Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 166

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 166
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elling, general and administrative expenses27 %27 %27 %Research and development expenses4 %4 %4 %Restructuring, strategic transaction and integration expenses3 %2 %3 %Change in fair value of contingent earn-out— %(1)%(1)%Total operating expenses34 %32 %33 %Income from operations1 %1 %(2)%Interest expense, net(4)%(4)%(3)%Other expense, net(1)%— %— %Loss before income taxes(4)%(3)%(5)%Provision (benefit) for income taxes2 %(2)%(2)%Net loss(6)%(1)%(3)%

Total revenues were $2.4 billion, $2.3 billion and $2.3 billion for 2024, 2023 and 2022, respectively.

The following table sets forth, for the periods indicated, total revenue by product line as a percentage of total revenue:  

43

Year Ended December 31,Product line202420232022Consumables44 %43 %43 %Infusion Systems27 %28 %27 %Vital Care29 %29 %30 % 100 %100 %100 %

We manage our product distribution through a network of owned and leased distribution facilities in combination with independent distributors and third-party fulfillment and logistics providers. Our end customers, which include healthcare providers and original equipment manufacturer suppliers, may order and receive our products directly from us or through an independent full-line distributor. 

In the U.S. a substantial amount of our products are sold to group purchasing organization ("GPO") member hospitals.  We believe that as healthcare providers continue to either consolidate or join major buying organizations, the success of our products will depend, in part, on our ability, either independently or through strategic relationships to secure long-term contracts with large healthcare providers and major buying organizations.  

Seasonality/Quarterly Results

There are no significant seasonal aspects to our business. We can experience fluctuations in net sales as a result of variations in the ordering patterns of our largest customers, which may be driven more by production scheduling and customer inventory levels, and less by seasonality. Our expenses often do not fluctuate in the same manner as net sales, which may cause fluctuations in operating income that are disproportionate to fluctuations in our revenue. 

Non-GAAP Financial Measures

In addition to comparing