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 FORM 4                                      WASHINGTON, D.C. 20549                                           OMB APPROVAL          
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[_] Check this box if no           STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                     OMB Number:            3235-0287
    longer subject to                                                                               Expires:      September 30, 1998
    Section 16.  Form 4    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,  Estimated average burden        
    or Form 5 obligations   Section 17(a) of the Public Utility Holding Company Act of 1935         hours per response.......... 0.5
    may continue.  See         or Section 30(f) of the Investment Company Act of 1940               --------------------------------
    Instruction 1(b). 

 (Print or Type Response)
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1.  Name and Address of           2.  Issuer Name and Ticker or                     6.  Relationship of Reporting Person to Issuer  
    Reporting Person*                 Trading Symbol                                             (Check all applicable) 
                                                                                            
Sherman, M.D. Richard    H.       ICU Medical, Inc. (ICUI)                               [X] Director        [ ]  10% Owner
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(Last)      (First)    (Middle)   3.  IRS or Social         4. Statement for            ____ Officer (give   ____ Other (specify
                                      Security Number of       Month/Year                            title               below)
                                      Reporting Person         February 1999                         below)
951 Calle Amanecer                    (Voluntary)                                               
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        (Street)                                            5.  If Amendment,                  -------------------------------
                                                                Date of Original    
San Clemente, CA 92673                                          (Month/Year)        7.  Individual or Joint/Group Filing (Check
                                                                                        Applicable Line)
                                                                                        X   Form filed by One Reporting Person
                                                                                      -----
                                                                                      _____ Form filed by More than One Reporting
                                                                                            Person
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(City)        (State)    (Zip)          TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED 
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1.  Title of Security             2. Trans-  3. Trans-      4. Securities Acquired (A)  5.  Amount of    6. Owner-    7.  Nature of
    (Instr. 3)                       action     action         or Disposed of (D)           Securities      ship          Indirect
                                     Date       Code           (Instr. 3, 4 and 5)          Beneficially    Form:         Beneficial
                                                (Instr. 8)                                  Owned at        Direct        Ownership
                                   (Month/   -------------------------------------------    End of Month    (D) or In-    (Instr. 4)
                                     Day/                              (A) or               (Instr. 3       direct (I)          
                                    Year)    Code     V     Amount     (D)       Price      and 4)          (Instr. 4)
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Common Stock                        2/10/99                5,000        D        20.00      68,584
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Common Stock                                               2,750                                                I(*)
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(*)  Owned by R.H. Sherman, M.D., P.A. Deferred Benefit Pension Plan
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                  (Over) 
 * If the form is filed by more than one reporting person, see Instruction 4(b)(v).                                 SEC 1474 (7-96)
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) - ----------------------------------------------------------------------------------------------------------------------------------- 1. Title of Derivative 2. Cover- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount of Security (Instr. 3) sion or action action Derivative cisable and Underlying Securities Exercise Date Code Securities Expiration (Instr. 3 and 4) Price of (Month/ (Instr. 8) Acquired (A) Date (Month/ Deriv- Day/ or Disposed Day/Year) ative Year) of (D) (Instr. ---------------------------------------- Security 3, 4, and 5) Date Expira- Amount or -------------------------------- Exer- tion Title Number of Code V (A) (D) cisable Date Shares - ------------------------------------------------------------------------------------------------------------------------------------ Options to Acquire 16.125 5/12/97 4/22/01 Common Stock 3,750 - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 16.125 4/23/98 4/22/01 Common Stock 3,750 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ----------------------------------------------------------------------------------------------------------------------------------- 1. Title of Derivative 8. Price 9. Number 10. Ownership 11. Nature of Security (Instr. 3) of of Form of Indirect Deriv- Deriv- Derivative Beneficial ative ative Security: Ownership Security Securities Direct (D) (Instr. 4) (Instr. 5) Beneficially or Indirect Owned at (I) End of Month (Instr. 4) (Instr. 4) - ------------------------------------------------------------------------------------------------------------------------------------ N/A 3,750 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 3,750 D - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses: ** Intentional misstatements or /s/ Richard Sherman 3/9/1999 omissions of facts constitute ---------------------- -------------- Federal Criminal Violations. **Signature of Date See 18 U.S.C. 1001 and Reporting Person 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. Page 2 SEC 1474 (7-96)