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ICU Medical Beats Expectations, Boosts Outlook

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San Clemente-based medical device maker ICU Medical Inc. on Monday reported a profit that beat analysts’ expectations and raised its 2011 earnings outlook.

ICU makes disposable medical connectors and other devices, including those used to protect healthcare workers from cancer drugs.

The company posted a first-quarter profit of $8.1 million, up 88% from last year’s third quarter and above analysts’ expectations of $6.6 million.

Quarterly revenue rose 11% to $71.5 million, slightly above Wall Street’s expectation of $70.4 million.

For 2011, ICU said profits could come in at $32.3 million to $35.1 million, up from a previous forecast of $31.6 million to $34.4 million.

Wall Street on average expects ICU’s 2011 profit to be $33.5 million.

ICU reiterated its full-year revenue forecast of $295 million to $305 million. Analysts expect ICU’s revenue to come in at $305.8 million.

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