Symmetry Medical reported a 39 percent loss in net income over the first quarter of 2012. The company also reported a 19 percent decline in year-over-year adjusted net income. However, the company reduced its debt by more than $10 million since the 2011 year-end report. The decline in the company's OEM Solution segment was driven by continued reduced capital spending on instruments and cases by OEM customers.
The company experienced a 9 percent drop in implant revenue and a 16 percent drop in instruments revenue during the first quarter. However, the Symmetry Surgical segment grew 197 percent to $26.7 million, driven by the company's acquisition of Codman & Shurtleff and Olsen Medical.
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The company experienced a 9 percent drop in implant revenue and a 16 percent drop in instruments revenue during the first quarter. However, the Symmetry Surgical segment grew 197 percent to $26.7 million, driven by the company's acquisition of Codman & Shurtleff and Olsen Medical.
More Articles on Orthopedic Devices:
Wright Medical Group Sales Fall 6% After Distributor Transitions
Exactech Hip & Knee Revenue Up, Spine Drops 13%
DJO Global Net Sales Jump 11.7%