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Kinetic Concepts 4Q profit grows 12 percent

Tue, 02/01/2011 - 11:45am
The Associated Press

Medical technology company Kinetic Concepts Inc. said Tuesday its profit rose 12 percent in the fourth quarter on lower tax and interest costs.

Kinetic Concepts said its profit grew to $74 million, or $1.03 per share, from $66.3 million, or 93 cents per share, one year ago. Excluding one-time charges, the company said it earned $1.17 per share. Its revenue edged up to $527.5 million from $526.8 million

Analysts expected a profit of $1.13 per share in profit and $526 million in revenue, according to FactSet. Analyst estimates usually exclude one-time items.

Kinetic Concepts said revenue from low-pressure wound care products were about flat at $367.1 million as sales of those devices improved in the U.S. but decreased overseas. Sales of LifeCell tissue repair products climbed 22 percent to $93.7 million, and therapeutic support system revenue fell 19 percent to $66.6 million.

The company said revenue from rentals fell 5 percent to $288.5 million, but revenue from sales grew 8 percent to $238.9 million.

Kinetic Concepts said its annual profit rose 12 percent to $256.1 million, or $3.57 per share, from $228.7 million, or $3.24 per share in 2009. Excluding one-time items, its profit totaled $4.29 per share in 2010. Revenue increased 1 percent to $2.02 billion from $1.99 billion.

In 2011, the company expects to earn $4.45 to $4.61 per share, excluding one-time items. It forecast revenue growth of 2 to 4 percent for a range of $2.05 billion to $2.09 billion. Analysts are expecting net income of $4.55 per share and $2.02 billion in revenue, on average.

Shares of Kinetic Concepts fell 33 cents to close at $45.80.

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