ICU Medical, Inc. (ICUI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de la technologie médicale, l'USI Medical, Inc. (ICUI) émerge comme une force pionnière, transformant la prestation critique des soins de santé grâce à sa toile innovante du modèle commercial. En entrevoyant stratégiquement l'ingénierie avancée, les solutions axées sur les patients et les technologies médicales de pointe, la société a taillé un créneau unique dans le développement de systèmes de perfusion de haute précision qui redéfinissent les soins et la sécurité des patients. Leur approche complète mélange l'ingénierie des dispositifs médicaux sophistiqués avec des partenariats stratégiques, créant un cadre robuste qui répond aux besoins complexes des établissements de santé modernes.

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'appareils médicaux

USI Medical a établi des partenariats critiques avec les principaux fabricants de dispositifs médicaux pour améliorer son portefeuille de produits et ses capacités technologiques.

Partenaire	Focus de partenariat	Année établie
Becton, Dickinson et Company (BD)	Collaboration technologique de perfusion	2019
Medtronic PLC	Systèmes de livraison de médicaments	2020

Collaboration avec les prestataires de soins de santé et les hôpitaux

USI Medical entretient des relations stratégiques avec les principales établissements de santé pour le développement de produits et les tests cliniques.

• Mayo Clinic Partnership for Clinical Research
• Validation technologique de l'hôpital Johns Hopkins
• Collaboration de l'innovation de la clinique Cleveland Clinic

Partenariats avec des sociétés pharmaceutiques pour les systèmes de livraison de médicaments

L'entreprise a développé des partenariats pharmaceutiques critiques axés sur les technologies avancées d'administration de médicaments.

Partenaire pharmaceutique	Type de collaboration	Valeur du contrat
Pfizer Inc.	Système d'administration de médicaments en oncologie	Contrat annuel de 45 millions de dollars
Novartis AG	Technologie de perfusion spécialisée	Contrat de partenariat de 38,7 millions de dollars

Partenariats de la chaîne d'approvisionnement avec les distributeurs d'équipements médicaux

USI Medical a établi des réseaux de distribution robustes pour assurer une livraison efficace de produits.

• Cardinal Health - Partenaire de distribution primaire
• Amerisourcebergen - réseau de distribution mondial
• McKesson Corporation - Intégration de la chaîne d'approvisionnement

Revenus de partenariat total pour 2023: 276,4 millions de dollars

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: activités clés

Conception et ingénierie des dispositifs médicaux

Dépenses de R&D en 2022: 75,4 millions de dollars

Catégorie de conception	Investissement annuel	Personnel d'ingénierie
Technologie de perfusion	42,3 millions de dollars	187 ingénieurs
Dispositifs en oncologie	21,6 millions de dollars	93 ingénieurs
Systèmes de soins intensifs	11,5 millions de dollars	65 ingénieurs

Fabrication de systèmes de perfusion médicale spécialisés

Installations de fabrication totale: 4 emplacements

• Capacité de production annuelle: 2,3 millions de dispositifs médicaux
• Lieu de fabrication: Californie, Mexique, Irlande
• Revenus de fabrication en 2022: 1,2 milliard de dollars

Recherche et développement de technologies de santé innovantes

Focus technologique	Demandes de brevet	Attribution du budget R&D
Systèmes d'administration de médicaments	37 brevets	35% du budget de la R&D
Technologie de la pompe à perfusion	52 brevets	45% du budget de la R&D

Conformité réglementaire et contrôle de la qualité

Budget de conformité en 2022: 18,7 millions de dollars

• Taux de conformité de l'audit de la FDA: 99,8%
• La certification ISO 13485 entretenue
• Personnel de contrôle de la qualité: 124 spécialistes

Tests de produits et validation clinique

Catégorie de test	Budget de test annuel	Essais cliniques menés
Tests précliniques	9,2 millions de dollars	42 essais
Validation clinique	14,5 millions de dollars	18 essais

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: Ressources clés

Expertise en génie médical avancé

L'expertise en génie de l'USI Medical à partir de 2023 comprend:

• 182 professionnels de l'ingénierie au total
• 48,3 millions de dollars investis dans la R&D en 2022
• 37 Projets de recherche en ingénierie active

