|ICU Medical CEO George Lopez|
ICU Medical ($ICUI) is considering selling itself, retaining advisers to find suitors and weigh offers that may soar past $1 billion, Bloomberg reports.
Citing unnamed sources, the news agency reported that ICU has signed on with JPMorgan Chase to broker the sale process, which is still in its earliest phases as the company measures interest. Neither ICU nor JPMorgan is commenting on the rumors.
ICU makes intravenous devices used in infusion therapy, oncology and critical care. In 2012, the company reaped $316.3 million in revenue, a 4.9% increase over the previous year led by 8.3% growth in infusion revenue and a 24.2% sales leap in its small but fast-growing oncology business.
Last quarter, ICU's revenue dipped about 1.6% over the same period in 2012, falling to $74.3 million due to expected declines in critical care and needle-free connectors. Still, ICU has been cutting costs and managed 14.3% net income growth, reporting $8.7 million in profit on the quarter.
As Bloomberg notes, if ICU does indeed sell itself, CEO George Lopez would be a chief beneficiary, as he holds an 11% stake in the company after founding it about 30 years ago.
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