ICU Medical, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting revenues of $548.9 million, compared to $596.5 million in the same period of the prior year. The company's GAAP gross profit for Q2 2025 was $208.1 million, resulting in a GAAP gross margin of 38%, an increase from 35% in Q2 2024.
The company reported a GAAP net income of $35.3 million, or $1.43 per diluted share, a significant improvement from a GAAP net loss of $(21.4) million, or $(0.88) per diluted share, in Q2 2024. Adjusted diluted earnings per share for the quarter were $2.10, up from $1.56, and Adjusted EBITDA was $100.3 million, compared to $91.3 million in the prior year. Free cash flow (non-GAAP) was negative at $(8.5) million, down from $62.7 million positive in Q2 2024.
ICU Medical updated its fiscal year 2025 guidance, narrowing the GAAP net loss estimate to a range of $(43) million to $(35) million, and GAAP diluted loss per share to $(1.68) to $(1.38). Adjusted EBITDA guidance, inclusive of the IV Solutions joint venture impact, was updated to $380 million to $390 million, and adjusted EPS guidance was tightened to $6.85 to $7.15. Management noted that tariff-related costs are estimated at up to $30 million for FY2025, with a residual unmitigated impact of $5 million to $10 million anticipated.
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