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ICU Medical Balance Sheet 2025-2006 | ICUI
Brief overview of ICU Medical's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2015 and 2019.
Assets rose from $626.8 million to $1.7 billion, a gain of +170%, while CAGR was about 28.2%. The balance sheet expanded rapidly.
Funding shifted toward liabilities: they gained +571.2%, compared with +170% for assets.
Equity accounts for 81.4% of assets. Against the initial 92.5%, the capital position looks resilient.
Net debt moved below zero to -$232.4 million, reflecting surplus cash over debt.
Cash represents 15.9% of assets versus 53.6% initially, showing how the immediate liquidity reserve changed.
Accumulated earnings ended at $721.8 million, a change of +59%. They remain an important part of the capital base.
Conclusion
ICU Medical's balance sheet sends more positive than negative signals, but liabilities should not begin outpacing the capital base.
Annual Balance Sheet ICU Medical
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
972 M | 1.24 B | 1.34 B | 1.43 B | -542 M | - | -232 M | -345 M | -290 M | -445 M | -336 M | -276 M | -226 M | -147 M | -99.6 M | - | - | - | - | - |
Long Term Debt |
1.27 B | 1.53 B | 1.58 B | 1.62 B | 2.07 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
13.8 M | 15.7 M | 20.2 M | 18.2 M | 9.01 M | - | 7.36 M | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 66.7 M | 72.4 M | 88.4 M | 4 M | 4.34 M | 4.12 M | 8.03 M | 8.54 M | 11.2 M | - | - | - | - | - |
Total Current Liabilities |
499 M | 556 M | 482 M | 495 M | 201 M | 195 M | 248 M | 249 M | 210 M | 40.5 M | 42.6 M | 28.7 M | 26.9 M | 29.1 M | 29.3 M | 25.8 M | 33.7 M | 22 M | - | - |
Total Liabilities |
- | - | - | - | - | - | 315 M | 322 M | 299 M | 44.5 M | 47 M | 32.8 M | 34.9 M | 37.7 M | 40.5 M | - | - | - | - | - |
Deferred Revenue |
33.8 M | 30.4 M | 31.6 M | 30.8 M | 12.6 M | 5.57 M | 6.7 M | 3.81 M | 3.33 M | - | - | - | - | - | - | 254 K | 2.39 M | - | - | - |
Retained Earnings |
691 M | 690 M | 808 M | 838 M | 912 M | 809 M | 722 M | 621 M | 586 M | 517 M | 454 M | 409 M | 383 M | 342 M | 301 M | 256 M | 228 M | 201 M | - | - |
Total Assets |
4.05 B | 4.2 B | 4.38 B | 4.52 B | 1.88 B | 1.76 B | 1.69 B | 1.59 B | 1.5 B | 705 M | 627 M | 541 M | 500 M | 429 M | 361 M | 310 M | 309 M | 283 M | - | - |
Cash and Cash Equivalents |
308 M | 309 M | 254 M | 209 M | 553 M | 396 M | 269 M | 345 M | 290 M | 445 M | 336 M | 276 M | 226 M | 147 M | 99.6 M | 78.8 M | 51.2 M | 55.7 M | 7.87 M | 13.2 M |
Book Value |
4.05 B | 4.2 B | 4.38 B | 4.52 B | 1.88 B | 1.76 B | 1.38 B | 1.26 B | 1.2 B | 660 M | 580 M | 508 M | 465 M | 391 M | 321 M | 310 M | 309 M | 283 M | - | - |
Total Shareholders Equity |
2.12 B | 1.97 B | 2.12 B | 2.09 B | 1.62 B | 1.5 B | 1.38 B | 1.26 B | 1.2 B | 660 M | 580 M | 508 M | 465 M | 391 M | 321 M | 272 M | 263 M | 253 M | 214 M | 225 M |
All numbers in USD currency
Quarterly Balance Sheet ICU Medical
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | 2009-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.21 B | 1.26 B | 1.31 B | 1.34 B | 1.49 B | 1.53 B | 1.54 B | 1.55 B | 1.57 B | 1.58 B | 1.59 B | 1.6 B | - | 1.62 B | 1.63 B | 1.64 B | 1.64 B | - | 2.12 M | 2.28 M | 2.33 M | 2.39 M | 2.39 M | 2.3 M | 2.39 M | - | - | - | - | - | - | - | - | - | 75 M | 75 M | 75 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.6 M | - | - | - | 5.57 M | 8.42 M | 12.5 M | 8.29 M | 4.76 M | 4.76 M | 4.76 M | 4.76 M | 3.81 M | 6.41 M | 3.81 M | 3.81 M | 3.33 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 77 K | 376 K | 106 K | 1.19 M | - | - | - |
