ICU Medical

ICUI

Medical - Instruments & Supplies · Healthcare

Price

$157.51

-4.66 (-2.87%)

Market Cap

$3.94B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+14.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 21.8M (2021) → 24.9M (2025)

ICU Medical, Inc., together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy and critical care applications worldwide. The company's infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; SwabCap and SwabTip disinfecting caps; Tego hemodialysis connectors; ClearGuard HD, an antimicrobial barrier cap for hemodialysis catheters; and ChemoClave and ChemoLoc

Winston Score History

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on ICUI in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-12.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+293.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$87M/ year

→ Flat (-1% vs prior year)

3.9% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

2.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$288M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ICU Medical's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

32.6%

Modest — 32.6% gross margin

Operating Margin

5.8%

Thin — 5.8% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.9%

Shrinking sales (-10.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

361%

Turns 361% of profit into real cash

FCF Margin

3.7%

Thin free cash flow (3.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

1.57x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

84.2x

Expensive — P/E 84.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+69.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (84.2 → 14.4)

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Dividends

Not applicable for this business.

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