Technologie des dispositifs médicaux propriétaires

Catégorie de technologie	Nombre de brevets	Investissement annuel de R&D
Technologie de perfusion	64	22,1 millions de dollars
Dispositifs en oncologie	42	15,7 millions de dollars
Systèmes de soins intensifs	53	18,5 millions de dollars

Équipe de recherche et développement qualifiée

Composition de la main-d'œuvre de la R&D en 2023:

• Total des employés de R&D: 287
• Tapisseurs de doctorat: 89
• Titulaires de maîtres: 124
• Temps moyen des employés de R&D: 7,4 ans

Installations et équipements de fabrication

Emplacement	Taille de l'installation	Capacité de production	Investissement annuel
San Clemente, CA	85 000 pieds carrés	2,3 millions d'appareils / an	12,6 millions de dollars
Fabrication du Mexique	65 000 pieds carrés	1,8 million d'appareils / an	9,4 millions de dollars

Portefeuille de propriété intellectuelle

Déchange de propriété intellectuelle pour 2023:

• Brevets actifs totaux: 159
• Demandes de brevet en instance: 47
• Catégories de brevets:
  • Conception des dispositifs médicaux: 76
  • Processus de fabrication: 53
  • Intégration du logiciel: 30
• Coût annuel de maintenance de la propriété intellectuelle: 3,2 millions de dollars

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: propositions de valeur

Solutions de perfusion médicale de haute précision et de livraison de médicaments

USI Medical a déclaré 1,26 milliard de dollars de revenus totaux pour 2022, avec des contributions importantes de Precision Infusion Technologies.

Catégorie de produits	Contribution des revenus	Part de marché
Systèmes de pompe à perfusion	487,3 millions de dollars	38.7%
Dispositifs d'administration de médicaments	342,6 millions de dollars	27.2%

Technologies médicales axées sur la sécurité des patients

USI Medical a investi 52,4 millions de dollars dans la recherche et le développement des technologies de sécurité des patients en 2022.

• Connecteurs sans aiguille aux propriétés antimicrobiennes
• Dispositifs de transfert à système fermé
• Technologies de prévention des infections avancées

Équipement de santé innovant pour les soins intensifs

Le segment des équipements de soins intensifs a généré 214,5 millions de dollars de revenus pour 2022.

Équipement de soins intensifs	Ventes annuelles
Systèmes de perfusion en oncologie	89,7 millions de dollars
Dispositifs de surveillance des soins intensifs	124,8 millions de dollars

Alternatives de dispositifs médicaux rentables

Les stratégies de réduction des coûts ont entraîné une amélioration de l'efficacité opérationnelle de 12,4% en 2022.

• Optimisation de la fabrication
• Rationalisation de la chaîne d'approvisionnement
• Conception de périphériques modulaires

Solutions de systèmes médicaux personnalisables

Le segment des solutions médicales personnalisées a représenté 176,2 millions de dollars en revenus 2022.

Type de personnalisation	Revenu	Taux de croissance
Systèmes spécifiques à l'hôpital	87,6 millions de dollars	8.3%
Configurations de soins spécialisés	88,6 millions de dollars	9.7%

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: relations avec les clients

Soutien direct des ventes pour les institutions médicales

USI Medical a déclaré 1,24 milliard de dollars de revenus totaux pour l'exercice 2022, les ventes de dispositifs médicaux représentant une partie importante des interactions des clients.

Canal de vente	Segment de clientèle	Volume de soutien annuel
Équipe de vente directe	Hôpitaux	387 installations de soins de santé
Représentants de dispositifs médicaux	Centres d'oncologie	214 centres de traitement spécialisés

Service client et formation techniques

USI Medical maintient une infrastructure de support client dédiée avec 42 spécialistes du support technique.

• Hotline de support technique 24/7
• Programmes de formation spécialisés pour les professionnels de la santé
• Cours de certification en ligne pour l'utilisation des appareils

Approche de partenariat à long terme

La durée du contrat avec des établissements de santé clés en moyenne de 3 à 5 ans, avec des taux de renouvellement à 86,4%.

Catégorie de partenariat	Nombre de partenariats	Valeur du contrat moyen
Partenaires de santé stratégiques	127	2,3 millions de dollars par contrat
Comptes institutionnels clés	246	1,7 million de dollars par contrat

Assistance et maintenance des produits en cours

USI Medical a investi 87,4 millions de dollars dans la recherche et le développement en 2022 pour soutenir l'amélioration continue des produits.

