Welcome to the second quarter 2009 ICU Medical Incorporated earnings conference call. (Operator Instructions). I would now like to turn the call over to Mr. John Mills of ICR.

Thank you for joining us today to review ICU Medical’s financial results for the second quarter ended June 30, 2009. On the call today representing ICU is Dr. Lopez, Chairman and President, and Scott Lamb, Chief Financial Officer. We will start the call by reviewing key operating and financial achievements for the quarter, and then Scott will discuss financial results in more detail. Dr. Lopez will wrap up the call with an update on the company’s revenue and earnings targets for fiscal 2009 and a discussion of current business trends. Then the company will open the call for your questions. Before we start, I want to touch upon any forward-looking statements made during the call. Please be aware they are based on the best available information to management and assumptions that management believes are reasonable. Those statements are not intended to be a representation of future results and are subject to risks and uncertainties. Future results may differ materially from management’s current expectations. We refer all of you to the company’s SEC filings for more detailed information on the risks and uncertainties that have a direct bearing on operating results and performance and financial conditions. With that said, I’d now like to turn the call over to Dr. Lopez.

We are pleased to report another strong quarter of sales and profitability. In spite of the challenging economic environment, we continue to enjoy strong demand for our products worldwide, and our sales grew 10% to $53.4 million year over year. Net income increased 20% to $5.7 million or $0.38 per diluted share. A favorable product mix, improved manufacturing efficiencies, and favorable foreign exchange rates related to our factory in Mexico resulted in a more than five percentage point gross margin expansion to 48.3%. Our operating margins improved 16.2% compared to 11.7% a year ago. We ended the second quarter with $144.7 million of cash, cash equivalents, and investment securities, no debt, and generated over $26.6 million of operating cash flow for the first six months of this year. Before I turn the call over to Scott Lamb for a more detailed review of our financial results, I would like to discuss a recent accretive acquisition in more detail. On July 9, 2009, we announced a definitive purchase agreement to acquire the commercial rights and physical assets of Hospira’s critical care product line for approximately $35 million in cash, and we expect this to close in the third quarter of 2009. As you know, we have a strong working relationship with Hospira, and the recent internal initiatives that they refer to have their company focus longer term on areas outside of critical care. We believe when you factor in our existing customer base, we are now in a better position to expand distribution of these products through our additional customers and strategic partnerships. In addition, we expect our leading low-cost manufacturing combined with our expanding sales team will enable us over time to pursue expanding our market share in critical care. Taking all of these factors into account, we believe this…

Before I begin, let me remind all of you that the sales numbers we are covering as well as our financial statements are available on the Investor portion of our web site as well. As doc already mentioned, our revenue for the second quarter of 2009 increased approximately 10% to $53.4 million, compared to revenue of $48.6 million for the second quarter a year ago. Net income increased 20% to $5.7 million or $0.38 per diluted share compared to net income of $4.8 million or $0.33 per diluted share for the second quarter of 2008. For the six months ended June 30, 2009, our revenue increased over 15% to $107.7 million compared to revenue of $92.2 million in the same period last year. Our net income for the 6 months of 2009 increased 67% to $12.8 million or $0.85 per diluted share, compared to net income of $7.7 million or $0.53 per diluted share for the six months of 2008. Now let me discuss our second quarter sales by product category. Sales from claves represented 40% of our second quarter total revenue and grew 16% from $18.4 million to $21.3 million year over year, and as expected were relatively flat compared to $21.2 million in the first quarter of this year. As we have mentioned on our previous conference call, due to the economic downturn, some of our customers started to more conservatively manage their inventory which resulted in flattening out of clave sales. We believe it’s a temporary trend, and our expanding relationship with MedAssets and Premier will help drive year over year growth in the mid to high single digits. Custom sets which include custom oncology, custom infusion, and custom critical care represented 34% of our total second quarter revenue and increased 7% to $18.1 million compared to…

