San Clemente-based medical device maker ICU Medical Inc. on Monday beat Wall Street expectations with second-quarter results and upped its outlook for the rest of the year.
The company, which makes needleless connectors and other devices used to deliver intravenous fluids and cancer drugs, reported a profit of $7.7 million, up 47% from a year earlier and easily topping the $5 million expected by analysts.
Revenue came in at $68.7 million, up 29% from a year earlier and surpassing the $65.2 million analysts were looking for.
ICU saw “robust demand worldwide” with “double-digit revenue growth in all of our major product lines and improved profitability,” Chief Financial Officer Scott Lamb said.
The company also upped its outlook for the rest of the year.
For all of 2010, ICU now projects a profit of $25.4 million to $26.4 million, up from an earlier outlook of $24.7 million to $26.1 million.
Sales are seen coming in at $270 million $275 million, up from $265 million to $275 million.
ICU’s lightly traded shares weren’t active in afterhours trading. At Monday’s close, ICU was up more than 4% to a market value of $460 million.
The shares rose on an up day on Wall Street and likely expectations of solid quarterly results.