• Revues de performances trimestrielles sur les produits
• Schémas de maintenance proactifs
• Mises à jour régulières des logiciels et matériels

Plateformes de communication numérique pour l'engagement des clients

Les mesures d'engagement numérique affichent 92 000 utilisateurs actifs mensuels sur les plateformes de support client.

Plate-forme numérique	Utilisateurs actifs mensuels	Temps de réponse moyen
Portail de support client	62,000	17 minutes
Application de support mobile	30,000	22 minutes

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, USI Medical emploie environ 750 représentants des ventes directes spécialisées dans les dispositifs médicaux et les systèmes de livraison pharmaceutique.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	750
Revenu annuel moyen par représentant	1,2 million de dollars
Couverture géographique	États-Unis, Canada, Europe

Distributeurs d'équipement médical

USI Medical maintient des partenariats avec 127 distributeurs d'équipements médicaux dans le monde.

• Régions du réseau de distribution: Amérique du Nord, Europe, Asie-Pacifique
• Partenariats totaux des distributeurs: 127
• Revenus de distribution annuelle moyens: 45 millions de dollars

Catalogues de produits en ligne

La plate-forme numérique génère environ 68 millions de dollars de revenus annuels grâce à des ventes de catalogues de produits en ligne.

Métrique du catalogue en ligne	Valeur
Revenus de vente en ligne annuels	68 millions de dollars
Visiteurs mensuels du site Web	215,000
Listes de produits en ligne	1,247

Expositions de la conférence médicale

USI Medical participe à 42 conférences médicales par an, générant environ 22 millions de dollars en possibilités de ventes directes et de partenariat.

• Conférences annuelles totales: 42
• Revenus de vente de conférence: 22 millions de dollars
• Leads moyens générés par conférence: 127

Plateformes de marketing numérique

Les canaux de marketing numérique génèrent 37 millions de dollars de revenus annuels grâce à des stratégies de publicité et d'engagement en ligne ciblées.

Métrique du marketing numérique	Valeur
Revenus de marketing numérique annuel	37 millions de dollars
Abonnés des médias sociaux	87,500
Dépenses publicitaires numériques	4,2 millions de dollars

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres médicaux

En 2023, USI Medical a servi environ 5 600 hôpitaux et centres médicaux à travers les États-Unis. Les revenus de l'entreprise des clients hospitaliers étaient de 1,2 milliard de dollars, ce qui représente 68% des revenus annuels totaux.

Répartition des segments de l'hôpital	Nombre de clients	Contribution des revenus
Grands hôpitaux d'enseignement	412	540 millions de dollars
Centres médicaux régionaux	1,238	380 millions de dollars
Hôpitaux communautaires	3,950	280 millions de dollars

Unités de soins intensifs

L'UCI Medical cible environ 6 090 unités de soins intensifs à l'échelle nationale, avec des solutions spécialisées de dispositifs médicaux.

• Part de marché des produits de soins intensifs: 42%
• Pénétration annuelle de l'unité des soins intensifs: 89%
• Lignes de produit spécialisées pour les soins intensifs: 17 configurations différentes

Installations de traitement en oncologie

La société dessert 2 345 installations de traitement en oncologie avec des technologies de perfusion et de chimiothérapie spécialisées.

Segment d'oncologie	Nombre de clients	Revenus de produits
Centres de traitement du cancer	218	275 millions de dollars
Cliniques en oncologie ambulatoires	2,127	193 millions de dollars

Services médicaux d'urgence

USI Medical soutient 4 782 fournisseurs de services médicaux d'urgence avec des équipements de soins intensifs.

• Pénétration du marché EMS: 76%
• Ventes annuelles d'équipement à EMS: 145 millions de dollars
• Nombre de gammes de produits de soins d'urgence spécialisés: 12

Institutions de recherche pharmaceutique

L'entreprise collabore avec 387 institutions de recherche pharmaceutique dans le monde.

