ICU Medical Inc., a San Clemente medical device maker, met third-quarter profit expectations and exceeded sales targets.
The company, which makes intravenous connection devices, said its sales came in at $48.6 million, up 4.5% from a year earlier. Analysts expected ICU to have $47.4 million in sales.
Net income came in at $6.1 million, up 5% and in line with Wall Street’s expectations.
The device maker’s manufacturing move to Salt Lake City from San Clemente is done, and the relocation of some products from Salt Lake City to Mexico should be complete by the first half of 2007, said Francis O’Brien, ICU’s chief financial officer, in a release.
ICU also reiterated its revenue and earnings targets for 2006. The device maker says it expects to earn $23.9 million on revenue of $195 million, while Wall Street expects yearly profit of $23.7 million on sales of $192.5 million.
