(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 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 6, 2023 announcing ICU Medical, Inc.'s third quarter 2023 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 6, 2023 | 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 | 2023 | 2022 | $ Change | 2023 | 2022 | $ Change | ||||||||||||||||||||||||||||||||
Consumables | $ | 242.0 | $ | 251.6 | $ | (9.6) | $ | 715.1 | $ | 732.8 | $ | (17.7) | ||||||||||||||||||||||||||
Infusion Systems | 149.0 | 161.6 | (12.6) | 463.9 | 448.4 | 15.5 | ||||||||||||||||||||||||||||||||
Vital Care* | 162.3 | 184.7 | (22.4) | 492.3 | 520.8 | (28.5) | ||||||||||||||||||||||||||||||||
** | $ | 553.3 | $ | 597.9 | $ | (44.6) | $ | 1,671.3 | $ | 1,702.0 | $ | (30.7) |
September 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | (1) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 197,192 | $ | 208,784 | |||||||
Short-term investment securities | 1,806 | 4,224 | |||||||||
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES | 198,998 | 213,008 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | 161,797 | 221,719 | |||||||||
Inventories | 759,622 | 696,009 | |||||||||
Prepaid income taxes | 14,579 | 15,528 | |||||||||
Prepaid expenses and other current assets | 84,412 | 88,932 | |||||||||
TOTAL CURRENT ASSETS | 1,219,408 | 1,235,196 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 608,762 | 636,113 | |||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 73,767 | 74,864 | |||||||||
LONG-TERM INVESTMENT SECURITIES | — | 516 | |||||||||
GOODWILL | 1,444,456 | 1,449,258 | |||||||||
INTANGIBLE ASSETS, net | 891,280 | 982,766 | |||||||||
DEFERRED INCOME TAXES | 31,466 | 31,466 | |||||||||
OTHER ASSETS | 107,725 | 105,462 | |||||||||
TOTAL ASSETS | $ | 4,376,864 | $ | 4,515,641 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 149,288 | $ | 215,902 | |||||||
Accrued liabilities | 251,324 | 242,769 | |||||||||
Current portion of long-term obligations | 45,688 | 29,688 | |||||||||
Income tax payable | 11,443 | 6,200 | |||||||||
Contingent earn-out liability | 6,300 | — | |||||||||
TOTAL CURRENT LIABILITIES | 464,043 | 494,559 | |||||||||
CONTINGENT EARN-OUT LIABILITY | 7,061 | 25,572 | |||||||||
LONG-TERM OBLIGATIONS | 1,589,244 | 1,623,675 | |||||||||
OTHER LONG-TERM LIABILITIES | 100,005 | 114,104 | |||||||||
DEFERRED INCOME TAXES | 77,845 | 126,007 | |||||||||
INCOME TAX LIABILITY | 40,310 | 41,796 | |||||||||
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 —24,144 and 23,995 shares at September 30, 2023 and December 31, 2022, respectively, and outstanding — 24,139 and 23,993 shares at September 30, 2023 and December 31, 2022, respectively | 2,414 | 2,399 | |||||||||
Additional paid-in capital | 1,356,348 | 1,331,249 | |||||||||
Treasury stock, at cost | (672) | (243) | |||||||||
Retained earnings | 824,993 | 837,501 | |||||||||
Accumulated other comprehensive loss | (84,727) | (80,978) | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 2,098,356 | 2,089,928 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,376,864 | $ | 4,515,641 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
TOTAL REVENUES | $ | 553,311 | $ | 597,857 | $ | 1,671,270 | $ | 1,701,983 | |||||||||||||||
COST OF GOODS SOLD | 369,391 | 411,461 | 1,102,982 | 1,179,167 | |||||||||||||||||||
GROSS PROFIT | 183,920 | 186,396 | 568,288 | 522,816 | |||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Selling, general and administrative | 148,609 | 153,452 | 452,076 | 465,412 | |||||||||||||||||||
Research and development | 20,870 | 23,105 | 62,933 | 69,538 | |||||||||||||||||||
Restructuring, strategic transaction and integration | 7,160 | 14,365 | 30,527 | 61,795 | |||||||||||||||||||
Change in fair value of contingent earn-out | (15,572) | (4,059) | (12,256) | (31,253) | |||||||||||||||||||
TOTAL OPERATING EXPENSES | 161,067 | 186,863 | 533,280 | 565,492 | |||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 22,853 | (467) | 35,008 | (42,676) | |||||||||||||||||||
INTEREST EXPENSE, net | (24,175) | (17,808) | (70,811) | (46,303) | |||||||||||||||||||
OTHER EXPENSE, net | (4,044) | (3,032) | (5,815) | (3,983) | |||||||||||||||||||
LOSS BEFORE INCOME TAXES | (5,366) | (21,307) | (41,618) | (92,962) | |||||||||||||||||||
BENEFIT FOR INCOME TAXES | 12,604 | 8,099 | 29,110 | 34,212 | |||||||||||||||||||
NET INCOME (LOSS) | $ | 7,238 | $ | (13,208) | $ | (12,508) | $ | (58,750) | |||||||||||||||
