Medical device company ICU Medical (NASDAQ:ICUI) will be reporting earnings this Thursday after market close. Here’s what you need to know.
ICU Medical beat analysts’ revenue expectations last quarter, reporting revenues of $525.8 million, down 12.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates.
Is ICU Medical a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ICU Medical’s revenue to decline 2% year on year, improving from the 6.4% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. ICU Medical has a history of exceeding Wall Street’s expectations.
Looking at ICU Medical’s peers in the healthcare equipment and supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Merit Medical Systems delivered year-on-year revenue growth of 9.5%, beating analysts’ expectations by 3.3%, and Penumbra reported revenues up 14.9%, in line with consensus estimates. Merit Medical Systems traded up 2% following the results while Penumbra’s stock price was unchanged.
Read our full analysis of Merit Medical Systems’s results here and Penumbra’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. ICU Medical is up 7.9% during the same time and is heading into earnings with an average analyst price target of $176.63 (compared to the current share price of $172.00).
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