Vivek Jain, CEO of ICU Medical, bought 30,000 shares of ICU Medical (Stock Symbol: ICUI) at $58.75 per share for a total amount of $1762.5 million on March 5, 2014.
ICU Medical is headquartered in San Clemente, California.
On February 24, 2014, ICU Medical named Vivek Jain as the new CEO. The Company awarded Vivek Jain an employment inducement option to purchase 182,366 shares of the Company’s common stock with an exercise price per share of $58.79 (the “Inducement Option”) and an employment inducement grant of restricted stock units with respect to 68,039 shares of the Company’s common stock. The Compensation Committee also awarded Mr. Jain an option to purchase 500,000 shares of the Company’s common stock with an exercise price per share of $58.79 (the “Incentive Option”) under the 2011 Stock Incentive Plan. The Inducement Grants and the Incentive Option were approved by the Compensation Committee, which is comprised solely of independent directors.
On February 12, 2014, ICU Medical announced its latest quarterly results. Fourth quarter of 2013 revenue was $77.9 million, compared to $82.7 million in the same period last year. Net income for the fourth quarter of 2013 was $13.3 million, or $0.86 per diluted share, as compared to net income of $12.3 million, or $0.82 per diluted share, for the fourth quarter of 2012. The fourth quarter of 2013 net income had a tax rate of 3.1% compared to same period last year tax rate of 34.8%. The lower tax rate was due to a one-time benefit from a change in foreign tax legislation. For the fiscal year ended December 31, 2013, revenue was $313.7 million, compared to $316.9 million in the same period last year. Net income for the fiscal year ended December 31, 2013 was $40.4 million, or $2.65 per diluted share, compared to net income of $41.3 million, or $2.80 per diluted share, for the same period last year.
According to Capital IQ, ICU Medical has a market cap of $891.37 million, an enterprise value of $594.50 million, and trailing 12 month revenues of $311.92 million.
ICU Medical, Inc. develops, manufactures, and sells medical devices used in infusion therapy, oncology, and critical care applications. It operates in three segments: Infusion Therapy, Critical Care, and Oncology. The companys product line includes needlefree infusion connectors, custom infusion systems, catheters and hemodynamic monitoring systems, closed system transfer devices, and automated compounders for handling hazardous drugs. Its products enhance patient outcomes by preventing bloodstream infections, and protecting healthcare workers and patients from exposure to infectious diseases or hazardous drugs. The company offers I.V. therapy lines consisting of a tube running from a bottle or plastic bag containing an I.V. solution to a catheter inserted in a patients vein for use in hospitals and ambulatory clinics; and Clave product, a needlefree infusion connection device, which is used with conventional peripheral or central vascular access systems for venous and arterial applications. It also provides critical care products that monitor vital signs and specific physiological functions of key organ systems, including disposable pressure-sensing devices, blood sampling systems, minimally invasive monitoring sensors, catheters, and angiography kits for various purposes. In addition, the company provides a line of oncology products, including ChemoLock and ChemoClave closed system transfer device and components, including Genie closed vial access device and Spiros closed male luer; custom preparation and administration sets and accessories; and Diana hazardous drug compounding system. Further, it offers Tego needlefree hemodialysis connectors and Lopez enteral valves. ICU Medical, Inc. sells its products to medical product manufacturers, independent distributors, and directly to end users.
Mr. Jain is 42 years old.
According to his biography, Mr. Vivek Jain is Chairman of the Board, Chief Executive Officer of the Company. Mr. Jain served as CareFusion’s President, Procedural Solutions since August 2011. From September 2009 until July 2011, Mr. Jain served as President, Medical Technologies and Services of CareFusion. From July 2007 until August 2009, Mr. Jain served as the Executive Vice President-Strategy and Corporate Development of Cardinal Health. Prior to joining Cardinal Health, from May 2006 to August 2007 Mr. Jain served as Senior Vice President/Head of Healthcare Strategy, Business Development and M&A for the Philips Medical Systems business of Koninklijke Philips Electronics N.V., an electronics company. Mr. Jain was an investment banker at J.P. Morgan Securities, Inc., an investment banking firm, from July 1994 to April 2006. His last position with J.P. Morgan was as Managing Director/Co-Head of Global Healthcare Investment Banking from April 2002 to April 2006.
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