ICU Medical Inc., a San Clemente medical device maker, on Monday met fourth-quarter profit expectations, exceeded sales targets and offered an upbeat projection for 2007.
But the company’s shares slumped in afterhours trading, falling 6%, possibly on production concerns.
ICU, which makes intravenous connection devices, said its fourth-quarter net income was $6.9 million, up nearly 30% from a year earlier. Analysts expected ICU to earn $6.2 million.
Fourth-quarter sales came in at $52.8 million, up 22%. Wall Street expected ICU to post $48.6 million in revenue.
For 2007, ICU forecast earnings above what Wall Street was expecting.
In a conference call, the company said it’s making changes to its production in Mexico, which in the near term will lower productivity. The issue should be worked out this quarter and next, it said.
The company also is seeing production issues as it shifts manufacturing from San Clemente to a Salt Lake City plant.
