The Mechanicsville, Va.-based company posted losses of -$55.6 million, or -91¢ per share, on sales of $1.8 billion for the three months ended June 30, 2020, for a massive bottom-line slide from losses of -$10.5 million last year on a sales decline of 23.9%.
Adjusted to exclude one-time items, earnings per share were 20¢, coming in level with the projections from Wall Street, where analysts were looking for sales of $1.95 billion.
During the quarter, the company managed to close the $133 million sale of its Movianto business and shipped nearly 5 billion units of personal protective equipment since February amid the COVID-19 pandemic.
“I am tremendously proud of our continued focus and intensity, resulting in improved financial performance and further strengthening our foundation for long-term profitable growth,” Owens & Minor president & CEO Edward Pesicka said in a news release. “The exceptional dedication of our teammates was demonstrated by their response to unprecedented demand for our products and flexibility in addressing the volatility of elective procedures.”
Owens & Minor doubled its 2020 adjusted EPS guidance, setting it at between $1 and $1.20, but it did not offer a sales guidance for the year.
OMI shares closed the day down -2.3% at $16.62 per share, but was trading up 2.3% at $17 per share after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.6%.