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ICU Medical 1Q profit jumps on sales boost

Mon, 04/18/2011 - 1:45pm
The Associated Press

Medical device maker ICU Medical Inc. said Monday its first-quarter net income nearly doubled on a boost in sales of intravenous and other medical products.

The company said it earned $8.1 million, or 57 cents per share, compared with net income of $4.3 million, or 30 cents per share, during the same period a year prior. Revenue rose 11 percent to $71.5 million from $64.4 million.

Analysts polled by FactSet expected net income of 47 cents per share on $70.4 million in revenue.

ICU boosted its guidance for the year, saying it expects net income of $2.30 to $2.50 per share, up from prior guidance between $2.25 and $2.45 per share. It still expects revenue between $295 million and $305 million. Analysts expect income of $2.38 per share and $305.2 million in revenue, on average.

Shares of ICU Medical rose a penny in after-hours trading following the release of the earnings, after falling $1.42, or 3.2 percent, to close at $43.24 during the regular trading session.

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