ICU Medical Inc

ICUI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$246.00	Mjbb	Bqsdyyll

ICU Medical Finishes 2022 Both Aided and Challenged by Supply Constraints

Julie Utterback , Matthew Sanders

Feb 25, 2022

Narrow-moat ICU Medical reported solid performance in the fourth quarter, and at first glance, we expect to maintain our $239 fair value estimate. In constant currency, quarterly revenue grew 7% year over year. We believe a large part of this growth was due to temporary demand from omicron surge-related hospitalizations and medical supply shortages, which should recede in 2022. Also, we are optimistic about the Smiths Medical integration, considering ICU's demonstrated success integrating Hospira Infusion Systems.

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