MMSI - ICU Medical Not In Critical Condition But There's Still Rehab Work To Do
Summary
- ICU Medical spent far more time, energy, and resources than expected in 2022 on fixing Smiths Medical, but the heavy lifting seems largely done for most of the businesses.
- Allowing that current results don't reflect the full impact of the improvements management has made, underlying sequential performance in the core business was still lackluster in Q4.
- Results should continue to improve through 2023 as the 2022 fixes play out, but the "new normal" and real synergies aren't likely to emerge until 2024 and beyond.
- I can argue for a share price closer to $200, but the issues at Smith Medical have cost the company a year or so of leverage and improvement.
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ICU Medical Not In Critical Condition, But There's Still Rehab Work To Do