San Clemente-based ICU Medical Inc.’s stock shot up today after it forecast stronger financial results for the full year.
The medical device maker’s shares were up 14.2% to a market value of $1.25 billion and ICU said it expects full-year profit of $34.8 million to $36.1 million, compared with Wall Street forecasts of $31.9 million.
The company estimates 2014 revenue of $304 million to $307 million. Analysts are looking for ICU to have $297.4 million in revenue for the full year.
ICU reported its third-quarter results Tuesday. The device maker had an adjusted third-quarter profit of $10.2 million, above analysts’ estimates of $7.4 million. Net profit totaled $6.4 million
Revenue was $77.5 million—6% lower than a year ago but slightly above analysts’ estimates of $77.4 million.
