Synergetics USA, Inc. (NASDAQ: SURG), a medical device company that designs, manufactures and markets innovative surgical instruments for ophthalmic and neurosurgical applications, today announced that it expects to report record sales and net income from operations for the fourth fiscal quarter ended July 31, 2011.
Synergetics to Report Record Fourth Quarter Results
The Company expects to report sales increased to approximately $15.8 million in the fourth quarter of fiscal 2011 compared with $13.1 million in the fourth quarter of the prior year. Net income for the fourth quarter of fiscal 2011 is expected to approximately double to $2.0 million compared with $1.0 million in the fourth quarter of fiscal 2010.
“Fourth quarter total sales grew by 21 percent as compared to the quarter ended July 31, 2010,” stated Dave Hable, President and CEO of Synergetics USA, Inc. “Our sales accelerated in the fourth quarter due to increased demand for our ophthalmic disposable, marketing partner and OEM products. We also expect our operating income and net income to almost double from the amount we reported in the fourth quarter of last year. Our gross margin improved to 59.6% in the fourth quarter. We continued to benefit from our increased leverage by utilizing our marketing partners to sell and distribute our neurosurgical products and from our lean manufacturing initiatives which allowed our operating margin to grow to 18.7% in the fourth quarter.”“Our focus for fiscal 2012 will be to continue the development of key research and development projects for vitreoretinal and intracranial microsurgery products that have the greatest market potential. We expect the combination of these strategies to enhance our long-term sales and earnings potential,” concluded Mr. Hable. Fourth Quarter Conference Call and News Release Information The Company will host a conference call at 10:30 a.m. Eastern time on October 12, 2011, to review the Company’s results for the fourth quarter and fiscal year 2011. A news release announcing the fourth quarter and fiscal year 2011 results will be issued on Tuesday, October 11, 2011, after market close.