TacticScaleWhat ICU Medical Does & How It Makes Money (ICUI)
Updated October 2026 · reflects ICU Medical's latest reported financials
Medical device maker for IV infusion, vascular access, and critical care. It sells consumables such as connectors, disinfection caps, IV solutions and trays, along with infusion pump hardware, medication-safety software and professional services, to hospitals, wholesalers, clinics and alternate-site care providers around the world.
How ICU Medical makes money
It sells consumables such as connectors, disinfection caps, IV solutions and trays, along with infusion pump hardware, medication-safety software and professional services, to hospitals, wholesalers, clinics and alternate-site care providers around the world. The installed pumps and software help drive ongoing sales of disposables.
What ICU Medical does
ICU Medical, founded in 1984 and based in San Clemente, California, develops, manufactures and sells products for infusion therapy, vascular access and vital care. Its lineup spans Clave needlefree connectors, Neutron catheter patency devices, Tego connectors, Deltec GRIPPER needles for port access, and SwabCap and ClearGuard disinfection caps. For handling hazardous drugs such as chemotherapy, it offers ChemoLock and ChemoClave closed systems. The company also makes IV and irrigation solutions such as saline, dextrose and sterile water, Plum 360 and Plum Duo infusion pumps, ambulatory and syringe pumps, and medication-safety software including ICU Medical MedNet, LifeShield and PharmGuard. Its vital care products include hemodynamic monitoring, anesthesia and airway products, breathing circuits, and temperature management. Customers include acute care hospitals, wholesalers, ambulatory clinics, home health providers and long-term care facilities worldwide.
Products & services
- Clave needlefree connectors (MicroClave, NanoClave)
- Plum 360 and Plum Duo infusion pumps
- ICU Medical MedNet medication management software
- IV solutions and irrigation fluids
- ChemoLock closed system transfer devices
- SwabCap and ClearGuard disinfection caps
What is ICU Medical worth?
On an owner-earnings DCF, ICU Medical's most-likely value is about $134 versus a recent price near $160 (16% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$66) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 6.7× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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