NET INCOME LOSS PER SHARE | |||||||||||||||||||||||
Basic | $ | 0.30 | $ | (0.55) | $ | (0.52) | $ | (2.47) | |||||||||||||||
Diluted | $ | 0.30 | $ | (0.55) | $ | (0.52) | $ | (2.47) | |||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES | |||||||||||||||||||||||
Basic | 24,132 | 23,908 | 24,075 | 23,828 | |||||||||||||||||||
Diluted | 24,368 | 23,908 | 24,075 | 23,828 |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | (12,508) | $ | (58,750) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 171,615 | 178,338 | |||||||||
Amortization of inventory step-up | — | 22,676 | |||||||||
Noncash lease expense | 16,543 | 17,382 | |||||||||
Provision for doubtful accounts | 865 | 214 | |||||||||
Provision for warranty, returns and field action | 5,597 | 3,439 | |||||||||
Stock compensation | 29,878 | 28,597 | |||||||||
Loss on disposal of property, plant and equipment and other assets | 1,757 | 2,391 | |||||||||
Bond premium amortization | 14 | 254 | |||||||||
Debt issuance costs amortization | 5,108 | 5,254 | |||||||||
Change in fair value of contingent earn-out | (12,256) | (31,253) | |||||||||
Usage of spare parts | 13,587 | 7,915 | |||||||||
Other | 4,393 | (2,855) | |||||||||
Changes in operating assets and liabilities, net of amounts acquired: | |||||||||||
Accounts receivable | 43,086 | (8,956) | |||||||||
Inventories | (66,662) | (151,840) | |||||||||
Prepaid expenses and other current assets | 11,295 | 20,074 | |||||||||
Other assets | (18,860) | (22,594) | |||||||||
Accounts payable | (65,049) | 30,413 | |||||||||
Accrued liabilities | (10,532) | (38,070) | |||||||||
Income taxes, including excess tax benefits and deferred income taxes | (42,939) | (63,047) | |||||||||
Net cash provided by (used in) operating activities | 74,932 | (60,418) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (53,956) | (68,715) | |||||||||
Proceeds from sale of assets | 1,481 | 933 | |||||||||
Business acquisitions, net of cash acquired | — | (1,844,164) | |||||||||
Intangible asset additions | (7,742) | (6,560) | |||||||||
Purchases of investment securities | — | (3,397) | |||||||||
Proceeds from sale and maturities of investment securities | 2,920 | 36,433 | |||||||||
Net cash used in investing activities | (57,297) | (1,885,470) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from issuance of long-term debt, net of lender debt issuance costs | — | 1,672,631 | |||||||||
Principal repayments of long-term debt | (22,250) | (20,250) | |||||||||
Payment of third-party debt issuance costs | — | (1,852) | |||||||||
Proceeds from exercise of stock options | 4,022 | 7,906 | |||||||||
Payments on finance leases | (681) | (477) | |||||||||
Tax withholding payments related to net share settlement of equity awards | (9,221) | (10,541) | |||||||||
Net cash (used in) provided by financing activities | (28,130) | 1,647,417 | |||||||||
Effect of exchange rate changes on cash | (1,097) | (10,477) | |||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (11,592) | (308,948) | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 208,784 | 552,827 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 197,192 | $ | 243,879 |
Adjusted EBITDA | |||||||||||
Three months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
GAAP net income (loss) | $ | 7,238 | $ | (13,208) | |||||||
Non-GAAP adjustments: | |||||||||||
Interest, net | 24,175 | 17,807 | |||||||||
Stock compensation expense | 10,947 | 8,743 | |||||||||
Depreciation and amortization expense | 58,371 | 58,641 | |||||||||
Restructuring, strategic transaction and integration | 7,160 | 14,365 | |||||||||
Change in fair value of contingent earn-out | (15,572) | (4,059) | |||||||||
Quality system and product-related charges | 4,016 | 18,395 | |||||||||
Asset write-offs and similar charges | 6,083 | — | |||||||||
Benefit for income taxes | (12,604) | (8,099) | |||||||||
Total non-GAAP adjustments | 82,576 | 105,793 | |||||||||
Adjusted EBITDA | $ | 89,814 | $ | 92,585 |
Total revenues | Gross profit | Selling, general and administrative | Research and development | Restructuring, strategic transaction and integration | Change in fair value of contingent earn-out | Income from operations | Other expense, net | (Loss) income before income taxes | Benefit (provision) for income taxes | Net income | Diluted earnings per share | |||||||||||||||||||||||||||
