Company's Results Exceed Full Year 2008 Revenue Guidance
SAN CLEMENTE, Calif., Feb. 2, 2009 (GLOBE NEWSWIRE) -- ICU Medical, Inc., (Nasdaq:ICUI), a leading low cost manufacturer of safe medical connectors, custom medical products and critical care devices, today announced results for the fourth quarter and fiscal year ended December 31, 2008.
Fourth quarter of 2008 revenue increased 24.6% to $56.7 million, compared to revenue of $45.5 million in the same period last year. Net income for the fourth quarter of 2008 was $9.0 million, or $0.61 per diluted share, as compared to net income of $6.0 million, or $0.41 per diluted share, in the fourth quarter of 2007.
For the fiscal year ended December 31, 2008, revenue increased 8.8% to $204.7 million, as compared to revenue of $188.1 million in the same period last year. For the fiscal year ended December 31, 2008, the Company earned $24.3 million, or $1.67 per diluted share, as compared to net income of $23.1 million, or $1.51 per diluted share, for the fiscal year ended December 31, 2007. Included in the full year of 2008 earnings results are discrete tax benefits of $0.14 per share and included in the full year 2007 earnings results are legal settlements of $0.13 per share.
Scott Lamb, ICU Medical's Chief Financial Officer, said, "We are pleased with our financial results as we achieved record revenue for the fourth quarter and full year. Our strong fourth quarter and annual top line growth was driven by double-digit improvements across all but one of our core product lines and performance of our new oncology products exceeded our expectations. Fourth quarter international sales and domestic distributor and direct sales increased 76% and 14%, respectively, reinforcing growing demand for our products worldwide."
The Company ended the year with a very healthy balance sheet and strong cash flow from operations. Operating cash flow was $30.2 million for the fiscal year of 2008. As of December 31, 2008, cash, cash equivalents and marketable securities totaled $129.2 million and working capital was $163.4 million.
"We expect the recession to have some effect on our company's performance in 2009. However, as we enter the new fiscal year, we are well positioned for continued growth and intend to use our strong cash flow to invest in strategic growth initiatives during 2009. We are expanding our sales force to take advantage of many opportunities, including our agreement with Premier and to increase our global market outreach. Additionally, we are investing in our manufacturing processes to increase our leadership position in the industry by improving efficiencies and ensuring we continue to produce the highest quality products at the lowest cost. We believe these investments will be crucial in maintaining our strong competitive position and building value for our shareholders in years to come," concluded Mr. Lamb.
Fiscal Year 2009 Guidance
For the full fiscal year of 2009, management expects to generate revenue in the range of $215 million to $225 million and, taking into account the Company's additional investments into its sales force and manufacturing processes, management expects diluted earnings in the range of $1.58 to $1.70 per share.
The Company will release its fourth quarter and fiscal year ended December 31, 2008 results at approximately 4:00 p.m. EST (1:00 p.m. PST) and will be conducting a conference call concerning those results at 4:30 p.m. EST (1:30 p.m. PST) on Monday, February 2, 2009. The call can be accessed at 800-261-3417, passcode 46670161, or by replay at 888-286-8010, passcode 22435822. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at http://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 http://www.icumed.com within 48 hours of the call.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "will," "expect," "believe," "could," "would," "estimate," "continue," "build," "expand" or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including, but not limited to, statements regarding the Company's growing worldwide demand, the effect of the current recession on the Company, the Company's positioning for continued growth, investment in strategic initiatives, sales force expansion to take advantage of certain opportunities, improvement of efficiencies, product quality and continued low cost, the Company's strong competitive position and ability to build shareholder value in future years. In addition, forward-looking statements also include the statements under the heading "Fiscal Year 2009 Guidance." These forward-looking statements are based on Management's current expectations, estimates, forecasts and projections about the Company and assumptions Management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to: growing demand for our products, investments in strategic growth, continued growth and improving efficiencies. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission, which include those in the Form 10-K for the year ended December 31, 2007 and 10-Q for the quarter ended September 30, 2008. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
ICU MEDICAL, INC.
