ICU Medical 2Q net income rises 34 percent
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.