Revenue Grew Over 21% to $54.3 Million                Earnings Per Share Increased 135% to $0.47              Achieved Operating Cash Flow of $19.8 Million 

SAN CLEMENTE, Calif., April 16, 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 first quarter ended March 31, 2009.

First quarter of 2009 revenue grew 21.7% to $54.3 million, compared to $44.7 million in the same period last year. Net income for the first quarter of 2009 was $7.1 million, or $0.47 per diluted share, as compared to net income of $2.9 million, or $0.20 per diluted share, for the first quarter of 2008.

Scott Lamb, ICU Medical's Chief Financial Officer said, "We are pleased with the strong revenue and earnings results achieved during the first quarter and the progress we made with continued investments in our manufacturing processes and sales force expansion. All core product lines posted double-digit year-over-year growth, while sales from our new products continued to exceed our expectations and increased almost 200% compared to the same period last year. Our gross margins improved nine percentage points primarily from a favorable product mix, improved absorption rates, and favorable foreign exchange rates."

"During the quarter, we used a portion of our strong cash flow to invest in 2009 strategic initiatives. We added 19 new sales people to better position ourselves for the long-term opportunities with our new Premier agreement and ongoing rollout of our new oncology products. Additionally, we continued to invest in our manufacturing processes to enhance our product quality and cost structure. These investments, coupled with our new distribution partnerships and constant focus on innovation, have us well positioned for further expansion of our geographic footprint and profitable growth in 2009 and beyond," continued Mr. Lamb.

The Company ended the first quarter with a very strong balance sheet, and as of March 31, 2009, cash, cash equivalents and investment securities totaled $141.9 million and working capital was $170.1 million. Additionally, the Company achieved operating cash flow of $19.8 million for the first quarter of 2009.

Fiscal Year 2009 Guidance

"The current challenging economic environment has not had a meaningful impact on our business to-date. However, during the end of the first quarter and for the first few weeks of the second quarter 2009, a few of our customers are taking a slightly more conservative stance on inventory levels and we believe we have addressed this in our 2009 guidance," concluded Mr. Lamb.

Based on current business trends, for the full fiscal year of 2009, management reaffirmed its previously announced revenue guidance in the range of $215 million to $225 million. Based on the Company's improvement in product mix, and favorable outlook for foreign exchange rates, it now expects its gross margins to be in the range of 44% to 45% for the full year of 2009, compared to the previously announced gross margin of 43% to 44%. Offsetting a portion of this expected increase in gross margins is an expected increase in patent legal costs and a decrease in interest income due to lower interest rates. As a result, management is maintaining its diluted earnings per share guidance for the full fiscal year of 2009 of $1.58 - $1.70.

Conference Call

The Company will be conducting a conference call concerning its first quarter results today at 4:30 p.m. EDT (1:30 p.m. PDT). The call can be accessed at 800-901-5231, passcode 86049051 or by replay at 888-286-8010, passcode 67721626. 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.