{"id":453450,"date":"2021-03-09T07:03:46","date_gmt":"2021-03-09T12:03:46","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=453450"},"modified":"2021-03-09T07:03:46","modified_gmt":"2021-03-09T12:03:46","slug":"cantel-medical-reports-strong-financial-results-for-its-second-quarter-fiscal-year-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cantel-medical-reports-strong-financial-results-for-its-second-quarter-fiscal-year-2021\/","title":{"rendered":"Cantel Medical Reports Strong Financial Results for its Second Quarter Fiscal Year 2021"},"content":{"rendered":"
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Demand for Medical and Dental IP&C solutions continue to outpace elective procedure volume<\/h2>\n

Strong recurring revenue mix and continued cost discipline driving higher profitability<\/h2>\n

– Net sales of $294.0M, up 1.9%<\/h2>\n

– GAAP diluted EPS of $0.27, up $0.32 versus prior year<\/h2>\n

– Non-GAAP diluted EPS of $0.79, up 29.5%<\/h2>\n

– GAAP net income of $12.1M, up $14.3M versus prior year<\/h2>\n

– Non-GAAP net income of $34.6M, up 34.0%<\/h2>\n

– Continued Cash Flow strength enabled accelerated debt pay down<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n LITTLE FALLS, N.J.<\/span>, March 9, 2021<\/span> \/PRNewswire\/ —\u00a0Cantel Medical Corp. (NYSE: CMD) today announced financial results for its second quarter ended January\u00a031, 2021. <\/p>\n

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\n \"(PRNewsfoto\/Cantel
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Second quarter 2021 net sales were $294.0M<\/span>,\u00a0up 1.9% compared to the prior year. Excluding the impact from foreign currency, net sales increased by 1.1%; largely a result of heightened demand for Cantel’s infection prevention solutions. The Company’s entire second quarter was impacted by the reduction of elective procedures driven by the worldwide COVID pandemic.<\/p>\n

Second quarter 2021 GAAP earnings per diluted share increased to $0.27<\/span>, compared to a GAAP loss per diluted share of $(0.05)<\/span> in the prior year period. GAAP earnings per diluted share was positively impacted by higher volumes, expense discipline and integration expenses in the prior year period. <\/p>\n

Second quarter 2021 non-GAAP earnings per diluted share increased 29.5% to\u00a0$0.79, compared to non-GAAP earnings per diluted share of $0.61<\/span> in the prior year period. The increase in earnings per share was driven by strength in our dental and medical segments, stronger recurring product mix and operating expense discipline.<\/p>\n

\n George Fotiades<\/span>, Chief Executive Officer, stated, “We remain very optimistic with elevated uptake for our infection prevention consumable products as enhanced infection prevention protocols become standard practice. The increased adoption and focus on our IP&C solutions drove greater demand for our recurring revenue consumables and new products, enabling us to outperform underlying procedure volume in both our Medical and Dental segments. This resulted in a margin profile that exceeded expectations, mainly driven by favorable mix and volume leverage coupled with our embedded operating discipline across all of our businesses.”<\/p>\n

The second quarter ended with cash of $243.1M<\/span> and gross debt of $988.4M<\/span>, while generating EBITDAS of $53.9M<\/span> and adjusted EBITDAS of $71.0M<\/span> in the quarter, up 27.3%. The Company continued to build cash within the quarter and utilized its strong cash position to pay down $50.0M<\/span> of its revolver in November, along with an additional $50.0M<\/span> following the end of the second quarter in March. The Company has exceeded its fiscal year 2021 revised guidance with a total of $175.0M<\/span> in debt reduction.<\/p>\n

COVID continued to negatively impact elective procedures throughout the second quarter and affected the Company’s Medical and Dental segments. However, the negative impact continues to moderate as hospitals and clinics utilize enhanced protocols to keep both staff and patients safe. <\/p>\n

Second quarter financial results and key updates:<\/p>\n