ICU Medical makes and sells medical products used in IV drug delivery and patient monitoring, primarily to acute care hospitals and ambulatory clinics. The company's core business has two parts: infusion consumables and infusion systems. Infusion consumables are single-use products — needlefree connectors, IV sets, closed system transfer devices for chemotherapy, and vascular access products — that hospitals buy continuously as long as patients are being treated. The anchor product is the Clave needlefree connector. Infusion systems are IV pumps — large volume, syringe, and ambulatory — paired with proprietary dedicated IV sets and the LifeShield safety software platform, which integrates with hospital EHRs to reduce medication errors. ICU Medical also has a smaller Vital Care segment covering hemodynamic monitoring, anesthesia, respiratory, and temperature management products. The company's business model is built around a recurring revenue flywheel: when a hospital selects an ICU Medical pump, it must use ICU Medical's proprietary dedicated IV sets, generating high-margin consumable revenue over the pump's 8–10 year life. Switching costs are high — replacing pump fleets requires retraining clinical staff and reconfiguring drug libraries. ICU Medical is working toward a unified LifeShield software platform across all pump types, and expects a multiyear installed base refresh cycle for its Plum large volume pump fleet to begin driving revenue from mid-to-late 2026. The company is also completing manufacturing consolidation from its 2022 Smiths Medical acquisition and deleveraging its balance sheet.