The Little Falls, N.J.-based medical device maker reported profits of $8.2 million, or 20¢ per share, on sales of $228.6 million for the three months ended April 30, for a bottom-line slide of -56.4% on sales growth of 5.2% compared with fiscal Q3 2018.
Adjusted to exclude one-time items, earnings per share were 55¢, a penny below the consensus on Wall Street, where analysts were looking for sales of $228.1 million.
“We are pleased to report strong double-digit sales growth in both our medical and dental segments. Medical sales increased 12.2% organically, with total sales growth of 10.4%. Organic growth returned in dental with an increase of 3.4%, offsetting general inventory adjustments at our channel partners earlier in the year. Dental sales grew 18.5% in total, driven by the acquisition of Omnia S.p.A. which closed earlier in the quarter. Life sciences decreased 14.0%, due to continued softness in our hemodialysis water business, and the sale of our high purity water business in Canada in the prior quarter. Internationally, sales increased 12.6%, with 8.3% organic growth,” president & CEO George Fotiades said in prepared remarks.
Cantel said “specific investments” are expected to shave 11¢ from adjusted EPS this year.
CMD shares closed up 3.0% yesterday at $70.82 apiece.