ICU Medical Q3 Revenue Rises 4% on Infusion Systems Growth

ICU Medical (NASDAQ: ICUI) reported third-quarter 2026 adjusted revenue of $556 million, up 4% from $533 million a year earlier, as growth in infusion systems and consumables more than offset a decline in Vital Care. Organic revenue increased 5%, excluding currency movements, divestitures and the deconsolidation of the IV Solutions business.

Infusion Systems delivered the strongest growth among the company’s three business categories. Revenue rose 11% year over year to $193 million from $174 million, with organic growth also at 11%. The category includes large-volume, syringe and ambulatory infusion systems.

Consumables, ICU Medical’s largest category by revenue, generated $298 million, up 5% from $285 million in the prior-year quarter. Organic growth was also 5%. The business includes infusion therapy, oncology, vascular access and critical-care products.

Vital Care remained the main drag on overall performance. Revenue declined 12% to $65 million from $74 million, while organic revenue fell 10%. The category includes tracheostomy, warming, anesthesia and respiratory products, pain kits and related offerings.

The company’s revenue presentation reflects the formation of its joint venture with Otsuka Pharmaceutical Factory America, effective May 1, 2025. IV Solutions revenue was included in ICU Medical’s consolidated results before that date and excluded afterward. ICU Medical’s organic-growth calculation removes the effects of that deconsolidation, along with currency changes and divestitures, to support comparisons between periods.

The presentation did not disclose quarterly profitability, adjusted EBITDA, adjusted earnings per share or cash-flow figures. ICU Medical noted that its non-GAAP measures are supplemental and should not be considered substitutes for results prepared under U.S. GAAP.

Forward-looking uncertainties identified by the company include tariffs, the timing and resolution of the FDA warning letter received in 2025, and anticipated benefits and transition or stand-up costs associated with the Otsuka joint venture. ICU Medical also cited inflation, interest rates, global public-health crises and geopolitical developments as factors that could cause future results to differ materially from management’s expectations.