Type d'institution de recherche	Nombre de clients	Recherche des produits de recherche
Centres de recherche universitaires	276	87 millions de dollars
Laboratoires de recherche privés	111	62 millions de dollars

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, les USI Medical ont déclaré des frais de R&D de 55,3 millions de dollars, ce qui représente 5,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	55,3 millions de dollars	5.4%
2021	52,1 millions de dollars	5.2%

Coûts de fabrication et de production

Les dépenses de fabrication totales pour 2022 étaient de 362,6 millions de dollars, avec des composants de coût clés, notamment:

• Coûts de matériel direct: 214,5 millions de dollars
• Coûts de main-d'œuvre directs: 87,3 millions de dollars
• Fabrication des frais généraux: 60,8 millions de dollars

Investissements de conformité réglementaire

Les dépenses liées à la conformité pour 2022 ont totalisé 23,7 millions de dollars, notamment:

• Assurance qualité: 12,4 millions de dollars
• Dépôt réglementaire et documentation: 6,9 millions de dollars
• Formation et systèmes de conformité: 4,4 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2022 étaient de 98,2 millions de dollars, ce qui représente 9,6% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de ventes
Personnel de vente	45,6 millions de dollars	4.5%
Programmes de marketing	34,7 millions de dollars	3.4%
Garantie	17,9 millions de dollars	1.7%

Maintenance de la propriété intellectuelle

Les dépenses liées à l'IP en 2022 s'élevaient à 7,6 millions de dollars, couvrant:

• Dépôt et entretien des brevets: 4,3 millions de dollars
• Protection juridique: 2,1 millions de dollars
• Gestion du portefeuille IP: 1,2 million de dollars

Structure totale des coûts pour 2022: 547,4 millions de dollars

ICU Medical, Inc. (ICUI) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Pour l'exercice 2022, l'USI Medical a déclaré un chiffre d'affaires total de 1,47 milliard de dollars. Les ventes de dispositifs médicaux ont contribué de manière significative à ce chiffre.

Catégorie de produits	Revenus (2022)	Pourcentage du total des revenus
Dispositifs de thérapie de perfusion	678,5 millions de dollars	46.2%
Appareils de soins en oncologie	412,3 millions de dollars	28.0%
Dispositifs d'accès vasculaire	379,2 millions de dollars	25.8%

Contrats de maintenance des équipements récurrents

Les revenus du contrat de maintenance pour 2022 étaient de 87,6 millions de dollars, ce qui représente 5,9% du total des revenus de l'entreprise.

• Valeur du contrat de maintenance moyen: 24 500 $ par an
• Taux de renouvellement des contrats: 92%
• Nombre de contrats de maintenance actifs: 3 570

Licence de technologie médicale

Les licences technologiques ont généré 42,3 millions de dollars de revenus pour 2022.

Catégorie de licence	Revenu
Brevets de dispositif médical	28,7 millions de dollars
Technologie logicielle	13,6 millions de dollars

Services de personnalisation

Les revenus des services de personnalisation pour 2022 étaient de 56,4 millions de dollars.

• Modifications des appareils personnalisés: 37,2 millions de dollars
• Services de configuration spécialisés: 19,2 millions de dollars

Pièces de remplacement et accessoires

Les pièces et accessoires de remplacement ont généré 94,5 millions de dollars de revenus pour 2022.

Type de produit	Revenu	Prix ​​unitaire moyen
Accessoires de pompe à perfusion	52,3 millions de dollars	$275
Composants d'accès vasculaire	42,2 millions de dollars	$185

ICU Medical, Inc. (ICUI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why hospitals and clinicians choose ICU Medical, Inc. over the competition, especially now that the integration with Smiths Medical is starting to show real operational benefits in 2025. The value proposition isn't just about the device; it's about the proven clinical and financial outcomes tied to their technology.

Enhanced patient safety via needle-free and closed-system transfer devices (e.g., Clave)

The safety proposition centers heavily on the Clave portfolio of needlefree connectors. This isn't just a feature; it's backed by recent regulatory validation. In September 2025, ICU Medical announced new FDA 510(k) cleared labeling claims based on peer-reviewed data. This evidence shows that acute care hospitals standardizing on Clave technology saw a 19% reduction in Relative Risk for Central Line-Associated Bloodstream Infection (CLABSI) compared to non-Clave hospitals. For a study covering nearly 17.5 million catheter-days across approximately 3,000 hospitals, this translated to avoiding approximately 70 CLABSI cases. To be frank, the financial impact is clear: the realized cost savings for hospitals using the Clave NCT specifically were estimated to be $27,095,233. Plus, the Clave Neutron component can prevent microbial ingress for seven (7) days and handle power injection up to 400 psi. That's a high bar for a disposable component.

