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Saturday, Jul 2, 2022

Medical Device Maker ICU Beats Estimates, Ups Outlook

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San Clemente-based medical device maker ICU Medical Inc. has upped its outlook for the rest of the year after reporting better-than-expected quarterly results.

The company, which makes needleless connectors and other devices used to deliver intravenous fluids and cancer drugs, now projects a 2010 profit of $27.6 million to $28.6 million, up from a July forecast of $25.5 million to $26.5 million.

Revenue is seen coming in at $277 million to $282 million, up from an earlier forecast of $270 million to $275 million.

It’s the second time in recent months that ICU has upped its 2010 outlook after doing so in July following better-than-expected second-quarter results.

Shares of ICU Medical opened up 2% Tuesday before succumbing to a down day on Wall Street and closing down about 4%. The company had a recent market value of about $490 million.

ICU is seeing a boost from a recently opened Eastern European plant and from custom-made devices, including IV sets, critical care products and cancer devices.

The company’s devices, including the Clave needleless connector and the Tego, a catheter protector, are designed to guard healthcare workers from needle sticks and toxic chemicals.

For the third quarter, ICU reported a third-quarter profit of $9 million, up 42% from a year earlier and topping the $6.6 million expected on average by analysts.

Sales were up 40% to $75.7 million and topped the $66.6 million expected by Wall Street.

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