Filing Flows › ICU Medical (ICUI) › Q2 2025
ICU Medical (ICUI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
ICU Medical (ICUI) reported revenue of $549M for the second quarter 2025 (Q2 2025), -8% from a year earlier and -9% from the quarter before. Operating margin was 1.9%, net earnings $35.3M (6.4% of revenue).
ICU Medical, Q2 2025: revenue $549M (-8% year over year), operating margin 1.9%, net earnings $35.3M, operating cash flow $11.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $549M | -9% | -8% |
| Gross profit | $208M | -1% | +0.3% |
| Operating profit | $10.6M | -18% | +38% |
| Net earnings | $35.3M | — | — |
| Operating cash flow | $11.2M | -78% | -86% |
What changed
Revenue was $548.9M in Q2 2025, down 8% year over year and down 9% from the previous quarter. Infusion Consumables was the largest line at 50% of revenue. Vital Care lost $63.0M year over year (down 37%), 132% of the total change.
Gross margin was 37.9%, up 3.1 points from a year earlier. Operating profit was $10.6M, a 1.9% margin (up 0.6 points year over year). Operating expenses fell 1% while revenue fell 8%. Net earnings were $35.3M. The effective tax rate was 3.2%. Non-operating items added $25.9M, 71% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $11.2M (down 86% year over year), 32% of net earnings. Non-cash charges added back $49.7M of depreciation and amortization and $14.5M of share-based compensation. Working capital and other items used $88.2M. Capital expenditures of $19.7M exceeded it, leaving free cash flow of −$8.5M.
Questions
What was ICU Medical's revenue in the second quarter 2025?
ICU Medical (ICUI) reported revenue of $549M for the second quarter 2025 (Q2 2025), -8% from a year earlier and -9% from the quarter before.
Was ICU Medical profitable in the second quarter 2025?
Operating profit was $10.6M (1.9% of revenue) and net earnings $35.3M.
Source: ICU Medical 10-Q on SEC EDGAR.