ICU Medical, Inc. Reports Fourth Quarter and Year-End 2006 Results - Company Revenue for 2006 Increased 28% to a New Record -



    SAN CLEMENTE, Calif., Jan. 29 /PRNewswire-FirstCall/ -- 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 year ended December 31, 2006.
     Fourth quarter revenue was $52.8 million, a 22% increase as compared to
 $43.2 million in the same period last year. Net income increased 29% to
 $6.9 million, or $0.44 per diluted share, as compared to a net income of
 $5.3 million, or $0.35 per share, in the fourth quarter of 2005.
     For the year ended December 31, 2006, the Company earned $25.7 million,
 or $1.64 per share, on revenues of $201.6 million, as compared to net
 income of $20.3 million, or $1.35 per share, on revenues of $157.5 million
 for the year ended December 31, 2005.
     "We are pleased with the strong revenue growth in many of our lines
 during 2006, especially our custom medical products. Revenue for the fourth
 quarter and for the year are both record highs for the Company," said Frank
 O'Brien, ICU Medical's Chief Financial Officer. "We attribute our continued
 success to the market acceptance of our leading line of product offerings."
     ICU continued to strengthen its balance sheet and operating cash flow
 in 2006. Operating cash flows were $31.6 million for the year. At year-end
 2006, cash and investments totaled $116.9 million and working capital rose
 $30.6 million to $154.5 million from $123.9 million at December 31, 2005.
 In addition, the Company bought back $8.0 million of shares in the open
 market during 2006 and early 2007.
     Mr. O'Brien concluded, "We will continue to re-invest our free cash
 flow from core product lines into developing new products, improving
 manufacturing efficiencies, strategic investments and acquisitions and
 continued purchases of our shares. We have just decided to increase our
 share purchase program to $20 million."
     The foregoing statement concerning Management's expectation with
 respect to future results is a forward looking statement based upon the
 best information currently available to Management and assumptions
 Management believes are reasonable, but Management does not intend the
 statement to be a representation as to future results. Future results are
 subject to risks and uncertainties, including the most recent 10-Q. Actual
 results in the future may differ materially from Management's current
 expectations.
     Contact:  Francis J. O'Brien
               Chief Financial Officer
               ICU Medical, Inc.
               (949) 366-2183
 
               John F. Mills
               Senior Managing Director
               Integrated Corporate Relations
               (310) 954-1100
 
 
 
                               ICU Medical, Inc.
                   Summary Consolidated Statements of Income
           (all amounts in thousands except share and per share data)
 
                                       Quarter ended           Year ended
                                        December 31,           December 31,
 
                                     2006        2005        2006        2005
                                  (unaudited) (unaudited) (unaudited)     (1)
 
     TOTAL REVENUE                  52,807      43,230     201,613     157,532
 
     COST OF GOODS SOLD             35,397      24,660     120,929      88,128
 
     OPERATING EXPENSES             12,472      11,514      49,811      41,809
 
         Income from operations      4,938       7,056      30,873      27,595
 
     OTHER                           1,373         753       5,027       3,138
 
     BENEFIT (PROVISION) FOR
      INCOME TAXES                     549      (2,498)    (10,240)    (10,459)
 
     NET INCOME                     $6,860      $5,311     $25,660     $20,274
 
     NET INCOME PER SHARE
         Diluted                     $0.44       $0.35       $1.64       $1.35
 
     WEIGHTED AVERAGE NUMBER OF
      SHARES
         Diluted                15,745,716  15,216,973  15,599,132  15,039,890
 
     (1) 2005 amounts were derived from the audited consolidated financial
         statements of ICU Medical, Inc.
 
 
 
                               ICU Medical, Inc.
                    Summary Consolidated Balance Sheet Data
                  (all amounts in thousands except share data)
 
                                     ASSETS
 
                                                    12/31/06          12/31/05
                                                   (unaudited)           (1)
     CURRENT ASSETS:
       Cash and liquid investments                 $116,918           $86,742
       Accounts receivable, net                      26,533            23,644
       Inventories                                   16,315            15,435
       Prepaid and deferred income taxes              6,915             7,241
       Other current assets                           4,255             4,700
                  Total current assets              170,936           137,762
 
     PROPERTY AND EQUIPMENT, NET                     59,037            52,194
     DEFERRED INCOME TAXES                            5,340               723
     OTHER ASSETS                                    10,895            13,858
                                                   $246,208          $204,537
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     CURRENT LIABILITIES                            $16,451           $13,887
     DEFERRED INCOME TAXES - long-term
      portion                                         4,512               529
     MINORITY INTEREST                                  358               923
 
     STOCKHOLDERS' EQUITY:
       14,620,421 common shares
        outstanding at December 31, 2006            224,887           189,198
                                                   $246,208          $204,537
 
       (1) December 31, 2005 amounts were derived from the audited consolidated
           financial statements of ICU Medical, Inc.
 
 
 
                               ICU Medical, Inc.
                 Summary Consolidated Statements of Cash Flows
                           (all amounts in thousands)
 
                                                            Year ended
                                                    12/31/06          12/31/05
                                                   (unaudited)           (1)
     CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Income                                      $25,660           $20,274
     Adjustments to reconcile net income to
      net cash
        provided by operating activities --
           Depreciation and amortization              11,231             9,698
           Net change in current assets and
            liabilities, and other                    (5,283)           (6,938)
           Tax benefits from exercise of
            stock options in 2005                         --             4,338
        Net cash provided by operating
         activities                                   31,608            27,372
 
 
     CASH PAID FOR ACQUIRED ASSETS                        --           (32,606)
     PURCHASES OF PROPERTY AND EQUIPMENT             (19,612)           (5,509)
     PROCEEDS FROM SALE OF BUILDING                    6,062                --
     NET CHANGE IN LIQUID INVESTMENTS                (23,877)            1,837
     EMPLOYEE EQUITY PLANS                            16,261             7,657
     OTHER                                            (4,143)            2,487
 
 
     NET INCREASE IN CASH AND CASH
      EQUIVALENTS                                     $6,299            $1,238
 
 
     (1) 2005 amounts were derived from the audited consolidated financial
         statements of ICU Medical, Inc.
 
 

SOURCE ICU Medical, Inc.

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