ICU Medical (NSDQ:ICUI) beat the consensus estimates for its first-quarter sales and earnings and stood fast on its guidance for the rest of the year, but saw its share price fall anyway on Wall Street today.
San Clemente, Calif.-based ICU posted profits of $31.0 million, or $1.44 per share, on sales of $330.9 million for the three months ended March 31, for a whopping bottom-line gain of 536% despite a -11.0% sales slide compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were $2.58, well ahead of the $2.27-per-share consensus on The Street, where analysts were looking for revenues of $326.0 million.
“First-quarter revenue, adjusted EBITDA and adjusted diluted earnings per share were generally in line with our expectations,” CEO Vivek Jain said in prepared remarks.
ICU said it plans to update its guidance after the second quarter; the outlook after last year was for adjusted EPS $9.00 to $9.90.
ICUI shares were off by -4.0% to $221.41 today in late-morning trading, outpacing a general market decline based on global worries about a trade war with China.