ICU MEDICAL, INC.

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• ICU MEDICAL, INC.

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FORWARD LOOKING INFORMATION

• Any statement concerning Managements
  expectation with respect to future results is a
  forward looking statement based upon the best
  information currently available to management and
  assumptions Management believes are reasonable,
  but Management does not intend the statement to
  be a representation as to future results. Future
  results are subject to risks and uncertainties,
  including the risk factors described in the
  Companys filings with the Securities and
  Exchange Commission, which include those in the
  Form 8-K dated February 15, 2002. Actual results
  in the future may differ materially from
  Managements current expectations.

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AGENDA

• Company Overview
• IV Industry Overview
• Products
• Growth Strategy
• Marketing and Distribution
• Manufacturing
• Financial History
• Investment Highlights

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COMPANY OVERVIEW

• Core competence
• Product innovation
• IV disposables
• Manufacturing innovation
• Custom IV systems
• Consistent growth
• Superior distribution
• High barriers to entry

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ICU MEDICAL FACTS

• Compound 5 Year Growth Rates - 12/02
• Sales 24
• Net Income 28
• EPS 22
• Revenue 2002 87.8 million
• Return on equity,
• excluding investments 41
• Cash and investments - 6/03 69.6 million
• Debt -0-
• Equity - 6/03 147.0 million

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IV SYSTEMSINDUSTRY OVERVIEW
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MARKET SHARE -IV SOLUTIONS SETS
Abbott 45
B.Braun 10
Baxter 40
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PROTECTIVE IV CONNECTOR MARKET SIZE and CATALYSTS

• IV Market 4 billion
• Potential U.S. safe connector market over 1.0
  billion
• HIV / Hepatitis B transmission - healthcare
  workers
• High cost of accidental needlesticks
• IV connections are the largest source of needle
  usage
• Court Cases
• OSHA regulations / CAL OSHA / States

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ICU MEDICAL, INC.PRODUCTS
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PRODUCT OVERVIEW

• Proprietary disposable medical connection systems
  for use in intravenous therapy
• Custom IV systems
• Blood collection needles

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REPUTATION FOR INNOVATION

• Create the market for safe medical connectors
• 1984 Click Lock
• Always first with new technology
• 1993 first swabable, needleless system, CLAVE
• CLC 2000 in 1997
• 1O2 Valve in 1998
• Custom IV Systems
• Blood Collection Devices

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DIVERSIFIED REVENUE MIX
(Excludes all non product revenue)
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The CLAVE way
The CLAVE way
The old way
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CLAVE SALES
Millions
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CLC2000
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CLC 2000

• Clotting of catheters requires expensive
  procedures to flush clots, or replacement of
  catheter
• CLC 2000 developed to eliminate clotting of
  catheters
• No back flow

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PUNCTUR-GUARD
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PUNCTUR-GUARD
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PUNCTUR-GUARD

• Safety needles for blood collection
• Blood Collection Needle
• Winged Set

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1O2 VALVE

• Only One-Way or Two-Way drug delivery system
  both infusion and aspiration
• Initial Markets Anesthesia, NICU
• High flow rate, low dead space
• Sell in custom sets

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CUSTOM IV SYSTEMS

• Business Strategy
• Lower cost to customer
• Short delivery time 3 to 21 days maximum
• No minimum order quantity
• Sell entire system, not just a component
• Method Innovative proprietary systems
• Automate product design and validation
• Core manufacturing competence
• Low inventory carrying costs

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CUSTOM IV SYSTEMS

• Set Design Online from offices worldwide
• Central computer in California
• Job order to Baja plant
• Assemble, sterilize (2003) and ship from Baja

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Custom 1o2 I.V. Set
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(No Transcript)
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CUSTOM IV SYSTEM SALES
Millions
5 8 11 12 14
18 16 20 of Sales
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GROWTH STRATEGY

• Mass customization
• Capitalize on existing products
• New products
• Strategic alliances and acquisitions
• Low cost production

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Marketing andDistribution
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SALES CHANNELS

• 
  First
  Half
• 1999 2000 2001 2002 H1 02
  H1 03
• OEMs 33.3 41.7 50.3 63.7
  32.8 38.9
• Specialty
• Distributors 11.8 12.1 13.4
  17.0 7 .7 11.4
• International 1.9 2.4 5.4
  7.1 3.1 1.8
• 47.0 56.2 69.1
  87.8 43.6 52.0

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THE ICU PRODUCT SPECIALIST

• ICU representative in the field
• Driving, motivating educating distributor
  representatives
• Rapid product introduction feedback
• Intelligence gathering

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Manufacturing
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MANUFACTURING HIGHLIGHTS

• Manufacturing and Assembly
• 3 modern facilities in San Clemente
• 1 recently expanded facility in Ensenada
• 1 facility in Connecticut
• 1 facility in Italy
• 42 plastic or silicon molding machines
• 21 automated assembly machines
• Manual assembly
• Adequate capacity for growth

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Financial Overview
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BALANCE SHEETJune 30, 2003
(in millions of dollars)

• Cash and
• investments 69.6
• Other current assets 32.0
• 101.6
• Fixed assets and other 55.4
• 157.0

Current Liabilities 10.0 Debt
-0- Equity 147.0
157.0
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SUMMARY FINANCIAL DATA
(in millions of dollars, except per share)
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SUMMARY FINANCIAL DATA
(represented as of revenue)
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SUMMARY FINANCIAL DATA
(in millions of dollars, except per
share) (represented as of revenue)
First Half
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FINANCING

• IPO March 1992
• Second Offering June 1995
• Stockholders
• CEO Lopez and Family 10
• Other Officers/Directors 1
• Others over 5 44

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SEASONALITY -PERCENT OF ANNUAL SALES
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INVESTMENT HIGHLIGHTS

• The leader in proprietary IV connectors
• Establishing a new custom IV systems market
• Strong balance sheet
• Comprehensive growth strategy
• Seasoned management team
• World class manufacturing