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Reports Results for the Second Quarter of 2003
SAN CLEMENTE,
Calif., July 17, 2003 -- ICU Medical, Inc., (ICUI) , the San Clemente
based maker of safe medical connectors and custom intravenous systems,
today announced preliminary results for the second quarter and first
half of 2003. Revenues for the second quarter were $21,283,000, as
compared with $22,668,000 in 2002. Net income for the quarter was
$3,899,000, or 26 cents per share (diluted), as compared to $4,998,000,
or 32 cents per share in 2002.
For the first half of the year, revenues were $52,059,000, or 19% over the $43,573,000 reported for the first half of 2002. Net income was $10,969,000 for the first half of 2003 versus $9,521,000 for the first half of 2002, or a 15% increase, and earnings per share was 72 cents (diluted) versus 62 cents in 2002.
Frank O'Brien, ICU Medical's Chief Financial Officer, commented, "As we have stated often, our quarterly results are subject to fluctuations. Our second quarter of 2003 had a downward fluctuation, which looks accentuated when compared to the strong second quarter in 2002. We are still targeting annual results in line with our historic pattern."
The Company also announced that it had acquired in June a manufacturer of intravenous sets in Italy. Mr. O'Brien stated, "This gives us the European manufacturing facility that will enable us to aggressively expand our custom I.V. set business throughout Europe." The Company will continue to pursue acquisition opportunities as part of its growth strategy.
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 risk factors described in the Company's filings with the Securities and Exchange Commission, which include those in the Form 8-K dated February 15, 2002. Actual results in the future may differ materially from Management's current expectations.
The Company will be conducting a conference call concerning its second quarter results at 8:00 a.m. PDT (11:00 a.m. EDT) on Thursday, July 17, 2003, which can be accessed at 800-915-4836, passcode "ICU Medical" or by replay at 800-428-6051, passcode I.D. 298396. The conference call will be simultaneously available by webcast, which can be accessed by going to the Company's website at www.icumed.com Reports Stockholder Vote
SAN CLEMENTE,
Calif., June 23, 2003 -- ICU Medical, Inc., (Nasdaq: ICUI), the San
Clemente based maker of safe medical connectors and custom intravenous
systems today announced the results of the voting of its stockholders
at its annual Meeting of Stockholders on June 13, 2003. Closing of
the voting polls had been adjourned until June 20, 2003.
Jack W. Brown and Richard H. Sherman, M.D. were elected as directors
to hold office until the 2006 Annual Meeting.
A proposal to approve the ICU Medical, Inc. 2003 Stock Option Plan
was approved.
A proposal to ratify the election of Deloitte & Touche, LLP as
the Company's auditors was approved.
Announces Record Results for the First Quarter of 2003 SAN CLEMENTE, Calif., April 17, 2003 -- ICU Medical, Inc., (Nasdaq: ICUI), the San Clemente based maker of safe medical connectors and custom intravenous systems, today announced record results for the first quarter of 2003. Revenues were $30,776,000, marking the first time the Company exceeded $30 million in quarterly revenue. They were up 47% from net revenues of $20,905,000 in the first quarter of 2002. Net income for the quarter was $7,070,000, up 56% from the $4,523,000 earned in the first quarter of 2002, and earnings per share were 46 cents, up from the 30 cents reported last year. Frank O'Brien, ICU Medical's Chief Financial Officer, commented, "Revenue growth was significant, particularly with Abbott Laboratories and domestic distributors. CLAVE(R) products and custom I.V. systems continued to register significant increases." For the quarter, the operating margin was 36% of revenues, up from 33% in the first quarter of 2002. The increase in net income of 56% exceeded the 47% increase in net revenues because operating expenses increased only 18%, a far lower percentage than the increase in net revenue. The Company will be conducting a conference call concerning its first quarter results at 8:00 a.m. PDT (11:00 a.m. EDT), which can be accessed at 800-915-4836, passcode "ICU Medical" or by replay at 800-428-6051, passcode I.D. 287576. 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. To Consider Dividend
SAN CLEMENTE, Calif., April 15, 2003 -- ICU Medical, Inc., (Nasdaq: ICUI), the San Clemente based maker of safe medical connectors and custom intravenous systems, today announced that it has engaged a financial advisor to advise it with respect to the payment of a cash dividend. ICU Medical has not paid dividends in the past. Dr. George A. Lopez, Chairman and Chief Executive Officer, commented, "We continue to generate cash in our operations and want to explore passing some of it out to our shareholders." ICU Medical, Inc. has approximately $80 million, or almost six dollars per share, in cash and liquid investments and no debt and had an operating cash flow of over $20 million last year. The company has not determined the amount of any dividend or whether it would pay other dividends in the future. 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 risk factors described in the Company's filings with the Securities and Exchange Commission, which include those in the Form 8-K dated February 15, 2002. Actual results in the future may differ materially from Management's current expectations. Announces Resumption of Its Share Repurchase Program
SAN CLEMENTE, Calif., March 7, 2003 --
ICU Medical, Inc., (NASDAQ:ICUI), the San Clemente based maker of safe
medical connectors and custom intravenous systems today announced that it will
resume its program to purchase its shares on the open market immediately. The
Company has not placed any limitation of the number of shares to be purchased.
