 SAN CLEMENTE, Calif., Aug. 10, 2020 GLOBE NEWSWIRE -- ICU Medical, Inc. Nasdaq:ICUI, a leader in the development, manufacture and sale of innovative medical products used in infusion therapy and critical care applications, today announced financial results for the quarter ended June 30, 2020. Second Quarter 2020 ResultsSecond quarter 2020 revenue was 303.4 million, compared to 312.3 million in the same period last year. GAAP gross profit for the second quarter of 2020 was 106.3 million, as compared to 103.9 million in the same period last year. GAAP gross margin for the second quarter of 2020 was 35, as compared to 33 in the same period last year. GAAP net income for the second quarter of 2020 was 18.9 million, or 0.88 per diluted share, as compared to GAAP net income of 22.8 million, or 1.06 per diluted share, for the second quarter of 2019. Adjusted diluted earnings per share for the second quarter of 2020 were 1.65 as compared to 1.99 for the second quarter of 2019. Also, adjusted EBITDA was 58.1 million for the second quarter of 2020 as compared to 66.7 million for the second quarter of 2019.Adjusted EBITDA and adjusted diluted earnings per share are measures calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.Vivek Jain, ICU Medicals Chief Executive Officer, said, Second quarter results were generally in line with our expectations and reflected strong demand for our infusion pumps due to the COVID-19 pandemic.Revenues by product line for the three and six months ended June 30, 2020 and 2019 were as follows in millions: Three months ended June 30, Six months ended June 30, Product Line 2020 2019 Change 2020 2019 Change Infusion Consumables 111.0 117.7 6.7 234.5 238.2 3.7 Infusion Systems 91.1 81.3 9.8 179.5 165.6 13.9 IV Solutions 89.2 102.6 13.4 193.5 215.8 22.3 Critical Care 12.1 10.7 1.4 24.5 23.6 0.9 303.4 312.3 8.9 632.0 643.2 11.2 IV Solutions includes 15.5 million and 29.0 million of contract manufacturing to Pfizer for the three and six months ended June 30, 2020, respectively, as compared to 23.0 million and 44.5 million for the same periods in the prior year.Conference CallThe Company will host a conference call to discuss second quarter 2020 financial results on the Company, today at 4:30 p.m. EDT 1:30 p.m. PDT. The call can be accessed at 800 936-9761, international 408 774-4587, conference ID 4305099. The conference call will be simultaneously available by webcast, which can be accessed by going to the Companys website at icumed.com, clicking on the Investors tab, clicking on Event Calendar and clicking on the Webcast icon and following the prompts. The webcast will also be available by replay.About ICU Medical, Inc. ICU Medical, Inc. Nasdaq:ICUI develops, manufactures and sells innovative medical products used in infusion therapy, and critical care applications. ICU Medicals product portfolio includes IV smart pumps, sets, connectors, closed system transfer devices for hazardous drugs, sterile IV solutions, cardiac monitoring systems, along with pain management and safety software technology designed to help meet clinical, safety and workflow goals. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical, Inc. can be found at Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as will, expect, believe, could, would, estimate, continue, build, expand or the negative thereof or comparable terminology, and may include without limitation information regarding the Companys expectations, goals or intentions regarding the future. These forward-looking statements are based on managements current expectations, estimates, forecasts and projections about the Company and assumptions management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Companys products, decreased free cash flow, the inability to recapture conversion delays or partresource shortages on anticipated timing, or at all, changes in product mix, increased competition from competitors, lack of growth or improving efficiencies, unexpected changes in the Companys arrangements with its largest customers and the impact of the ongoing COVID-19 pandemic on the Company and our financial results. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Companys filings with the Securities and Exchange Commission, which include those in the Companys most recent Annual Report on Form 10-K and our subsequent filings. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS In thousands June 30, 2020 December 31, 2019 Unaudited 1 ASSETS CURRENT ASSETS: Cash and cash equivalents 446,134 268,670 Short-term investment securities 14,564 23,967 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENT SECURITIES 460,698 292,637 Accounts receivable, net of allowance for doubtful accounts 197,775 202,219 Inventories 322,766 337,640 Prepaid income taxes 11,694 15,720 Prepaid expenses and other current assets 43,772 33,981 TOTAL CURRENT ASSETS 1,036,705 882,197 PROPERTY AND EQUIPMENT, net 454,824 456,085 OPERATING LEASE RIGHT-OF-USE ASSETS 49,712 34,465 GOODWILL 32,472 31,245 INTANGIBLE ASSETS, net 203,720 211,408 DEFERRED INCOME TAXES 28,776 27,998 OTHER ASSETS 52,853 48,984 TOTAL ASSETS 1,859,062 1,692,382 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES: Accounts payable 101,127 128,629 Accrued liabilities 107,083 117,776 Short-term debt 150,000 Income tax payable 941 2,063 TOTAL CURRENT LIABILITIES 359,151 248,468 CONTINGENT EARN-OUT LIABILITY 20,000 17,300 OTHER LONG-TERM LIABILITIES 49,883 32,820 DEFERRED INCOME TAXES 2,091 2,091 INCOME TAX PAYABLE 16,140 14,459 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS EQUITY: Convertible preferred stock, 1.00 par value Authorized500 shares; Issued and outstanding none Common stock, 0.10 par value Authorized, 80,000 shares; Issued 20,937 shares at June 30, 2020 and 20,743 shares at December 31, 2019 and outstanding 20,936 shares at June 30, 2020 and 20,742 shares at December 31, 2019 2,094 2,074 Additional paid-in capital 675,497 668,947 Treasury stock, at cost 140 157 Retained earnings 757,524 721,782 Accumulated other comprehensive loss 23,178 15,402 TOTAL STOCKHOLDERS EQUITY 1,411,797 1,377,244 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 1,859,062 1,692,382 ___ 1 December 31, 2019 balances were derived from audited consolidated financial statements. ICU MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited In thousands, except per share data Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 TOTAL REVENUES 303,379 312,282 631,986 643,214 COST OF GOODS SOLD 197,095 208,413 404,287 404,042 GROSS PROFIT 106,284 103,869 227,699 239,172 OPERATING EXPENSES: Selling, general and administrative 67,242 67,824 139,547 140,457 Research and development 10,279 11,199 21,025 24,022 Restructuring, strategic transaction and integration 6,482 37,041 18,789 61,433 Change in fair value of contingent earn-out 2,700 39,500 2,700 47,200 Contract settlement 25 1,039 25 3,822 TOTAL OPERATING EXPENSES 86,728 77,603 182,086 182,534 INCOME FROM OPERATIONS 19,556 26,266 45,613 56,638 INTEREST EXPENSE 771 139 967 272 OTHER INCOME EXPENSE, net 2,053 1,479 3,427 4,670 INCOME BEFORE INCOME TAXES 20,838 27,606 41,219 61,036 PROVISION FOR INCOME TAXES 1,930 4,773 5,477 7,205 NET INCOME 18,908 22,833 35,742 53,831 NET INCOME PER SHARE Basic 0.91 1.11 1.72 2.62 Diluted 0.88 1.06 1.66 2.50 WEIGHTED AVERAGE NUMBER OF SHARES Basic 20,880 20,622 20,831 20,577 Diluted 21,506 21,520 21,545 21,546 Use of Non-GAAP Financial InformationThis press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles GAAP. The non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are material limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies, including peer companies. 