Vascular and specialty surgical businesses post double-digit gains during the second quarter at C.R. Bard, as the company beats Wall Street estimates with $1.39 EPS.
A strong dollar was just enough to bulk up second-quarter results at C.R. Bard Inc. (NYSE:BCR) as the surgical, vascular and oncology technology company out-muscled Wall Street expectations.
The Murray Hill, N.J.-based medical device company reported $124.6 million in second-quarter profits on $673.9 million in net sales. Earnings rose 11 percent over year-ago levels, reaching $1.29 a share, although after acquisition-related expenses and certain write-downs adjusted earnings grew to $1.39 a share, beating the consensus analyst forecast by 3 cents.
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Revenues — with a little nudge from favorable currency exchange rates — also bested predictions. Bard officials said the strength of the U.S. dollar against other currencies boosted reported sales by a full percentage point, more than enough to push past the $699.9 million analysts on average anticipated.
Net sales outside the U.S. were $209 million, up 9 percent from a year ago (6 percent on a constant-dollar basis), while domestic sales rose 7 percent to $464.9 million. Vascular sales climbed $18.4 million, or 11 percent, to $187.5 million during the second quarter, keeping the unit atop Bard’s four reporting segments.
The company’s specialty surgical business showed the fastest growth, however, rising 16 percent to $106.2 million.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
