------------------------------
OMB APPROVAL
------------------------------
OMB Number:          3235-0287
Expires:      January 31, 2005
Estimated average burden
hours per response.........0.5
------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940

|_|  Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
|_|  Form 3 Holdings Reported
|_|  Form 4 Transactions Reported

(Print of Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

Kovalchik, III, M.D.           Michael                T.
--------------------------------------------------------------------------------
(Last)                           (First)             (Middle)

951 Calle Amanecer
--------------------------------------------------------------------------------
(Street)

San Clemente               CA                    92673
--------------------------------------------------------------------------------
(City)                           (State)              (Zip)

________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

ICU Medical, Inc. (ICUI)
________________________________________________________________________________
3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

________________________________________________________________________________
4.   Statement for Month/Day/Year

February 5, 2003
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Day/Year)

________________________________________________________________________________
6.   Relationship of Reporting Person(s) to Issuer
(Check all applicable)

|X|  Director                             |_|  10% Owner
| |  Officer (give title below)           |_|  Other (specify below)

-----------------------
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check Applicable line)

|X|  Form Filed by One Reporting Person
|_|  Form Filed by More than One Reporting Person
________________________________________________________________________________

================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================

5.
Amount of      6.
4.                              Securities     Owner-
Securities Acquired (A) or      Beneficially   ship
2A.          3.           Disposed of (D)                 Owned          Form:     7.
2.         Deemed       Transaction  (Instr. 3, 4 and 5)             Following      Direct    Nature of
Trans-     Execution    Code         ------------------------------- Reported       (D) or    Indirect
1.                          action     Date, if     (Instr. 8)                   (A)             Transaction(s) Indirect  Beneficial
Title of Security           Date       any          ------------                 or              (Instr. 3 &    (I)       Ownership
(Instr. 3)                  (mm/dd/yy) (mm/dd/yy)    Code     V      Amount      (D)    Price     Instr.4)      (Instr.4) (Instr.4)
------------------------------------------------------------------------------------------------------------------------------------

Common Stock                2/5/03                   P               500         A      $30.1800
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                2/5/03                   P               100         A      $30.3800
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                2/5/03                   P               400         A      $30.3900 
------------------------------------------------------------------------------------------------------------------------------------
Common Stock held by Self,  2/5/03                                                                8,762          D
Self and Spouse Jointly
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

================================================================================

9.
Number    10.
of        Owner-
deriv-    ship
ative     Form
2.                                                                                           Secur-    of
Conver-                            5.                              7.                        ities     Deriv-   11.
sion                               Number of                       Title and Amount          Bene-     ative    Nature
or                                 Derivative    6.                of Underlying     8.      ficially  Secur-   of
Exer-            3A.      4.       Securities    Date              Securities        Price   Owned     ity:     In-
cise             Deemed   Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of      Follow-   Direct   direct
Price   3.       Execut-  action   or Disposed   Expiration Date   ----------------  Deriv-  ing       (D) or   Bene-
1.           of      Trans-   ion      Code     of(D)         (Month/Day/Year)            Amount  ative   Reported  In-      ficial
Title of     Deriv-  action   Date if  (Instr.  (Instr. 3,    ----------------            or      Secur-  Trans-    direct   Owner-
Derivative   ative   Date     any      8)       4 and 5)      Date     Expira-            Number  ity     action(s) (I)      ship
Security     Secur-  (mm/dd/  (mm/dd/  ------   ------------  Exer-    tion               of      (Instr. (Instr.   (Instr.  (Instr.
(Instr. 3)   ity     yy)      yy)      Code V    (A)   (D)    cisable  Date     Title     Shares  5)      4)        4)       4)
------------------------------------------------------------------------------------------------------------------------------------

Options to   28.1833                                          05/02/02   11/02/12 Common            N/A      1,875    D
Acquire                                                                           Stock
Common Stock
(Grant 11/2/01)
------------------------------------------------------------------------------------------------------------------------------------
Options to   39.2500                                          11/16/02   01/02/10 Common            N/A     15,000    D
Acquire                                                                           Stock
Common Stock
(Grant 5/16/02)
------------------------------------------------------------------------------------------------------------------------------------
Options to   36.3050                                          02/16/03   08/16/13 Common            N/A      1,875    D
Acquire                                                                           Stock
Common Stock
(Grant 8/16/02)
------------------------------------------------------------------------------------------------------------------------------------
Options to   39.5550                                          05/16/03   05/16/13 Common            N/A      1,875    D
Acquire                                                                           Stock
Common Stock
(Grant 11/16/02)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

Explanation of Responses:

/s/ Michael T. Kovalchik, III, M.D.                        02/05/03
---------------------------------------------            -----------------------
**Signature of Reporting Person                             Date

Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

*     If the form is filed by more than one reporting person, see Instruction
4(b)(v).

**     Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.