We assign a fundamental rating of 4 out of 10 to ICUI. ICUI was compared to 186 industry peers in the Health Care Equipment & Supplies industry. Both the profitability and the financial health of ICUI get a neutral evaluation. Nothing too spectacular is happening here. ICUI has a decent growth rate and is not valued too expensively.

Quickly go to:

1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year ICUI was profitable.
ICUI had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: ICUI reported negative net income in multiple years.
Of the past 5 years ICUI 4 years had a positive operating cash flow.

1.2 Ratios

The Return On Assets of ICUI (-0.18%) is better than 72.58% of its industry peers.
The Return On Equity of ICUI (-0.35%) is better than 73.12% of its industry peers.
The Return On Invested Capital of ICUI (2.86%) is better than 70.43% of its industry peers.
ICUI had an Average Return On Invested Capital over the past 3 years of 1.36%. This is significantly below the industry average of 8.84%.
The 3 year average ROIC (1.36%) for ICUI is below the current ROIC(2.86%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	-0.18%
ROE	-0.35%
ROIC	2.86%

ROA(3y)-1.71%

ROA(5y)1.06%

ROE(3y)-3.65%

ROE(5y)0.24%

ROIC(3y)1.36%

ROIC(5y)3.41%

1.3 Margins

The Operating Margin of ICUI (5.63%) is better than 70.43% of its industry peers.
In the last couple of years the Operating Margin of ICUI has declined.
Looking at the Gross Margin, with a value of 36.47%, ICUI is doing worse than 71.51% of the companies in the same industry.
ICUI's Gross Margin has been stable in the last couple of years.

		Industry Rank	Sector Rank
OM	5.63%
PM (TTM)	N/A
GM	36.47%

OM growth 3Y-26.21%

OM growth 5Y-22.36%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-2.48%

GM growth 5Y-1.46%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

ICUI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, ICUI has more shares outstanding
The number of shares outstanding for ICUI has been increased compared to 5 years ago.
The debt/assets ratio for ICUI is higher compared to a year ago.

2.2 Solvency

ICUI has an Altman-Z score of 2.27. This is not the best score and indicates that ICUI is in the grey zone with still only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.27, ICUI is in the better half of the industry, outperforming 64.52% of the companies in the same industry.
ICUI has a debt to FCF ratio of 21.21. This is a negative value and a sign of low solvency as ICUI would need 21.21 years to pay back of all of its debts.
The Debt to FCF ratio of ICUI (21.21) is better than 69.35% of its industry peers.
ICUI has a Debt/Equity ratio of 0.62. This is a neutral value indicating ICUI is somewhat dependend on debt financing.
ICUI has a worse Debt to Equity ratio (0.62) than 63.44% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.62
Debt/FCF	21.21
Altman-Z	2.27

ROIC/WACC0.29

WACC9.83%

2.3 Liquidity

A Current Ratio of 2.45 indicates that ICUI has no problem at all paying its short term obligations.
ICUI has a Current ratio of 2.45. This is comparable to the rest of the industry: ICUI outperforms 51.08% of its industry peers.
ICUI has a Quick Ratio of 1.19. This is a normal value and indicates that ICUI is financially healthy and should not expect problems in meeting its short term obligations.
ICUI's Quick ratio of 1.19 is on the low side compared to the rest of the industry. ICUI is outperformed by 67.20% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	2.45
Quick Ratio	1.19

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 40.14% over the past year.
The Earnings Per Share has been decreasing by -5.28% on average over the past years.
ICUI shows a decrease in Revenue. In the last year, the revenue decreased by -0.84%.
Measured over the past years, ICUI shows a quite strong growth in Revenue. The Revenue has been growing by 13.47% on average per year.

EPS 1Y (TTM)40.14%

EPS 3Y-5.58%

EPS 5Y-5.28%

EPS Q2Q%27.67%

Revenue 1Y (TTM)-0.84%

Revenue growth 3Y21.86%

Revenue growth 5Y13.47%

Sales Q2Q%-8.85%

3.2 Future

ICUI is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 14.56% yearly.
The Revenue is expected to grow by 2.95% on average over the next years.

EPS Next Y23.92%

EPS Next 2Y14.84%

EPS Next 3Y14.98%

EPS Next 5Y14.56%

Revenue Next Year-4.9%

Revenue Next 2Y-3.64%

Revenue Next 3Y-1.17%

Revenue Next 5Y2.95%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 19.18, ICUI is valued on the expensive side.
Based on the Price/Earnings ratio, ICUI is valued cheaper than 82.80% of the companies in the same industry.
ICUI is valuated rather cheaply when we compare the Price/Earnings ratio to 27.21, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 18.61, ICUI is valued on the expensive side.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ICUI indicates a rather cheap valuation: ICUI is cheaper than 83.33% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 24.26, ICUI is valued a bit cheaper.

		Industry Rank	Sector Rank
PE	19.18
Fwd PE	18.61

4.2 Price Multiples

83.33% of the companies in the same industry are more expensive than ICUI, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, ICUI is valued a bit cheaper than the industry average as 72.04% of the companies are valued more expensively.

		Industry Rank	Sector Rank
P/FCF	60.57
EV/EBITDA	14.36

4.3 Compensation for Growth

ICUI's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as ICUI's earnings are expected to grow with 14.98% in the coming years.