Retained Earnings |
740 M | 721 M | 707 M | 710 M | 675 M | 690 M | 714 M | 747 M | 768 M | 808 M | 825 M | 818 M | - | 838 M | 853 M | 866 M | 874 M | 912 M | 892 M | 861 M | 832 M | 809 M | 809 M | 758 M | 809 M | 722 M | 722 M | 722 M | 722 M | 621 M | 621 M | 621 M | 621 M | 586 M | 586 M | 586 M | 586 M | 517 M | 517 M | 517 M | 517 M | 454 M | 454 M | 454 M | 454 M | 409 M | 409 M | 409 M | 409 M | 383 M | 383 M | 383 M | 383 M | 342 M | 342 M | 342 M | 342 M | 301 M | 301 M | 301 M | 301 M | 249 M | 240 M | 232 M | 220 M | 214 M | 208 M |
Total Assets |
3.97 B | 4.01 B | 4.1 B | 4.11 B | 4.18 B | 4.2 B | 4.31 B | 4.29 B | 4.29 B | 4.38 B | 4.38 B | 4.46 B | - | 4.52 B | 4.45 B | 4.59 B | 4.75 B | 1.88 B | 1.84 B | 1.8 B | 1.77 B | 1.76 B | 1.76 B | 1.86 B | 1.76 B | 1.69 B | 1.69 B | 1.69 B | 1.69 B | 1.59 B | 1.59 B | 1.59 B | 1.59 B | 1.5 B | 1.5 B | 1.5 B | 1.5 B | 705 M | 705 M | 705 M | 705 M | 627 M | 627 M | 627 M | 627 M | 541 M | 541 M | 541 M | 541 M | 500 M | 500 M | 500 M | 500 M | 429 M | 429 M | 429 M | 429 M | 361 M | 361 M | 361 M | 361 M | 300 M | 287 M | 287 M | 310 M | 299 M | 294 M |
Cash and Cash Equivalents |
298 M | 288 M | 300 M | 300 M | 290 M | 309 M | 313 M | 303 M | 251 M | 254 M | 197 M | 196 M | 221 M | 209 M | 244 M | 256 M | 329 M | 553 M | 519 M | 462 M | 424 M | 396 M | 396 M | 446 M | 396 M | 269 M | 269 M | 269 M | 269 M | 345 M | 345 M | 345 M | 345 M | 290 M | 290 M | 290 M | 290 M | 445 M | 445 M | 445 M | 445 M | 336 M | 336 M | 336 M | 336 M | 276 M | 276 M | 276 M | 276 M | 226 M | 226 M | 226 M | 226 M | 147 M | 147 M | 147 M | 147 M | 99.6 M | 99.6 M | 99.6 M | 99.6 M | 65.7 M | 57.6 M | 42.9 M | 53.3 M | 62.6 M | 68 M |
Book Value |
3.97 B | 4.01 B | 4.1 B | 4.11 B | 4.18 B | 4.2 B | 4.31 B | 4.29 B | 4.29 B | 4.38 B | 4.38 B | 4.46 B | - | 4.52 B | 4.45 B | 4.59 B | 4.75 B | 1.88 B | 1.84 B | 1.8 B | 1.77 B | 1.76 B | 1.76 B | 1.86 B | 1.76 B | 1.69 B | 1.69 B | 1.69 B | 1.69 B | 1.59 B | 1.59 B | 1.59 B | 1.59 B | 1.5 B | 1.5 B | 1.5 B | 1.5 B | 705 M | 705 M | 705 M | 705 M | 627 M | 627 M | 627 M | 627 M | 541 M | 541 M | 541 M | 541 M | 500 M | 500 M | 500 M | 500 M | 429 M | 429 M | 429 M | 429 M | 361 M | 361 M | 361 M | 361 M | 300 M | 287 M | 287 M | 310 M | 299 M | 294 M |
Total Shareholders Equity |
2.15 B | 2.11 B | 2.13 B | 2.12 B | 1.99 B | 1.97 B | 2.05 B | 2.04 B | 2.07 B | 2.12 B | 2.1 B | 2.11 B | 2.1 B | 2.09 B | 2.01 B | 2.09 B | 2.18 B | 1.62 B | 1.59 B | 1.56 B | 1.52 B | 1.5 B | 1.5 B | 1.41 B | 1.5 B | 1.38 B | 1.38 B | 1.38 B | 1.38 B | 1.26 B | 1.26 B | 1.26 B | 1.26 B | 1.2 B | 1.2 B | 1.2 B | 1.2 B | 660 M | 660 M | 660 M | 660 M | 580 M | 580 M | 580 M | 580 M | 508 M | 508 M | 508 M | 508 M | 465 M | 465 M | 465 M | 465 M | 391 M | 391 M | 391 M | 391 M | 321 M | 321 M | 321 M | 321 M | 262 M | 245 M | 245 M | 277 M | 268 M | 261 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of ICU Medical, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Medical instruments
| Issuer | Price | % 24h | Market Cap | Country | |
|---|---|---|---|---|---|
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BioLife Solutions
BLFS
|
$ 36.38 | 0.54 % | $ 1.74 B |  USA |
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Ekso Bionics Holdings
EKSO
|
- | - | $ 28.6 M | USA |
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Luminex Corporation
LMNX
|
- | - | $ 1.75 B | USA |
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Akers Biosciences, Inc.
