UPDATED Sept. 23, 2019, with fiscal 2020 guidance and updated share pricing.
The Little Falls, N.J.-based company reported profits of $8.8 million, or 21¢ per share, on sales of $239.5 million for the three months ended July 31, down -47.7% on the bottom line bu up 4.6% in sales compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 63¢, 2¢ above the forecast on The Street, where analysts were looking for sales of $238.1 million.
Full-year profits were $55.0 million, or $1.32 per share, on sales of $918.2 million, for a bottom-line slide of -39.5% on sales growth of 5.3% compared with fiscal 2018.
“We are pleased to report strong sales growth in both our medical and dental segments. Medical sales increased 9.8% organically, with total sales growth of 8.2%. Organic growth returned in dental with an increase of 0.8%, compared to a record fourth quarter in the prior fiscal year. Dental sales grew 17.2% in total, driven by the acquisition of Omnia S.p.A. which closed in the previous quarter. Life sciences decreased 11.8% due to continued softness in our hemodialysis water business, and the sale of our high purity water business in Canada earlier in the year. Internationally, sales increased 12.9%, with 9.9% organic growth,” president & CEO George Fotiades said in prepared remarks.
During a conference call with investors today, Fotiades said the company expects to post fiscal 2020 adjusted EPS of $2.78 to $2.83, including a 25¢ contribution from its $775 million acquisition of dental instruments maker Hu-Friedy, which is slated to close by the end of the year. Fiscal 2020 sales growth is pegged at 25% to 28% ($427.9 million to $438.2 million), he said, according to a Motley Fool transcript.
CMD shares, which closed down -4.5% at $85.02 apiece Sept. 20, were down -5.6% to $80.25 apiece today in mid-afternoon trading.