SAN CLEMENTE, Calif., Jan. 28, 2008 (PRIME NEWSWIRE) -- ICU Medical, Inc., (Nasdaq:ICUI), a leading low cost manufacturer of safe medical connectors, custom medical products and critical care devices, today announced results for the fourth quarter and fiscal year ended December 31, 2007.
Fourth quarter of 2007 revenue was $45.5 million compared to pro forma revenue of $50.6 million in the same period last year. Excluding the pro forma elimination of discontinued products of $2.2 million, revenue was $52.8 million in the fourth quarter of 2006.
Net income for the fourth quarter of 2007 was $6.0 million, or $0.41 per diluted share, as compared to net income of $6.9 million, or $0.44 per diluted share, in the fourth quarter of 2006.
For the fiscal year ended December 31, 2007, revenue totaled $188.1 million, as compared to pro forma revenue of $187.0 million in the same period last year. Excluding the pro forma elimination of discontinued products of $14.6 million in 2006, revenue was $201.6 million for the fiscal year ended December 31, 2006. For the fiscal year ended December 31, 2007, the Company earned $23.1 million, or $1.51 per diluted share, as compared to net income of $25.7 million, or $1.64 per diluted share, for the fiscal year ended December 31, 2006.
Frank O'Brien, ICU Medical's Chief Financial Officer said, "During the fourth quarter, our sales of CLAVE and custom products, excluding critical care, continued to grow. In addition, overall gross margins expanded approximately 9 percentage points to 42% and our operating income increased 35% year-over-year. As expected, the fourth quarter's top-line performance was adversely impacted by a double-digit decline in critical care products that we sell to Hospira. Except for critical care, our overall business performed very well in 2007."
The Company ended the year with a very healthy balance sheet and strong cash flow from operations. Operating cash flow was $41.5 million for the fiscal year of 2007. As of December 31, 2007, cash and investments totaled $95.6 million and working capital was $131.8 million. This is after the Company bought back 1,062,922 shares at a cost of $41 million in the open market during fiscal year of 2007.
The Company will be conducting a conference call concerning its fourth quarter and fiscal year ended December 31, 2007 results at 1:30 p.m. PST (4:30 p.m. EST) on January 28, 2008 which can be accessed at 866-711-8198, passcode 49244681 or by replay at 888-286-8010, passcode 87924875. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at http://www.icumed.com, clicking on the Investors tab, clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. Certain information provided as part of that call will be provided on the Company's website at http://www.icumed.com within 48 hours of this announcement.
ICU Medical, Inc.
Summary Consolidated Statements of Income
(all amounts in thousands except share and per share data)
Quarter ended Year ended
December 31, December 31,
---------------------- -----------------------
2007 2006 2007 2006
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (a)
TOTAL REVENUE $ 45,547 $ 52,807 $ 188,138 $ 201,613
COST OF GOODS SOLD 26,524 35,397 109,895 120,929
OPERATING EXPENSES 12,367 12,472 53,595 49,811
----------- ----------- ----------- -----------
Income from
operations 6,656 4,938 24,648 30,873
OTHER INCOME 1,322 1,237 8,698 4,462
BENEFIT (PROVISION)
FOR INCOME TAXES (1,965) 549 (10,337) (10,240)
MINORITY INTEREST -- 136 70 565
----------- ----------- ----------- -----------
NET INCOME $ 6,013 $ 6,860 $ 23,079 $ 25,660
=========== =========== =========== ===========
NET INCOME PER SHARE
Diluted $ 0.41 $ 0.44 $ 1.51 $ 1.64
WEIGHTED AVERAGE
NUMBER OF SHARES
Diluted 14,651,853 15,745,716 15,265,108 15,599,132
(a) 2006 amounts were derived from the audited consolidated financial
statements of ICU Medical, Inc.
ICU Medical, Inc.
Summary Consolidated Balance Sheet Data
(all amounts in thousands except share data)
ASSETS
12/31/07 12/31/06
--------- ---------
(unaudited) (a)
CURRENT ASSETS:
Cash and marketable securities $ 95,643 $116,918
Accounts receivable, net 26,115 26,533
Inventories 19,504 16,315
Prepaid and deferred income taxes 7,249 7,417
Other current assets 4,746 4,255
--------- ---------
Total current assets 153,257 171,438
--------- ---------
PROPERTY AND EQUIPMENT, NET 72,708 59,037
DEFERRED INCOME TAXES 2,432 2,878
OTHER ASSETS 14,197 10,895
--------- ---------
$242,594 $244,248
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES $ 21,475 $ 15,919
DEFERRED INCOME TAXES - long-term portion 4,325 3,084
INCOME TAXES PAYABLE - long-term portion 2,890 --
MINORITY INTEREST -- 358
STOCKHOLDERS' EQUITY:
13,689,450 common shares outstanding
at December 31, 2007 213,904 224,887
--------- ---------
$242,594 $244,248
========= =========
(a) December 31, 2006 amounts were derived from the audited
consolidated financial statements of ICU Medical, Inc.
ICU Medical, Inc.
Summary Consolidated Statements of Cash Flows
(all amounts in thousands)
Year ended
--------------------
12/31/07 12/31/06
--------- ---------
(unaudited) (a)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 23,079 $ 25,660
Adjustments to reconcile
net income to net cash
provided by operating activities --
Depreciation and amortization 11,796 11,231
Net change in current assets
and liabilities, and other 6,637 (5,283)
--------- ---------
Net cash provided by
operating activities 41,512 31,608
--------- ---------
PURCHASES OF PROPERTY AND EQUIPMENT (23,645) (19,612)
PROCEEDS FROM SALE OF BUILDING -- 6,062
NET (INCREASE) DECREASE IN MARKETABLE SECURITIES 15,995 (23,877)
EMPLOYEE EQUITY PLANS 4,043 16,261
PURCHASE OF TREASURY STOCK (41,000) (6,986)
OTHER (2,185) 2,843
--------- ---------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $ (5,280) $ 6,299
========= =========
(a) 2006 amounts were derived from the audited consolidated financial
statements of ICU Medical, Inc.