ICU Medical Inc. (NSDQ:ICUI) posted fourth-quarter sales of $69.8 million for the three months ended Dec. 31, 2009, up 23 percent compared with $56.7 million during the same period last year. Net income fell 18 percent to $7.4 million, compared with $9 million during Q4 2008:

Press Release

ICU Medical, Inc. Reports Fourth Quarter and Year-End 2009 Results

• Fourth Quarter 2009 Sales Increased 23% to $69.8 Million
• Company Achieved FY 2009 Record Net Income of $26.6 Million, or $1.77 Per Diluted Share
• Operating Cash Flow Totaled $48.6 Million for FY 2009

SAN CLEMENTE, Calif., Feb. 1, 2010 (GLOBE 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, 2009.

Fourth quarter 2009 revenue increased 23.0% to $69.8 million, compared to $56.7 million in the same period last year. Net income for the fourth quarter of 2009 was $7.4 million, or $0.50 per diluted share, compared to net income of $9.0 million, or $0.61 per diluted share, for the fourth quarter of 2008.

For the fiscal year ended December 31, 2009, revenue increased 13.1% to $231.5 million, compared to revenue of $204.7 million in the same period last year. For the fiscal year ended December 31, 2009, the Company earned $26.6 million, or $1.77 per diluted share, compared to net income of $24.3 million, or $1.67 per diluted share, for the fiscal year ended December 31, 2008.

Scott Lamb, ICU Medical’s Chief Financial Officer, said, “We are pleased with the operating and financial milestones achieved during the fourth quarter and full year, highlighted by record annual sales, profitability and operating cash flow. Our top-line strength during the fourth quarter was primarily attributable to double-digit improvements in critical care and custom sets, which were partially offset by an expected decrease in CLAVEs. International revenue for the fourth quarter was up 81% from the fourth quarter of 2008 and sales from domestic distributors and direct sales increased more than 200% from the fourth quarter of 2008, reinforcing strong demand for our products worldwide.”

Mr. Lamb continued, “During 2009 we completed the acquisition of Hospira’s critical care division and successfully implemented the transition process, positioning this product line for further improvements. To enhance our quality and cost structure, we made substantial investments in our production processes and manufacturing efficiencies. We also continued to significantly expand our sales force to support our strategic partnerships and to capitalize on market opportunities for all of our products.

“Entering 2010, we are confident that our strengthened and focused portfolio of products, expanding industry relationships and strong balance sheet has us well positioned to achieve record sales and net income results this year.”

The Company repurchased $20.4 million of stock during 2009 with approximately $28 million still available to spend as of January 1, 2010 under its $55 million stock repurchase program and plans to purchase additional shares under the program in 2010. As of December 31, 2009, cash, cash equivalents and investment securities totaled $108.1 million and working capital was $174.2 million. Additionally, the Company achieved operating cash flow of $48.6 million for the full year of 2009.

Fiscal Year 2010 Guidance

For the full fiscal year of 2010, management expects to generate revenue in the range of $265 million to $275 million, diluted earnings in the range of $1.80 to $1.90 per share and operating cash flow in the range of $35 million to $40 million.