Coloplast AS (CPH:COLO B) reported a strong third quarter, with boosts in sales and earnings for the three months ended June 30.
The quarter’s sales grew 6 percent to $503 million, compared to $475 million during the same period last year.
The Denmark-based device maker, which ranked 41st on the MassDevice Big 100 list of the world’s largest medical device companies, saw 12 percent sales growth in the U.S., where higher sales in ostomy care and continence care products were offset by weaker growth in penile implant sales, according to the company’s latest financial report.
European sales grew 6 percent, driven by ostomy and continence care products but negatively impacted by developments in the European wound care business.
Coloplast’s profits soared 44 percent to $94 million, or $2.21 per diluted share, a huge leap from the $65 million in profit, or $1.53 per diluted share, reported during the same time last year.
The company was hesitant to raise its revenue forecast, maintaining at 6 percent on concerns about the continued downturn of the wound care business.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
Dehaier kills it in Q2
Dehaier Medical Systems Ltd. (NSDQ:DHRM) saw a big boost in the three months ended June 30. The Beijing-based medical device and home care company posted a 60 percent increase in sales to a record $7.7 million, compared to $4.8 million during the same period last year.
Company profits surged 53 percent to $1.7 million, or 43 cents per diluted share, compared to $1.1 million, or 46 cents per diluted share in Q2 of 2010.
DJO slips into the red
DJO Global Inc. slipped hard into the red in the three months ended July 2. The San Diego, Calif.-based orthopedic rehabilitation products company posted a 15 percent increase in sales to $278 million, compared to $243 million during the same period last year.
Company earnings dove into the red to the tune of $19.3 million, compared to $243,000 earned in Q2 of 2010.
Patient Safety Tech. posts a hard Q2
Patient Safety Technologies, Inc. (OTC:PSTX) saw dramatic losses in the three months ended June 30. The Irvine, Calif.-based device company posted a 32 percent decrease in sales to $2.6 million, compared to $3.8 million during the same period last year.
Company losses widened 286 percent to $294,000, or a loss of 1 cent per diluted share, compared to a loss of $76,000, or a zero balance per diluted share in Q2 of 2010.
Retractable Tech. climbs into the black
Retractable Technologies Inc. (AMEX:RVP) leapt out of the red in the three months ended June 30. The Little Elm, Texas-based safety needle device company posted a 7 percent increase in sales to $8 million, compared to $7.4 million during the same period last year.
Company profits surged, posted at $847,000, or 2 cents per diluted share, compared to a loss of $2.8 million, or 13 cents lost per diluted share in Q2 of 2010.
Vycor restates financials, widening losses
Boca Raton, Fla.-based Vycor Medical Inc. (OTC:VYCO) restated its financials for the fiscal quarters ended March 31, 2011, March 31, 2010, June 30, 2010, and September 30,1010, as well as the fiscal years ended December 31, 2010, and December 31, 2009.
"The Company has, since December 2009, been recognizing and expensing a beneficial conversion discount on convertible debt based on a fair value method; under the intrinsic value method as required under ASC 470, no such discount should have been recognized and expensed," according to the press release.
Vycor expects the net impact of the revision to widen net losses for the period from October 1, 2009, through March 31, 2011, by about $152,000.