C.R. Bard (NYSE:BCR) shares gained today after the medical products giant reported 1st-quarter earnings that topped expectations on Wall Street, despite a poor quarterly comparison for its Lutonix drug-eluting balloon.
Bard posted profits of $139.8 million, or $1.82 per share, on sales of $819.7 million for the 3 months ended March 31, marking a -5.8% profit slide on sales growth of 2.6% compared with the same period last year.
Adjusted to exclude 1-time items, earnings were $2.10 per share, Bard said, 3¢ ahead of The Street’s $2.07 forecast.
President & COO John Weiland said sales of the Lutonix DEB, which won FDA approval last October, exceeded Bard’s internal expectations. But Lutonix sales declined compared with Q4 2014, largely due to large stocking orders made after the FDA nod.
Chairman & CEO Timothy Ring told analysts during a conference call that Bard is "all about long ramp here in growing this market."
"I think what’s important to us anyway internally within the management group is that for the first quarter we exceeded what our expectations were for the products," Ring said.
"We see our momentum building, not waning. And in addition, we completed our training of Boston Scientific (NYSE:BSX) in Q1. They’ll come on board in Q2 in certain areas, and quite frankly as Tim said, we exceeded our expectations and we really like where we are right now," Weiland added.
Weiland said the company expects Lutonix to bring in about $100 million in sales for its 1st full year.
Bard said it still expects to log adjusted EPS of $8.95 to $9.05 on organic sales growth of 4% to 5%. Second-quarter profits are pegged at $2.15 to $2.19, the company said.
BCR shares were trading at $177.70 apiece in mid-morning activity today, up 0.8%.