ICU Medical, which develops, manufactures and sells medical technologies used in vascular therapy, oncology and critical care applications, reported a revenue of $75.7m for the third quarter ended 30 September 2010, an increase of 40.3%, compared to $54% in the same period last year.
Net income was $9m, or $0.65 per diluted share, as compared to net income of $6.3m, or $0.42 per diluted share, for the prior year period.
For the nine months ended 30 September 2010, revenue increased 29.2% to $209m, compared to $161.7m in the same period last year.
Net income for the nine months ended 30 September 2010 was $20.9m, or $1.51 per diluted share, compared to net income of $19.1m, or $1.27 per diluted share, for the same period last year.
ICU Medical chief financial officer Scott Lamb said that their top-line growth was fueled by positive contributions from all product lines, led by CLAVEs, custom products and critical care. Domestic distributor and direct sales increased 38% year over year, while international sales were up 29%.
“During the quarter, we successfully completed the transition of the critical care operations that we purchased last year from Hospira. We also launched operations at our new plant in Slovakia and expect to start shipments of products from this new facility during the fourth quarter,” Lamb said.
“We believe that this new facility will greatly improve our time to market for custom products in Europe. Additionally, we continued to make investments in research and development, quality controls and manufacturing efficiencies, which are essential in maintaining our proven track record of customer satisfaction.”