Oct 21 2009
Kinetic Concepts, Inc. (NYSE: KCI): Third Quarter Highlights
- Worldwide V.A.C. Therapy revenue of $360.6 million, up 2% on a constant currency basis
- North American V.A.C. Therapy revenue of $270.8 million, up 1% from the prior-year period on a constant currency basis
- Regenerative Medicine revenue of $71.8 million, up 17% from the prior-year period
- Therapeutic Support Systems revenue of $72.1 million, down 10% on a constant currency basis
- Diluted earnings per share of $0.91 on a reported basis, $1.08 on a non-GAAP basis adjusted for non-cash acquisition- related items
Kinetic Concepts, Inc. (NYSE: KCI) today reported third quarter 2009 total revenue of $504.4 million, compared to $503.3 million reported for the third quarter of 2008. Total revenue for the first nine months of 2009 was $1.466 billion, up 6% from the prior-year period. Foreign currency exchange movements negatively impacted total revenue for the third quarter and first nine months of 2009 by approximately 1% and 3%, respectively, compared to the corresponding periods of the prior year.
Net earnings for the third quarter of 2009 were $64.6 million, or $0.91 per diluted share, compared to $53.9 million, or $0.75 per diluted share, for the third quarter of 2008, representing increases of 20% and 21%, respectively, from the prior-year periods.
“In the third quarter, we delivered revenue and earnings growth despite the impact of ongoing competitive and economic pressures,” said Catherine M. Burzik, President and Chief Executive Officer of KCI. “We also made progress in the quarter on several key strategic initiatives. We received regulatory approval for V.A.C.® Therapy in Japan, launched our open abdominal therapy system, ABTheraTM, and expanded our manufacturing capabilities in Ireland as we prepare for the launch of exciting new products in 2010.”
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