Nine-Month 2009 Operating Cash Flow Totaled $38.5 Million

                The Company Raises FY 2009 EPS Guidance

SAN CLEMENTE Calif., Oct. 19, 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 third quarter and nine months ended September 30, 2009.

Third quarter 2009 revenue was $54.0 million, compared to $54.7 million in the same period last year. Net income for the third quarter of 2009 was $6.3 million, or $0.42 per diluted share, compared to net income of $7.6 million, or $0.52 per diluted share, for the third quarter of 2008. The Company experienced a more favorable tax rate in the third quarter of 2009, which added approximately $0.08 to its earnings per share for the quarter.

For the nine months ended September 30, 2009, revenue increased 9.3% to $161.7 million, compared to revenue of $148.0 million in the same period last year. For the nine months ended September 30, 2009, the Company earned $19.1 million, or $1.27 per diluted share, compared to net income of $15.3 million, or $1.06 per diluted share, for the nine months ended September 30, 2008.

Scott Lamb, ICU Medical's Chief Financial Officer, said, "We are pleased with our financial performance during the third quarter and the initial results from our critical care acquisition that we closed on August 31, 2009. The third quarter was marked by solid profitability and strong cash flow and our top-line performance was driven by double-digit improvements in Non Critical Care Custom Sets and new products. International revenue was up 53% while sales from domestic distributors and direct sales posted an increase of 98%."

"The transition of recently acquired critical care operations is in-line with our expectations and we believe by controlling all aspects of this line, we will regain market share for this product line and return it to stronger growth over time," continued Mr. Lamb. "With industry leading partnerships in place, we are positioned to capitalize on worldwide market opportunities for all of our products. Additionally, our positive cash flow enables us to finance our immediate growth initiatives, such as sales force expansion and further improvements in manufacturing efficiencies."

The Company ended the third quarter with a very strong balance sheet. As of September 30, 2009, cash, cash equivalents and investment securities totaled $123.4 million and working capital was $187.2 million. Additionally, the Company achieved operating cash flow of $38.5 million for the first nine months of 2009.

Fiscal Year 2009 Guidance

For the full fiscal year of 2009, management is narrowing its previously announced revenue guidance to the range of $223 million to $228 million and maintaining gross margin guidance in the range of 46-47%. In addition, the Company is increasing its diluted earnings per share for full year 2009 to a range of $1.74 - $1.79, compared to the previously announced $1.62 - $1.71 per diluted share. Diluted earnings per share guidance include an additional $0.08 related to a more favorable tax rate of approximately 22% in the third quarter of 2009. The Company expects its tax rate to be approximately 33% for the full year of 2009.

Conference Call

The Company will be conducting a conference call concerning its third quarter results today at 4:30 p.m. EDT (1:30 p.m. PDT). The call can be accessed at 866-543-6411, passcode 27695770 or by replay at 888-286-8010, passcode 11079716. 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. 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 ability to control all aspects of its critical care operations, the ability to regain market share and a return to stronger growth, the ability to capitalize on worldwide market opportunities for all of the Company's products, investment in strategic initiatives, sales force expansion to take advantage of certain opportunities, and improvement of efficiencies.