Reported (GAAP) | $ | 553,311 | $ | 183,920 | $ | 148,609 | $ | 20,870 | $ | 7,160 | $ | (15,572) | $ | 22,853 | $ | (28,219) | $ | (5,366) | $ | 12,604 | $ | 7,238 | $ | 0.30 | ||||||||||||||
Reported percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes) | 33 | % | 27 | % | 4 | % | 1 | % | (3) | % | 4 | % | (5) | % | (1) | % | 234.9 | % | 1 | % | ||||||||||||||||||
Contract manufacturing | (6,696) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Stock compensation expense | 1,754 | (8,743) | (450) | — | — | 10,947 | — | 10,947 | (2,627) | 8,320 | 0.34 | |||||||||||||||||||||||||||
Amortization expense | — | — | (33,411) | — | — | — | 33,411 | — | 33,411 | (8,179) | 25,232 | 1.04 | ||||||||||||||||||||||||||
Restructuring, strategic transaction and integration | — | — | — | — | (7,160) | — | 7,160 | — | 7,160 | (1,722) | 5,438 | 0.22 | ||||||||||||||||||||||||||
Change in fair value of contingent earn-out | — | — | — | — | — | 15,572 | (15,572) | — | (15,572) | — | (15,572) | (0.64) | ||||||||||||||||||||||||||
Quality system and product-related remediation | — | 4,016 | — | — | — | — | 4,016 | — | 4,016 | (974) | 3,042 | 0.12 | ||||||||||||||||||||||||||
Asset write-offs and similar charges | — | 6,306 | — | — | — | — | 6,306 | 223 | 6,083 | (1,513) | 4,570 | 0.19 | ||||||||||||||||||||||||||
Rounding | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Adjusted (Non-GAAP)* | $ | 546,615 | $ | 195,996 | $ | 106,455 | $ | 20,420 | $ | — | $ | — | $ | 69,121 | $ | (27,996) | $ | 40,679 | $ | (2,411) | $ | 38,268 | $ | 1.57 | ||||||||||||||
Adjusted percent of total revenues (or percent of (loss) income before income taxes for benefit (provision) for income taxes) | 36 | % | 19 | % | 4 | % | — | % | — | % | 13 | % | (5) | % | 7 | % | 5.9 | % | 7 | % |
Total revenues | Gross profit | Selling, general and administrative | Research and development | Restructuring, strategic transaction and integration | Change in fair value of contingent earn-out | (Loss) income from operations | (Loss) income before income taxes | Benefit (provision) for income taxes | Net (loss) income | Diluted (loss) earnings per share | |||||||||||||||||||||||||
Reported (GAAP) | $ | 597,857 | $ | 186,396 | $ | 153,452 | $ | 23,105 | $ | 14,365 | $ | (4,059) | $ | (467) | $ | (21,307) | $ | 8,099 | $ | (13,208) | $ | (0.55) | |||||||||||||
Reported percent of total revenues (or percent of income before income taxes for benefit provision for income taxes) | 31 | % | 26 | % | 4 | % | 2 | % | (1) | % | — | % | (4) | % | 38.0 | % | (2) | % | |||||||||||||||||
Contract manufacturing | (15,780) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Stock compensation expense | — | 1,355 | (6,980) | (408) | — | — | 8,743 | 8,743 | (2,098) | 6,645 | 0.28 | ||||||||||||||||||||||||
Amortization expense | — | (3,391) | (39,000) | — | — | — | 35,609 | 35,609 | (8,474) | 27,135 | 1.14 | ||||||||||||||||||||||||
Restructuring, strategic transaction and integration | — | — | — | — | (14,365) | — | 14,365 | 14,365 | (2,870) | 11,495 | 0.48 | ||||||||||||||||||||||||
Change in fair value of contingent earn-out | — | — | — | — | — | 4,059 | (4,059) | (4,059) | — | (4,059) | (0.17) | ||||||||||||||||||||||||
Quality system and product-related remediation | — | 18,395 | — | — | — | — | 18,395 | 18,395 | (4,218) | 14,177 | 0.59 | ||||||||||||||||||||||||
Earnings per share impact on net loss due to basic versus diluted weighted average shares | — | — | — | — | — | — | — | — | — | — | (0.02) | ||||||||||||||||||||||||
Adjusted (Non-GAAP) | $ | 582,077 | $ | 202,755 | $ | 107,472 | $ | 22,697 | $ | — | $ | — | $ | 72,586 | $ | 51,746 | $ | (9,561) | $ | 42,185 | $ | 1.75 | |||||||||||||
Adjusted percent of total revenues (or percent of income before income taxes for provision for income taxes) | 35 | % | 18 | % | 4 | % | — | % | — | % | 12 | % | 9 | % | 18.5 | % | 7 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 35,161 | $ | 2,309 | $ | 74,932 | $ | (60,418) | |||||||||||||||
Purchase of property, plant and equipment | (21,467) | (20,676) | (53,956) | (68,715) | |||||||||||||||||||
Proceeds from sale of assets | 50 | 33 | 1,481 | 933 | |||||||||||||||||||
Free cash flow | $ | 13,744 | $ | (18,334) | $ | 22,457 | $ | (128,200) |
Cover Page |
Nov. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 06, 2023 |
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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