Symmetry Medical Reports Fourth Quarter And Full Year 2012 Financial Results

Provides 2013 Financial Guidance

Fourth Quarter Highlights:
  • Revenue of $106.6 million, up 26% year-over-year
  • Gross margin of 27.1% compared to 16.4% year ago
  • Operating income of $8.7 million; as adjusted operating income of $13.7 million, up 403% year-over-year
  • Net income of $2.9 million; as adjusted net income of $6.1 million, up 371% year-over-year
  • Generated strong cash from operations of $10.7 million
  • Continued debt reduction; leverage ratio at 3.3

WARSAW, Ind., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Symmetry Medical Inc. (NYSE:SMA), a leading global source of innovative medical device solutions, including surgical instruments, orthopedic implants, and sterilization cases and trays, announced fourth quarter and full year 2012 financial results for the period ended December 29, 2012.
  Fourth Quarter Vs Prior Quarter Total Year
(in millions, except per share data) 2012 2011 Change 4Q'12 3Q'12 Change 2012 2011 Change
Revenue  $ 106.6  $ 84.5 26%  $ 106.6  $ 100.9 6%  $ 410.5  $ 359.0 14%
Operating income  8.7  (4.1) FAV  8.7  10.2 -15%  33.0  8.3 300%
Net income  2.9  (3.2) FAV  2.9  3.7 -22%  9.1  2.9 216%
EPS  $ 0.08  $ (0.09) FAV  $ 0.08  $ 0.10 -20%  $ 0.25  $ 0.08 213%
                   
As Adjusted Non-GAAP*                  
Operating income*  $ 13.7  $ 2.7 403%  $ 13.7  $ 14.0 -2%  $ 49.7  $ 24.3 104%
Net income*  6.1  1.3 371%  6.1  6.5 -6%  20.7  13.6 53%
EPS*  $ 0.17  $ 0.04 340%  $ 0.17  $ 0.18 -6%  $ 0.57  $ 0.38 51%
                   
* Excludes non-cash charges for stock compensation expense, amortization of intangible assets and debt issuance costs, impairment of an intangible asset in 2011, as well as charges for management transition costs, acquisition related costs, facility closure and severance, SEC related legal costs and legal entity restructuring costs. See "As Adjusted Financial Measures" below.
       
       
(in millions, except per share data) Fourth Quarter Vs Prior Quarter Total Year
Revenue by Product: by Segment 2012 2011 Change 4Q'12 3Q'12 Change 2012 2011 Change
OEM Solutions Revenue                  
Instruments  $ 30.0  $ 27.3 10%  $ 30.0  $ 29.6 1%  $ 115.2  $ 115.3 0%
Implants  26.5  22.9 16%  26.5  25.6 3%  102.0  103.3 -1%
Cases  13.9  15.9 -12%  13.9  14.2 -2%  58.5  75.8 -23%
Other  7.7  7.2 8%  7.7  6.7 16%  27.6  25.1 10%
Total OEM Solutions Revenue  $ 78.1  $ 73.3 7%  $ 78.1  $ 76.1 3%  $ 303.3  $ 319.5 -5%
Symmetry Surgical Revenue  28.5  11.2 154%  28.5  24.8 15%  107.2  39.5 172%
                   
Total Revenue  $ 106.6  $ 84.5 26%  $ 106.6  $ 100.9 6%  $ 410.5  $ 359.0 14%

Revenue for the fourth quarter 2012 was $106.6 million, up 26.1% compared to $84.5 million in the same period last year. The year-over-year revenue increase was driven by growth in the Company's OEM Solutions and Symmetry Surgical segments. Symmetry Surgical segment results for the fourth quarter 2012 included the Company's December 2011 acquisition of the surgical instruments business of Codman & Shurtleff, Inc.

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