Rochester Medical Discusses Q2 2011 Results -- Earnings Call Transcript
In short in the past year, we have more than quadrupled our combined US sales force. Last year, we had very limited sales coverage of the U.S. and essentially no regional sales management. Today, our sales force substantially covers the major US population centers, and our new regional managers help to better coordinate our sales efforts, both in existing accounts as well as in many new accounts. We firmly believe that all the upfront cost was considerable. This decision was prudent and necessary to growing our company and achieving our long-term financial growth. Now let turn it over to Dave for further details in the quarter.
Thanks Jim. I’m going to spend a few minutes highlighting the results reflected in our just released third quarter 2011 earnings. In this discussion, unless otherwise noted all sales information will be discussed in constant currency. I’m doing this to exclude the impact of foreign currency exchange in order to show a true reflection of our sales growth.
Foreign currency add approximately $350,000 to top line results for the third quarter and has added about $330,000 in the nine-month period. As Jim mentioned total sales rose 35% including Laprolan to $14.3 million from $10.2 million a year ago. Organic growth excluding Laprolan was in the lower double digits for the third quarter.Total sales in the US increased 11% to $4.4 million from $3.9 million in the third quarter of 2010, driven by growth in both our US direct sales and our US private label business. Total sales outside of the US mainly in the Europe and Middle East region or EME grew 49% due to a very robust growth in direct sales and a combination of strong organic growth and Laprolan. This performance was partially offset by a decline international private label sales.
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