ICU Medical, Inc. (NASDAQ: ICUI) is under investigation by Pomerantz LLP for potential securities fraud following an FDA warning about unauthorized changes to its infusion pump products.
The FDA’s warning led to a significant stock price drop of $6.04 per share, reflecting investor concerns over potential financial and reputational damage.
Financial metrics indicate challenges, with a negative P/E ratio of -701.68 and a high price-to-sales ratio of 31.96, among other concerning ratios.

ICU Medical, Inc. (NASDAQ: ICUI) is currently under the microscope as Pomerantz LLP investigates potential securities fraud or unlawful business practices. This inquiry follows a warning from the FDA regarding unauthorized changes to ICU’s infusion pump products, which were deemed “adulterated” and “misbranded.” The FDA’s concerns about the devices’ functionality and safety have prompted questions about ICU’s regulatory disclosures.

The FDA’s warning had an immediate impact on ICU’s stock, which fell by $6.04 per share, or 4.42%, closing at $130.68. This drop reflects investor concerns about the potential financial and reputational damage to the company. Despite this, on May 20, 2025, Chung Kevin, ICU’s Chief Medical Officer, purchased 4,500 shares at $1.25 each, increasing his total ownership to 18,185 shares.

ICU’s financial metrics reveal challenges. The company has a negative price-to-earnings (P/E) ratio of -701.68, indicating negative earnings. The price-to-sales ratio is 31.96, suggesting investors are paying a high premium for the company’s sales. The enterprise value to sales ratio is 20.44, reflecting a high valuation relative to sales.

The enterprise value to operating cash flow ratio is -0.58, highlighting negative operating cash flow. The earnings yield is -0.14%, further emphasizing the negative earnings situation. ICU’s debt-to-equity ratio is 0.64, indicating a moderate level of debt compared to equity. The current ratio is 0.96, showing slightly fewer current assets than liabilities.