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ICU Medical Not In Critical Condition, But There's Still Rehab Work To Do

Mar. 01, 2023 2:21 AM ETICU Medical, Inc. (ICUI)BDX, MMSI, SMGZY
Stephen Simpson profile picture
Stephen Simpson


  • ICU Medical spent far more time, energy, and resources than expected in 2022 on fixing Smiths Medical, but the heavy lifting seems largely done for most of the businesses.
  • Allowing that current results don't reflect the full impact of the improvements management has made, underlying sequential performance in the core business was still lackluster in Q4.
  • Results should continue to improve through 2023 as the 2022 fixes play out, but the "new normal" and real synergies aren't likely to emerge until 2024 and beyond.
  • I can argue for a share price closer to $200, but the issues at Smith Medical have cost the company a year or so of leverage and improvement.

Close-up of IV drip bag


I don’t think I could say it better than ICU Medical (NASDAQ:ICUI) CEO Vivek Jain did on the fourth quarter call when he said, “We could not be happier that 2022 is over.”

While the acquisition of Smiths

This article was written by

Stephen Simpson profile picture
Stephen Simpson is a freelance financial writer and investor. Spent close to 15 years on the Street (sell-side, buy-side, equities, bonds); now a semi-retired raccoon rancher. That last part isn't entirely true. Probably.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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