Device maker Vascular Solutions (NSDQ:VASC) reported records sales for its 4th quarter, getting a major Wall Street boost on stronger-than-expected financial results.
The Minneapolis-based company posted a 16% boost in earnings for Q4 and a 12% boost for 2013 in total, beating analysts’ consensus estimates for both periods. The news sent VASC shares up 5.7% yesterday, when they were trading at $24.85 as of about 1:45 p.m.
Vascular Solutions posted profits of $3.5 million, or 20¢ per diluted share, on sales record sales of $29.1 million during the 3 months ended December 31. That compared with profits of $3.1 million, or 18¢ per share, on sales of $25.3 million during the same period the previous year. Adjusted for special charges, per-share earnings came to 22¢ for the quarter, beating analysts’ expectations by 3¢.
The company has been beating the market for several years, posting major growth and setting new sales records quarter after quarter.
"We are very pleased to report another record quarterly performance and to mark our 10th consecutive year of double-digit revenue growth," CEO Howard Root said in prepared remarks. "“Both our sales and adjusted EPS during the 4th quarter again exceeded the top end of our guidance range, and we are generating growth in all 3 of our product segments and from both our U.S. and international sales organizations. Looking forward, we are pleased to start another year of what we believe will be multiple product launches, double-digit revenue growth and even higher operating profitability."
For the full year, the company reported profits of $11.1 million, or 65¢ per diluted share, on sales of $110.5 million. That compared with profits of $9.9 million, or 60¢ per share, on sales of $98.4 million in 2012. Adjusted 2013 earnings were 73¢ per share, 5¢ better than analysts had projected.
Looking forward, the device maker expects to post 2014 revenues in the range of $121-$125 million, the mid-point of which represents a 12% bump over 2013. Net earnings are estimated in the range of 79¢-83¢ for the year, a 25% increase at mid-point.