The San Clemente, Calif.-based company posted profits of $219,000, or 1¢ per share, on sales of $327.2 million for the three months ended September 30, seeing bottom-line growth of 61% while sales shrunk 4.6% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 1.85¢, well ahead of the $1.51 consensus on The Street, where analysts were looking for sales of $335 million, which ICU Medical missed.
“Third quarter revenues for infusion consumables and infusion systems were in line with our expectations and IV Solutions was below our expectations. Adjusted EBITDA and adjusted diluted earnings per share were slightly above our expectations,” CEO Vivek Jain said in a press release.
ICU Medical lifted its 2018 adjusted EBITDA guidance from between $270 million and $280 million to between $280 million and $290 million. The company also lifted its adjusted earnings per share expectations from between $8.30 and $8.70 to between $8.45 and $8.85.
The company also provided initial 2019 adjusted EBITDA guidance, expecting it to be between $315 million and $340 million.
ICU Medical shares rose slightly today, up 0.3% to close at $260.24. Shares have fallen approximately 5.9% in after hours trading, at $245 as of 4:26 p.m. EST.
Last month, ICU Medical issued a warning this month that it received reports of leakage with some lots of its Thermoset drug-delivery systems in Europe, the Middle East and Africa.
Registration is open for DeviceTalks Boston! Join us on June 5-6, 2019, as we explore the trends and technology that are shaping the future of the medical device industry.