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ICU Medical 2Q net income rises 34 percent

Mon, 07/19/2010 - 2:45pm
The Associated Press

Device maker ICU Medical Inc. said Monday its second-quarter net income rose 34 percent on a boost in domestic and direct sales.

The company said it earned $7.7 million, or 56 cents per share, compared with net income of $5.7 million, or 38 cents per share, during the same period a year prior. Revenue rose 29 percent to $68.9 million from $53.4 million.

Analysts polled by Thomson Reuters expected net income of 37 cents per share on $65.2 million in revenue.

ICU boosted its guidance for the year, saying it expects net income of $1.85 to $1.92 per share, up from prior guidance between $1.80 to $1.90 per share. It now expects revenue between $270 million and $275 million, up from prior guidance between $265 million to $275 million.

Analysts expect income of $1.79 per share and $271 million in revenue, on average.

Additionally, the company said its board authorized a stock buyback plan of up to $40 million.

Shares of ICU Medical rose $1.38, or 4.2 percent, to close at $34.37.

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