 3.76 | |||||||
Non-GAAP adjustments: | |||||||||||
Stock compensation expense | $ | 1.11 | $ | 1.11 | |||||||
Amortization expense | $ | 1.07 | $ | 1.07 | |||||||
Restructuring, strategic transaction and integration | $ | 1.39 | $ | 1.39 | |||||||
Change in fair value of contingent earn-out | $ | 0.32 | $ | 0.32 | |||||||
Contract settlement and product-related charges | $ | 0.21 | $ | 0.21 | |||||||
Estimated income tax impact from adjustments | $ | (0.86) | $ | (0.86) | |||||||
Adjusted diluted earnings per share | $ | 6.65 | $ | 7.00 |
Cover Page |
Nov. 05, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 05, 2020 |
Entity Registrant Name | ICU MEDICAL INC/DE |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34634 |
Entity Tax Identification Number | 33-0022692 |
Entity Address, Address Line One | 951 Calle Amanecer |
Entity Address, City or Town | San Clemente |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92673 |
City Area Code | 949 |
Local Phone Number | 366-2183 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.10 per share |
Trading Symbol | ICUI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000883984 |
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