Getinge (PINK:GETI B) yesterday reported a 2nd-quarter profit gain of more than 28% despite flat sales for the 3 months ended June 30.
The Swedish medical device giant posted profits of 227 million krona ($26.6 million), or 0.93 krona per share (11¢), on sales of 7.46 billion krona ($873.6 million).
That amounts to a 28.2% bottom-line gain on a -0.7% sales decline.
“A sustained high level of activity dominated the 2nd quarter of the year. We see favorable results in our transformation journey with our Big 5 efficiency-enhancement program delivering according to plan and contributing to the positive trend in EBITA for the quarter,” president & CEO Alex Myers said in prepared remarks. “The intensive work in the 1st half of the year are beginning to show results and confirm that we are on the right path in our ongoing journey of change, which will last for 3 to 4 years. We have delivered a great deal in a short span of time, but we have much more work left to be done before we see the full effects of our transformation.”
GETI B shares were up slightly today in Stockholm, rising 0.6% to 174.3 krona ($20.41), after increascing 2.4% yesterday to a 173.20 krona close ($20.28).
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