Cantel Medical Corp. (NYSE: CMD) reported financial results for the fourth quarter ended July 31st. Net sales for the quarter fell 2.5% to USD 233.4 Million compared to the same period a year ago. Fourth quarter 2020 GAAP earnings per diluted share fell 125.5% to USD 0.05 compared to earnings per diluted share of USD 0.21 in the prior year period. Fourth quarter 2020 Non-GAAP earnings per diluted share fell 62.6% to USD 0.24.
George Fotiades, Chief Executive Officer, stated, “We are pleased with our fourth quarter performance in the face of the impact of COVID on procedures in our Medical and Dental segments. We executed very well in managing operating expenses and working capital, and we were able to pay down $75 million of our revolver earlier in September. While it will take a while longer to see a full recovery of procedures, we will remain agile in managing operating expenses and operating margins, while continuing to aggressively execute on our Cantel 2.0 initiatives. Furthermore, we will look to continue to pay down debt as the opportunity arises.”
Net cash provided by operating activities was USD 44 Million. Dental revenue increased 59% driven by the acquisition of Hu-Friedy as organic revenue fell 20.6% due to deferred elective procedures, partially offset by strong performance in face masks, face shields, surface disinfectants and wipes.
Estimated procedure volume has continuously improved since the beginning of the impact of the coronavirus pandemic. The company expects a full recovery of elective procedures to pre-COVID levels but timing remains uncertain.
Written by Andy Liao.
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