During ICU Medical’s company presentation, the company highlighted that intravenous (IV) therapy is essential care and products are deeply embedded in patient workflows, where customer relationships with hospitals, for example, last for years once they are established. Thus, to gain share, the company is focusing on innovation in faster-growth niches such as in-home infusion, oncology, dialysis, and biologics-related infusion. Additionally, ICU Medical’s presentation highlighted that the company has spent more than $100m in recent years to unify its infusion pump portfolio, such that the standardisation of care, including clinician training and software integration, thus making ICU Medical’s products more attractive to clients.
One of the company’s largest goals for 2026 was to expand the gross margin toward the low 40%, whereas current margins are around 34%-35% in 2025. ICU Medical highlights that the key fixes would revolve around operational stabilisation: improved quality performance, reduced remediation and restructuring costs, better manufacturing economics, and capturing value through newer, higher-margin hardware.
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The company highlighted the major issues around Smith’s Medical, a company acquired by ICU Medical in 2022, for FDA recalls for its endotracheal tubes and CADD-Solis Infusion pumps, and an FDA warning letter released in April 2025, which highlighted ICU Medical’s failure to submit premarket notifications for significant changes to infusion pumps. Although the requirements have been filled, according to ICU Medical’s team, the FDA has not lifted the warning letters.
ICU Medical’s CEO and chairman of the board Vivek Jain emphasised that the company continuously aims to innovate to improve “patient or clinician safety, and it’s making clinical efficacy or workflows easier.” ICU Medical is positioned strongly in the US as a main manufacturer of IV consumables and devices. To further growth in this market, the company is focusing on niche markets with high growth such as dialysis and oncology. Lastly, the company highlighted that on top of all the innovation in these spaces, ICU Medical want to migrate away from the razor and razor blade model into a more analytics and software company. By creating more connected devices that can provide clinicians with data for decision making, for example, can create more efficient workflows for them and also improve patient care.
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