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Raymond James Says 'Supply Chain Challenges Made Q1 Messy' For This Medtech Stock

By Vandana Singh
  • ICU Medical Inc (NASDAQ:ICUI) reported Q1 sales of $543.1 million vs. Raymond James' estimate of $530 million. 
  • Core ICU beat by $7 million, while newly acquired Smiths Medical missed by $5 million. 
  • With an Outperform rating, the analysts lowered the price target from $265 to $235.
  • Adjusted EPS was $1.82, down from Raymond James' estimate of $1.73, on a lower tax rate. 
  • The analysts say that Q1 was always going to be a tricky quarter given the deal's complexity and the fact that ICU does not guide quarterly, but they hoped for a bit more momentum. 
  • Related: Smiths Group Divests Its Medical Division To ICU Medical In $2.4B Deal.
  • Various supply chain challenges (some voluntary) made the quarter even messier. 
  • Underlying demand seems strong for both ICU and Smiths. Still, the supply chain dynamics have resulted in a much larger backlog, and when exactly the backlog will be fulfilled is challenging, the analysts wrote. 
  • These are near-term issues that should be fixed over time, and the merits of the deal still stand. 
  • ICU did not change its guidance, but Raymond James trimmed its estimates to reflect a slower Smiths ramp in the near term. 
  • "We believe much of this uncertainty is increasingly baked into sentiment, and we continue to see value in a self-help margin improvement story, which underpins our Outperform rating," the analysts added. 
  • Price Action: ICUI shares closed lower by 6.07% at $173.49 on Wednesday.
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Dive Deeper:
What's Driving Rivian Stock Lower Today?
Rivian Automotive Inc (NASDAQ: RIVN) shares are trading lower Thursday after the company reported financial results. Several analysts lowered price targets…
Raymond James Maintains Outperform Rating for MeridianLink: Here's What You Need To Know
Raymond James has decided to maintain its Outperform rating of MeridianLink (NYSE:MLNK) and lower its price target from $27.00 to…
Rivian Is A 'Show-Me-The-Money' Story But Has 'More Pieces In Place' Than Peers: Analysts React To Q1 Earnings
Electric vehicle company Rivian Automotive Inc (NASDAQ: RIVN) reported first-quarter production of 2,553 vehicles. The company delivered 1,227 vehicles in the…
7 Walt Disney Analysts React To Q2 Earnings Miss, Subscriber Beat, Ongoing Asia Weakness
Walt Disney Co (NYSE: DIS) shares traded lower by 3.7% on Thursday after the company reported first-quarter earnings and said…
One subscription that gives you access to news from hundreds of sites
4 Coinbase Analysts On Q1 Earnings, Stock Plummet: Projections Include Short-Term Crypto Winter, Long-Term Growth
Cryptocurrency trading platform Coinbase Global Inc (NASDAQ: COIN) reported first-quarter financial results Tuesday.
What's Going On With Boyd Group Services Shares Today
Boyd Group Services Inc (TSX:BYD) (OTC:BYDGF) price target has been lowered to C$165 from C$188 by BMO Capital analyst Jonathan Lamers. The analyst has a…
Get all your news in one place