Announces Fourth Quarter Results
SAN CLEMENTE, Calif., February 3, 2003 --
ICU Medical, Inc., (NASDAQ:ICUI), the San Clemente based maker of safe
medical connectors and custom intravenous systems, today reported net revenue
in the fourth quarter of 2002 of $24,129,000, up from $20,883,000 in the
fourth quarter of 2001. Net income was $5,885,000, up from $4,771,000 in the
fourth quarter of 2001, and per share earnings were 38 cents, up from the 32
cents reported in 2001. Net revenue included $3,239,000 from a license fee.
For the entire year 2002, net revenue was $87,807,000, up from net revenue
of $69,055,000 for the year 2001. Net income was $19,682,000, up from
$15,387,000 for the year 2001 and per share earnings were $1.28, versus
$1.06 in 2001.
Completes Acquisition of Interest in Bio-Plexus, Inc
SAN CLEMENTE, Calif., November 1, 2002 -- ICU Medical, Inc. (NASDAQ:ICUI),
the San Clemente based maker of safe medical connectors and custom
intravenous systems, today announced that it had completed the purchase
of 84% of the common stock of Bio-Plexus, Inc. (BB:BPXS) from ComVest
Venture Partners, L.P. and other investors for cash at a price of
$0.66 per share, and that it had also acquired $2.5 million of notes
payable by Bio-Plexus. ICU Medical reiterated its intention to acquire
the remaining minority interest at the same price per share in the
near future. Upon closing, ICU Medical's nominees were elected to
a majority of the seats on Bio-Plexus's Board of Directors, and
Dr. George Lopez, Chairman and CEO of ICU Medical, was elected Chairman
of the Bio-Plexus Board.
Bio-Plexus's principal products are blood collection needles under
the PUNCTUR-GUARD(R) name, which are designed to eliminate exposure
to sharp, contaminated needles.
ComVest Venture Partners, L.P. is a private investment fund specializing
in healthcare and technology ventures.
Dr. George Lopez commented: "Bio-Plexus has been a troubled company.
It has lost over $90 million since inception, recently emerged from
bankruptcy and is losing money at the rate of over $250,000 per
month. It is a small player in a large market. There are risks that
we will not succeed in growing sales and paring expenses to better
align with sales volume. We believe ICU Medical can correct the
problems and do what ICU Medical does best, make profits. We look
forward to the challenge."
Bio-Plexus launched the PUNCTUR-GUARD(R) Winged Set for Blood
Collection in July 2001. Winged sets are steel hollow bore needles
with attached tubing used for blood collection. The PUNCTUR-GUARD
Winged Set incorporates the same internal blunting technology used
in the Company's PUNCTURE-GUARD multi-sample blood collection needle.
Upon activation, an inner hollow blunt needle extends beyond the
sharp point of the outer needle prior to removal of the device from
the patient, thereby eliminating the exposure to sharp, contaminated
needles. Current devices require removal of the contaminated sharp
needle from the patient before the outer sheath can be moved into
place over the contaminated needle. Bio-Plexus, Inc., designs, develops,
manufactures and holds U.S. and international patents on safety
medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R),
and PUNCTUR-GUARD REVOLUTION(R) brand names.
Acquires Bio-Plexus, Inc. Conference Call
SAN CLEMENTE, Calif., November 1, 2002--ICU Medical, Inc. (NASDAQ/NMS:ICUI), will hold a conference call on Monday, November 4, 2002 at 12:00 p.m. Eastern/9:00 a.m. PDT to discuss its agreement to acquire 84% of the common stock of Bio-Plexus, Inc. (OTC BB:BPXS). This call is being webcast by CCBN and can be accessed at ICU Medical's web site at www.icumed.com. The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com). Bio-Plexus's principal products are blood collection needles designed to eliminate exposure to sharp, contaminated needles. ICU Medical, Inc. develops, manufactures, sells and distributes disposable medical connection products. Its principal products are proprietary safe medical connection devices for use in intravenous therapy applications. Agrees to Buy Interest in Bio-Plexus, Inc
SAN CLEMENTE, Calif., October 30, 2002 -- ICU Medical, Inc. (NASDAQ:ICUI), the San Clemente based maker of safe medical connectors and custom intravenous systems, today announced that it has agreed to acquire 84% of the Common stock of Bio-Plexus, Inc. (BB:BPXS) from ComVest Venture Partners, L.P. and other investors for cash at a price of $0.66 per share. ICU Medical will also acquire $2.5 million of notes payable by Bio-Plexus. The parties intend to close the transaction within several days. ICU Medical intends to engage in one or more transactions to acquire the remaining minority interest at the same price per share in the near future. ComVest Venture Partners, L.P. is a private investment fund specializing in healthcare and technology ventures. Bio-Plexus's principal products are blood collection needles under the PUNCTURE-GUARD(R) name, which are designed to eliminate exposure to sharp, contaminated needles.
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