ICU Medical Slides on 4Q Earnings

ICU's stock fell $6.24, or 16.7 percent, to $31.17 in afternoon trading, having dropped to a 52-week low of $30.85 earlier in the day. The stock traded between $31.96 and $45.02 over the last year.

San Clemente, Calif.-based ICU said late Monday that net income fell to $6 million, or 41 cents per share, from $6.9 million, or 44 cents per share, in the fourth quarter.

Revenue fell 14 percent to $45.5 million in the fourth quarter from $52.8 million a year ago.

"As expected, the fourth quarter's top-line performance was adversely impacted by a double-digit decline in critical care products that we sell to Hospira. Except for critical care, our overall business performed very well in 2007," said ICU Medical's Chief Financial Officer Frank O'Brien. ICU makes critical care medical devices including catheters and heart monitoring systems.

In July, the medical device maker cut its full-year profit and revenue forecast, due to weaker demand from hospital products maker Hospira Inc.

For the full year, ICU said earnings fell 10 percent to $23.1 million, or $1.51 per share, from $25.7 million, or $1.64 per share. Revenue declined 7 percent to $188.1 million from $201.6 million.