Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LOPEZ GEORGE A
  2. Issuer Name and Ticker or Trading Symbol
ICU MEDICAL INC/DE [ICUI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) __X__ Other (specify below)
Chairman / Chairman
(Last)
(First)
(Middle)
951 CALLE AMANECER
3. Date of Earliest Transaction (Month/Day/Year)
10/12/2006
(Street)

SAN CLEMENTE, CA 92673
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 10/12/2006 10/12/2006 X   68,711 A $ 5.5417 82,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0008 81,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0022 80,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0032 79,733 D  
Common Stock 10/12/2006 10/12/2006 S   2,000 D $ 48.0033 77,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0046 76,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0047 75,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0059 74,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0068 73,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0086 72,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.01 71,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.013 70,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0137 69,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.014 68,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0185 67,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0212 66,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.0656 65,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.199 64,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.2151 63,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.3038 62,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.3281 61,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.3569 60,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.366 59,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.4044 58,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.435 57,733 D  
Common Stock 10/12/2006 10/12/2006 S   8,000 D $ 48.44 49,733 D  
Common Stock 10/12/2006 10/12/2006 S   1,000 D $ 48.02 48,733 D  
Common Stock 10/12/2006 10/12/2006 S   34,711 D $ 48 14,022 D  
Common Stock               1,186,843 I by Partnership (1)
Common Stock               23,223 I by Trust (2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 5.5417 10/12/2006   X     68,711 01/30/1999 01/31/2008 Common Stock 68,711 (3) 31,289 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LOPEZ GEORGE A
951 CALLE AMANECER
SAN CLEMENTE, CA 92673
  X     Chairman Chairman

Signatures

 By: Lynn DeMarti;ni For: George A. Lopez, M.D.   10/16/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Excludes 22,959 shares held by Diana K. Lopez, M.D. Dr. Lopez disclaims any beneficial interest in the shares held by his wife.
(2) Common Stock owned by Lopez Family Trust. Dr. Lopez is trustee and beneficiary of the Family Trust. Except to the extent of his peciuniary interests as beneficiary of the Family Trust, Dr. Lopez disclaims any beneficial ownership of the shares owned by the Family Trust.
(3) Transaction is the exercise of a derivative security; see Column 2.

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