Synergetics Reports Fourth Quarter and Fiscal Year 2014 Results
(firmenpresse) - O'FALLON, MO -- (Marketwired) -- 10/14/14 -- Synergetics USA, Inc. (NASDAQ: SURG), a medical device company that designs, manufactures, and markets innovative surgical devices for ophthalmic and neurosurgical applications, today announced results for the fourth quarter and fiscal year ended July 31, 2014.
Total sales were $18.0 million, an increase of 0.8% year-over-year.
OEM sales increased 2.0% and Ophthalmic sales increased 0.8% year-over-year.
Domestic sales increased 0.4% and International sales increased 2.3% year-over-year.
Disposable product sales increased 7.5% and capital equipment sales decreased 30.1%.
GAAP EPS was $0.06 compared to $0.06 in the fourth quarter last year.
Cash flow from operations increased 69% to $4.2 million, compared to $2.5 million last year.
EBITDA increased 4.2% to $2.8 million, compared to $2.7 million last year.
Total sales were $64.8 million, up 3.1% year-over-year.
OEM sales increased 8.3% and Ophthalmic sales decreased 0.6% year-over-year.
Domestic sales increased 4.1% and International sales increased 0.3% year-over-year.
GAAP EPS was $0.12 versus $0.10 for the comparable period last year.
Non-GAAP EPS was $0.14 versus $0.16 in fiscal year 2013.
EBITDA increased 20% to $6.6 million, compared to $5.5 million in fiscal year 2013.
"Fourth quarter sales and cash flows reflect improving operating and financial performance across our businesses in both the U.S. and international markets," said David M. Hable, the Company's President and Chief Executive Officer. "Fiscal 2014 was marked by many positive milestones, including the performance of nearly 7,000 vitrectomy procedures with our innovative VersaVIT™ system, the launch of our second generation VersaVIT™ machine in June and significant progress toward our goal of launching new disposable products in both our ophthalmic and OEM businesses to drive sales and continue shifting our product mix toward categories with long-term, sustainable, demand trends."
Fourth quarter of fiscal 2014 sales totaled $18.0 million, an increase of 0.8%, compared to sales of $17.9 million in the fourth quarter of fiscal 2013. Fourth quarter sales performance was driven primarily by a 2.0% increase in OEM sales and a 0.8% increase in Ophthalmic sales.
Total Domestic sales increased 0.4% to $13.4 million in the fourth quarter of fiscal 2014, driven by higher OEM sales, offset by lower other revenues, and, to a lesser extent, a modest decline in domestic ophthalmic sales compared to last year. International sales of $4.6 million this quarter increased 2.3% year-over-year primarily due to strong sales growth in emerging markets and a full fiscal quarter contribution from our acquisition of M.I.S.S. Ophthalmics compared to a partial quarter contribution in the prior year period.
Total Ophthalmic sales increased 0.8% to $9.5 million, compared to $9.4 million in the fourth quarter of fiscal 2013. Domestic Ophthalmic sales decreased 0.5% primarily due low single-digit declines in our base ophthalmic business offset, partially, by sales of VersaVit™ and accessories. International Ophthalmic sales increased 2.3% year-over-year primarily due to strong sales in emerging markets and contributions from our acquisition of M.I.S.S. Ophthalmics.
Total OEM sales increased 2.0% to $8.3 million, compared to $8.2 million in the fourth quarter of fiscal 2013. OEM sales include sales to our marketing partners. The increase in OEM sales benefited primarily from strong sales of Codman forceps and growth in sales of Stryker tips and tubing compared to last year.
Capital equipment sales totaled $2.2 million in the fourth quarter of fiscal 2014 compared to $3.1 million in the fourth quarter of fiscal 2013, a decrease of 30.1% year-over-year, driven by the aforementioned decline in generator sales to our two major OEM customers. Disposable product sales totaled $15.5 million, an increase of 7.5% compared to sales of $14.4 million in the fourth quarter of fiscal 2013.
Gross profit for the fourth quarter of fiscal 2014 totaled $10.0 million, or 55.5% of sales, compared to $9.7 million, or 54.2% of sales, in the fourth quarter of fiscal 2013. Year-over-year gross margin performance was driven by product mix shift to ophthalmic disposables offset by lower sales of generators to our OEM partners in the period.
