ICU Medical Profit Drops Amid Revenue Decline, Lifts 2014 View; Stock Surges

(RTTNews) - ICU Medical, Inc., (ICUI), a provider of medical devices used in vascular therapy, oncology and critical care applications, Monday reported lower third-quarter profit, amid lower revenues. The company, however, boosted its full year outlook, sending the shares higher in extended trade.

Net income fell to $6.4 million or $0.42 per share from $11.0 million or $0.72 per share in the year-ago quarter.

Excluding items, adjusted earnings per share were $0.66, while it totaled $0.84 in the third quarter of 2013.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.48 per share for the third quarter. Analysts' estimates typically exclude special items.

Revenue dropped to $77.5 million from $82.8 million in the same quarter last year. Analysts expected revenue of $73.03 million.

Vivek Jain, ICU Medical's CEO, said, "...The increase in our direct oncology sales and our international sales was primarily offset by an expected decline in our OEM business. As we had previously outlined, the year over year change was as expected due to the third quarter of 2013 being the peak of the company's transition period."

Further, considering the results to date and the expectations for the remainder of the year, the firm lifted its full year forecast.

For the full year 2014, the company now expects revenue of $304 million to $307 million, earnings of $1.62 to $1.70 per share and adjusted earnings of $2.25 to $2.33 per share.

Previously, the company expected revenue of $285 million to $300 million. earnings of $1.30 to $1.45 per share and adjusted earnings of $1.95 to $2.15 per share.

Analysts currently expect the company to earn $2.06 per share on revenue of $297.40 million for 2014.

ICUI closed up 0.9 percent on Monday at $71.81, and extended 6.7 percent in the extended trade.