Cantel Medical Q4 Profit Up, Says Optimistic About FY14 - Update

(RTTNews) - Infection prevention products and services provider Cantel Medical Corp. (CMN) Thursday reported a higher fourth-quarter profit, as net sales climbed 15 percent driven by growth in its three major business segments. Looking ahead, the company said it is optimistic about its prospects to expand sales and increase profits in fiscal year 2014.

Cantel Medical noted that its Medivators Endoscopy business showed sales growth of 17 percent, Mar Cor Water Purification and Filtration unit sales climbed 16 percent, and Crosstex Healthcare Disposables business posted 22 percent jump in quarterly sales.

In the fourth quarter, the company's net income increased to $10.21 million or $0.25 per share from $9.65 million or $0.24 per share in the previous year. The company said its prior-year results included a $0.02 favorable tax benefit related to closing of Japan subsidiary.

On average, two analysts polled by Thomson Reuters expected earnings of $0.23 per share. Such estimates typically exclude special items.

Net sales for the quarter climbed 15 percent to $113.97 million from $98.69 million a year earlier. Organic sales growth was 10 percent.

For the fiscal year ended July 31, 2013, the company posted net income of $39.24 million or $0.95 per share, higher than $31.34 million or $0.77 per share in fiscal 2012. Annual sales grew 10 percent to $425.03 million.

President and CEO Andrew Krakauer stated, "We achieved good financial performance growth in our three major business segments - Endoscopy, Water Purification and Filtration, and Healthcare Disposables. All three business units have greatly benefited from further investments in new product development, sales and marketing programs and the integration of recent acquisitions for this quarter and for the full year."

CMN is currently trading at $29.29, up 1.11 percent.