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Rochester Medical Discusses Q2 2011 Results -- Earnings Call Transcript

Now, in the third quarter we reported record sales of $14.3 million, a 39% increase over last year on a reported basis and a 35% gain on a constant currency basis. This growth was due in constant currency terms to 46% growth in global direct sales including our acquisition of Laprolan and 1% growth in global private label sales. In terms of GAAP earnings, we reported a loss of approximately $294,000 on a non-GAAP basis excluding acquisition costs and certain non-cash expenses, we reported income of $398,000. Within direct sales we experienced strong organic growth in the US and UK and the addition of Laprolan further bolstered our direct sales.

Overall direct sales in the acute care market which make up 13% of the global direct sales total grew nicely due to a very strong 195% constant currency growth in international acute care sales. However, they were below our expectation in the US. The 12% drop was primarily due to spike last year in Q3 male external catheters sales because of actual orders from a large VA hospital distributor.

Earlier this year we increased the US acute care sales team from 6 to 23. As we have said in previous conference calls, we expect to increase sales force will have a positive impact beginning in Q4. Also we have further strengthened our US acute care sales efforts by adding a clinical nurse specialist to the team, a person who can really arm hospital managers with hard data on reducing infections rate of our catheters.

Home care sales which are 87% of our total global direct sales and which are the leading engine of our growth grew strongly this quarter led by 53% constant currency increase in international homecare sales and a 19% increase in US homecare sales. In homecare, we’ve added 17 people bringing our US homecare sales force to 20, up from 3.

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