Q2 2024 ICU Medical Inc Earnings Call Transcript
Key Points
- ICU Medical Inc (ICUI) reported a 10% revenue growth on a constant currency basis for Q2 2024.
- Adjusted EBITDA for Q2 was $91 million, indicating strong operational performance.
- The company generated $63 million in free cash flow, marking the best quarter since the acquisition.
- Gross margins were slightly higher than expected due to supply chain efficiencies and favorable sales mix.
- ICU Medical Inc (ICUI) signed a multiyear agreement with a leading U.S. dialysis clinic operator, which is expected to drive future growth.
- Adjusted diluted earnings per share for Q2 decreased to $1.56 from $1.88 last year.
- The company experienced a net interest expense of $24 million in Q2.
- Adjusted operating expenses increased by 6% year over year, reflecting higher selling expenses, R&D investments, and incentive compensation.
- The macroeconomic environment remains volatile, with concerns about hospital spending and capital budgets.
- ICU Medical Inc (ICUI) is still under-earning relative to the industry, with a focus on improving profit margins in the medium term.
Good afternoon, ladies and gentlemen, and welcome to the ICU Medical Incorporated second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to John Mills ICR, managing partner. Please go ahead.
Thank you. Good afternoon, everyone. Thank you for joining us to discuss ICU Medical's financial results for the second quarter of 2024. On the call today, representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman, and Brian Bonnell, Chief Financial Officer.
Wanted to let everyone know that we have a presentation accompanying today's prepared remarks as well to view the presentation, please go to our investor page and click on Events calendar, and it will be under the second quarter 2024 events before we start our prepared remarks, I want to touch upon any forward-looking statements made during the call, including beliefs and expectations about the company's future results.
Please be aware they are based on the best available
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