Company Increases Full Year 2009 Revenue and Earnings Per Share Guidance Range

       Second Quarter 2009 Earnings Per Share Increase to $0.38
       First-Half 2009 Operating Cash Flow Totaled $26.6 Million

SAN CLEMENTE, Calif., July 20, 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 second quarter and six months ended June 30, 2009.

Second quarter of 2009 revenue grew 9.9% to $53.4 million, compared to $48.6 million in the same period last year. Net income for the second quarter of 2009 was $5.7 million, or $0.38 per diluted share, compared to net income of $4.8 million, or $0.33 per diluted share, for the second quarter of 2008.

For the six months ended June 30, 2009, revenue increased 15.5% to $107.7 million, compared to revenue of $93.2 million in the same period last year. For the six months ended June 30, 2009, the Company earned $12.8 million, or $0.85 per diluted share, compared to net income of $7.7 million, or $0.53 per diluted share, for the six months ended June 30, 2008.

Scott Lamb, ICU Medical's Chief Financial Officer said, "We are pleased to report another quarter of strong sales and profitability. In spite of the challenging economic environment, we experienced stable demand domestically as well as internationally. Our top line growth was driven by improvements in CLAVEs and Custom Sets, as well as a 54% year-over-year increase in new products. During the second quarter, we continued to benefit from a favorable product mix, improving manufacturing efficiencies and favorable foreign exchange rates, which increased gross margins to 48%, a five percentage point increase compared to the same period last year."

"As we enter the second half of 2009, we believe our company is well positioned to capitalize on all lines of our existing business as well as the recently announced acquisition of Hospira's critical care line. We will also continue to utilize our strong cash flow to invest in future domestic and international growth opportunities," continued Mr. Lamb. "As an example, we are expanding our sales team to support the growing relationship with Premier and MedAssets as well as the direct sales efforts for our rapidly growing oncology line. Internationally, to support growth of our custom products in the European markets, we recently purchased land to build a manufacturing plant in Slovakia. The proposed plant, centrally located in Europe, provides an ideal strategic location and is expected to lead to further improvements in cost efficiencies for the growing demand of custom products."

The Company ended the second quarter with a strong balance sheet. As of June 30, 2009, cash, cash equivalents and investment securities totaled $144.7 million and working capital was $185.4 million. Additionally, the Company achieved operating cash flow of $26.6 million for the first six months of 2009. The cash balance does not reflect the $35 million payment due upon closing to Hospira for the acquisition of its critical care line. This acquisition is expected to close during the third quarter, 2009.

Fiscal Year 2009 Guidance

The Company is raising its revenue and earnings per share guidance range due to improvements in its existing business as well as from the recent critical care acquisition which is expected to close during the third quarter of 2009.

Assuming it closes on schedule, the Company expects the critical care acquisition to contribute $0.01-$0.02 per share to its earnings during the second half of 2009.

For the full fiscal year of 2009, management is increasing its previously announced revenue guidance to a range of $220 million to $230 million from the previous range of $215 million to $225 million. Based on the assumptions of continued improvements in product mix and favorable exchange rates, the Company now expects gross margins to be in the range of 46-47% for the full year of 2009, compared to the previously announced gross margin of 44-45%. Taking into consideration the positive effect of the critical care acquisition, improvements in the existing business slightly offset by a continued increase in patent legal costs, management is raising its diluted earnings per share guidance for the full fiscal year of 2009 to a range of $1.62 to $1.71 compared to the previously announced $1.58-$1.70 per diluted share.

Conference Call

The Company will conduct a conference call to discuss its second quarter 2009 results today at 4:30 p.m. EDT (1:30 p.m. PDT). The call can be accessed at 866-713-8563, passcode 51284573 or by replay at 888-286-8010, passcode 24431143. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at 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 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.