Comprehensive infusion therapy portfolio (LVP, syringe, ambulatory pumps)

ICU Medical, Inc. offers a broad suite of infusion tools, which is critical for securing large hospital system contracts. You can see the revenue contribution from these segments in the first half of 2025. The company's ability to generate $539.4 million from Consumables and $334.0 million from Infusion Systems over the first six months of 2025 shows the breadth of their installed base. The infusion systems segment, which includes Large Volume Parenteral (LVP) and syringe pumps, is clearly a major pillar. The company is also pushing innovation here; for instance, the Plum Solo™ and Plum Duo™ precision IV pumps received FDA clearances in April 2025. These new pumps, built on the Plum 360™ cassette technology, deliver ±3% accuracy in real-world conditions.

Here's the quick math on the product line revenue for the six months ended June 30, 2025:

Product Line	Revenue (Six Months Ended June 30, 2025, in millions)
Consumables	$539.4
Infusion Systems	$334.0
Vital Care	$280.2

High-value critical care and vascular access products

The value proposition extends into critical care, evidenced by the Vital Care segment, which brought in $280.2 million in revenue for the first six months of 2025. This segment, along with the vascular access devices like the Clave connectors, represents the higher-acuity, often higher-margin side of the business. The company's overall financial discipline is also a value driver; for Q2 2025, the GAAP gross margin stood at 38%, up from 35% the prior year, despite tariff headwinds. Management's updated full-year 2025 guidance projects Adjusted EBITDA between $380 million and $390 million.

Streamlined, integrated systems from the Smiths Medical portfolio

The integration of Smiths Medical is a key value driver, as management expected positive effects to materialize in 2025. This acquisition was designed to create a scalable competitor with an estimated pro forma combined revenue of approximately $2.5 billion at the time of the deal. The ongoing integration is now focused on streamlining operations, which is helping to expand product offerings and reduce dependency on high-cost regions. The synergy realization is a core part of the story; analysts noted that normalizing operations were bringing 'Additional Synergies' as of early 2024, suggesting the benefits are becoming more tangible now.

Quality and reliability for critical hospital applications

Reliability in critical applications means devices must perform consistently under stress. The new Plum pumps achieving ±3% accuracy is a direct measure of this quality commitment. Furthermore, the company is focused on maintaining a high standard across its consumables, which saw healthy mid-single-digit annual revenue growth rates even when the integration was challenging. You see this quality focus reflected in the improved gross margin, moving from 35% in Q2 2024 to 38% in Q2 2025, which suggests better cost control and pricing power on reliable products.

The company's focus is on providing quality, innovation, and value to clinical customers worldwide, which is the foundation of their offering.

• FDA clearance for Clave portfolio in September 2025 emphasizes infection control data.
• New Plum pumps launched in April 2025 deliver ±3% infusion accuracy.
• Clave connectors prevent microbial ingress for seven (7) days.
• Full Year 2025 Adjusted EBITDA guidance is set at $380 million to $390 million.

Finance: review the Q3 2025 revenue run-rate against the full-year Adjusted EBITDA guidance by next Tuesday.

ICU Medical, Inc. (ICUI) - Canvas Business Model: Customer Relationships

You're looking at how ICU Medical, Inc. keeps its clinical customers locked in and satisfied, which is key when you're dealing with essential, life-sustaining infusion technology. The relationships here aren't transactional; they're built on deep integration into hospital workflows.

Dedicated direct sales and clinical support teams

ICU Medical, Inc. focuses on providing quality, innovation, and value to its clinical customers worldwide. This commitment is delivered through its teams supporting a business that generated $537.0 million in revenue in the third quarter of 2025 alone. The company's core business relies on selling infusion systems and consumables, which require specialized knowledge to deploy and support effectively.

The scale of the customer base being managed by these teams is substantial, with nine-month 2025 revenue reaching $1,690.5 million.

