LITTLE FALLS, N.J., Sept. 29, 2015 /PRNewswire/ -- CANTEL MEDICAL CORP. (NYSE: CMN) reported record US GAAP net income of $13,273,000, or $0.32 per diluted share, on a 15% increase in sales to a record $151,255,000 for the fourth quarter ended July 31, 2015. This compares with net income of $10,705,000, or $0.26 per diluted share, on sales of $131,377,000 for the fourth quarter ended July 31, 2014. For the full fiscal year ended July 31, 2015, the Company reported record US GAAP net income of $47,953,000, or $1.15 per diluted share, on a 16% increase in sales to a record $565,004,000. This compares with net income of $43,265,000, or $1.04 per diluted share on sales of $488,749,000 for the fiscal year ended July 31, 2014.
Under non-GAAP measures, adjusted net income increased 19% this quarter to $16,060,000, or $0.39 per diluted share, compared with adjusted net income of $13,458,000, or $0.32 per diluted share for the same quarter last year. For the full fiscal year ended July 31, 2015, the Company reported a 17% increase in adjusted net income to $60,039,000, or $1.44 per diluted share. This compares with adjusted net income for the full fiscal year ending July 31, 2014 of $51,384,000, or $1.24 per diluted share.
Andrew Krakauer, Cantel’s Chief Executive officer stated, “We are pleased to have delivered record sales and earnings performance this quarter. We achieved significant revenue and earnings growth in our three major business segments -- Endoscopy, Water Purification and Filtration, and Healthcare Disposables. All three business units have greatly benefited from further investments in new product development, sales and marketing programs and the integration of recent acquisitions for this quarter and for the full year. We had strong organic sales growth of 10%, and have exceeded 10% organic growth for eight of the past nine consecutive quarters. Our total sales growth of 15% demonstrates the success of our acquisition program.”
Krakauer added, “Our Medivators Endoscopy segment led sales growth for the company this quarter with a robust year-over-year increase of 27%, of which 17% was organic. All product categories in this segment were strong including equipment, disinfectant chemistries, procedure room products, as well as service and spare parts. Further, we were pleased to have announced on September 14, that Cantel acquired United Kingdom based Medical Innovations Group Holdings Limited. Medical Innovations is a leading global provider of endoscope storage and transport systems and further enhances Cantel’s Endoscopy segment’s leadership position as the foremost provider of infection prevention and control (IP&C) solutions in the gastrointestinal (GI) endoscopy market.
Our Mar Cor Water Purification and Filtration unit continued its excellent performance as it has all fiscal year with sales growth this quarter of 8%, of which 5% was organic. Sales growth in this segment was driven by increased shipments of central and portable water purification equipment as well as consumables. In our Crosstex Healthcare Disposables segment, sales grew 9% for the quarter, of which was 5% was organic. Sales growth was led by higher face mask shipments.
We are optimistic about Cantel’s prospects to grow sales and increase profits in fiscal year 2016. We expect to benefit from our significant prior and ongoing investments in sales and marketing, continued progress with new products, as well as from recent and future acquisitions.”
The Company further reported that its balance sheet at July 31, 2015 included current assets of $188,361,000, including cash of $31,720,000, a current ratio of 2.7:1, gross debt of $78,500,000 and stockholders’ equity of $406,633,000. Krakauer stated, “The Company has a strong balance sheet and continues to generate significant cash flow and EBITDAS. For the full fiscal year 2015, adjusted EBITDAS grew by 17% to nearly $114 million. Despite borrowing $47 million to fund one acquisition in each of our three major business segments during the fiscal year, our net debt position decreased by $2 million to $46,780,000.”
Cantel Medical is a leading global company dedicated to delivering innovative infection prevention and control products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Our products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates, hollow fiber membrane filtration and separation products. Additionally, we provide technical service for our products.
The Company will hold a conference call to discuss the results for the fourth quarter and full fiscal year ended July 31, 2015 on Tuesday, September 29, 2015 at 11:00 AM Eastern time. To participate in the conference call, dial (877) 407-8033 approximately 5 to 10 minutes before the beginning of the call. If you are unable to participate, a digital replay of the call will be available from Tuesday, September 29, 2015 at 2:00 PM through midnight on November 29, 2015 by dialing (877) 660-6853 and using conference ID # 13619974.
The call will be simultaneously broadcast live over the Internet on vcall.com at http://www.investorcalendar.com/IC/CEPage.asp?ID=174342. A replay of the webcast will be available for 90 days on PrecisionIR and via the investor relations page of the Cantel website.
For further information, visit the Cantel website at www.cantelmedical.com.
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