ICU Medical Inc (ICUI)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,577,770	1,623,680	0	—	—
Total stockholders’ equity	US$ in thousands	2,123,410	2,089,930	1,616,030	1,502,260	1,377,240
Debt-to-equity ratio		0.74	0.78	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,577,770K ÷ $2,123,410K
= 0.74

The debt-to-equity ratio of ICU Medical, Inc. has shown a gradual increase from 0.00 in 2021 to 0.77 in 2023. This indicates that the company has started to rely more on debt financing compared to equity financing over the years. Despite the increase, the ratio remains below 1, suggesting that the company's debt levels are still relatively moderate compared to its equity. It is worth noting that in both 2021 and 2022, the ratio was 0.00, indicating that the company had no debt during those years. This sudden change in 2023 may suggest a strategic shift in the company's capital structure. Investors and stakeholders may want to monitor this trend closely to assess the company's ability to manage its debt obligations effectively while maintaining financial stability.