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1 J.P. Morgan 44th Annual Healthcare Conference January 14, 2026
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2 Disclosures > Any statement concerning Management’s expectation with respect to future results is a forward -looking statement based upon the b est information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the stat ement to be a representation as to future results. > Future results are subject to risks and uncertainties, including the risk factors described in the Company’s filings with the US Securities and Exchange Commission, which include those in the most recent Form 10 -K and subsequent filings. Actual results in the future may differ mat erially from Management’s current expectations. > These forward -looking statements, including statements about continuing health crises, pandemics and epidemics, such as the COVI D-19 pandemic, are made based upon our current expectations as of the date hereof, and we undertake no duty to update information provided i n this presentation. > No representations or warranties, either expressed or implied, are made by the Company or any of its affiliates as to the accuracy, completeness or reliability of any such statements or projections, and the Company expressly disclaims any and all liability with respect to such information including errors therein or omissions thereof. Whether or not any such forward-looking statements or projections are in fact achieved will depend upon future events, some of which are not within the control of the Company. > This presentation contains financial measures that are not calculated in accordance with US generally accepted accounting pri nciples ("GAAP"). These non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial m easures calculated in accordance with GAAP. Our Management believes that the non -GAAP data provides useful supplemental information to Management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods. > Our non-GAAP financial measures include revenue presented on a constant currency basis, which uses the average exchange rate for revenues from the prior year applied to the current year’s results.
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3 Majority North America Sales US & Canada ROW 64% Single-Use Disposables & Software Hardware 36% 87% 13% > 85% Disposable Revenue Vital Care | 14% Anesthesia-focused offering with monitoring and temperature management Systems | 33% Full line of IV pumps, dedicated sets, and software & services Consumables | 53% Single-use products for IV therapy, vascular access, oncology and tracheostomy ICU Medical at a Glance ~$680M ~$300M ~$1.1B Revenue by Segment NASDAQ: ICUI | HQ: San Clemente, CA | ~14,000 Employees | ~80 Countries with ICUI Sales Globally Diversified Recurring Revenue We are a global MedTech company focused on providing IV therapy and other critical care products across the continuum of care Financial Overview as of 1/09/26 @ $153/share Diluted Equity Value $3.82 Billion Net Debt $1.02 Billion (~2.6x) Enterprise Value $4.84 Billion 1. Revenue figures reflect non-GAAP revenue for the most recently reported trailing 12 -month period (TTM) and exclude products tran sferred to the IV Solutions joint venture 2. Net debt represents the gross outstanding term loan principal balance less cash and cash equivalents as of September 30, 2025 ~$2.1B
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4 IV Accessories IV Pumps and Dedicated Sets IV Catheters IV Sets and Connectors IV-EHR Connectivity IV Solutions Sticky Demand Drivers > Essential products; >90% patients receive IV therapy > Strong incumbency advantage due to cost of change > Long product and contract cycles Favorable Market Structure > Consolidated industry > High regulatory barriers > Growth of outpatient and specialty care areas Addresses Meaningful Issues > Caregiver safety, workflow, and cognitive load > Device interoperability and cybersecurity > Hospital-acquired infections > Costly adverse medication events ICU Medical Capabilities > Global scale > Complete IV therapy portfolio across care continuum > Track record of consistent innovation IV Therapy: Structurally Attractive Industry, Clinically Essential Products
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5 Built Through Focused Innovation and Acquisitions 2025E ~$2.1B Revenue Complete IV Therapy Portfolio Across Entire Care Continuum Innovation Across High-Impact Categories 2025 Otsuka Joint Venture IV Solutions Supply & Innovation 2017 Acquired Hospira IV Pumps, Solutions & Software 2022 Acquired Smiths Medical Syringe & Ambulatory Pumps, Vascular Access Acquisition, Integration, and Partnership From IV Component Supplier to Full Line Infusion Provider Specialty Consumables and Next-Generation IV Systems & Software 2012 ~$200M Revenue IV Connector Manufacturing and OEM provider 1. Revenue figures reflect non-GAAP revenue for the most recently reported trailing 12 -month (TTM) period and exclude products tran sferred to the IV Solutions joint venture
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6 Well Positioned with a Right to Win Consumables Systems Vital Care Revenue Key Products > Needlefree IV connectors and non-dedicated IV sets > Oncology connectors and port access > IV catheters and sharps safety > Tracheostomy tubes and kits > Disposable dedicated sets > Large volume pumps > Syringe pumps > Ambulatory and pain pumps > Software and services > Anesthesia and respiratory disposables > Hemodynamic monitoring > Temperature management > Pain management Right to Win US Market Position > Global scale > Clinically preferred products, brands > History of consistent innovation > Complete IV pump portfolio > Strong global installed base > Recent innovation with new line of technology > Valued brands with strong legacy > Resilient products > ~$1.1B > ~$680M (~65% Disposable Revenue) > ~$300M > #1 in IV connectors and sets > #2 > Meaningful position TTM Growth Rate > 6% > 5% > (4%) 1. Revenue figures reflect non-GAAP revenue for the most recently reported trailing 12 -month (TTM) period and exclude products tran sferred to the IV Solutions joint venture