AKER
|
- | -9.52 % | $ 20.6 M | USA |
 |
CRH Medical Corporation
CRHM
|
- | - | $ 282 M | USA |
 |
The Cooper Companies
COO
|
$ 71.17 | 0.3 % | $ 14.2 B | USA |
 |
Atrion Corporation
ATRI
|
- | - | $ 810 M | USA |
 |
Antares Pharma, Inc.
ATRS
|
- | - | $ 955 M | USA |
 |
Cantel Medical Corp.
CMD
|
- | -1.18 % | $ 3.4 B | USA |
 |
Hill-Rom Holdings, Inc.
HRC
|
- | -0.05 % | $ 10.3 B | USA |
 |
Varian Medical Systems, Inc.
VAR
|
- | -0.02 % | $ 16.3 B | USA |
 |
Isoray
ISR
|
- | 0.03 % | $ 108 M | USA |
 |
Merit Medical Systems
MMSI
|
$ 90.49 | 1.06 % | $ 5.35 B | USA |
 |
AtriCure
ATRC
|
$ 48.54 | 2.28 % | $ 2.32 B | USA |
 |
Nephros
NEPH
|
$ 4.55 | 5.57 % | $ 48.3 M | USA |
 |
Haemonetics Corporation
HAE
|
$ 103.96 | 0.03 % | $ 4.9 B | USA |
 |
Predictive Oncology
POAI
|
- | - | $ 31.1 M | USA |
 |
Glaukos Corporation
GKOS
|
$ 179.87 | 0.74 % | $ 10.3 B | USA |
 |
Harvard Bioscience
HBIO
|
$ 7.93 | 0.38 % | $ 352 M | USA |
 |
AngioDynamics
ANGO
|
$ 15.85 | 0.44 % | $ 658 M | USA |
 |
NeuroMetrix
NURO
|
- | 5.05 % | $ 9.02 M | USA |
 |
InfuSystem Holdings
INFU
|
$ 12.04 | 0.12 % | $ 249 M | USA |
 |
iRhythm Technologies
IRTC
|
$ 120.25 | 3.37 % | $ 3.85 B | USA |
 |
STERIS plc
STE
|
$ 233.78 | 0.35 % | $ 23 B | USA |
 |
Pro-Dex
PDEX
|
$ 62.56 | 1.6 % | $ 206 B | USA |
 |
Baxter International
BAX
|
$ 26.13 | 0.81 % | $ 13.4 B | USA |
 |
Repligen Corporation
RGEN
|
$ 176.27 | 0.96 % | $ 9.91 M | USA |
 |
Pulse Biosciences
PLSE
|
$ 47.57 | 0.04 % | $ 3.21 B | USA |
 |
ResMed
RMD
|
$ 240.33 | 1.94 % | $ 35 B | USA |
 |
Intuitive Surgical
ISRG
|
$ 372.6 | 1.51 % | $ 133 B | USA |
 |
electroCore
ECOR
|
$ 9.63 | 1.54 % | $ 81.7 K | USA |
 |
DENTSPLY SIRONA
XRAY
|
$ 11.12 | 0.72 % | $ 2.22 B | USA |
 |
Milestone Scientific
MLSS
|
$ 0.5 | 0.36 % | $ 41 M | USA |
 |
Alcon
ALC
|
$ 72.01 | 0.07 % | $ 35.5 B |  Schweiz |
 |
West Pharmaceutical Services
WST
|
$ 337.47 | 0.11 % | $ 24.4 B | USA |
 |
Envista Holdings Corporation
NVST
|
$ 27.13 | 0.02 % | $ 4.56 B | USA |
 |
Masimo Corporation
MASI
|
- | - | $ 9.59 B | USA |
 |
Microbot Medical
MBOT
|
$ 1.48 | 0.33 % | $ 67.8 M |  Israel |
 |
STAAR Surgical Company
STAA
|
$ 22.11 | 0.09 % | $ 1.1 B | USA |
 |
Stereotaxis
STXS
|
$ 1.45 | 0.34 % | $ 132 M | USA |
 |
Repro Med Systems
KRMD
|
$ 3.23 | 0.94 % | $ 149 M | USA |
 |
OraSure Technologies
OSUR
|
$ 3.6 | 0.13 % | $ 265 M | USA |
 |
Teleflex Incorporated
TFX
|
$ 139.67 | 1.42 % | $ 6.23 B | USA |
 |
LeMaitre Vascular
LMAT
|
$ 80.45 | 0.99 % | $ 1.82 B | USA |
 |
Becton, Dickinson and Company
BDX
|
$ 189.52 | 0.74 % | $ 54.5 B | USA |
 |
Retractable Technologies
RVP
|
$ 0.73 | 1.14 % | $ 21.9 M | USA |
 |
Utah Medical Products
UTMD
|
$ 72.77 | 1.35 % | $ 236 M | USA |