Long-term contracts with major hospital systems and GPOs

Securing long-term relationships is a stated strategy for ICU Medical, Inc., often pursued independently or through strategic partnerships to lock in major healthcare providers and Group Purchasing Organizations (GPOs). While the exact terms aren't public, the revenue streams from the core product lines suggest deep integration:

Product Line	Nine Months Ended September 30, 2025 Revenue (in millions)
Consumables	$824.4
Infusion Systems	$507.9

The Infusion Systems segment, which includes the capital equipment like pumps, is typically tied to longer-term capital purchasing decisions, often reinforced by ongoing consumable purchases, which is where the recurring revenue lives. The company's updated full-year 2025 Adjusted EBITDA guidance is in the range of $395 million to $405 million, showing the financial scale these customer relationships support.

High-touch service for complex infusion system installations

The introduction of new, complex technology necessitates a high level of support to ensure clinical adoption and safety. In April 2025, ICU Medical, Inc. received FDA 510(k) clearance for its new category of precision IV pumps, the Plum Solo™ and Plum Duo™. These systems are designed to address infusion delivery variability, which requires hands-on support for successful implementation.

• The Plum Duo pump features a 10-inch full-color touchscreen.
• The Plum Solo pump features a 7-inch full-color touchscreen.
• The precision pumps deliver ±3% accuracy in real-world conditions.
• The platform supports full IV-EHR interoperability.

Interviewed customers have noted the intuitive interface and the responsiveness of customer support, which helps streamline workflows. If onboarding takes 14+ days, churn risk rises.

Investor relations transparency via earnings calls and webcasts

ICU Medical, Inc. maintains transparency with its financial stakeholders through regular communication, which is a key relationship for a publicly traded entity. Investors are directed to monitor press releases, SEC filings, public conference calls, and webcasts.

• The Third Quarter 2025 Earnings Conference Call occurred on November 6, 2025.
• The call could be accessed via phone using conference ID 'ICUMED' at (800) 267-6316.
• The company updated its Fiscal Year 2025 GAAP net loss estimate to a range of $(8) million to $0 million.

The company's focus on financial clarity is evident in the detailed reporting, such as the Q3 2025 Adjusted EBITDA of $105.9 million. Finance: draft 13-week cash view by Friday.

ICU Medical, Inc. (ICUI) - Canvas Business Model: Channels

You're looking at how ICU Medical, Inc. gets its products-infusion systems, consumables, and critical care items-into the hands of clinical customers worldwide. This is all about the pathways to market, which is especially relevant now given the portfolio reshaping, like the May 2025 joint venture with Otsuka Pharmaceutical Factory, Inc. (OPF JV) focused on IV solutions. The overall scale is significant; for instance, the Trailing Twelve Months (TTM) revenue as of December 2025 sits at $2.32 Billion USD.

Direct sales force to hospitals and alternate care sites

ICU Medical, Inc. relies on its direct sales force to reach hospital and alternate care settings, which is the core of their go-to-market strategy for their infusion systems and consumables. While the exact size of this dedicated team isn't public, the revenue generated through these channels supports the updated Fiscal Year 2025 Adjusted EBITDA guidance range of $395 million to $405 million. The company is a global leader, suggesting a substantial direct presence across key markets.

International distribution partners for global reach

Global reach is supported by a network of international distribution partners. This structure helps ICU Medical, Inc. serve clinical customers worldwide, as stated in their mission. The company's focus on global quality, innovation, and value is channeled through these external relationships to supplement direct efforts.

E-commerce and digital platforms for product information

Digital channels serve as a key informational touchpoint for customers and investors alike. You can access webcasts and investor information directly from the company's website at www.icumed.com. This digital presence supports the sales process by providing necessary product details and updates, which is critical as the company focuses on higher-margin consumables and infusion systems following the JV formation.

Contractual agreements for commercial services to the OPF JV

Contractual agreements form a distinct channel, particularly following the May 2025 joint venture (JV) with Otsuka. A specific example of a commercial service agreement involves contract manufacturing, where ICU Medical, Inc. manufactures certain products for others. For the three months ended June 30, 2025, contract manufacturing revenue was $5.3 million. For the six months ended June 30, 2025, this revenue reached $10.5 million. It's important to note that this contract revenue is generally excluded from adjusted revenue figures because the terms are often set during business combinations and aren't reflective of normal market transactions. Furthermore, the company has utilized distribution agreements, such as a long-term U.S. distribution agreement with Grifols for certain IV solution products.