As evidenced by our operational and financial achievements for the first half of the fiscal year, we have made significant progress in executing our growth strategy, weathering the global economic recession and building value for our shareholders. Let me briefly review our recent growth initiatives. I’ll start with critical care. We’re excited about the long-term opportunities our critical care creates, and now that we have complete worldwide control over commercial responsibility for all the critical care products, we believe we will be able to eventually gain back market share. Assuming the acquisition closes on schedule in the third quarter, which is crucial to these numbers, we expect the acquisition to contribute $0.01 to $0.02 per diluted share to our earnings for our second half of 2009. Because of the GAAP accounting standards already explained by Scott that requires us to record revenue and cost differently in the third and fourth quarters of this year, we wanted to provide additional guidance on critical care revenue for 2010. Based on the current trends, we expect to generate additional revenue related to critical care in the range of $30 to $35 million for the full year of 2010. Based on the current demand for our core products both domestically and internationally as well as considering the positive impact from critical care acquisition, we are increasing our revenue targets for the full year of 2009 to be in the range of $220 to $230 million from the previous range of $215 to $225 million. We expect all but one of our product lines in 2009 to achieve growth over 2008. Again these numbers are predicated on us closing the critical care transition on time. Taking into account the improved product mix and given that foreign exchange rates remain favorable, we expect our gross margins…

(Operator Instructions). The first question comes from the line of Stephen Simpson with Northland Securities. Stephen Simpson – Northland Securities: I was curious if you were able or willing to break out, at least on a relative basis, the impact of those factors you mentioned on gross margins, the various factors that played into the GM, which ones were more significant or less so?

The two most significant are the favorable product mix and the favorable exchange rate with our factory in Mexico. Each one represents about 200 basis points of difference, and the rest comes from lower freight and efficiencies. Stephen Simpson – Northland Securities: Could you give us an updated number on how many sales people you have on staff as of at the end of the quarter?

100.

(Operator Instructions). The next question comes from the line of Mitra Ramgopal with Sidoti. Mitra Ramgopal – Sidoti: If I had to start with critical care, if you could just recap a little of the acquisition as to what made you decide to be more involved in a business given that maybe a year ago we weren’t sure in what direction you wanted to go to in critical care. Maybe you can just help us in terms of why you think it’s attractive for you.

We think it’s attractive for a number of reasons. One, we think that there is growth potential with focus, if we focus on the business. It wasn’t Hospira’s primary focus especially with Project Fuel. They were focusing on their core products, so we think there is growth potential there especially internationally. That’s number one. Number two, it is a combination of our margins. It’s favorable in terms of the economics. In business, it’s not a very high margin business compared to our standard margin. By combining the margins, it makes it attractive. Those are the two main reasons, and the third reason is we think that we can expand our presence with a salesforce by hiring 25 more sales people that can do double duty. We can expand our sales force and sell some of our products in the critical care unit. Mitra Ramgopal – Sidoti: How much of the growth are you really looking for in terms of just doing a better job with the existing base of customers you have in critical care versus pushing new product through Premier and MedAssets?

The former. First of all, hold on to your existing customers and then expand within that existing customer base. In Europe, we think there is an opportunity to change distribution models and increase market share, but a third of the sales are international.

For right now, Mitra, the $30 to $35 million that we talked about for 2010, that’s what we are looking at this point as far as added sales coming from critical care. Mitra Ramgopal – Sidoti: In terms of the guidance that you provided this afternoon, how much of it are you counting on from Premier and MedAssets given that you probably have gotten the last grade of visibility on your Premier relationship?

We have not broken that out, but a lot of the growth is definitely coming from both our Premier and MedAsset relationship. Those are continuing to help drive sales, and we mentioned before, the fourth quarter is when we expect that we should see some significant sales coming from Premier. Premier should kick in in the fourth quarter. Mitra Ramgopal – Sidoti: With the critical care transaction, we should assume any real change in your relationship with Hospira—all the contracts in place, etc.?

No change in all that. We still have a great relationship with Hospira, and it should get better.

At this time, we have no further questions in the queue. I would like to turn the call back over to Dr. Lopez for any closing remarks.

Thank you very much for joining us on this conference call, and we look forward to talking to you in October.