ICU Medical Inc (ICUI)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	22,825	-42,898	123,245	98,162	107,360
Total assets	US$ in thousands	4,378,440	4,515,640	1,880,740	1,763,690	1,692,380
Operating ROA		0.52%	-0.95%	6.55%	5.57%	6.34%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $22,825K ÷ $4,378,440K
= 0.52%

The operating return on assets (ROA) for ICU Medical, Inc. has shown fluctuations over the past five years. In 2023, the operating ROA improved to 1.09% compared to a negative figure of -0.08% in 2022. This signifies a positive shift in the company's efficiency in generating operating profits relative to its total assets. However, the 2023 ROA remains lower than the levels seen in 2021 (7.52%), 2020 (7.63%), and 2019 (8.64%). This suggests that ICU Medical, Inc. may have experienced challenges in utilizing its assets effectively to generate operating income in 2023, compared to the previous years. Further analysis and comparison with industry benchmarks may provide additional insights into the company's operational performance.