ICU Medical, Inc. — Cyborg Score 5/10

Strategic Profile

ICU Medical has demonstrated solid 12.4% annualized revenue growth over the last five years, beating the average healthcare company. However, recent performance shows demand has slowed as revenue was flat over the last two years. Its average operating margin of 2.9% is weak for a healthcare business, reflecting margin compression from a large cost base.

Cyborg Score Rationale

ICU Medical demonstrates solid historical revenue growth and consistent profitability, but faces near-term headwinds. Q4 2025 revenue fell 13% year-on-year to $540.7 million, and analysts expect 3.4% revenue decline over the next 12 months, implying demand challenges. EPS grew only 1.7% over five years despite 12.4% revenue growth, indicating declining per-share profitability.

Top Insights

• Q4 2025 revenue beat Wall Street estimates by 1.9% despite 13% year-over-year decline
• Q4 adjusted EPS of $1.91 easily cleared analyst estimates despite falling year-over-year
• Share count grew 14.2%, diluting shareholders while operating efficiency declined
• Price targets recently raised to $178-$180 by multiple analysts in February 2026

Named Competitors

• Infusion Pumps & Vascular Access — Alternative providers of infusion therapy and vascular access solutions
• Vital Care & Monitoring — Competitive offerings in anesthesia, hemodynamic monitoring, and respiratory products
• Software & Safety Systems — Enterprise medication management and IV safety software platforms

Recent Developments

• (February 2026) Price target raised to $178 from $172 at Piper Sandler
• (February 2026) Price target raised to $180 from $175 at KeyBanc
• (February 2026) Q4 2025 earnings beat revenue estimates by 1.9% with adjusted EPS of $1.91

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