Total operating expenses increased 5.0% year-over-year to $7.8 million, or 43.5% of sales, in the fourth quarter of fiscal 2014 from $7.5 million, or 41.8% of sales, in the comparable 2013 period. Research and development expenses increased 16.6% to $1.1 million, or 6.4% of sales, compared to 5.5% last year. Sales and marketing expenses increased 7.7% to $3.7 million, or 20.6% of sales, compared to 19.3% of sales last year. General and administrative expenses declined 6.6% to $2.7 million, or 15.1% of sales, compared to 16.3% of sales last year. The increase in total operating expenses compared to the prior year was driven by an increase in selling and marketing expenses largely due to investments in VersaVit™ commercialization and expenses related to the Company's exit of its King of Prussia facility, offset partially by a decrease in general and administrative expense. Fourth quarter of fiscal 2014 operating expenses were impacted by the medical device excise tax of $163,000, or 0.9% of sales, compared to $129,000, or 0.7% of sales, last year.
Reported operating income for the fourth quarter of fiscal 2014 declined 2.5% to $2.2 million, compared to $2.2 million last year. Reported net income declined 2.0% year-over-year to $1.4 million, or $0.06 per diluted share, from $1.4 million, or $0.06 per diluted share, for the same period of fiscal 2013.
Refer to the tables at the end of this release for a reconciliation of GAAP net income to EBITDA, GAAP operating income to adjusted operating income and GAAP diluted earnings per share to adjusted non-GAAP earnings per share and the "Use of Non-GAAP Financial Information" section below.
Total sales for fiscal year 2014 increased 3.1% to $64.8 million, compared to $62.8 million in the same period last year. Net income for fiscal year 2014 increased 19.7% to $3.1 million, or $0.12 per diluted share, compared to $2.6 million, or $0.10 per diluted share, in fiscal year 2013. Reported net income per diluted share in fiscal year 2013 includes approximately $0.06 resulting from an excess inventory write-down in the period.
As of July 31, 2014, the Company had approximately $15.4 million in cash on its balance sheet and no interest-bearing debt compared to $12.5 million in cash and no interest-bearing debt at the end of fiscal 2013.
Synergetics USA, Inc. will host a conference call on Tuesday, October 14, 2014 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to review the Company's results for the fiscal fourth quarter and fiscal year ended July 31, 2014. The toll free dial-in number to participate live on this call is (800) 588-4973, confirmation code 38212928. For callers outside the U.S., the number is (847) 230-5643. The conference call will also be available live via webcast at . A replay will be available on the Company's website for approximately 30 days.
Through continuous improvement and development of our people, our is to design, manufacture and market innovative surgical devices, capital equipment, accessories and disposables of the highest quality in order to assist and enable surgeons who perform surgery around the world to provide a better quality of life for their patients.
Synergetics USA, Inc. (the "Company") is a leading supplier of precision surgical devices. The Company's primary focus is on the disciplines of ophthalmology and neurosurgery. Our distribution channels include a combination of direct and independent sales distributor organizations, both domestically and internationally, and important strategic alliances with market leaders. The Company's product lines focus upon precision engineered, disposable and reusable devices, surgical equipment, procedural kits and the delivery of various energy modalities for the performance of surgery including: (i) laser energy, (ii) ultrasonic energy, (iii) radio frequency energy 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 .
The Company measures its performance primarily through its operating profit. In addition to results reported in accordance with GAAP, the Company provides adjusted operating income and margin, EBITDA and adjusted diluted earnings per share. These adjusted amounts consist of GAAP amounts excluding the following adjustments to the extent occurring during the period: inventory write-downs and exit costs. Adjusted earnings per diluted share were calculated by dividing adjusted net income for diluted earnings per share by diluted weighted average shares outstanding. The Company believes that the presentation of adjusted operating income and margin, EBITDA and adjusted diluted earnings per share provides important supplemental information to management and investors seeking to understand the financial and business trends relating to our financial condition and results of operations.
These non-GAAP measures are considered by the Company's Board of Directors and management as a basis for measuring and evaluating the Company's overall operating performance and ability to service debt. They are presented to enhance an understanding of the Company's operating results and are not intended to represent cash flow or results of operations.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.
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 the Company's Annual Report on Form 10-K for the year ended July 31, 2014 as updated from time to time in our filings with the Securities and Exchange Commission. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
SYNERGETICS USA, INC.
3845 Corporate Centre Drive
O'Fallon, Missouri 63368
(636) 939-5100
Pamela G. Boone
Chief Financial Officer
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Datum: 14.10.2014 - 20:33 Uhr
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