ICU Medical Inc.
ICUI evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ICUI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ICUI
ICU Medical Inc. is a medical device company specializing in infusion therapy and critical care solutions, with a market capitalization of approximately $3.5 billion as of early 2025.
Key risk: Revenue concentration risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$4.38B
Cash Runway
—
Lead Asset
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Next Catalyst
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Financial data as of Jun 30, 2026.
Tracking 2 clinical trials for ICU Medical Inc..
ICU Medical Inc. is a medical device company specializing in infusion therapy and critical care solutions, with a market capitalization of approximately $3.5 billion as of early 2025.
- Revenue for fiscal year 2025 was $2.23 billion, down 6.3% from $2.38 billion in 2024 [sec · filed 2026-04-02].
- Net income improved to $0.7 million in 2025 from a net loss of $118.0 million in 2024 [sec · filed 2026-04-02].
- As of June 30, 2026, the company reported cash and equivalents of $298.3 million, total revenue of $551.7 million, net income of $19.1 million, shareholders' equity of $1,965.2 million, and total debt of $22.5 million [sec].
- The company's revenue mix in 2025 was 50% Consumables, 31% Infusion Systems, and 19% Vital Care [sec_mda · as of 2026-02-19].
- ICU Medical uses performance-based equity awards for executive compensation, tied 100% to financial and individual objectives [sec · filed 2026-04-02].
What works
- The company returned to profitability in 2025 with net income of $0.7 million, a significant improvement from a $118.0 million loss in 2024 [sec · filed 2026-04-02].
- Consumables revenue grew to 50% of total revenue in 2025, up from 44% in 2024, indicating a shift toward higher-margin recurring products [sec_mda · as of 2026-02-19].
- As of June 30, 2026, the company had a strong balance sheet with shareholders' equity of $1,965.2 million and low total debt of $22.5 million [sec].
What to weigh
- Total revenue declined 6.3% in 2025 to $2.23 billion from $2.38 billion in 2024, driven by a drop in Vital Care revenue from 29% to 19% of total revenue [sec · filed 2026-04-02] [sec_mda · as of 2026-02-19].
- The company faces ongoing uncertainties from external events, with potential impacts that 'may not be fully reflected in our results of operations until future periods' [sec_mda · as of 2026-05-07].
- ICU Medical has a history of net losses, including a $118.0 million loss in 2024 and a $29.7 million loss in 2023 [sec · filed 2025-04-03].
From the filings
Quoted directly from source documents.
Revenue decline in 2025
“Revenue | | $ | 2,231.3 | | | $ | 2,382.0 | | | (6.3) | %”
SEC filings · April 2, 2026
Net income improvement in 2025
“Net Income (Loss) | | $ | 0.7 | | | $ | (118.0) | | | 100”
SEC filings · April 2, 2026
Performance-based equity compensation
“A significant portion of our long-term incentive compensation opportunities granted to our executive officers in the form of equity awards is earned based 100% on the achievement of financial and individual performance objectives rather than solely through time-based vesting.”
SEC filings · April 2, 2026
Uncertainty from external events
“the overall impact remains uncertain and may not be fully reflected in our results of operations until future periods.”
SEC MD&A · May 7, 2026
Risks & what to watch (3)›
Key risks
- Revenue concentration risk — Vital Care revenue dropped from 29% to 19% of total revenue in 2025, indicating potential dependency on a volatile segment [sec_mda · as of 2026-02-19].
- Historical net losses — The company reported net losses of $118.0M in 2024 and $29.7M in 2023, showing recent profitability is not yet stable [sec · filed 2025-04-03].
- Uncertain external impacts — Management notes that impacts from external events may not be fully reflected until future periods, creating forecasting risk [sec_mda · as of 2026-05-07].
What to watch
- Monitor the trend in Vital Care revenue, which declined significantly in 2025, to see if it stabilizes or recovers [sec_mda · as of 2026-02-19].
- Track the company's ability to sustain profitability after returning to net income in 2025 [sec · filed 2026-04-02].
- Watch for any material impacts from external events that management says may affect future results [sec_mda · as of 2026-05-07].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Profitable (positive operating cash flow)
D/E 0.85 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 7 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
274
Total value held
$3.61B
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 5,352,024 | $691.2M |
| blackrock, inc. | 3,608,322 | $466.0M |
| vanguard capital management llc | 2,223,750 | $287.2M |
| vanguard portfolio management llc | 1,437,676 | $185.7M |
| fuller & thaler asset management, inc. | 1,220,539 | $157.6M |
| dimensional fund advisors lp | 983,802 | $127.1M |
| state street corp | 968,053 | $125.0M |
| schroder investment management group | 701,280 | $87.9M |
| geode capital management, llc | 611,219 | $79.0M |
| ameriprise financial inc | 605,728 | $78.2M |
Showing top 10 of 274 institutional holders of ICU Medical Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 18, 2026- % of float
- 7.8%
- Days to cover
- 6.2
- Shares short
- 1,628,295
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ICUI short interestGovernance
Frequently asked questions
What is the AI investment thesis for ICU Medical Inc.?
ICU Medical Inc. is a medical device company specializing in infusion therapy and critical care solutions, with a market capitalization of approximately $3.5 billion as of early 2025.
Who is the CEO of ICU Medical Inc.?
Mr. Vivek Jain is the chief executive officer of ICU Medical Inc. (ICUI).
Where is ICU Medical Inc. headquartered?
ICU Medical Inc. (ICUI) is headquartered in San Clemente, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.