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Synergetics USA, Inc. (SURG), a medical device company that
designs, manufactures, and markets innovative microsurgical devices
for ophthalmic and neurosurgical applications, today announced
preliminary revenues and financial results for third quarter 2012 in
advance of its upcoming participation in two investor conferences.
The Company expects net sales for the third quarter of fiscal 2012 to
approximate $14.4 million to $14.7 million, slightly below sales of
$14.7 million which was reported in the fiscal 2011 third quarter.
The Company expects to report net income per share of approximately
$0.04 to $0.06 before the effect of an inventory write-down
adjustment which occurred during the third fiscal quarter of
approximately $400,000, or approximately $0.01 per share after tax.
This net income before adjusting for the inventory write-down
compares against net income per share of $0.07 in the prior year’s
third quarter.
For the fiscal 2012 third quarter, the Company expects Ophthalmic
sales to be in the range of $8.3 million to $8.5 million for a
decrease of approximately 9% from the fiscal 2011 third quarter. OEM
sales are expected to total $5.9 million to $6.0 million, up
approximately 17% from the comparable prior year period. Other
revenue is expected to be approximately $200,000. On a geographic
basis, U.S. sales overall grew roughly 9% while international sales
declined approximately 21%.
"While our strategic plan is firmly intact, I am disappointed in our
revenue performance which was below our expectations," said David M.
Hable, the Company’s President and Chief Executive Officer. "The
shortfall in revenue was due primarily to the economic difficulties
in Europe which both depressed demand for our ophthalmic disposables
and exerted an unfavorable foreign currency impact of approximately
$200,000 on our top line, and by the delay of approximately $600,000
of OEM orders to our two marketing partners which we fully expect to
ship in the fourth quarter."
Mr. Hable further commented, "We remain highly focused on our
strategy of growing our ophthalmic business by driving into
higher-value retinal markets with new products, managing our OEM
business for stability and cash flows, delivering improving
profitability and strong cash flows, and implementing lean
initiatives firm-wide. Regarding the implementation of our lean
initiatives and ERP system, we continue to make solid progress."
The results announced today are preliminary and reflect estimates of
the Company’s anticipated inventory write-down, tax rate and share
count. Synergetics will announce complete results for its fiscal 2012
third quarter on June 11, 2012.
Third Quarter Earnings Conference Call Information
The Company will host a conference call the morning of Tuesday, June
12, 2012 at 10:30 a.m. Eastern time to review Synergetics’ final
results for the fiscal third quarter ended April 30, 2012. During the
call, Mr. Hable and Pamela G. Boone, Executive Vice President and
Chief Financial Officer, will provide an overview of the third
quarter performance and business highlights. A question and answer
session will follow prepared remarks.
A news release announcing the third quarter results will be issued on
Monday, June 11, after the market close. The toll free dial-in number
to participate live on this call is (800) 588-4973, confirmation code
32444087. For callers outside the U.S., the number is (847) 230-5643.
The conference call will also be available live via webcast on the
investor relations section of the Company’s website
www.synergeticsusa.com. A replay will be available on the Company’s
website for approximately 30 days.
About Synergetics USA, Inc.
Synergetics USA, Inc. ("Synergetics USA" or the "Company") is a
leading supplier of precision surgical devices. The Company’s primary
focus is on the surgical disciplines of ophthalmology and
neurosurgery. Our distribution channels include a combination of
direct and independent sales organizations and important strategic
alliances with market leaders. The Company’s product lines focus upon
precision engineered, disposable and reusable devices, procedural
kits, and the delivery of various energy modalities for the
performance of less invasive surgery including: (i) laser energy,
(ii) ultrasonic energy, (iii) radio frequency for electrosurgery and
lesion generation and (iv) visible light energy for illumination, and
where applicable, simultaneous infusion (irrigation) of fluids into
the operative field. The Company’s website address is
www.synergeticsusa.com.
Forward-Looking Statements
Some statements in this release may be "forward-looking statements"
for the purposes of the Private Securities Litigation Reform Act of
1995. In some cases forward-looking statements can be identified by
words such as "believe," "expect," "anticipate," "plan," "potential,"
"continue" or similar expressions. Such forward-looking statements
include risks and uncertainties, and there are important factors that
could cause actual results to differ materially from those expressed
or implied by such forward-looking statements. These factors, risks
and uncertainties are discussed in Synergetics’ Annual Report on Form
10-K for the year ended July 31, 2011, as updated from time to time
in our filings with the Securities and Exchange Commission.
SYNERGETICS USA, INC.
3845 Corporate Centre Drive
O’Fallon, Missouri 63368
(636) 939-5100
http://www.synergeticsusa.com
Attn: Pamela G. Boone
Chief Financial Officer
SOURCE: Synergetics
http://www.synergeticsusa.com/
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