Needham Reiterates Hold Rating on ICU Medical (ICUI)

Needham analyst Mike Matson reiterated a Hold rating and {REMOVEPT} price target on ICU Medical (NASDAQ: ICUI).

The analyst commented: "ICUI's 4Q25 revenue, EBITDA, and EPS beat consensus. Management provided 2026 EBITDA and adjusted EPS guidance that was above consensus at the mid-point. In terms of tariffs, ICUI expects a ~$42M tariff impact in 2026 of which ~$16M is incremental. Revenue growth slowed to 2% organic in 4Q25 from 5% organic in 3Q25, as Consumables, Infusion Systems, and Vital Care all slowed. Importantly, ICUI announced that the company received official lift and closure from the FDA regarding the prior Smiths Medical warning letter. ICUI's gross margin was up 330 bps Y/Y and its adjusted EBITDA margin was up 110 bps Y/Y. We maintain our Hold rating given ICUI's valuation, which is above peers with similar organic growth rates."

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Shares of ICU Medical closed at $149.74 yesterday.

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