NDR: Healthy Demand; Multiple Oppys For Accelerated Org Sales & EPS Growth

研报英文原文证据摘录

NDR: Healthy Demand; Multiple Oppys For Accelerated Org Sales & EPS Growth

ICU Medical (ICUI)

Equity Research

July 13, 2026

JV Commentary Cont'd; Otsuka Investment In US

Manufacturing & IV Portfolio

Mgmt expressed increased confidence in IV Solutions, historically a challenged business, following

the JV with Otsuka. The JV enables investment in automation, materially lowering labor costs

and improving competitiveness vs legacy US infrastructure, improving the long-term outlook. Today

ICUI/Otsuka announced Otsuka is investing >$500M in an expansion of its US IV solutions

manufacturing, the first major milestone of its Otsuka ICUI JV, via a new 500k-sq-ft facility

alongside upgrades to its existing 700k-sq-ft Austin, TX site. The buildout is aimed at bolstering

long-term supply-chain resiliency and accelerating non-DEHP new product development (safer

and more modern solutions vs US competition). Mgmt framed the fully automated investment as

strengthening ICUI's US footprint and non-DEHP capabilities, positioning the portfolio to better meet

future regulatory/legislative requirements.

FY26 Guide; Growth Now More Balanced vs Prior 2H

Weighted

For FY26, ICUI reiterated LSD to MSD. FY26 EBITDA guide was reiterated at $400-$430MM vs

cons $418MM & EPS $7.75-$8.45. ICUI expects 2Q growth rates to be similar to 1Q (LSD) due to

the previously mentioned OEM wind-down, with a more balanced cadence in infusion systems (prior

2H weighted), driven by improved synchronization of installation resources and customer scheduling,

allowing some deployments to be pulled fwd. On demand trends, January softness in consumables

appears consistent with typical seasonal Q1 step-downs vs Q4, with no indication of a broader u/l

demand issue.

ICUI still sees a GM of ~41%.