MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Hillrom beats The Street in Q1, raises 2021 guidance

Hillrom beats The Street in Q1, raises 2021 guidance

By

HillromHillrom (NYSE:HRC) shares remain up after Street-beating first-quarter results and a raised 2021 guidance.

The Chicago-based company posted profits of $58 million, or 88¢ per share, on sales of $741.1 million for the three months ended Dec. 31, 2020, for a 47.7% bottom-line gain on sales growth of 8.2%.

Adjusted to exclude one-time items, earnings per share were $1.53, 48¢ ahead of Wall Street, while the company topped analysts’ revenue estimates by 13.2%.

Each of Hillrom’s three business segments (patient support, front-line care and surgical solutions) produced better-than-expected results with accelerated recovery and expanded demand for critical care products amid the COVID-19 pandemic.

The company noted in a Feb. 5 news release that one-time COVID-19 revenue reached about $40 million, registering COVID-19-related EPS of 20¢ per share.

“Hillrom’s strong start to fiscal 2021 underscores our significant transformation and the diversity of our product portfolio,” Hillrom president & CEO John Groetelaars said in the release “We continue to support our global customers, deliver critical care products and solutions in response to the ongoing pandemic, and remain committed to our vision of Advancing Connected Care.”

Hillrom said it now expects to log full-year adjusted EPS of $5.70 to $5.90, compared with $5.25 to $5.45 previously, on revenue growth of between 0% and 2%. The company projects second-quarter revenues in the same growth range as the full-year estimates, with EPS expected to come in between $1.40 and $1.45 per share for the three months.

HRC shares were up 3.9% at $104.71 per share in mid-morning trading today. Share prices had previously gone as high as $106 per share on Friday after the results were released that morning. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.6%.

In case you missed it

RSS From Medical Design & Outsourcing

  • What Laura Mauri learned from a ‘firestorm’ in her first months at Medtronic
    Dr. Laura Mauri faced a monumental moment with former Medtronic CEO Omar Ishrak shortly after she joined the company as VP of global clinical research and analytics. It was late 2018, and Mauri — who’s now an SVP and the chief scientific, medical and regulatory officer at Medtronic (NYSE: MDT) — was in a meeting… […]
  • Senators seek post-market FDA study of pulse oximeters and skin color
    Democratic U.S. senators are prodding the FDA to launch a post-market study of pulse oximeters due to unreliable performance for patients with dark skin. Pulse oximeters estimate blood oxygen levels (SpO2) and pulse rates in patients using infrared light — usually on a fingertip — at home or in clinical settings. Blood oxygenation is one… […]
  • TE Connectivity opens global medical device prototyping center in Ireland
    TE Connectivity (NYSE:TEL) today announced it opened its global Propelus Prototype Center for medical devices in Galway, Ireland. The $5 million rapid prototyping center was built into its existing manufacturing site in Galway and directly connects TE engineers with customers to reduce development time and increase speed to market for lifesaving and life-improving medical devices. Propelus… […]
  • Contract manufacturer Minnetronix Medical launches its first in-house product, MindsEye
    Minnetronix Medical has launched MindsEye, making it the first medical device that the contract developer and manufacturer has conceived and commercialized. St. Paul-based Minnetronix Medical’s MindsEye is the first expandable brain access port on the market. The FDA cleared the device under the 510(k) pathway in August 2020. The minimally invasive device gives neurosurgeons deep… […]
  • What’s next for Jennifer Fried after leaving Explorer Surgical?
    Explorer Surgical co-founder Jennifer Fried has resigned from the company after selling it to Global Healthcare Exchange in October. Fried announced her departure last week on LinkedIn, saying she’s preparing for her next professional chapter. “It’s bittersweet — I’m so proud of everything our team has built and accomplished,” Fried wrote. “The time has flown… […]
  • The 24 best medical device innovations of 2022
    The Galien Foundation recently announced its nominees of medical device innovations for its 2022 Prix Galien USA awards. There are 24 medical technologies nominated for the annual award this year, up from 18 nominees in 2021. The Galien Foundation’s annual Prix Galien awards highlight devices, biotechnology and pharmaceutical products designed to improve the human condition.… […]
  • FDA issues new COVID-19 testing guidance to avoid false negatives
    COVID-19 testing should be repeated following a negative result on any antigen test, the FDA said in a move that could increase demand for diagnostics manufacturers. The latest guidance from the federal health agency is for negative COVID-19 antigen test results regardless of the presence or absence of symptoms. The federal agency said recent studies… […]
  • Confluent Medical expands Costa Rica manufacturing footprint for nitinol, complex catheter production
    Confluent Medical Technologies this week announced the opening of its new addition to its Costa Rica manufacturing facility. The expansion adds 66,000 sq. ft to its large-scale manufacturing center of excellence in Alajuela, Costa Rica to expand Confluent’s capacity for nitinol component processing and complex catheter manufacturing. “Confluent has experienced consistent and strong growth in… […]
  • FDA’s breakthrough medical device designations tally nears 700
    Stewart Eisenhart, Emergo Group The US Food and Drug Administration has granted almost 700 designations over the past seven years under a voluntary program for expedited regulatory review of medical devices and combination products that facilitate more effective treatment or diagnosis of serious diseases. According to recent metrics published by FDA, the agency has issued a total of… […]
  • Lifecore Biomedical’s owner plans to go all-in on contract development and manufacturing
    Lifecore Biomedical parent company Landec Corp. (Nasdaq:LNDC) plans to take the subsidiary’s name, leadership and headquarters as its own and sell off food businesses to focus on contract development and manufacturing. Santa Maria, California-based Landec said it will rename itself as Lifecore Biomedical “in the near future” and change its Nasdaq ticker to LFCR. Landec… […]
  • COVID-19 immunity test developers at MIT seek diagnostic manufacturer
    MIT researchers have developed a device for predicting an individual’s COVID-19 immunity and are looking for a diagnostic company to get it manufactured in large numbers and approved by the FDA. The lateral flow test uses the same technology as at-home rapid antigen COVID-19 tests to measure neutralizing antibodies for SARS-CoV-2 in a blood sample,… […]