Patterson and Medtronic Stocks Drum Up Trading Interest After Earnings Releases
Patterson Companies Inc. (NASDAQ:PDCO) reported its results for the second quarter. Net income for the medical equipment wholesale fell to $49 million (43 cents per share) vs. $53.4 million (45 cents per share) a year earlier. This is a decline of 8.3% from the year earlier quarter. Revenue Remained constant at $856.9 million. PDCO reported adjusted net income of 46 cents per share. By that measure, the company fell short of mean estimate of 47 cents per share. It fell short of the average revenue estimate of $887.8 million.
Scott P. Anderson, president and chief executive officer, commented: “Sales of consumable supplies were solidly higher at our three businesses in the second quarter. We believe this indicates that patient traffic is improving moderately within our three served markets despite the weak economic environment. Reduced CEREC sales, together with general softness in the equipment businesses at our three operating units, adversely affected Patterson’s second quarter consolidated sales and earnings. We are focusing our marketing initiatives on boosting demand within our customer base for capital equipment during the remainder of our fiscal year. While customers remain cautious on spending for equipment, we believe opportunities exist in this currently challenging market as we approach the seasonal peak for equipment purchasing decisions.”
Competitors to Watch: Henry Schein, Inc. (NASDAQ:HSIC), PSS World Medical, Inc. (NASDAQ:PSSI), Owens & Minor, Inc. (NYSE:OMI), Chindex Intl., Inc. (NASDAQ:CHDX), McKesson Corporation (NYSE:MCK), Lincare Holdings Inc. (NASDAQ:LNCR), AmerisourceBergen Corp. (NYSE:ABC), White Dental Supply Inc (WITD), Certified Diabetic Services Inc (CDIPQ), and E Med Future, Inc (EMDF).
Medtronic Inc. (NYSE:MDT) reported its results for the second quarter. Net income for Medtronic Inc. rose to $871 million (82 cents per share) vs. $566 million (52 cents per share) in the same quarter a year earlier. This marks a rise of 53.9% from the year earlier quarter. Revenue rose 3% to $4.1 billion from the year earlier quarter. MDT reported adjusted net income of 84 cents per share. By that measure, the company beat the mean estimate of 82 cents per share. Analysts were expecting revenue of $4.07 billion.
“I’m pleased we delivered another quarter of consistent growth in a difficult environment,” said Omar Ishrak, Medtronic chairman and chief executive officer. “A majority of our businesses, and nearly all of our geographies, contributed to this growth. As we continue to focus on innovation, globalization, and execution, I see tremendous opportunities for growth in the future.”
Competitors to Watch: Boston Scientific Corp. (NYSE:BSX), St. Jude Medical, Inc. (NYSE:STJ), Edwards Lifesciences Corp (NYSE:EW), Johnson & Johnson (NYSE:JNJ), ZOLL Medical Corporation (NASDAQ:ZOLL), Abbott Laboratories (NYSE:ABT), Stryker Corporation (NYSE:SYK), Integra LifeSciences Hldgs. Corp. (NASDAQ:IART), CONMED Corporation (NASDAQ:CNMD), and Greatbatch Inc. (NYSE:GB).