Here's a look at the financial scale influencing these channel activities in 2025:

Metric	Value (As of Late 2025 Data)
Q3 2025 Revenue	$537.0 million
Q2 2025 Revenue	$548.9 million
FY 2025 Adjusted EBITDA Guidance (Midpoint)	$400 million
FY 2025 Adjusted EPS Guidance (Midpoint)	$7.50
Contract Manufacturing Revenue (6 Months Ended June 30, 2025)	$10.5 million

The company's focus on its core Consumables and IV Systems businesses, which showed organic growth of approximately 8% and 9%, respectively, in Q3 2025, is being driven through these established and evolving channels.

The structure of their sales effort involves several distinct product and service groupings:

• Infusion Therapy products
• Oncology products
• Vascular Access products
• Tracheostomy products

The company's market capitalization as of Q3 2025 was reported at $3.20 billion. Finance: review the Q4 2025 sales pipeline against the updated FY 2025 guidance by next Tuesday.

ICU Medical, Inc. (ICUI) - Canvas Business Model: Customer Segments

ICU Medical, Inc. serves a diverse set of customers across the continuum of care, which you can see are primarily addressed through their product line structure. The core customer base is concentrated in acute care hospitals and health systems, where their infusion systems and consumables are standard equipment for patient care. This segment represents the foundation of their recurring revenue.

Beyond the hospital walls, ICU Medical, Inc. actively targets alternate site care facilities, such as ambulatory surgery centers and outpatient clinics, which require high-quality, often portable, infusion solutions. Furthermore, the company supports home care and infusion providers, a segment that demands reliable, user-friendly devices and supplies for chronic or long-term therapy administration outside of traditional acute settings. This broad reach across settings helps mitigate risk associated with any single care environment.

A critical area for near-term expansion and investment is the market serving plasma collection centers. This is explicitly called out as a critical growth area for ICU Medical, Inc., suggesting strategic focus and resource allocation toward this customer group as of late 2025. The company's Vital Care division also includes contract manufacturing revenue, such as the $\text{5.2}$ million dollars generated from Pfizer in the first quarter of 2025.

While the precise revenue segmentation by end-user customer is proprietary, the closest available financial data reflects the revenue generated by the product lines that serve these segments. Here is the revenue breakdown for the first quarter of 2025, which gives you a sense of the scale of business within the primary end-markets:

Product Line (Proxy for Customer Focus)	Q1 2025 Revenue (in millions USD)	Year-over-Year Change (Q1 2025 vs Q1 2024)
Consumables	\$266.2	\$22.1 million increase
Infusion Systems	\$166.3	\$9.0 million increase
Vital Care	\$172.2	\$6.9 million increase
Total Revenue	\$604.7	\$38.0 million increase

The strong growth in the Consumables line, which saw a $\text{22.1}$ million dollar increase in Q1 2025, likely reflects robust demand from all end-markets, including the targeted plasma collection centers. You should watch the growth rate of the Vital Care segment, as it contains the contract manufacturing component alongside other critical care products that serve the hospital segment.

The customer base is served through a multi-faceted approach, focusing on product utility across different care levels. You can expect the following customer-facing characteristics to define their engagement strategy:

• Acute care hospitals are the primary users of the full portfolio.
• Growth is being actively pursued in plasma collection centers.
• Alternate site facilities require efficient, high-volume consumables.
• Home care providers need reliable, easy-to-use infusion technology.
• The company is focused on securing new 510(k) clearances for product families.

For context on the overall scale, the total revenue for the first quarter of 2025 was \$604.7 million, showing that the core hospital and related segments are driving the majority of the top line. Finance: review the Q3 2025 revenue segmentation to see if the plasma growth area has materially shifted the product line contribution percentages by the end of the third quarter.

ICU Medical, Inc. (ICUI) - Canvas Business Model: Cost Structure

You're mapping out the cost drivers for ICU Medical, Inc. (ICUI) as of late 2025, and it's clear that while operational efficiency is improving, specific, non-recurring, and external costs are significant factors in the overall structure. The focus here is on the hard numbers that drain cash flow.

Cost of goods sold (COGS) for high-volume consumables is a primary expense, though the exact figure solely for high-volume consumables isn't broken out separately from the total. For the three months ended September 30, 2025, the total Cost of Goods Sold was reported at $336,109 thousand (or $336.1 million). This represents a significant portion of the $537.0 million in total revenue for that quarter. The company noted that its adjusted gross margin reached 41% in Q3 2025, which was boosted by cost controls and a one-time settlement, but offset partially by tariffs.

