ICU Medical wins bullish view at Piper Sandler on upcoming product cycle wave

[Business on Wall Street in Manhattan]
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Shares of ICU Medical (NASDAQ:ICUI [https://seekingalpha.com/symbol/ICUI]) spiked on Friday after Piper Sandler initiated its coverage with an Overweight rating and a $145 price target, citing an imminent new product cycle wave for the infusion pump maker.

Analyst Jason Bednar argued that California-based ICU Medical (NASDAQ:ICUI [https://seekingalpha.com/symbol/ICUI]) is well-positioned to capitalize on a “large replacement opportunity” in the infusion pump market, which he described as having plenty of tailwinds, including strict regulatory barriers and lasting mid-single-digit growth.

Noting the company’s recently approved infusion pumps, Plum Solo and Plum Duo, [https://seekingalpha.com/pr/20058352-icu-medical-introduces-its-new-category-of-infusion-devices-with-fda-clearances-of-plum-solo] the analyst wrote: “For these pumps, and considering the RFP/sales discussion timeline, management has referenced the upgrade cycles as commencing later this year and into next year.” “And we anticipate the launch of Solo and Duo could have a nice multi-year tail given the replacement needs across the market,” he added.

Bednar also noted that ICU Medical’s (NASDAQ:ICUI [https://seekingalpha.com/symbol/ICUI]) recently submitted regulatory filings for the CADD ambulatory pump and Medfusion syringe pump give it “a host of new pump launches that can help carry revenue growth for the business over at least the next few years.”

Given potential improvements for ICUI’s gross margin and free cash flow, the analyst argues that the stock deserves an NTM P/E multiple of at least the upper teens compared to the five- and 10-year averages of 23x and 26x, respectively.

MORE ON ICU MEDICAL

* ICU Medical, Inc. 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4811863-icu-medical-inc-2025-q2-results-earnings-call-presentation]
* ICU Medical, Inc. (ICUI) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4811862-icu-medical-inc-icui-q2-2025-earnings-call-transcript]
* ICU Medical Non-GAAP EPS of $2.10 beats by $0.60, revenue of $548.9M beats by $8.52M [https://seekingalpha.com/news/4481802-icu-medical-non-gaap-eps-of-2_10-beats-by-0_60-revenue-of-548_9m-beats-by-8_52m]
* Seeking Alpha’s Quant Rating on ICU Medical [https://seekingalpha.com/symbol/ICUI/ratings/quant-ratings]
* Historical earnings data for ICU Medical [https://seekingalpha.com/symbol/ICUI/earnings]