ICU Medical Q3 Profit Down, Cuts FY13 Outlook - Quick Facts

(RTTNews) - ICU Medical, Inc. (ICUI) Monday reported third-quarter profit of $11.0 million or $0.72 per share, down from $12.2 million or $0.82 per share in the same period last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues improved to $82.8 million from $81.4 million last year. Analysts expected revenues of $82.65 million.

Operating expenses increased to $25.54 million from $23.17 million last year.

For the full fiscal year of 2013, the company has lowered its earnings outlook to a range of $2.50 to $2.55 per share from $2.50 to $2.60 per share, issued previously.

Revenues are currently projected in a range of $319 million to $321 million per share, down from its previous guidance of $320 million to $325 million. Analysts currently expect the company to report full-year earnings of $2.54 per share on revenues of $321.54 million.

The company also said George Lopez will step down as its President and Chief Executive Officer, due to health reasons. Steven Riggs, current Vice President of Operations, has been appointed as Acting CEO, effective immediately.

Riggs has served as Vice President of Operations since 2002 and was previously the Director of Operations.

Lopez will continue in his role as Chairman of the Board and will remain an employee in the Research and Development Department.