ICU Medical, Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Year 2014
Aug 11 14
ICU Medical, Inc. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2014. for the quarter, the company reported net sales of $78,555,000 against $78,537,000 a year ago. Total revenue was $78,677,000 against $78,661,000 a year ago. Income from operations was $8,698,000 against $10,950,000 a year ago. Income before income taxes was $8,905,000 against $11,162,000 a year ago. Net income was $5,878,000 against $7,367,000 a year ago. Diluted earnings per share were $0.38 against $0.48 a year ago. Adjusted EBITDA was $16,292,000 against $17,709,000 a year ago. The decline was primarily due to increased R&D expenditures and a slight decrease in gross margin. Adjusted diluted earnings per share were $0.51 against $0.58 a year ago. Additionally, the company generated operating cash flow of $16.6 million for the second quarter of 2014. GAAP net income was $6 million or $0.38 per diluted share, as compared to $7 million or $0.48 per diluted share last year. The decrease was primarily due to a noncash-based stock compensation expense and increased R&D.
For the six months, the company reported net sales of $151,668,000 against $152,710,000 a year ago. Total revenue was $151,907,000 against $152,960,000 a year ago. Income from operations was $18,575,000 against $22,975,000 a year ago. Income before income taxes was $18,992,000 against $23,355,000 a year ago. Net income was $12,535,000 against $16,052,000 a year ago. Diluted earnings per share were $0.81 against $1.06 a year ago. Adjusted EBITDA was $33,117,000 against $36,326,000 a year ago. Net cash provided by operating activities was $29,275,000 against $25,956,000 a year ago. Purchases of property and equipment was $12,729,000 against $11,781,000 a year ago. Intangible asset additions was $377,000 against $633,000 a year ago. Adjusted diluted earnings per share were $1.06 against $1.27 a year ago.
For the year 2014, the company is raising adjusted EBITDA, adjusted EPS and GAAP EPS guidance ranges. GAAP diluted earnings per share is increased to a range of $1.30 to $1.50 compared to the previous range of $1.15 to $1.45. Adjusted diluted earnings per share is in the range of $1.95 to $2.15, and adjusted EBITDA range is increased to $63 million to $68 million compared to the previous range $58 million to $65 million. GAAP net income is to be in the range between from $20,148,000 to $23,183,000. Depreciation and amortization expense is to be in the range between from $19,998,000 to $19,998,000. Amortization expense per share is to be $0.60. Gross margins to be approximately 49%. Tax rate to be approximately 34%. CapEx spend to be $16 million to $19 million this year and to start declining in 2015.
ICU Medical, Inc. Presents at Goldman Sachs 35th Annual Global Healthcare Conference, Jun-11-2014 09:20 AM
Jun 2 14
ICU Medical, Inc. Presents at Goldman Sachs 35th Annual Global Healthcare Conference, Jun-11-2014 09:20 AM. Venue: Terranea Resort in Rancho Palos Verdes, 100 Terranea Way, Los Angeles, California, United States. Speakers: Scott E. Lamb, Chief Financial Officer, Treasurer and Secretary, Vivek Jain, Chairman and Chief Executive Officer.