Piper Jaffray Remains Sidelined on ICU Medical (ICUI) Following Strong 2Q - PT to $119
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Piper Jaffray reiterated a Neutral rating on ICU Medical (NASDAQ: ICUI), and raised the price target to $119.00 (from $115.00), following the company's 2Q earnings report. ICUI reported revenues of $96.7M, ahead of the consensus of $89.9M. Adjusted EPS of $1.15 also outperformed expectations, compared to $1.05 consensus.
Analyst Brooks West commented, "ICU Medical reported 2Q16 revenues of $96.7M vs. consensus of $89.9M, while Adj. EPS of $1.15 significantly outperformed expectations of $1.05 on flow through from the top line beat. Management also updated its FY16 guidance and now expects EPS of $4.45-$4.60 versus its prior guidance of $4.34-$4.46 (consensus $4.43). OEM sales totaled $36M with Hospira now representing 34% of total company revenue, down ~100bp y/y. ICUI now has ~$401M in cash on its balance sheet (and no debt). While the continued revenue and bottom line outperformance remain impressive we remain on the sidelines until we gain more clarity around the binary customer risk with Hospira. Reiterate Neutral, raising PT to $119 ($115 prior)."
Shares of ICU Medical closed at $117.41 yesterday.
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Create E-mail Alert Related CategoriesAnalyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Brooks West
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