Key Highlights

  • GAAP Revenue rose to $560.4 million from $537.0 million a year earlier.
  • GAAP gross Margin reached 42 percent, compared with 37 percent in the prior year.
  • Adjusted diluted EPS was $2.44, up from $2.03 in the third quarter of 2025.
  • Fiscal 2026 guidance was reaffirmed, with results expected near the high end of the range.

ICU Medical, Inc. (NASDAQ:ICUI), a developer, manufacturer and seller of medical products, reported financial results for the quarter ended September 30, 2026. GAAP revenue increased to $560.4 million from $537.0 million, and GAAP Net Income reached $26.8 million, or $1.07 per diluted share, compared with a net loss of $3.4 million a year earlier. Chief Executive Vivek Jain said that results for Infusion Systems were ahead of expectations, while the rest of the Business was generally in line with internal forecasts.

Revenue by Product Line

Infusion Systems revenue rose 10.7 percent to $192.5 million, adding $18.6 million year over year. Consumables revenue increased 4.7 percent to $298.4 million, supported by a $13.3 million gain. Vital Care revenue declined $8.5 million to $69.5 million, a result tied to the May 2025 disposal of the company's IV Solutions business, which was included in that product line.

Vital Care also includes contract Manufacturing revenue related primarily to the company's joint venture, which totaled $4.2 million in the third quarter and $12.5 million for the nine months, compared with $3.6 million and $7.1 million a year earlier. That revenue stream is smaller than the core product lines but grew noticeably over the nine-month period.

Nine-month figures show a similar pattern. Consumables revenue rose 5.0 percent to $866.0 million, and Infusion Systems revenue increased 10.5 percent to $561.1 million, while Vital Care declined $143.0 million to $215.2 million. The Vital Care decline is concentrated in the period following the IV Solutions disposal, and the recurring product lines accounted for a growing share of total revenue over the nine months.

For the nine months ended September 30, 2026, total revenue was $1,642.3 million, compared with $1,690.5 million a year earlier. The decline reflects the absence of the disposed IV Solutions revenue, which contributed $127.4 million to the prior-year nine-month period. Excluding that effect, the remaining product lines grew over the same span.

Margin, Earnings and Cash Measures

GAAP Gross Profit reached $234.8 million, up from $200.9 million, and GAAP gross margin climbed to 42 percent from 37 percent. Adjusted EBITDA was $113.9 million, compared with $105.9 million in the third quarter of 2025. Adjusted diluted EPS was $2.44, compared with $2.03 a year earlier.

Adjusted diluted EPS grew 20.2 percent year over year, while adjusted EBITDA increased 7.6 percent, a difference The difference between those two growth rates indicates that the per-share measure moved more quickly than the EBITDA figure during the quarter.

The gap between GAAP net income and adjusted earnings reflects the company's standard non-GAAP adjustments, which the release reconciles in a separate section.

Reaffirmed Fiscal 2026 Guidance

ICU Medical reaffirmed its full-year 2026 guidance but indicated that it expects to finish the year toward the higher end of the range. The previously provided GAAP net income estimate remains between $73 million and $83 million, with GAAP diluted EPS between $2.89 and $3.29. Adjusted EBITDA is expected between $415 million and $435 million, and adjusted diluted EPS between $8.60 and $9.00.

The company's gross margin of 42 percent in the quarter is a notable step up from 37 percent a year earlier, and it provides context for the upper-half expectation. Whether that margin level continues into the fourth quarter will influence the company's ability to finish within the higher portion of its adjusted EBITDA and adjusted EPS ranges.

Keeping the full-year ranges unchanged while pointing to the upper half suggests that third quarter performance is tracking above the midpoint of internal expectations, although the company did not publish a revised numerical range.

Final Takeaways

ICU Medical's third quarter shows revenue growth across its consumables and infusion business, a higher gross margin and improved earnings per share, while the prior-year divestiture continues to weigh on total revenue comparisons. The reaffirmed guidance, with results expected near the top of the range, places the company's full-year profile at the upper end of earlier projections. The fourth quarter will show whether margin gains and product line growth hold through the year's final period.