ICU Medical Inc. (ICUI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Icu Medical Inc. has a market cap of $500.7 million; its shares were traded at around $37.13 with a P/E ratio of 23.2 and P/S ratio of 2.1. Icu Medical Inc. had an annual average earning growth of 4.7% over the past 10 years.ICUI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Net sales to international customers (excluding Canada) were $16.3 million in the second quarter of 2010, compared with $9.9 million in the second quarter of 2009, an increase of 65%. The $6.4 million increase was primarily from $3.2 million in new standard critical care sales, $0.8 million in new custom critical care sales, $0.9 million in increased CLAVE sales and $0.9 million increase in custom infusion set sales. The CLAVE and custom infusion set sales increases are from increased unit volume due to increased market share and demographic growth. We expect increases in international customer sales for 2010, primarily from growth in CLAVE, custom infusion sets and new critical care product sales, although there is no assurance that these expectations will be realized.
Selling, general and administrative expenses (SG&A) were $19.4 million and 28% of revenues in the second quarter of 2010, compared with $16.5 million and 31% of revenues in the second quarter of 2009. The $2.9 million increase was primarily from increased sales compensation and benefits of $1.7 million, higher sales and marketing promotional costs of $1.5 million, including $1.3 million in higher dealer fees and group purchasing organization fees which were primarily from critical care sales and our agreement with Premier, and start-up costs for our Slovakia plant of $0.7 million, partially offset by $1.1 million in lower legal expenses. The increase in compensation and benefits is primarily a result of the expansion of our sales workforce by 40 employees from June 2009 to June 2010 for our critical care product line as well as growth in other product lines. The decrease in legal expenses is primarily from lower patent litigation costs. We expect SG&A for 2010 to be approximately 28.0-28.5% of revenue, although there is no assurance that these expectations will be realized.
Distribution channels: Net U.S. sales to Hospira in the first half of 2010 were $50.2 million, compared to net sales of $66.6 million in the first half of 2009, a decrease of 25%. The $16.4 million decrease was primarily due to $21.2 million in decreased standard and custom critical care sales, partially offset by $2.7 million in increased CLAVE sales and $1.3 million in increased custom infusion set sales. The decreased standard and custom critical care sales to Hospira were primarily related to our acquisition of the critical care assets from Hospira. As a result of this acquisition, which closed on August 31, 2009, we no longer sell critical care products to Hospira. The increases in CLAVE sales and custom infusion set sales were from higher unit sales primarily due to increased market share through Hospira.
Net sales to domestic distributors/direct in the first half of 2010 (including Canada) were $48.6 million compared to $18.9 million in the first half of 2009, an increase of 157%. The $29.7 million increase was primarily from $20.1 million in new standard critical care sales, $4.6 million in new custom critical care sales and $2.7 million in increased custom infusion set sales. As a result of our purchase of Hospiras critical care line, we ceased selling critical care products to Hospira and began selling the critical care products directly to distributors and through direct sales in September 2009. The increase in custom infusion set sales was due to higher unit volume sales.
Net sales to international customers (excluding Canada) were $31.9 million in the first half of 2010, compared with $20.1 million in the first half of 2009, an increase of 59%. The $11.8 million increase was primarily from $6.4 million in new standard critical care sales, $2.0 million in new custom critical care sales, $1.6 million in increased CLAVE sales and $1.3 million of increased custom infusion set sales, partially offset by $1.7 million in lower custom oncology sales. The CLAVE and custom infusion set increases are from increased unit volume due to increased market share and demographic growth. The decrease in custom oncology sales was due to lower unit volume sales.
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Icu Medical Inc. has a market cap of $500.7 million; its shares were traded at around $37.13 with a P/E ratio of 23.2 and P/S ratio of 2.1. Icu Medical Inc. had an annual average earning growth of 4.7% over the past 10 years.ICUI is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Distribution channels: Net U.S. sales to Hospira in the second quarter of 2010 were $26.2 million, compared to net sales of $31.8 million in the second quarter of 2009, a decrease of 18%. The $5.6 million decrease was primarily due to $9.9 million in decreased standard and custom critical care sales, partially offset by $1.7 million in increased CLAVE sales and $1.5 million in increased custom infusion set sales. The decreased standard and custom critical care sales to Hospira were primarily related to ourNet sales to international customers (excluding Canada) were $16.3 million in the second quarter of 2010, compared with $9.9 million in the second quarter of 2009, an increase of 65%. The $6.4 million increase was primarily from $3.2 million in new standard critical care sales, $0.8 million in new custom critical care sales, $0.9 million in increased CLAVE sales and $0.9 million increase in custom infusion set sales. The CLAVE and custom infusion set sales increases are from increased unit volume due to increased market share and demographic growth. We expect increases in international customer sales for 2010, primarily from growth in CLAVE, custom infusion sets and new critical care product sales, although there is no assurance that these expectations will be realized.
Selling, general and administrative expenses (SG&A) were $19.4 million and 28% of revenues in the second quarter of 2010, compared with $16.5 million and 31% of revenues in the second quarter of 2009. The $2.9 million increase was primarily from increased sales compensation and benefits of $1.7 million, higher sales and marketing promotional costs of $1.5 million, including $1.3 million in higher dealer fees and group purchasing organization fees which were primarily from critical care sales and our agreement with Premier, and start-up costs for our Slovakia plant of $0.7 million, partially offset by $1.1 million in lower legal expenses. The increase in compensation and benefits is primarily a result of the expansion of our sales workforce by 40 employees from June 2009 to June 2010 for our critical care product line as well as growth in other product lines. The decrease in legal expenses is primarily from lower patent litigation costs. We expect SG&A for 2010 to be approximately 28.0-28.5% of revenue, although there is no assurance that these expectations will be realized.
Distribution channels: Net U.S. sales to Hospira in the first half of 2010 were $50.2 million, compared to net sales of $66.6 million in the first half of 2009, a decrease of 25%. The $16.4 million decrease was primarily due to $21.2 million in decreased standard and custom critical care sales, partially offset by $2.7 million in increased CLAVE sales and $1.3 million in increased custom infusion set sales. The decreased standard and custom critical care sales to Hospira were primarily related to our acquisition of the critical care assets from Hospira. As a result of this acquisition, which closed on August 31, 2009, we no longer sell critical care products to Hospira. The increases in CLAVE sales and custom infusion set sales were from higher unit sales primarily due to increased market share through Hospira.
Net sales to domestic distributors/direct in the first half of 2010 (including Canada) were $48.6 million compared to $18.9 million in the first half of 2009, an increase of 157%. The $29.7 million increase was primarily from $20.1 million in new standard critical care sales, $4.6 million in new custom critical care sales and $2.7 million in increased custom infusion set sales. As a result of our purchase of Hospiras critical care line, we ceased selling critical care products to Hospira and began selling the critical care products directly to distributors and through direct sales in September 2009. The increase in custom infusion set sales was due to higher unit volume sales.
Net sales to international customers (excluding Canada) were $31.9 million in the first half of 2010, compared with $20.1 million in the first half of 2009, an increase of 59%. The $11.8 million increase was primarily from $6.4 million in new standard critical care sales, $2.0 million in new custom critical care sales, $1.6 million in increased CLAVE sales and $1.3 million of increased custom infusion set sales, partially offset by $1.7 million in lower custom oncology sales. The CLAVE and custom infusion set increases are from increased unit volume due to increased market share and demographic growth. The decrease in custom oncology sales was due to lower unit volume sales.
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