Shares of San Clemente-based ICU Medical Inc. fell Tuesday a day after reporting a sharply reduced first-quarter profit.
ICU, whose products include needleless connectors used in intravenous procedures, closed down more than 4% to a market value of $470 million.
The device maker said Monday that its first-quarter profit was $4.3 million, 40% lower than the $7.1 million profit in 2009’s first quarter and below analysts’ expectation of $5.8 million.
Revenue rose 18% to $64.4 million, slightly below Wall Street’s expectation of $64.5 million.
ICU said its first-quarter selling, general and administrative costs shot up 30% to $19.7 million. Research and development costs rose 24% to $918,000.
For 2010, ICU affirmed its previous outlook of $25.4 million to $26.8 million on $265 million to $275 million in sales.
Analysts are looking for ICU to post a profit of $25.8 million on revenue of $270.3 million in 2010.
