Company: ICUI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000883984-25-000016
Chunk: 43

Company: ICU MEDICAL INC/DE
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 43
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$604,702 $566,655     Contract Balances    The following table presents the changes in our contract balances for the three months ended March 31, 2025 and 2024 (in thousands), which is included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets:

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

Contract LiabilitiesBeginning balance, January 1, 2025$39,403 Equipment revenue recognized(15,298)Equipment revenue deferred due to implementation19,937 Software revenue recognized(3,077)Software revenue deferred due to implementation1,201 Government grant income recognized(1) (509)Other deferred revenue recognized(211)Other deferred revenue 239 Ending balance, March 31, 2025$41,685 Beginning balance, January 1, 2024$42,177 Equipment revenue recognized(7,499)Equipment revenue deferred due to implementation9,340 Software revenue recognized(4,677)Software revenue deferred due to implementation5,571 Government grant income recognized(1) (515)Other deferred revenue recognized(1,195)Other deferred revenue155 Ending balance, March 31, 2024$43,357 ____________________________(1) The government grant income deferred is amortized over the life of the related depreciable asset as a reduction to depreciation expense.  Our contract liabilities are included in accrued liabilities or other long-term liabilities in our condensed consolidated balance sheet based on the expected timing of revenue recognition.    As of March 31, 2025, revenue from remaining performance obligations is as follows:Recognition Timing(in thousands)< 12 Months> 12 MonthsEquipment deferred revenue$20,111 $385 Software deferred revenue8,646 1,899 Government grant deferred income(1) 2,064 6,834 Other deferred revenue(2) 1,664 82 Total $32,485 $9,200 _________________________________(1) The government grant deferred income is amortized over the life of the related depreciable asset as a reduction to depreciation expense.(2) Other deferred revenue includes pump development programs, purchased training and extended warranty.

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