ICU Medical Raises FY2026 Guidance After Q2 Beat; Adjusted EPS $2.37 vs $2.10

summarizeSummary

ICU Medical reported Q2 2026 adjusted EPS of $2.37, beating last year's $2.10, and raised its full-year 2026 guidance significantly — GAAP net income now seen at $73M-$83M, up from $26M-$44M previously. Organic revenue grew 6%, and gross margins expanded to 43%.

check_boxKey Events · Earnings and Guidance · ICUI

• Q2 Earnings Beat

  Adjusted diluted EPS of $2.37 vs $2.10 in Q2 2025; adjusted EBITDA rose to $110.0M from $100.3M. GAAP revenue grew 1% to $551.7M, but organic revenue (excluding divestiture and FX) grew 6%.

• FY2026 Guidance Raised Sharply

  GAAP net income guidance raised to $73M-$83M from $26M-$44M; adjusted EBITDA now $415M-$435M (up from $400M-$430M); adjusted diluted EPS now $8.60-$9.00 (up from $7.75-$8.45).

• Gross Margin Expansion

  GAAP gross margin improved to 43% from 38% a year ago, driven by favorable product mix and cost efficiencies post-divestiture.

• Strong Balance Sheet

  Net leverage ratio of 2.28x with $298M in cash; free cash flow of $61.7M in Q2 and $89.3M year-to-date.

auto_awesomeAnalysis · ICUI · Industrial Applications And Services

ICU Medical delivered a strong Q2, with adjusted EPS of $2.37 beating the year-ago $2.10 and organic revenue growth of 6%. More importantly, the company sharply raised its full-year 2026 outlook — GAAP net income guidance more than doubled at the midpoint, and adjusted EBITDA is now seen at $415M-$435M, up from $400M-$430M. The stock is trading near its 52-week high, and this guidance raise validates the premium. The improved profitability, driven by gross margin expansion to 43% from 38%, signals that the post-divestiture business is hitting its stride. With a net leverage ratio of just 2.28x and $298M in cash, the balance sheet is solid, giving management flexibility. This is a clear positive signal for a med-tech company that has been restructuring.