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7 Company Priorities Commercial Momentum Continued Innovation Improved Financial Profile Deliver consistent core revenue growth Realize both incremental and step change innovation Expand gross margins and improve free cash flow
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8 Commercial Momentum | Deliver Consistent Core Revenue Growth Consumables Systems Pricing > New products offer opportunity to drive improved pricing Competitive Share Gains Mid-single-digit growth across core business > Strong position in home care and alternate site with CADD-Solis > Unique LVP market opportunity > Systems wins pull through consumables and vice versa > New Clave labeling claims from peer-reviewed clinical evidence > Deepen account penetration with broadest line of clinically preferred IV consumables > Biologics and home infusion > Growing markets of dialysis, oncology, and tracheostomy > Strong pricing in niche markets > Continue to improve acute pricing Create and Participate in Faster Growth Niche Markets
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9 Continued Innovation | Realizing a New IV Therapy Platform > Full IV pump portfolio > Unique workflows and UI > Managed by separate software > Most precise pump for each infusion type > Ease of use with shared, intuitive UI > Single shared cloud-based enterprise software 2023 Pump Portfolio Today: the IV Performance Platform On Market 2026 Mid Term LifeShield Future-ready designs for further integration and innovation IV Safety Software 1. Plum Duo and Plum Solo approved for US and Canada 2. Medfusion 5000 pending FDA 510(k) approvalSoftware Hardware Plum 360 Medfusion 4000 CADD-Solis Plum Solo and Plum Duo Medfusion 5000 Next-Gen CADD
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10 Continued Innovation | Attractive Product Cycle Opportunity for Further Monetization with SaaS Offerings > IV-EHR interoperability and alert forwarding > Future ready for advanced AI analytics and deeper clinical integrations Enables New Competitive Share Gains > Newest technology on long product cycles > Positive customer feedback and market reception > Opportunity to drive growth of other ICUI products Multi-year Accretive Refresh of Customer Base > Install base aged and poised for refresh > Attractive new technology with accretive ASP and margin profile IV Performance Platform
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11 Continued Innovation | Additional Software Opportunities Devices Across the Care Continuum. From High Acuity to Home. Real-Time Location Services Biomedical Reporting Analytics and Clinical Dashboards IV-EHR Interoperability Cybersecurity Enabling Deeper Clinical Integration into Connected Care Ecosystem Patient Monitoring & Diagnostic Devices New IT Applications Future Connectivity Opportunities Alert Forwarding Improve Clinical Workflows | Enterprise Solutions | Opportunities to Leverage AI Anesthesia & Other Therapy Devices
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12 Continued Innovation | Create Clinical Value with IV Consumables Innovation Patient and Clinician Safety > Reduce infection risk and catheter complications > Protect medication integrity > Minimize hazardous drug exposure Addressing Impactful Clinical Priorities Integrating Core Safety Consumables Across High-Impact Applications LVP Dedicated Pump Sets Ambulatory Dedicated Cassette Infusion Containers Example: Closing Safety Gaps in IV Workflows 1. Products still under development Clinical Efficiency > Leverage clinical expertise to address unmet IV therapy challenges in key care areas > Standardize IV technique across care continuum > Close off IV workflow gaps
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13 Improved Financial Profile | Opportunities for Margin Expansion and Capital Allocation Achieve Target Leverage Goal to Return Cash to Shareholders > Pursue once 2.0x leverage reached > Not dependent on M&A Expand Gross Margin +200bps Expansion Opportunity Remaining > Production & supply chain consolidation > Price & plant volumes > Product mix and innovation Gross Margin Efficient Cash and Capital Structure Levers for FCF Improvement > Further tariff mitigation > Reduced restructuring costs > Reduced quality remediation > Gross margin expansion Maintain Disciplined Capital Structure > Explore portfolio optimization > Invest cash back into business, R&D, and continued innovation Dec-22 Dec-23 Dec-24 Sep-25 4.1x 3.7x 3.5x 2.6x $1.5B $1.4B $1.3B $1.0B 2.0x Target Net Debt & Leverage Ratio Net Debt Leverage Ratio 1. Reported non-GAAP gross margin 2. Net debt represents the gross outstanding term loan principal balance less cash and cash equivalents. 3. Leverage ratio is calculated as net debt divided by reported non -GAAP EBITDA for the trailing 12 -month period, adjusted to exclu de EBITDA from the IV Solutions business for the Sep -25 calculation. 34% 2024 20252023 Near-Mid 35% 36% 37% 36% 36% 40% 41% 43% (2-3) Gross Margin % Tariff Impact Target 45% (before tariffs) 1 2 3
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14 Why Invest in ICU Medical? Inflection point of new product cycle, improving financials, and increasing optionality New Product Cycles and Steady Recurring Revenues > Plum Duo/Solo, Medfusion 5000 launches > LifeShield software opportunity > Consistent consumables growth Exiting Merger Integration Period (Last 3 Years) > Improving gross and operating margins > Synergies to customers being realized > Bringing quality issues to resolution Improving Cash Flow and EPS > Revenue growth and cost containment > Lower overall debt levels > Reducing spending on restructuring and integrations Optionality on Capital Allocation and Return > Potential asset monetization > Target leverage close, allowing for capital return > Tariffs are a wild card
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15 J.P. Morgan 44th Annual Healthcare Conference January 14, 2026