ICU Falls 22% on Concern About Sales
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ICU Medical Inc. shares fell 22% after the San Clemente company said fourth-quarter sales of its medical devices were lower than analysts expected.
ICU, which specializes in safety devices for intravenous drug-delivery systems, said fourth-quarter revenue was little changed from the same quarter of 2001 before a one-time $3.23-million payment the firm received for a licensing agreement.
Sales to Abbott Laboratories, one of ICU’s biggest customers, fell 23% from a year earlier, the company said.
Net income rose 23% to $5.88 million, or 38 cents a share, from $4.77 million, or 32 cents, in the fourth quarter of 2001.
Revenue rose 16% to $24.1 million, including the licensing payment.
Shares of ICU fell $8.06 to $28.35 on Nasdaq.
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