UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

NAME OF ISSUER                     ICU MEDICAL, INC.

TITLE OF CLASS OF SECURITIES       Common

CUSIP NUMBER                       44930G107

Check the following box if a fee is being paid with this
statement.                                                            ( X )

(A fee is not required only if the filing person:  (1) has a
previous statement on file reporting beneficial ownership of more
than five percent of the class of securities described in Item 1;
and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.) (See
Rule 13d-7).

* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).

Page 1 of 11 Pages

13G
CUSIP No. 44930G107                                    Page 2 of 11 Pages  
----------------------------------------------------------------
1.   Name of reporting person
S.S. or I.R.S. identification no. of above person

Marsh & McLennan Companies, Inc.
36-2668272

----------------------------------------------------------------
2.   Check the appropriate box if a member of a group*
(a)(   )
(b)(   )
----------------------------------------------------------------
3.   SEC use only

----------------------------------------------------------------
4.   Citizenship or place of organization

Delaware
----------------------------------------------------------------
5.   Sole Voting Power

NONE
Number of                 -----------------------------
shares                   6.   Shared Voting Power
beneficially
owned by                            NONE
each                    -----------------------------
Reporting                 7.   Sole Dispositive Power
person
with                              NONE
-----------------------------
8.   Shared Dispositive Power

NONE
----------------------------------------------------------------
9.      Aggregate amount beneficially owned by each reporting
person

NONE
----------------------------------------------------------------
10.     Check box if the aggregate amount in row (9) includes
certain shares*

----------------------------------------------------------------
11.     Percent of class represented by amount in row 9

NONE
----------------------------------------------------------------
12.     Type of Reporting person*

HC

13G
CUSIP No. 44930G107                                    Page 3 of 11 Pages  
----------------------------------------------------------------
1.      Name of reporting person
S.S. or I.R.S. identification no. of above person

Putnam Investments, Inc.
04-2539558

----------------------------------------------------------------
2.      Check the appropriate box if a member of a group*
(a)(   )
(b)(   )
----------------------------------------------------------------
3.      SEC use only

----------------------------------------------------------------
4.      Citizenship or place of organization

Massachusetts
----------------------------------------------------------------
5.   Sole Voting Power

NONE
Number of                 -----------------------------
shares                   6.   Shared Voting Power
beneficially
owned by                            219,600
each                    -----------------------------
Reporting                 7.   Sole Dispositive Power
person
with                              NONE
-----------------------------
8.   Shared Dispositive Power

925,200
----------------------------------------------------------------
9.      Aggregate amount beneficially owned by each reporting
person

925,200
----------------------------------------------------------------
10.     Check box if the aggregate amount in row (9) includes
certain shares*

----------------------------------------------------------------
11.     Percent of class represented by amount in row 9

10.7%
----------------------------------------------------------------
12.     Type of Reporting person*

HC

13G
CUSIP No. 44930G107                                    Page 4 of 11 Pages  
----------------------------------------------------------------
1.      Name of reporting person
S.S. or I.R.S. identification no. of above person

Putnam Investment Management, Inc.
04-2471937

----------------------------------------------------------------
2.      Check the appropriate box if a member of a group*
(a)(   )
(b)(   )
----------------------------------------------------------------
3.      SEC use only

----------------------------------------------------------------
4.      Citizenship or place of organization

Massachusetts
----------------------------------------------------------------
5.   Sole Voting Power

NONE
Number of                 -----------------------------
shares                   6.   Shared Voting Power
beneficially
owned by                            NONE
each                    -----------------------------
Reporting                 7.   Sole Dispositive Power
person
with                              NONE
-----------------------------
8.   Shared Dispositive Power

637,900
----------------------------------------------------------------
9.      Aggregate amount beneficially owned by each reporting
person

637,900
----------------------------------------------------------------
10.     Check box if the aggregate amount in row (9) includes
certain shares*

----------------------------------------------------------------
11.     Percent of class represented by amount in row 9

7.4%
----------------------------------------------------------------
12.     Type of Reporting person*

