ICU Medical Inc (ICUI)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,577,770	1,589,240	1,600,720	1,612,200	1,623,680	1,629,850	1,636,030	1,642,170	0	—	—	—	—	—	—	—	—	—	—	—
Total assets	US$ in thousands	4,378,440	4,376,860	4,463,040	4,470,630	4,515,640	4,450,480	4,590,000	4,746,730	1,880,740	1,839,350	1,802,840	1,765,230	1,763,690	1,729,540	1,859,060	1,816,980	1,692,380	1,637,780	1,622,920	1,613,270
Debt-to-assets ratio		0.36	0.36	0.36	0.36	0.36	0.37	0.36	0.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,577,770K ÷ $4,378,440K
= 0.36

The debt-to-assets ratio of ICU Medical, Inc. has remained relatively stable over the past eight quarters, fluctuating around 0.37. This indicates that, on average, the company has financed approximately 37% of its assets with debt during this period. The consistency in the ratio suggests that ICU Medical has maintained a balanced capital structure, using a mix of debt and equity to fund its operations and investments. The slight increase in the ratio from Q1 2022 to Q2 2022 may reflect a strategic decision to utilize more debt for financing, but overall, the company's reliance on debt appears to be moderate and sustainable. Monitoring this ratio over time can provide insights into ICU Medical's leverage levels and financial risk management practices.