- --------                             U.S. SECURITIES AND EXCHANGE COMMISSION                        --------------------------------
 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 Responses)                                            
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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) 
                                                                                            
Costello    Richard      A.       ICU Medical, Inc. (ICUI)                               [ ] Director        [ ]  10% Owner
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(Last)      (First)    (Middle)   3.  IRS or Social         4. Statement for              X  Officer (give        Other (specify
                                      Security Number of       Month/Year               ----         title   ----        below)
                                      Reporting Person         February 1999                         below)
951 Calle Amanecer                    (Voluntary)                                               
- --------------------------------                            ----------------------              Vice President Sales
        (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                       2/3/99     X             10.000      A        7.19    
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Common Stock                       2/3/99     S             10.000      D       18.75
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Common Stock                      2/10/99     X              5.000      A        7.19
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Common Stock                      2/10/99     S              5.000      D       20.25
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Common Stock                      2/19/99     X              3.526      A        7.19
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Common Stock                      2/19/99     S              3.526      D       20.00
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Common Stock                      2/22/99     X              2.000      A        7.19
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Common Stock                      2/22/99     S              2.000      D       20.06
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Common Stock                      2/26/99     X              5.000      A        7.62
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Common Stock                      2/26/99     S              5.000      D       20.75         -0-

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 7.1875 2/3-22/99 X V 20,526 01/30/99 10/10/07 Common Stock 20,526 - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 9.5000 01/02/97 06/16/04 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 13.6250 01/02/97 12/06/06 Common Stock 3,000 - ------------------------------------------------------------------------------------------------------------------------------------ 7.6250 01/30/99 07/01/08 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 7.6250 2/26/99 X 5,000 01/30/99 07/01/08 Common Stock 5,541 - ------------------------------------------------------------------------------------------------------------------------------------ 10.3750 01/30/99 09/28/08 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 10,9375 11/19/07 11/19/08 Common Stock 61,570 - ------------------------------------------------------------------------------------------------------------------------------------ 12.2500 01/02/08 01/02/09 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 14.6825 02/01/08 07/01/09 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 21.4375 1/2/99 A V 1,000 1/02/09 01/02/10 Common Stock 1,000 - ------------------------------------------------------------------------------------------------------------------------------------ 16.3438 1/12/99 A V 35,000 01/02/09 01/02/10 Common Stock 35,000 - ----------------------------------------------------------------------------------------------------------------------------------- 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 0 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 3,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 541 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 61,570 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 1,000 D - ------------------------------------------------------------------------------------------------------------------------------------ N/A 35,000 D
Explanation of Responses: * For options not yet exercisable, they become exercisable on the dates indicated or earlier on achievement of certain performance objectives as specified in the option agreement. ** Intentional misstatements or /s/ Richard Costello 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)