SAN CLEMENTE, Calif., Feb. 12, 2014 (GLOBE NEWSWIRE) -- ICU Medical, Inc., (Nasdaq: ICUI ), a leader in innovative medical devices used in infusion therapy, oncology and critical care applications, announced today the appointment of Vivek Jain as chairman and chief executive officer effective February 13, 2014, concluding a transition process that began when Dr. George Lopez announced his decision to retire as CEO in the fall of 2013. Steve Riggs, the Company's current acting Chief Executive Officer, will immediately resume his previous responsibilities as vice president of Operations.
Mr. Jain joins ICU Medical from the CareFusion Corporation, where he was most recently President of the Procedural Solutions division. In that role, Vivek had executive oversight and responsibility for the majority of CareFusion's medical disposables products, with recent annual revenue of approximately $1.3 billion. Mr. Jain oversaw a diverse range of business units, and during his tenure, each business unit achieved strong revenue growth, broader global reach, and improved operating margins.
"We are very pleased to be able to attract an experienced industry executive to lead ICU Medical," said Dr. George Lopez. "We had very specific criteria for our new CEO and we were strategic about finding the right person - Vivek's extensive experience and proven track record in operations, global growth, product development and corporate transactions was a great background for us."
Mr. Jain said, "It is a great privilege to lead ICU at this very important time, as the Company is well positioned to expand its global market share and utilize its strong core competencies to enhance its growth strategy. I am very pleased that Dr. Lopez will continue to serve on the board of directors as we leverage his knowledge and expertise. I would also like to thank Steve Riggs for his leadership during this time of transition and look forward to working with him and the rest of the ICU team to enhance long-term shareholder value."
Before joining CareFusion, Vivek served as executive vice president of Strategy and Corporate Development at Cardinal Health. He was previously senior vice president of Healthcare Strategy, for Philips Medical at Philips Electronics and spent twelve years at J.P. Morgan and its predecessor companies. Vivek holds his bachelor's degree in economics from the University of Chicago.
About ICU Medical, Inc.
ICU Medical, Inc. (Nasdaq: ICUI ) develops, manufactures and sells innovative medical technologies used in vascular therapy, oncology, and critical care applications. ICU Medical's products improve patient outcomes by helping prevent bloodstream infections, protecting healthcare workers from exposure to infectious diseases or hazardous drugs. The Company's complete product line includes custom IV systems, closed delivery systems for hazardous drugs, needlefree IV connectors, catheters and cardiac monitoring systems. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical, Inc. can be found at www.icumed.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as ''will,'' ''expect,'' ''believe,'' ''could,'' ''would,'' ''estimate,'' ''continue,'' ''build,'' ''expand'' or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including, but not limited to, statements regarding the Company's being positioned for further investments in its product portfolio and expansion of its market presence and delivering value to shareholders. These forward-looking statements are based on Management's current expectations, estimates, forecasts and projections about the Company and assumptions Management believes are reasonable, all of which are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. These risks and uncertainties include, but are not limited to, decreased demand for the Company's products, increased competition from competitors, lack of continued growth or improving efficiencies and unexpected changes in the Company's arrangements with its largest customers. Future results are subject to risks and uncertainties, including the risk factors, and other risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission, which include those in the Annual Report on Form 10-K for the year ended December 31, 2012. Forward-looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
ICU Medical, Inc. Scott Lamb, Chief Financial Officer (949) 366-2183 ICR, LLC John Mills, Partner (310) 954-1105
