ICU Medical

ICUI · NASDAQ

$161.08−$0.16 (−0.10%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $161.24

ICUI analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 9 analysts

Average $199.48 (+23.8% upside)

Low: $188.87
Now: $161.08
High: $220.50

Upgrades and downgrades

The latest rating actions, newest first

ICUI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Aug 7, 2026	Maintains	Overweight	$163.00 → $195.00	43%
BTIG	Aug 7, 2026	Maintains	Buy	$170.00 → $200.00	40%
Needham	Aug 7, 2026	Maintains	Buy	$165.00 → $187.00	45%
Keybanc	Jul 21, 2026	Maintains	Overweight	$164.00 → $182.00	56%
BTIG	Jun 15, 2026	Initiates	Buy	$170.00	40%
Needham	May 27, 2026	Upgrade	Hold → Buy	$165.00	45%
Keybanc	Apr 27, 2026	Maintains	Overweight	$180.00 → $164.00	56%
Piper Sandler	Apr 17, 2026	Maintains	Overweight	$178.00 → $163.00	43%
Keybanc	Feb 20, 2026	Maintains	Overweight	$175.00 → $180.00	56%
Piper Sandler	Feb 20, 2026	Maintains	Overweight	$172.00 → $178.00	43%

The case for and against

Updated Oct 14, 2026

Bull case

ICU Medical is viewed positively because its core consumables and infusion systems franchises are producing record revenue, with 2Q adjusted revenue of $547.9M, adjusted EBITDA of $110M, and adjusted EPS of $2.37 all beating expectations on strong 6% organic growth. The investment case is reinforced by durable demand in a structurally defensive IV market, competitive wins in pumps, and margin expansion as adjusted gross margin reached 41% and leverage fell to 2.3x after $50M of debt paydown. Management’s raised and narrowed guidance for adjusted EBITDA of $415M-$435M and adjusted EPS of $8.60-$9.00 further signals improving execution, with tariff relief and synergy capture supporting a clearer free cash flow inflection.

Bear case

ICU Medical is facing a negative setup because its growth is uneven, with Vital Care revenue of $70M declining 4% organic and missing consensus while management only expects stability, suggesting one weak segment can still offset gains elsewhere. Although 2Q26 overall revenue growth improved to 6% and Infusion Systems rose 12%, the quarter benefited from pulled-forward pump installations, which makes the momentum less durable and leaves the business exposed to slower growth later. Bear-case assumptions point to low-single-digit revenue growth and limited operating margin improvement, while gross margin pressure from inflation or tariffs, pricing risk on GPO/IDN renewals, and FDA-related delays could keep earnings below expectations.

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