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Rochester Medical's CEO Discusses F2Q11 Results - Earning Call Transcript

Turning now to our revenue performance; In terms of constant currency we reported sales of $12.9 million, a 29% increase over last year. This growth was due to 37% growth in direct sales while our private label sales grew 8%. The Laprolan acquisition coupled with strong sales in the US and the U.K. rolled the growth in direct sales. This strength was partially muted by the slippage of a large international tender order out of the second quarter and into the second half.

In terms of GAAP earnings we reported a loss of approximately $1.3 million. On a non-GAAP basis after striping out acquisition costs and certain non-cash expenses we reported a loss of $437,000 which is generally inline with our expectations considering the increase in selling and marketing expenses.

Now let me turn it over to Dave for further details.

David Jonas

Thanks, Jim. I am going to spend a few minutes highlighting the results reflected in our just released second quarter earnings release. Ease of discussion, unless otherwise noted order all sales information will discussed in constant currency. I am doing this to exclude the impact of foreign currency exchange in order to show a true reflection of our sales growth.

Foreign currency has a benefit of approximately $102,000 in the second quarter was a drag of about $20,000 in the first half. As Jim mentioned, total sales rose 29% to $12.9 million from $9.8 million a year ago. Total sales in the U.S. increased 16% to $4.7 million from $4.1 million and solid strength in direct sales.

Total sales outside of the U.S. mainly in the Europe and Middle East which I will refer to as the EME region increased 41% on a very healthy growth in direct sales. In large part due to acquisition of Laprolan partially offset by decline in private label sales.

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