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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