ICU Falls 22% on Concern About Sales

ICU Medical Inc. shares fell 22% after the San Clemente company said fourth-quarter sales of its medical devices were lower than analysts expected.

ICU, which specializes in safety devices for intravenous drug-delivery systems, said fourth-quarter revenue was little changed from the same quarter of 2001 before a one-time $3.23-million payment the firm received for a licensing agreement.

Sales to Abbott Laboratories, one of ICU’s biggest customers, fell 23% from a year earlier, the company said.

Net income rose 23% to $5.88 million, or 38 cents a share, from $4.77 million, or 32 cents, in the fourth quarter of 2001.

Revenue rose 16% to $24.1 million, including the licensing payment.

Shares of ICU fell $8.06 to $28.35 on Nasdaq.