ICU Medical (Nasdaq:ICUI) reported first-quarter results that came in ahead of the consensus earnings per share forecast.
The San Clemente, California-based company yesterday evening posted losses of $38.1 million, or $1.61 per share, on sales of $543.1 million for the three months ended March 31, 2022, for a bottom-line slide into the red on sales growth of 70.8%.
Adjusted to exclude one-time items, earnings per share were $1.82, 4¢ ahead of projections on Wall Street, where analysts were looking for sales of $543.1 million.
The highlight of the quarter for the company was the January completion of its $2.35 billion acquisition of Smiths Medical from the Smiths Group. That acquisition added total revenues of about $214.9 million to ICU Medical’s quarterly output, thanks to Smiths Medical’s infusion systems, vascular access products and vital care offerings.
“Legacy ICU Medical performance was in line with expectations and the results from the acquired Smiths Medical business reflect the previously disclosed operational challenges,” ICU Medical CEO Vivek Jain said in a news release.
ICU Medical did not provide an update to its 2022 financial guidance. The company projected adjusted EPS of between $9 and $10.50 for the full year when it reported its fourth-quarter results in February.
