ICU Medical Inc.’s shares soared 13% in afterhours trading Monday to $36 on news that the company’s second-quarter earnings beat Wall Street expectations.
The San Clemente medical device maker said it earned $4.7 million in the second quarter, up 39% from a year ago and exceeding analysts’ forecasts of $3 million. Sales were up 88% to $40.7 million.
ICU, which makes medical connectors, intravenous systems and critical care products used by hospitals, also raised its outlook for the year. The company said it expects profit to be $14.7 million to $14.9 million on revenue of $140 million.
In a release, ICU Chief Financial Officer Frank O’Brien said that the company saw $13.2 million in revenue growth thanks to a critical care product line it produces for key customer Hospira Inc. at its new manufacturing plant in Salt Lake City. ICU bought the Salt Lake City plant from Hospira in May.
ICU expects to diversify its revenue with several product introductions in the second half of this year, O’Brien said.
