Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 215

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 215
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 achieve the contingent consideration based on certain price targets during the third and fourth anniversary of closing as Smiths no longer meets the required minimum beneficial ownership percentage. Accordingly, the valuation of the contingent earn-out liability as of December 31, 2024 has been reduced to zero. Smiths became a related party to us when we issued 2.5 million shares of our common stock as partial consideration for the acquisition of Smiths Medical. Additionally, we entered in to a transition services agreement ("TSA") with certain members of Smiths Group, plc. The TSA includes certain information technology, human resource and tax support services for an initial term of twelve months with the option to extend up to 24 months. In 2023, we expensed $8.3 million for services provided by Smiths under the TSA. Since December 31, 2023, there were no services being provided under the TSA and we had no remaining related-party open payables as of December 31, 2023. Final Price Allocation    The following table summarizes the final purchase price and the final allocation of the purchase price related to the assets acquired and liabilities assumed (in thousands):

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

Cash consideration for acquired assets$1,922,955 Fair value of contingent consideration payable to Smiths53,520 Issuance of ICU Medical, Inc. common shares:Number of shares issued to Smiths2,500 Price per share (ICU's opening market price on the acquisition date)$230.39 Fair value of ICU shares issued to Smiths$575,975 Total Consideration$2,552,450 Purchase Price AllocationCash and cash equivalents$78,791 Accounts receivables106,132 Inventories228,919 Prepaid expenses and other current assets53,554 Property, plant and equipment206,333 Operating lease right-of-use assets55,161 Intangible assets(1)945,000 Other assets379 Accounts payable(105,291)Accrued liabilities(2)(173,151)Income tax payable(40,312)Other long-term liabilities(85,490)Deferred income taxes(187,455)Total identifiable net assets acquired$1,082,570 Goodwill - not tax deductible1,469,880 Purchase Consideration$2,552,450 _______________________________________________(1)