ICUIICU MEDICAL INC/DE

Surgical & Medical Instruments & Apparatus

Revenue: $2.2B; 6.3% YoY
Operating margin: 1.9%; 6.4% YoY
EBITDA: $244M; 7.2% YoY
Market cap: $4.1B
Employees: 13,000; $172K revenue each
Net debt / EBITDA: 4.2×; $1.0B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
246× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$172K · 11th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$2.3B	$2.3B	$2.4B	$2.2B	6.3%
Operating income	$123M	−$43M	$23M	$43M	$43M	0.3%
Net income	$103M	−$74M	−$30M	−$118M	$732K	101%
Operating cash flow	$268M	−$62M	$166M	$204M	$180M	12%
Capex	$69M	$90M	$84M	$79M	$88M	11%
Stock-based comp	$27M	$36M	$41M	$47M	$56M	19%
Buybacks	$8M	$11M	$9M	$12M	$9M	27%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 18, 2024	SMITHS GROUP PLC	SC 13D/A	1.9%	Passive
Mar 1, 2024	SMITHS GROUP PLC	SC 13D/A	6.9%	Passive
Jan 12, 2022	Smiths Group International Holdings Ltd	SC 13D	10.5%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 19
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.