Cantel Medical (NYSE:CMN) today released its 3rd quarter earnings for its fiscal year 2016, beating the Street across the board and seeing shares lift.
The Little Falls, N.J.-based company reported profits of $14 million, or 34¢ per share, on sales of $173.7 million for the 3 months ended April 30. That amounts to a 13.5% bottom-line gain on sales growth of 22.8% compared with the same period in 2015.
Adjusted to exclude 1-time items, earnings per share were 44¢: Analysts on Wall Street were looking for an adjusted EPS of 38¢, which Cantel Medical handily topped.
The company was also able to top analysts expectations for revenue by $10 million, with the Street looking for $163 million.
Cantel Medical shares jumped 4.0% in pre-market trading today rising to $71.50 as of approximately 9 a.m, and have closed 7.36% up at $73.80.
“We are pleased to have delivered record sales and adjusted earnings performance this quarter. Our 22.8% reported sales growth can be broken down into strong organic growth of 17.6%, a 0.6% decline due to foreign currency translation, with acquisitions making up the remaining 5.8% demonstrating the continued success of our acquisition program. The majority of this quarter’s excellent performance was driven by the Endoscopy business. All three of our major business units including Water Purification and Filtration and Healthcare Disposables, in addition to Endoscopy, have greatly benefited from continued investments in new product development, sales and marketing programs and the integration of recent acquisitions. We are also pleased to report gross margins improved approximately 130 basis points compared with the same quarter last year,” CEO Andrew Krakauer said in a press release.
Cantel did not comment on or update its current fiscal year or next quarter guidance.
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