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.