Rochester Medical Corporation's CEO Discusses Q3 2012 Results - Earnings Call Transcript
Our three-year plan and projections for this year used a 1.37 exchange rate for the euro and a 1.5 rate for the pound. While the pound has hovered right around that number all years, the euro has fluctuated from 1.21 to 1.33 just in the last 120 days and now sits at 1.24. As Jim mentioned, total third quarter revenue increased 10% to %15.3 million versus $13.9 million a year ago driven by 9% growth in drug sales and an improvement of 16% in private label sales this quarter. For the first nine months of the year, revenues of $44.4 million grew 18% or $37.5 million in the comparable period.
Total U.S. sales rose 28% to $5.6 million from $4.4 million in the prior year’s quarter due to a combination of 34% growth in U.S. direct sales and 20% growth in U.S. private label sales. Outside of the U.S., total international sales rose 2% reflecting the challenges in Mainland Europe and the reimbursement environment in the Netherland. Direct sales increased a modest 1% with the UK business up a strong 17% offset by a 6% decline in the Netherlands and a 32% decline in the rest of the EME drive, private label increased 7%.
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