Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 345

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 345
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 STATEMENTS (Continued)

Year ended December 31,202420232022REVENUES$2,382,046 $2,259,126 $2,279,997 Less:Standard COGS(1)1,193,994 1,114,294 1,052,455 Quality remediation/recall(2)19,126 58,243 70,036 Other COGS(3)344,144 346,716 459,745 Selling, general and administrative638,762 606,693 608,345 Research and development88,615 85,344 92,984 Restructuring and integration59,840 41,258 71,421 Other segment items(4)(2,964)(17,850)(31,385)Interest expense106,541 102,727 70,805 Income tax provision (benefit)51,676 (48,644)(40,123)Consolidated net loss$(117,688)$(29,655)$(74,286)_______________(1) Represents the average annual budgeted cost of producing each good sold in the period.(2) Represents significant labor and material costs to replace or repair a product outside the scope of standard warranty and compliance costs related to quality systems and manufacturing operations. (3) Includes costs related to capitalized manufacturing variances to standard COGS, supply chain and logistics costs including freight, inventory management and reserves, hardware service, quality and regulatory, and operations and supply chain management costs.(4) Includes changes in fair value of contingent earn-out, interest income, gain/loss on disposition of assets, gain/loss on foreign exchange, other miscellaneous income/expense and equity in the income of equity method investees. For information on depreciation and amortization expense, see Note 1: Basis of Presentation and Significant Accounting Policies. Significant Customers We sell products worldwide, on credit terms on an unsecured basis, as an OEM supplier, to independent medical supply distributors and directly to end customers. The manufacturers and distributors, in turn, sell our products to healthcare providers. In 2024, 2023 and 2022, we had net sales to a single distributor of 18%, 16%  and 15%, respectively of consolidated worldwide net sales. Geographic Information

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ICU MEDICAL, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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