C.R. Bard (NYSE:BCR) saw its 1st-quarter profits plunge on a nearly $26 million charge stemming from the bevy of lawsuits filed against it over its transvaginal mesh products.
But the Murray Hill, N.J.-based medical device company still managed to exceed Wall Street’s expectations with its adjusted earnings, leading investors to keep BCR shares about flat today in mid-morning trading.
Bard posted profits of $90.7 million, or $1.08 per share, on sales of $740.3 million during the 3 months ended March 31, for top-line growth of 1.4% but a bottom-line decline of 34.6%.
Adjusted to exclude 1-time items including the $25.8 million in litigation expenses, however, earnings per share were $1.44, 2¢ ahead of analysts on The Street.
"We are off to a strong start executing on our strategic investment plan that we announced last quarter. It’s a credit to our teams around the world that we have been able to hit our initial targets on such a broad and ambitious endeavor. The organization is energized and committed to improve the long-term growth trajectory of the business," chairman & CEO Timothy Ring said in prepared remarks.
CFO Christopher Holland told analysts during a conference call that Bard expects to see similar sales growth during the 2nd quarter, with adjusted EPS in the range of $1.35-$1.39.
BCR shares were trading at $98.50 apiece as of about 11:50 a.m. today, down 0.7%.