IA

13G
CUSIP No. 44930G107                                    Page 5 of 11 Pages  
----------------------------------------------------------------
1.      Name of reporting person
S.S. or I.R.S. identification no. of above person

The Putnam Advisory Company, Inc.
04-6187127

----------------------------------------------------------------
2.      Check the appropriate box if a member of a group*
(a)(   )
(b)(   )
----------------------------------------------------------------
3.      SEC use only

----------------------------------------------------------------
4.      Citizenship or place of organization

Massachusetts
----------------------------------------------------------------
5.   Sole Voting Power

NONE
Number of                 -----------------------------
shares                   6.   Shared Voting Power
beneficially
owned by                            219,600
each                    -----------------------------
Reporting                 7.   Sole Dispositive Power
person
with                              NONE
-----------------------------
8.   Shared Dispositive Power

287,300
----------------------------------------------------------------
9.      Aggregate amount beneficially owned by each reporting
person

287,300
----------------------------------------------------------------
10.     Check box if the aggregate amount in row (9) includes
certain shares*

----------------------------------------------------------------
11.     Percent of class represented by amount in row 9

3.3%
----------------------------------------------------------------
12.     Type of Reporting person*

IA
----------------------------------------------------------------

13G
CUSIP No. 44930G107                                    Page 6 of 11 Pages  
----------------------------------------------------------------
1.      Name of reporting person
S.S. or I.R.S. identification no. of above person

Putnam New Opportunities Fund
04-3091455

----------------------------------------------------------------
2.      Check the appropriate box if a member of a group*
(a)(   )
(b)(   )
----------------------------------------------------------------
3.      SEC use only

----------------------------------------------------------------
4.      Citizenship or place of organization

Massachusetts
----------------------------------------------------------------
5.   Sole Voting Power

NONE
Number of                 -----------------------------
shares                   6.   Shared Voting Power
beneficially
owned by                            NONE
each                    -----------------------------
Reporting                 7.   Sole Dispositive Power
person
with                              NONE
-----------------------------
8.   Shared Dispositive Power

508,100
----------------------------------------------------------------
9.      Aggregate amount beneficially owned by each reporting
person

508,100
----------------------------------------------------------------
10.     Check box if the aggregate amount in row (9) includes
certain shares*

----------------------------------------------------------------
11.     Percent of class represented by amount in row 9

5.9%
----------------------------------------------------------------
12.     Type of Reporting person*

IC

SECURITIES AND EXCHANGE COMMISSION 
Washington, D. C.  20549 

SCHEDULE 13G 

Under the Securities Exchange Act of 1934
(Amendment No.  )

Check the following (box) if a fee is being paid with this
statement                                                             ( X )

Item 1(a)      Name of Issuer:   ICU MEDICAL, INC.

Item 1(b)      Address of Issuer's Principal Executive Offices:

951 Calle Amanecer, San Clemente, CA  92763

Item 2(a)                          Item 2(b)

Name of Person Filing:             Address or Principal Office or,
if none, Residence:

Putnam Investments, Inc.           One Post Office Square
("PI")                        Boston, Massachusetts 02109
on behalf of itself and:

*Marsh & McLennan Companies,  Inc. 1166 Avenue of the Americas
("MMC")                       New York, NY  10036

Putnam Investment Management, Inc. One Post Office Square
("PIM")                       Boston, Massachusetts 02109

The Putnam Advisory Company, Inc.  One Post Office Square
("PAC")                       Boston, Massachusetts 02109

**Putnam New Opportunities Fund    One Post Office Square   
("Fund")                           Boston, Massachusetts 02109

Item 2(c)      Citizenship:  PI, PIM and PAC are corporations
organized under Massachusetts law.  The citizenship
of other persons identified in Item 2(a) is
designated as follows:  

*    Corporation - Delaware law 
**   Voluntary association known as Massachusetts
business trust - Massachusetts law 

Item 2(d)      Title of Class of Securities: Common

Item 2(e)      Cusip Number:  44930G107

Page 7 of 11 Pages

Item 3.   If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a: 

