Shares of CMD were up 13.6% at $69.99 per share in mid-morning trading today.
The Little Falls, N.J.-based company posted profits of $24.5 million, or 57¢ per share, on sales of $297 million for the three months ended Oct. 31, 2020, for a more than tripled bottom-line on sales growth of 15.5%.
Adjusted to exclude one-time items, earnings per share were 90¢, 53¢ ahead of Wall Street, where analysts were looking for sales of $279.8 million.
Cantel Medical reported 65.1% revenue growth in its dental business, driven by the acquisition of Hu-Friedy. However, medical revenues dipped by -2.2%.
“We are very encouraged by the strong uptake in our infection prevention consumable products as infection prevention protocols put in place over the past six months become standard practice,” Cantel Medical CEO George Fotiades said in a news release. “The recovery of procedures, along with an increase in Cantel’s share of revenue per procedure, produced enhanced margins that exceeded our expectations.
“The record profit performance was also the result of our embedded operating discipline across all of our businesses, including exceeding the realization of synergies associated with the Hu-Friedy acquisition.”
Cantel Medical did not provide guidance for the full 2021 fiscal year.