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ICUI (ICU Medical) Piotroski F-Score : 5 (As of Jul. 06, 2025)


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What is ICU Medical Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ICU Medical has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for ICU Medical's Piotroski F-Score or its related term are showing as below:

ICUI' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of ICU Medical was 8. The lowest was 2. And the median was 5.


ICU Medical Piotroski F-Score Historical Data

The historical data trend for ICU Medical's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

ICU Medical Piotroski F-Score Chart

ICU Medical Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 7.00 2.00 6.00 6.00

ICU Medical Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 4.00 6.00 5.00

Competitive Comparison of ICU Medical's Piotroski F-Score

For the Medical Instruments & Supplies subindustry, ICU Medical's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


ICU Medical's Piotroski F-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, ICU Medical's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ICU Medical's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was -21.406 + -32.983 + -23.828 + -15.476 = $-94 Mil.
Cash Flow from Operations was 81.953 + 36.097 + 40.192 + 51.327 = $210 Mil.
Revenue was 596.455 + 589.131 + 629.805 + 604.702 = $2,420 Mil.
Gross Profit was 207.428 + 204.852 + 227.258 + 210.109 = $850 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(4288.398 + 4286.667 + 4305.038 + 4203.931 + 4184.581) / 5 = $4253.723 Mil.
Total Assets at the begining of this year (Mar24) was $4,288 Mil.
Long-Term Debt & Capital Lease Obligation was $1,539 Mil.
Total Current Assets was $1,424 Mil.
Total Current Liabilities was $549 Mil.
Net Income was -9.934 + 7.238 + -17.147 + -39.471 = $-59 Mil.

Revenue was 549.31 + 553.311 + 587.856 + 566.655 = $2,257 Mil.
Gross Profit was 192.327 + 183.92 + 171.585 + 185.244 = $733 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(4470.632 + 4463.044 + 4376.864 + 4378.439 + 4288.398) / 5 = $4395.4754 Mil.
Total Assets at the begining of last year (Mar23) was $4,471 Mil.
Long-Term Debt & Capital Lease Obligation was $1,618 Mil.
Total Current Assets was $1,188 Mil.
Total Current Liabilities was $455 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ICU Medical's current Net Income (TTM) was -94. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

ICU Medical's current Cash Flow from Operations (TTM) was 210. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=-93.693/4288.398
=-0.02184802

ROA (Last Year)=Net Income/Total Assets (Mar23)
=-59.314/4470.632
=-0.01326748

ICU Medical's return on assets of this year was -0.02184802. ICU Medical's return on assets of last year was -0.01326748. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

ICU Medical's current Net Income (TTM) was -94. ICU Medical's current Cash Flow from Operations (TTM) was 210. ==> 210 > -94 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=1539.141/4253.723
=0.36183386

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=1617.705/4395.4754
=0.36803869

ICU Medical's gearing of this year was 0.36183386. ICU Medical's gearing of last year was 0.36803869. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=1423.915/549.024
=2.59353872

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=1187.727/455.36
=2.60832528

ICU Medical's current ratio of this year was 2.59353872. ICU Medical's current ratio of last year was 2.60832528. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

ICU Medical's number of shares in issue this year was 24.539. ICU Medical's number of shares in issue last year was 24.222. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=849.647/2420.093
=0.35108031

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=733.076/2257.132
=0.32478207

ICU Medical's gross margin of this year was 0.35108031. ICU Medical's gross margin of last year was 0.32478207. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=2420.093/4288.398
=0.56433498

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=2257.132/4470.632
=0.50487985

ICU Medical's asset turnover of this year was 0.56433498. ICU Medical's asset turnover of last year was 0.50487985. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+1+0+0+1+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

ICU Medical has an F-score of 5 indicating the company's financial situation is typical for a stable company.

ICU Medical  (NAS:ICUI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


ICU Medical Piotroski F-Score Related Terms

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ICU Medical Business Description

Traded in Other Exchanges
N/A
Address
951 Calle Amanecer, San Clemente, CA, USA, 92673
ICU Medical is a California-based pure-play infusion therapy company that provides consumables, systems, and services for virtually every component of the IV continuum of care. ICU has become one of the largest players in its industry following its acquisition of Hospira Infusion Systems from Pfizer in 2017 and Smiths Medical from Smiths Group in 2022. It holds top-tier positions across its three reporting segments: consumables (43% of consolidated revenue), infusion systems (28%), and vital care (29%). The combined entity remains primarily US-focused, generating over 63% of its sales domestically.
Executives
Christian B. Voigtlander officer: Chief Operating Officer 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Elisha W Finney director C/O VARIAN MEDICAL SYSTEMS, INC, 3100 HANSEN WAY M/S E-327, PALO ALTO CA 94304
David C. Greenberg director 951 CALLE AMANECER, SAN CLEMENTE CA 92887
Vivek Jain director, officer: Chairman and CEO ICU MEDICAL, INC., 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Daniel Woolson officer: VP, GM-Infusion Capital ICU MEDICAL, INC., 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Virginia Ruth Sanzone officer: VP, General Counsel 951 CALLE AMANECER, SAN CLEMENTE CA 92673
George A Lopez director, officer: Chairman, other: Chairman C/O ICU MEDICAL, 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Smiths Group International Holdings Ltd 10 percent owner C/O SMITHS GROUP PLC, 11-12 ST. JAMES'S SQUARE, 4TH FLOOR, LONDON X0 SW1Y 4LB
Group Plc Smiths 10 percent owner 765 FINCHKEY ROAD, LONDON X0 00000
William Seeger director 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Kolleen T Kennedy director VARIAN MEDICAL SYSTEMS INC, 3100 HANSEN WAY MAIL STOP E327, PALO ALTO CA 94304
Robert S Swinney director C/O ICU MEDICAL, 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Laurie Hernandez director 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Brian Michael Bonnell officer: Chief Financial Officer ICU MEDICAL INC., 951 CALLE AMANECER, SAN CLEMENTE CA 92673
Scott E Lamb officer: Controller ICU MEDICAL, INC., 951 CALLE AMANECER, SAN CLEMENTE CA 92673