ICU Beats Estimates, Raises 2012 Profit ForecastTuesday, October 16, 2012
San Clemente-based ICU Medical Inc. reported third-quarter results that beat estimates Monay while offering mixed financial guidance looking ahead.
ICU makes needless intravenous connectors and other medical devices.
The company posted a third-quarter profit of $12.2 million, up 31% from 2011’s third quarter and surpassing analysts’ expectation of $10.1 million.
ICU’s revenue grew 7% to $81.4 million, slightly above Wall Street’s estimate of $81.3 million.
ICU also raised its full-year 2012 forecast.
The company now sees 2012 profit coming in at $40.8 million to $41.5 million, compared to a previous forecast of $37.3 million to $39.5 million.
Wall Street expects ICU’s 2012 profit to be $38.5 million.
But ICU lowered its sales forecast to a range of $315 million to $318 million, compared to a prior range of $318 million to $325 million.
Analysts expect full-year revenue of $320.4 million for ICU.