Operating profits rose 13.1% during the 2nd quarter for Kinetic Concepts Inc., despite a nearly 4% sales decline for the wound management company.
San Antonio, Texas-based KCI reported operating profits of $110.8 million on sales of $317.8 million for the 3 months ended June 30, according to a regulatory filing.
Top executives for KCI, taken private in 2011 for $6.3 billion by Apax Partners and a pair of Canadian pension funds, said the 3.8% top-line slide shows that the sales slump is slowing. Revenues were off 6.2% during the 1st quarter and slipped 7.1% in 2012.
"We are very encouraged that that’s going to continue that same rate of progression, and we’re looking to accelerate that," president & CEO Joseph Woody told the San Antonio Express-News.
"We’re pleased with the progress we’re making," added CFO Robert Hureau.
EXCLUSIVE: Listen to former CEO Cathy Burzik detail KCI’s $6B private equity buyout
KCI agreed to buy rival private wound care company Systagenix for $485 million in July. Last year KCI sold its therapeutic support business to Getinge (PINK:GETI B).