ICU Medical Inc. reported sales and profits that beat Wall Street estimates on Tuesday, sending the device maker’s shares higher in afterhours trading.
The San Clemente-based company reported net income of $5.8 million in the quarter ended Sept. 30. Last year it posted a $1 million loss.
Sales rose 183% to $46.5 million in the period. Analysts expected ICU to earn $2.6 million on revenue of $37.3 million in the quarter.
Shares of ICU were up 15% to $32 following the earnings release.
“Our business showed far more stability than it has in the past and we see that we have positioned ourselves for long-term sustainable revenue and earnings growth,” said Francis O’Brien, ICU’s chief financial officer, in a release.
ICU increased sales in all its product lines, including its flagship Clave needleless IV connector device, O’Brien said.
“Of further note, the integration of our Salt Lake City facility is ahead of plan and has exceeded our expectations and contributed to our bottom line,” O’Brien said.
The company bought a 450,000-square-foot Salt Lake City plant in May for $35 million from Hospira Inc., a customer that accounts for more than 60% of ICU’s sales.
ICU has moved a good deal of its manufacturing from San Clemente to Utah in the wake of the buy.
