Company: ICUI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000883984-25-000035
Chunk: 173

Company: ICU MEDICAL INC/DE
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 173
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 $200.0 million of the proceeds from the sale to pay down a portion of our outstanding Term Loan A (as defined below) long-term debt during the second quarter of 2025.

Consolidated Results of Operations

    We present income statement data in Part I, Item 1. "Financial Statements." The following table shows, for the three and nine months ended September 30, 2025 and 2024, the percentages of each income statement caption in relation to total revenue: 

Three months ended September 30,Nine months ended September 30, 2025202420252024Total revenues100 %100 %100 %100 %Gross profit37 %35 %37 %34 %Selling, general and administrative expenses28 %28 %28 %27 %Research and development expenses4 %4 %4 %4 %Restructuring, strategic transaction and integration expenses2 %3 %3 %3 %Change in fair value of contingent earn-out— %(1)%— %— %Total operating expenses34 %34 %35 %34 %Income from operations3 %1 %2 %— %Interest expense, net(4)%(4)%(4)%(4)%Other income (expense), net— %— %— %— %Gain on sale of business1 %— %3 %— %Income (Loss) before income taxes and equity in (losses) earnings of unconsolidated affiliates— %(3)%1 %(4)%Benefit (Provision) for income taxes— %(3)%— %(1)%Net (loss) income from consolidated companies— %(6)%1 %(5)%

Seasonality/Quarterly Results 

                There are no significant seasonal aspects to our business. We can experience fluctuations in net sales as a result of variations in the ordering patterns of our largest customers, which may be driven more by production scheduling and customer inventory levels, and less by seasonality. Our expenses often do not fluctuate in the same manner as net sales, which may cause fluctuations in operating income that are disproportionate to fluctuations in our revenue.  

Non-GAAP Financial Measures

In addition to comparing changes in revenue on a U.S. GAAP basis, we also compare the changes in revenue from one period to another using constant currency. The presentation of revenues on