Medical device company ICU Medical (NASDAQ: ICUI) will be reporting results this Thursday after the bell. Here’s what investors should know.
ICU Medical beat analysts’ revenue expectations by 1.7% last quarter, reporting revenues of $548.9 million, down 8% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.
Is ICU Medical a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting ICU Medical’s revenue to decline 13.3% year on year to $510.5 million, a reversal from the 6.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.43 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. ICU Medical has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.7% on average.
Looking at ICU Medical’s peers in the healthcare equipment and supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Merit Medical Systems delivered year-on-year revenue growth of 13%, beating analysts’ expectations by 3.2%, and Intuitive Surgical reported revenues up 22.9%, topping estimates by 3%. Merit Medical Systems traded up 5.3% following the results while Intuitive Surgical was also up 13.9%.
Read our full analysis of Merit Medical Systems’s results here and Intuitive Surgical’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices flat over the last month. ICU Medical is up 3.5% during the same time and is heading into earnings with an average analyst price target of $174.83 (compared to the current share price of $125.66).
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