Owens & Minor (NYSE:OMI) posted second-quarter financial results today that beat the overall consensus on Wall Street.
Shares in OMI, however, were down more than –10% to $42.13 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
The Richmond, Va.–based company reported profits of $65.9 million, or 87¢ per share, on sales of $2.5 billion for the three months ended June 26. Sales were up 37.7% compared with Q2 2020, when the company recorded a loss of –$55.6 million.
Adjusted to exclude one-time items, earnings per share were $1.06, 9¢ ahead of The Street, where analysts were looking for sales of $2.47 billion.
“We delivered a solid second quarter, led by outstanding performance in both of our segments. Our results demonstrate the underlying strength of the global products segment, and another quarter of improved performance in the global solutions segment,” president and CEO Edward Pesicka said in a news release. “Our business blueprint continues to be the framework that helps drive our results as we begin to return to a more typical operating environment and helps us to achieve our long-term financial targets.”
“Our strong performance in the first half and improved line of sight toward the remainder of 2021 allows us to maintain the range of our full-year guidance for adjusted EPS of $3.75 to $4.25 and adjusted EBITDA of $450 million to $500 million. In addition, we affirm our previously announced 2022 guidance. I am immensely proud of what our teammates have accomplished as we continue to execute on our strategic priorities to deliver sustainable growth and value for all our stakeholders.”
Owens & Minor said it is maintaining its 2021 financial guidance expectations with an adjusted net income for 2021 in the range of $3.75 to $4.25 per share and adjusted EBITDA in the range of $450 million to $500 million.