Company: ICUI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000883984-25-000030
Chunk: 158

Company: ICU MEDICAL INC/DE
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 158
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OPF") (described in Note 4: Assets Held For Sale and Disposal of Business to our accompanying condensed consolidated financial statements), we completed the formation of Otsuka ICU Medical LLC (the "joint venture") and transferred the assets, liabilities and operations that comprise our IV Solutions product line to the joint venture. On May 1, 2025, at the closing under the Agreement, we sold a 60% interest in the joint venture to OPF for preliminary cash consideration paid at closing of $209.5 million, comprising the estimated sales price. On May 1, 2025, we used $200.0 million of those proceeds to pay down a portion of our outstanding Term Loan A (as defined below) long-term debt.

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Consolidated Results of Operations

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

Three months ended June 30,Six months ended June 30, 2025202420252024Total revenues100 %100 %100 %100 %Gross profit38 %35 %36 %34 %Selling, general and administrative expenses29 %27 %27 %27 %Research and development expenses4 %4 %4 %4 %Restructuring, strategic transaction and integration expenses3 %3 %3 %3 %Change in fair value of contingent earn-out— %— %— %— %Other operating (income) expense, net— %— %— %— %Total operating expenses36 %34 %34 %34 %Income (loss) from operations2 %1 %2 %— %Interest expense, net(4)%(4)%(4)%(4)%Other income (expense), net— %(1)%— %— %Gain on sale of business8 %— %4 %— %Income (Loss) before income taxes and equity in earnings of unconsolidated affiliates6 %(4)%2 %(4)%Provision for income taxes— %— %— %— %Net income (loss) from consolidated companies6 %(4)%2 %(4