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Symmetry Medical Reports Second Quarter 2011 Financial Results

Thu, 08/04/2011 - 4:47am
Bio-Medicine.Org

WARSAW, Ind., Aug. 4, 2011 /PRNewswire/ --

Second Quarter Highlights:

Revenue increased 7% year-over-yearOperating income of $7.5 million; non-GAAP operating income of $9.7 million up 20% year-over-yearGross margin improves to 23.5%Net income of $4.2 million; non-GAAP net income of $5.6 million up 19% year-over-yearLowers 2011 financial guidance to reflect industry trends

Symmetry Medical Inc. (NYSE: SMA), a leading global source of innovative medical device solutions, including orthopedic implants, surgical instruments, and sterilization cases and trays, announced second quarter 2011 financial results for the period ended July 2, 2011.Second QuarterVs Prior Quarter(in millions, except per share data)

2011

2010

Change2Q'11

1Q'11

ChangeRevenue

$ 94.7

$ 88.8

7%$ 94.7

$ 95.8

-1%Operating Income

7.5

7.8

-3%7.5

3.1

141%Net Income

4.2

4.5

-7%4.2

1.4

207%EPS

$ 0.12

$ 0.13

-8%$ 0.12

$ 0.04

200%Non-GAAP*Operating Income*

9.7

8.1

20%9.7

5.9

66%Net Income*

5.6

4.7

19%5.6

3.2

78%EPS*

$ 0.16

$ 0.13

23%$ 0.16

$ 0.09

78%Revenue by Product:Instruments

$ 37.8

$ 35.4

7%$ 37.8

$ 39.2

-4%Implants

26.5

28.5

-7%26.5

27.2

-3%Cases

24.8

19.8

25%24.8

23.2

7%Other

5.6

5.1

10%5.6

6.2

-10%Total Revenue

$ 94.7

$ 88.8

7%$ 94.7

$ 95.8

-1%* Excludes charges for management transition costs in 2011, as well as facility consolidation and severance costs incurre

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