ICU Medical (NSDQ:ICUI) shares gained almost 3% this morning despite a 4th-quarter profit decline of nearly 31%, as investors reacted to above-expectation adjusted earnings per share.
The San Clemente, Calif.-based medical device company posted profits of $12.3 million, or 82¢ per share, on sales of $82.7 million for the 3 months ended Dec. 31, 2012, for a bottom-line slide of 30.8% on top-line growth of 8.1% compared with Q4 2011.
Adjusted to exclude 1-time items, earnings per share reached $1.26, beating The Street by 48¢.
For the full year, ICU Medical reported profits of $41.3 million, or $2.80 per share, on sales of $316.9 million. That’s a profit decline of 7.6% despite sales growth of 4.9% compared with 2011. Adjusted EPS were $3.15, again ahead of The Street, this time by 39¢.
"Our strong top-line performance during the 4th quarter was driven by robust growth across our oncology, infusion therapy and TEGO products, which was partially offset by the expected decrease in critical care," CEO Scott Lamb said in prepared remarks. "International sales were up 16%, while domestic sales grew 5.7% year over year. Gross margins expanded 350 basis points to 50.5% as we continued to benefit from a favorable product mix and foreign exchange rates."
ICU Medical said it expects sales for 2013 to run between $330 million and $340 million, with diluted EPS of $2.70-$2.85.
ICUI shares were trading at $61.72 apiece as of about 11:10 a.m. today, up 2.5%.