Medical device maker ICU Medical Inc. of San Clemente met fourth-quarter profit expectations but fell short on sales, sending its shares down in afterhours trading.
ICU, which makes intravenous connection devices, said Monday it saw sales of $43.2 million in the fourth quarter, up 185% from a year earlier, but not the $45 million analysts were expecting.
Net income came in at $5.3 million, ahead of expectations.
Last year, ICU bought a 450,000-square-foot Salt Lake City plant for $35 million from Hospira Inc., a customer that accounts for more than 60% of ICU’s sales.
The company is said it is please with “initial improvements in our new Salt Lake City facility and profitability of our custom medical products,” said Francis O’Brien, ICU’s chief financial officer.
ICU moved most of its manufacturing to Salt Lake last year.
