Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 168

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 168
---
23 over 2022Infusion Systems (GAAP)$652.4 $629.0 $617.4 $23.4 3.7 %$11.6 1.9 %Impact of foreign exchange rate changes20.3 $10.5 Infusion Systems on a constant currency basis (non-GAAP)$672.7 $639.5 $ Change in constant currency$43.7 $22.1 % Change in constant currency6.9 %3.6 %

Infusion Systems revenue increased in 2024, as compared to 2023, primarily due to higher sales of our large volume pump ("LVP") dedicated sets on a larger installed base, as well as growth in our ambulatory hardware and dedicated sets. 

Infusion Systems revenue increased in 2023, as compared to 2022, primarily due to higher sales of our syringe pumps and LVP dedicated sets. 

Vital Care

The following table summarizes our total Vital Care revenue (in millions, except percentages):

Year Ended December 31,$ change % change $ change % change 2024202320222024 over 20232023 over 2022Vital Care (GAAP)$690.7 $661.0 $687.6 $29.7 4.5 %$(26.6)(3.9)%Impact of foreign exchange rate changes2.9 $4.5 Vital Care on a constant currency basis (non-GAAP)$693.6 $665.5 $ Change in constant currency$32.6 $(22.1)% Change in constant currency4.9 %(3.2)%

Vital Care revenue increased in 2024, as compared to 2023, due to higher sales volume of IV Solutions primarily driven by a market shortage of these products in the U.S. during the fourth quarter of 2024, as explained below.

During the third quarter of 2024, a competitor’s U.S. IV solutions manufacturing facility was damaged as a result of Hurricane Helene causing a national shortage of IV solutions. In response, we actively increased production of our IV Solutions product lines in anticipation of increased demand due to the temporary market shortage. We experienced increased demand for our IV Solutions product lines in the fourth quarter of 2024 and may continue to see elevated demand in the near term given the sustained market shortage until conditions normalize.

Vital Care revenue decreased in