SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 16, 2004 ------------- ICU MEDICAL, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-19974 33-0022692 -------- ------- ---------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 951 Calle Amanecer, San Clemente, California 92673 - -------------------------------------------- ----- (Address of principal executive offices) (Zip Code) (949) 366-2183 -------------- Registrant's telephone number, including area code N/A --- (Former name or former address, if changed since last report)
INFORMATION TO BE INCLUDED IN THE REPORT Item 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits 99.1 Press release, dated July 16, 2004 announcing ICU Medical, Inc.'s second quarter 2004 earnings. Item 12. Results of Operations and Financial Condition --------------------------------------------- ICU Medical, Inc. announced its earnings for the second quarter of 2004. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 16, 2004 ICU MEDICAL, INC. /s/ Francis J. O'Brien ---------------------- Francis J. O'Brien Secretary, Treasurer and Chief Financial Officer
Exhibit 99.1 [LOGO HERE] ICU MEDICAL, INC. ICU MEDICAL, INC. REPORTS SECOND QUARTER 2004 RESULTS JULY 16, 2004, SAN CLEMENTE, CALIFORNIA -- ICU Medical, Inc., (NASDAQ/NMS:ICUI), a leading low cost manufacturer of safe medical connectors and custom intravenous systems, today announced results for the second quarter and six months ended June 30, 2004. Second quarter revenue increased to $21.7 million, as compared to $21.3 million in the same period last year. Net income for the second quarter was $3.4 million, or $0.23 per diluted share, as compared to $3.9 million, or $0.26 per diluted share in the second quarter of 2003. For the first six months of 2004, the Company earned $7.6 million, or $0.50 per diluted share, on revenues of $43.9 million, as compared to net income of $11.0 million, or $0.72 per diluted share, on revenues of $52.0 million for the same period in 2003. Commenting on the quarter, Frank O'Brien, ICU Medical's Chief Financial Officer, said, "Our second quarter results were in line with our expectations. Our end user demand through our domestic and international distribution channels continues to grow stronger for ICU's safe medical connectors and custom intravenous systems, although we are not seeing this in our own total sales." Mr. O'Brien continued, "Hospira has recently told us they want to carry less inventory of CLAVE products. Hospira is actually experiencing stronger sell-through with our products this year compared to last year and this inventory decision will only have a temporary effect on our own sales this year and will have no long term effect. The increase in operating expenses for the quarter was generally in line with expectations." ICU Medical's balance sheet continued to strengthen, with cash and investments totaling $91.9 million at June 30, 2004, up from $85.7 million at the end of the first quarter. Operating cash flow was $3.4 million for the second quarter and $16.2 million for the six months ended June 30, 2004. The Company will be conducting a conference call concerning its second quarter results at 8:00 a.m. PDT (11:00 a.m. EDT) on Friday, July 16, 2004, which can be accessed at 800-915-4836, passcode "ICU Medical" or by replay at 800-428-6051, passcode I.D. 363719. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com, clicking on the Investors tab, clicking on the Webcast icon and following the prompts. The webcast will also be available by replay. Certain information provided as part of that call will be provided on the Company's website at www.icumed.com within 48 hours of this announcement.
CONTACT: Francis J. O'Brien Chief Financial Officer ICU Medical, Inc. (949) 366-2183 John F. Mills Managing Director Integrated Corporate Relations (310) 395-2215
ICU MEDICAL, INC. Statements of Income For the Three and Six Months Ended June 30, 2004 and June 30, 2003 (all dollar amounts in thousands except per share data) (unaudited) Three Months Ended Six Months Ended 6/30/04 6/30/03 6/30/04 6/30/03 ------------ ------------ ------------ ------------ Revenues: Net sales $ 21,001 $ 19,864 $ 42,272 $ 48,600 Other 663 1,419 1,626 3,459 ------------ ------------ ------------ ------------ Total Revenue 21,664 21,283 43,898 52,059 Cost of Sales 9,600 9,148 19,414 22,172 ------------ ------------ ------------ ------------ Gross Profit 12,064 12,135 24,484 29,887 Selling, general and administrative expenses 6,603 5,543 12,258 11,630 Research and development expenses 403 537 854 1,008 ------------ ------------ ------------ ------------ Total operating expenses 7,006 6,080 13,112 12,638 ------------ ------------ ------------ ------------ Income from operations 5,058 6,055 11,372 17,249 Investment income 398 274 708 570 ------------ ------------ ------------ ------------ Income before income taxes 5,456 6,329 12,080 17,819 Provision for income taxes 2,046 2,430 4,530 6,850 ------------ ------------ ------------ ------------ Net income $ 3,410 $ 3,899 $ 7,550 $ 10,969 ------------ ------------ ------------ ------------ Net income per share - diluted $ 0.23 $ 0.26 $ 0.50 $ 0.72 ============ ============ ============ ============ Weighted average number of common shares - diluted 15,140,606 15,081,815 15,107,214 15,209,580 ============ ============ ============ ============
ICU MEDICAL, INC. Summary Consolidated Balance Sheet Data (all dollar amounts in thousands except share data) (unaudited) ASSETS 6/30/04 12/31/03 --------- --------- CURRENT ASSETS: Cash and liquid investments 91,910 73,137 Accounts receivable, net 16,217 24,943 Inventories 9,404 3,398 Prepaid expenses and deferred taxes 5,273 5,597 Other current assets 2,848 4,142 --------- --------- Total current assets 125,652 111,217 --------- --------- PROPERTY AND EQUIPMENT, NET 39,814 41,041 OTHER ASSETS 11,255 12,030 --------- --------- $176,721 $164,288 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: 8,496 8,285 STOCKHOLDERS' EQUITY: 13,923,337 shares outstanding, net, at June 30, 2004 168,225 156,003 --------- --------- $176,721 $164,288 ========= =========
ICU MEDICAL, INC. Summary Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2004 and June 30, 2003 (all dollar amounts in thousands) (unaudited) For the Six Months Ended --------------------- 6/30/04 6/30/03 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 7,550 $ 10,969 Adjustments to reconcile net income to net cash provided by operating activities -- Depreciation and amortization 3,742 3,416 Net change in current operating assets and liabilities, and other, net of acquisitions 3,022 (4,383) --------- --------- 14,314 10,002 Tax benefits from exercise of stock options 1,913 186 --------- --------- Net cash provided by operating activities 16,227 10,188 --------- --------- PURCHASES OF PROPERTY AND EQUIPMENT (2,272) (7,071) NET CHANGE IN LIQUID INVESTMENTS (17,300) 19,250 ACQUISITION -- (5,346) NET CHANGE IN FINANCE LOANS 1,958 (7,114) PURCHASE OF TREASURY STOCK -- (10,313) EMPLOYEE EQUITY PLANS 2,860 744 --------- --------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 1,473 $ 338 ========= =========