The following is a summary of the ICU Medical, Inc. (ICUI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ICU Medical reported a Q1 revenue of $553 million, indicating a total company growth of 1% on a constant currency basis or a decline of 1% on a reported basis.

• Gross margins for Q1 were higher than expected at 35%, due to a favorable product mix and early realization of supply chain efficiencies.

• The company's adjusted EPS and EBITDA were $0.96 and $79 million, respectively.

• Free cash flow for Q1 was $30 million, marking the third consecutive quarter of positive free cash flow.

Business Progress:

• The company has seen steady demand and utilization across all geographies in Q1, with Oncology and Vascular Access lines growing at or above 6%.

• The New Plum Duo device and LifeShield IV safety software have been fully available for several weeks gaining customer approval.

• The company expects the open warning letter issue to close soon, due to heavy investments in quality.

• The closure of two underutilized production sites were announced and their products consolidated into the existing network.

• ICU is optimistic about opportunities in the pump market and expects to increase their market share through investment in technology.

• There is an expectation of contract renewals and absorption by systems and members by Q1 of the following year.

More details: ICU Medical IR

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