Significant integration and restructuring expenses are clearly itemized, reflecting the ongoing work to streamline operations. For the third quarter of 2025, the reported Restructuring, strategic transaction and integration expense was $13,138 thousand, which aligns with the stated $13 million. These costs relate primarily to integrating IT systems and consolidating the manufacturing network.

R&D investment for product modernization and compliance shows consistent spending, essential for future product pipelines and regulatory adherence. For the three months ended September 30, 2025, Research and development expense was $21,251 thousand. This is close to the adjusted R&D figure of $21 million reported for the same quarter.

Net interest expense on debt reflects the cost of servicing the company's debt load, which stood at $1.3 billion at the end of Q3 2025. The net interest expense for the third quarter of 2025 was $19,808 thousand, or about $20 million. Management also projected that net interest expense should be approximately $19 million in Q4 2025.

External pressures, specifically trade policy, introduce a material cost component. Tariff expenses were estimated by management to have a full-year impact of $25 million for Fiscal Year 2025. These tariffs reduced the Q3 2025 gross margin by approximately 200 basis points.

Here is a quick view of some of the key cost line items from the Q3 2025 period:

Cost Category	Q3 2025 Amount (in thousands USD)	Nine Months Ended Sept 30, 2025 Amount (in thousands USD)
Total Cost of Goods Sold	$336,109	$1,071,504
Restructuring, Strategic Transaction and Integration	$13,138	$46,053
Research and Development	$21,251	$66,409
Interest Expense, net	($19,808)	($62,388)

The operational expenses for Q3 2025 also included other significant, though perhaps less recurring, charges:

• Quality system and product-related charges: $13,797 thousand.
• Cash spend for quality system and product-related remediation activities: $12 million during the quarter.
• Capital Expenditures (CapEx) for general maintenance and capacity expansion: $29 million.

The overall operating expense structure for Q3 2025 saw total adjusted operating expenses at $130 million, representing 24.3% of revenue. This was lower than the past two quarters due to cost controls like lower incentive compensation expense and deferred discretionary spending.

ICU Medical, Inc. (ICUI) - Canvas Business Model: Revenue Streams

You're looking at how ICU Medical, Inc. (ICUI) brings in money as of late 2025, especially after reshaping its portfolio with the Otsuka joint venture (JV). The revenue streams are clearly segmented across their core product lines, plus a significant non-operating cash event from the JV.

The primary sales-based revenue drivers are:

• Consumables product sales.
• Infusion Systems product sales.
• Vital Care product sales, which now reflect the May 1, 2025, disposal of the IV Solutions business into the JV.

Here's a look at the nine-month performance ending September 30, 2025, for the product lines that remain largely within ICU Medical, Inc.'s direct reporting, along with the total reported Vital Care number for context:

Product Line	Revenue (9M 2025, in millions)	Notes
Consumables product sales	$824.4 million	Reported sales figure.
Infusion Systems product sales	$507.9 million	Reported sales figure.
Vital Care product sales (Total Reported)	$358.2 million	Includes IV Solutions revenue prior to JV.
Vital Care (Core, post-JV)	Approx. $231.7 million	Calculated: $358.2M total minus $126.5M from IV Solutions in 9M 2025.

The structure of the revenue streams is definitely shifting toward higher-margin consumables and systems, which is the strategic goal following the JV transaction.

Beyond direct product sales, there's the financial component tied to the Otsuka JV:

• Commercial services revenue from the Otsuka JV is a key component, though recurring service revenue figures aren't explicitly detailed here, the initial transaction provided a major cash infusion.
• ICU Medical, Inc. received an approximate $200 million upfront payment related to forming the JV with Otsuka Pharmaceutical Factory America, Inc..

Finally, looking at overall profitability expectations for the year, which is a key metric tied to the success of these revenue streams, the company has provided updated guidance:

Full-year 2025 Adjusted EBITDA guidance is set in the range of $395 million to $405 million.

To be defintely clear, the Q3 2025 results showed the core segments performing well organically, with Consumables revenue up about 8% and Systems revenue up about 9% year-over-year for the nine months ending September 30, 2025, even as the total reported revenue declined due to the deconsolidation of the IV Solutions business.