(a)(   )  Broker or Dealer registered under Section 15 of the Act

(b)(   )  Bank as defined in Section 3(a)(6) of the Act 

(c)(   )  Insurance Company as defined in Section 3(a)(19) of the
Act 

(d)( X )  Investment Company registered under Section 8 of the
Investment Company Act 

(e)( X )  Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940 

(f)(   )  Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see (Section
240.13d-1(b)(1)(ii)(F) 

(g)( X )  Parent Holding Company, in accordance with Section
240.13d-1(b)(ii)(G) 

(h)(   )  Group, in accordance with Section 240.13d-1(b)(1)(ii)(H) 

Page 8 of 11 Pages

Item 4.
Ownership.
M&MC      PI             PIM            PAC       FUND 
-----     -----          ----           ----      ----

(a)  Amount Beneficially
Owned:                   none      925,200        637,900        287,300   508,100

(b)  Percent of Class:        none      10.7%          7.4%           3.3%      5.9%

(c)  Number of shares as
to which such person has: 

(1)  sole power to vote
or to direct the vote;
(but see Item 7)         none      none           none           none      none

(2)  shared power to vote
or to direct the vote;
(but see Item 7)         none      219,600        none           219,600   508,100

(3)  sole power to dispose
or to direct the
disposition of;
(but see Item 7)         none      none           none           none      none

(4)  shared power to
dispose or to direct
the disposition of; 
(but see Item 7)         none      all            all            all       all

Page 9 of 11 Pages

Item 5.   Ownership of Five Percent or Less of a Class. 

If this statement is being filed to report the fact that as of the
date thereof the reporting person has ceased to be the beneficial
owner of more than five/ten percent of the class of securities,
check the following (  ). 

Item 6.   Ownership of More than Five/Ten Percent on Behalf of
Another Person: 

No persons other than the persons filing this Schedule 13G have an
economic interest in the securities reported on which relates to
more than five percent of the class of securities.  Securities
reported on this Schedule 13G as being beneficially owned by M&MC
and PI consist of securities beneficially owned by subsidiaries of
PI which are registered investment advisers, which in turn include
securities beneficially owned by clients of such investment
advisers, which clients may include investment companies registered
under the Investment Company Act and/or employee benefit plans,
pension funds, endowment funds or other institutional clients. 

Item 7.   Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company. 

PI, which is a wholly-owned subsidiary of M&MC, wholly owns two
registered investment advisers:  Putnam Investment Management, Inc.
and The Putnam Advisory Company, Inc.  Pursuant to Rule 13d-4, M&MC
and PI declare that the filing of this Schedule 13G shall not be
deemed an admission by either or both of them that they are, for
the purposes of Section 13(d) or 13(g) the beneficial owner of any
securities covered by this Section 13G, and further state that
neither of them have any power to vote or dispose of, or direct the
voting or disposition of, any of the securities covered by this
Schedule 13G. 

Item 8.   Identification and Classification of Members of the
Group: 

Not applicable. 

Item 9.   Notice of Dissolution of Group: 

Not applicable. 

Item 10.  Certification. 

Page 10 of 11 Pages 

By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business, were not acquired for the purpose of
and do not have the effect of changing or influencing the control
of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purposes or effect. 

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct. 

PUTNAM INVESTMENTS, INC.

/s/
BY:  -------------------------------------------
Signature 

Name/Title:    Frederick S. Marius
Assistant Vice President and Associate Counsel

Date:  September 7, 1995

For this and all future filings, reference is made to Power of
Attorney dated November 9, 1992, with respect to duly authorized
signatures on behalf of Marsh & McLennan Companies, Inc., Putnam
Investments, Inc., Putnam Investment Management, Inc., The Putnam
Advisory Company, Inc. and any Putnam Fund wherever applicable.

For this and all future filings, reference is made to an Agreement
dated June 28, 1990, with respect to one filing of Schedule 13G on
behalf of said entitites, pursuant to Rule 13d-1(f)(1).  

Page 11 of 11 Pages