MassDevice

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

Home » Hillrom beats The Street in Q4

Hillrom beats The Street in Q4

By

HillromHillrom (NYSE:HRC) today reported fourth-quarter results that exceeded the consensus forecast on Wall Street, and company officials foresee stronger-than-expected earnings in the coming months.

The Chicago-based maker of hospital beds, patient monitoring and diagnostic equipment and more reported profits of $42.4 million, or 63¢ per share, on sales of $705.3 million for the three months ended September 30, 2020, for a bottom-line gain of 52% and sales down –10% compared with Q4 2019. Revenue in Q4 2020 included $35 million from one-time COVID-related purchases.

Adjusted to exclude one-time items, earnings per share were $1.17, 10¢ ahead of The Street, where analysts were looking EPS of $1.07 on sales of $696.4 million.

“We delivered on our fiscal fourth-quarter expectations and achieved full-year adjusted earnings growth of 9%, in line with our original guidance range provided a year ago,” Hillrom CEO John Groetelaars said in a news release.

“I’m very proud of our progress in 2020 toward our vision of Advancing Connected Care, the extraordinary efforts to support peak customer demand, and steps we have taken to accelerate Hillrom’s business transformation,” Groetelaars said. “With compelling value propositions across our diverse portfolio of connected solutions, we enter fiscal 2021 with encouraging recovery trends, confidence in our future growth prospects, and an unwavering commitment to enhancing shareholder value.”

Hillrom expects revenue to drop –3% to –5% during the current quarter, as well as the full fiscal year 2021. The company during Q1 2021 projects adjusted earnings of $1.05 to $1.10 per diluted share — higher than the 96¢ per share that’s presently the consensus on The Street.

Investors reacted by sending HRC shares up more than 4% to $92.06 apiece by late morning trading today. MassDevice‘s MedTech 100 Index, which includes the stocks of the world’s largest medical device companies, is up slightly.

In case you missed it

RSS From Medical Design & Outsourcing

  • 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,… […]
  • GE Healthcare picks AI imaging startups for inaugural Edison Accelerator
    GE Healthcare and Nex Cubed have selected seven companies focused on artificial-intelligence-augmented medical imaging for the first cohort of the Edison Accelerator in Canada. The companies will be matched with mentors and test their technologies with GE’s new Edison Digital Health Platform over the next three months. The program will end with innovation showcase presentations… […]
  • Boston Scientific whistleblower launches corruption investigation
    Boston Scientific (NYSE:BSX) is investigating claims that the company violated the U.S. Foreign Corrupt Practices Act in Vietnam. Marlborough, Massachusetts–based Boston Scientific disclosed receipt of a whistleblower’s allegations in its latest filing with the Securities and Exchange Commission. “In March 2022, the company received a whistleblower letter alleging Foreign Corrupt Practices Act violations in Vietnam.… […]
  • 5 essential leadership lessons from Cathy Burzik for medtech’s next generation of women leaders
    Cathy Burzik, a seasoned senior executive in the healthcare industry, has successfully led major medical device, diagnostic, diagnostic imaging and life sciences businesses. Cathy Burzik, CFB Interests (as told to MedExecWomen co-founder Maria Shepherd) One key to being a successful women leader in MedTech: “Play nice, but play to win.” Cathy Burzik, who received a… […]
  • Stratasys plans to buy Covestro’s additive manufacturing business
    Stratasys (Nasdaq:SSYS) said today that it has a deal to purchase the additive manufacturing materials business of Covestro. The deal includes R&D facilities and activities, global development and sales teams across Europe, the U.S. and China, a portfolio of approximately 60 additive manufacturing materials, and hundreds of patents and patents pending, Stratasys said in a… […]
  • New implant design prevents scar tissue without drugs, MIT says
    Mechanically inflating and deflating an implantable device for 10 minutes a day prevents immune cells from building the scar tissue that has been a major obstacle for artificial pancreas researchers. That’s according to new findings from a team of MIT engineers who built mechanical deflection into a two-chambered, soft polyurethane device tested on mice. By… […]
  • Blue Spark’s TempTraq catches fevers faster. Fever prediction is next.
    Blue Spark Technologies developed the first wireless continuous temperature monitor patch, TempTraq, to enable faster fever detection than standard manual readings every four hours. Westlake, Ohio-based Blue Spark is now looking at fever prediction rather than just detecting them. The R&D team is working on developing an AI neural network model built on the company’s… […]
  • Harvard researchers plan to sell at-home, PCR-grade COVID testing system
    The Harvard University researchers who developed an ultrasensitive, PCR-grade nucleic acid detection technology plan to commercialize it as a portable COVID-19 test. Harvard Medical School professor Peng Yin, who also leads the Wyss Institute for Biologically Inspired Engineering’s Molecular Robotics Initiative, founded 3EO Health to sell the device. “In order to optimize the value of… […]
  • FDA reports sterilization challenge progress as EPA takes aim at EtO emissions
    The FDA offered an update on its efforts to make medical device sterilization safer as the EPA identified 23 U.S. facilities where use of ethylene oxide (EtO) presents a risk to communities. The FDA said it is similarly concerned about unsafe EtO emissions and highlighted work with the medical device industry to reduce EtO usage… […]
  • AdvaMed defends EtO facilities on EPA’s cancer risk list
    The Advanced Medical Technology Association (AdvaMed) today reacted to the EPA’s listing of commercial sterilization facilities causing elevated risks of cancer with a defense of the facilities and a call for more research. AdvaMed CEO and President Scott Whitaker said all of the listed facilities are in compliance with regulations and warned against closures. “The… […]
  • EPA flags high-cancer-risk EtO sterilization facilities across the country
    The EPA today identified nearly two dozen U.S. cities where commercial sterilizers using ethylene oxide (EtO) contribute to an elevated cancer risk for residents of surrounding communities. EtO is used on about 20 billion medical devices each year — or about half of all sterile medical devices —  and in some cases it’s the only… […]