Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information for Common Stock
Our common stock has been traded on the NASDAQ Global Select Market under the symbol “ICUI” since our initial public offering on March 31, 1992.
Dividends
We have never paid dividends and do not anticipate paying dividends in the foreseeable future as the Board of Directors intends to retain future earnings for use in our business or to purchase our shares. Any future determination as to payment of dividends or purchase of our shares will depend upon our financial condition, results of operations and such other factors as the Board of Directors deems relevant.
Stockholders
As of January 31, 2021, we had 54 stockholders of record. This does not include persons whose stock is in nominee or “street name” accounts through brokers.
Securities authorized for issuance under equity compensation plans are discussed in Part III, Item 12 of this Annual Report on Form 10-K.
Issuer Repurchase of Equity Securities
The following is a summary of our stock repurchasing activity during the fourth quarter of 2020:
Period Shares
purchased Average
price paid
per share Shares
purchased
as part of a
publicly
announced
program Approximate
dollar value that
may yet be
purchased
under the
program (1)
10/01/2020 - 10/31/2020 — $ — — $ 100,000,000
11/01/2020 - 11/30/2020 — $ — — $ 100,000,000
12/01/2020 - 12/31/2020 — $ — — $ 100,000,000
Fourth quarter 2020 total — $ — — $ 100,000,000
____________________________
(1) Our common stock purchase plan, which authorized the repurchase of up to $100.0 million of our common stock, was authorized by our Board of Directors and publicly announced in August 2019. This plan has no expiration date. We are not obligated to make any purchases under our stock purchase program. Subject to applicable state and federal corporate and securities laws, purchases under a stock purchase program may be made at such times and in such amounts as we deem appropriate. Purchases made under our stock purchase program can be discontinued at any time we feel additional purchases are not warranted.
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ITEM 6. SELECTED FINANCIAL DATA
The following selected consolidated financial data (presented in thousands, except per share amounts) is derived from our Consolidated Financial Statements. Beginning in 2017, our results reflect our acquisition of HIS. During 2018, we adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Our historical operating results are not necessarily indicative of future operating results and should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Year ended December 31,
(in thousands, except per share data)
2020 2019 2018 2017 2016
INCOME DATA:
REVENUE
Net sales $ 1,271,004 $ 1,266,208 $ 1,400,040 $ 1,292,166 $ 379,339
Other — — — 447 33
TOTAL REVENUE 1,271,004 1,266,208 1,400,040 1,292,613 379,372
COST OF GOODS SOLD 809,507 794,344 830,012 866,518 177,974
GROSS PROFIT 461,497 471,864 570,028 426,095 201,398
Selling, general and administrative expenses 283,953 276,982 320,002 302,169 89,426
Research and development expenses 42,948 48,611 52,867 51,253 12,955
Restructuring, strategic transaction and integration 28,409 80,574 105,390 77,967 15,348
Contract settlement (975) 5,737 41,613 — —
Change in fair value of contingent earn-out 9,000 (47,400) 20,400 8,000 —
Impairment of assets held for sale — — — — 728
TOTAL OPERATING EXPENSES 363,335 364,504 540,272 439,389 118,457
INCOME (LOSS) FROM OPERATIONS 98,162 107,360 29,756 (13,294) 82,941
BARGAIN PURCHASE GAIN — — — 70,890 1,456
INTEREST EXPENSE (1,753) (549) (709) (2,047) (118)
OTHER INCOME (EXPENSE), net 1,085 7,896 (6,673) (4,266) 885
INCOME BEFORE INCOME TAXES 97,494 114,707 22,374 51,283 85,164
(PROVISION) BENEFIT FOR INCOME TAXES (10,624) (13,672) 6,419 17,361 (22,080)
NET INCOME $ 86,870 $ 101,035 $ 28,793 $ 68,644 $ 63,084
NET INCOME PER SHARE
Basic $ 4.16 $ 4.90 $ 1.41 $ 3.50 $ 3.90
Diluted $ 4.02 $ 4.69 $ 1.33 $ 3.29 $ 3.66
WEIGHTED AVERAGE NUMBER OF SHARES
Basic 20,907 20,629 20,394 19,614 16,168
Diluted 21,591 21,545 21,601 20,858 17,254
Cash dividends per share $ — $ — $ — $ — $ —
CASH FLOW DATA:
Total cash flows from operations $ 222,752 $ 101,918 $ 160,215 $ 154,423 $ 89,941
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As of December 31,
(in thousands)
2020 2019 2018 2017 2016
BALANCE SHEET DATA:
Cash, cash equivalents and short-term investment securities $ 410,784 $ 292,637 $ 382,110 $ 300,133 $ 445,082
Working capital $ 725,289 $ 633,729 $ 677,747 $ 654,370 $ 528,560
Total assets $ 1,763,691 $ 1,692,382 $ 1,585,391 $ 1,496,951 $ 704,688
Stockholders’ equity $ 1,502,265 $ 1,377,244 $ 1,263,655 $ 1,198,254 $ 660,155