Company: ICUI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000883984-25-000016
Chunk: 38

Company: ICU MEDICAL INC/DE
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 38
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IAL STATEMENTS(Continued)

    Restructuring, strategic transaction and integration expenses were $16.7 million and $16.1 million for the three  months ended March 31, 2025 and 2024, respectively.Restructuring    During the three months ended March 31, 2025 and 2024, restructuring charges were $6.8 million and $5.3 million, respectively, and were primarily related to facility closure costs and severance costs, respectively.    The following table summarizes the activity in our restructuring-related accrual by major type of cost for the three months ended March 31, 2025 (in thousands), which is included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets:Severance Pay and BenefitsRetention and Facility Closure CostsTotalAccrued balance, January 1, 2025$9,538 $407 $9,945 Charges incurred2,401 4,397 6,798 Payments(3,482)(2,905)(6,387)Other(1)(900)— (900)Currency translation155 14 169 Accrued balance, March 31, 2025$7,712 $1,913 $9,625 __________________________(1)  Relates to prior year accrued restructuring charges for estimated severances costs that were reclassed to other accounts during the three months ended March 31, 2025.Strategic Transaction and Integration Expenses    We incurred and expensed $9.9 million and $10.8 million in strategic transaction and integration expenses during the three months ended March 31, 2025 and 2024, respectively, which are included in restructuring, strategic transaction and integration expenses in our condensed consolidated statements of operations. The strategic transaction and integration expenses during the three months ended March 31, 2025 and 2024 were primarily related to consulting expenses, employee costs incurred to integrate our Smiths Medical business acquired in 2022, and transaction costs related to the sale of 60% of our IV solutions business in the first quarter of 2025.

10

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

Note 4:  Assets Held For Sale

On November 12, 2024, the Company and ICU Medical Sales, Inc., a Delaware corporation (collect