Stock Analyst Note
ICU Medical Earnings: Positive Medical Utilization Trends Boost 2024 Outlook
Thanks to healthy medical utilization trends, no-moat ICU Medical reported solid second-quarter results and management increased 2024 guidance. Total revenue grew 10% year over year in constant currency to $581 million, which is the strongest quarterly growth following the 2022 Smiths acquisition. We are maintaining our $161 fair value estimate per share and view shares as moderately undervalued.