Investors on Wall Street shrugged off the $51 million hit to C.R. Bard’s (NYSE:BCR) bottom line from a legal settlement, bumping shares up about 2% today.
The Murray Hill, N.J.-based medical device giant posted profits of $113.8 million, or $1.30 per diluted share, on sales of $751.9 million for the 3 months ended Dec. 31, 2011, for a top-line gain of 5% but a bottom-line slide of 16.4%. Excluding 1-time items, however – such as the $51 million settlement over its brachytherapy business – adjusted EPS reached $1.70, 2 cents above The Street’s expectations.
For the full year, Bard logged profits of $328.0 million, or $3.69 diluted EPS, on sales of $2.90 billion, up 6.5% and down 35.6%, respectively. Adjusted EPS for 2011 also topped consensus estimates by 2 pennies.
"Fourth quarter constant currency net sales growth of 5% was at the top end of our guidance and allowed us to exceed adjusted EPS guidance for the quarter and for the year. Our revenue growth is being driven by a combination of geographic investments, external acquisitions and internal research and development. By combining top-line growth with disciplined expense management and share-repurchase programs, we have been able to meet our short-term commitments to shareholders while positioning the company for healthy long-term growth," chairman & CEO Timothy Ring said in prepared remarks.
Last week Bard said it had reached a preliminary deal with the U.S. Attorney’s Office for the Northern District of Georgia to resolve charges associated with the company’s brachytherapy radiation cancer therapy treatment business. That, along with a 4.5 million writedown for "the impairment of Greek bonds," $7.9 million in acquisition costs and $17.6 million in tax-related charges combined to push diluted EPS down by 40 cents.
Yesterday CFO Todd Schermerhorn told analysts on a conference call that Bard expects sales growth of between 4% to 7% during the 1st quarter.
"From an EPS standpoint, the ClearStream and Medivance deals will become more accretive as we move through the year, so we see first quarter in the range of $1.53 to $1.57, excluding items affecting comparability, if any," Schermerhorn said. "We repurchased roughly 1.4 million shares of our stock in Q4. The balance sheet as of December 31, 2011, reflects cash, restricted cash and short-term investments of $743.5 million versus $967.3 million at September 30, the decrease being driven by the deals in Q4."
BCR shares were up 2.0% to $94.32 today as of about 11 a.m.
Siemens’ health care division doubles 2011 profits
The health care division of Siemens (NYSE:SI) more than doubled its 2011 operating profits, while its parent corporation saw profits rise more that 55% for the fiscal year ended Sept. 30, 2011.
Siemens’ health care operation posted operating profits of $1.79 billion (~€1.33 billion) on sales of $16.83 billion (~€12.52 billion) during the last fiscal year, compared with $878 million (~€653 million) on sales of $16.62 billion (~€12.36 billion) during fiscal 2010.
Overall, the German electronics giant logged profits of $8.50 billion (~€6.32 billion), or $9.36 per share (~€6.96), on sales of $98.83 billion (~€73.52 billion) for the year. That compares with profits of $5.47 billion (~€4.07 billion), or $5.97 per share (~€4.44), on sales of $92.73 billion (~€69.0 billion) for FY2010. Read more
Danaher’s Beckman Coulter buy pays off
Danaher’s (NYSE:DHR) $6.8 billion buyout of Beckman Coulter paid off during the 4th quarter and 2011, buoying the conglomerate’s sales and earnings for both periods.
Danaher posted profits of $570.7 million, or 80 cents per diluted share, on sales of $4.72 billion for the 3 months ended Dec. 31, 2011, up 20.4% and 37.4 %, respectively, compared with profits of $473.9 million, or 69 cents per diluted share, on sales of $3.43 billion during the same period in 2010.
For the full year, DHR logged profits of $2.17 billion, or $3.11 diluted EPS, on sales of $16.09 billion. That compares with profits of $1.79 billion, or $2.64 diluted EPS, on sales of $12.55 billion for 2010.
The life sciences segment’s operating profits reached $225.3 million during the 4th quarter, up 151.5%, driven by higher sales of $1.73 billion – itself a 153.4% increase. The segment posted operating profits of $402.3 million for the full year, up 76.5%, on sales of $4.63 billion, up 101.3%. Read more
The Orangeburg, N.Y.-based endoscope maker posted losses of $2.3 million, or 5 cents per share, on sales of $4.3 million for the 3 months ended Dec. 31, 2011.
That compares with losses of $2.6 million, or 7 cents per diluted share, on sales of $2.7 million during the same period in 2010. Read more
Utah Medical’s Q4, 2011 numbers jump
Utah Medical Products (NSDQ:UTMD) boosted sales and earnings during the 4th quarter and full-year 2011.
The Salt Lake City-based specialty medical device maker posted profits of $1.9 million, or 51 cents per diluted share, on sales of $9.9 million for the 3 months ended Dec. 31, 2011. That compares with profits of $1.5 million, or 41 cents per diluted share, on sales of $6.2 million during the same period in 2010.
For the full year, Utah Medical logged profits of $7.4 million, or $2.03 per diluted share, on sales of $37.9 million, compared with profits of $6.0 million, or $1.65 per diluted share, on sales of $25.1 million. Read more
Profits slide for Medical Action Industries despite sales gain
Medical Action Industries (NSDQ:MDCI) saw its 3rd-quarter profits slide 20.8% despite an 8.1% sales increase.
The Brentwood, N.J.-based surgical supplies maker posted profits of $1.8 million, or 11 cents per diluted share, on sales of $113.0 million for the 3 months ended Dec. 31, 2011.
That compares with profits of $2.3 million, or 14 cents per diluted share, on sales of $104.5 million during the same period in 2010. Read more