Form 8-K Hill-Rom Holdings, Inc. For: May 05
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2015
HILL-ROM HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Indiana
(State or other jurisdiction of
incorporation) |
1-6651
(Commission File Number)
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35-1160484
(IRS Employer Identification No.)
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1069 State Route 46 East
Batesville, Indiana
(Address of principal executive
offices)
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47006-8835
(Zip Code)
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(812) 934-7777
(Registrant’s telephone number, including area code)
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Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 5, 2015, Hill-Rom Holdings, Inc. (the “Corporation”) announced its earnings for the second quarter ended March 31, 2015. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
In the announcement, the Corporation uses various non-GAAP measures, including adjusted income before taxes, income tax expense and diluted earnings per share results, because it uses these measures internally for planning, forecasting and evaluating the performance of the business. In addition, the Corporation analyzes net revenue on a constant currency basis to better measure the comparability of results between periods. The Corporation believes that evaluating growth in net revenue on a constant currency basis provides an additional and meaningful assessment to both management and investors. These measures should not, however, be considered in isolation, as a substitute for, or as superior to measures of financial performance prepared in accordance with GAAP.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
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(d)
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Exhibits.
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99.1
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Press release, dated May 5, 2015, issued by the Corporation.
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HILL-ROM HOLDINGS, INC.
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(Registrant)
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DATE: May 5, 2015
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By:
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/s/ Steven J. Strobel
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Name:
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Steven J. Strobel
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Title:
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Senior Vice President and Chief Financial Officer
(duly authorized officer and principal financial officer)
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3
EXHIBIT INDEX
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Exhibit Number
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Exhibit Description
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99.1
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Press release, dated May 5, 2015, issued by the Corporation.
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4
Exhibit 99.1
CONTACT INFORMATION
Investor Relations
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Contact:
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Blair A. (Andy) Rieth, Jr., Vice President, Investor Relations
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Phone:
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312-819-7259
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Email:
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Media
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Contact:
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Larry Baumann, Executive Director, Corporate Communications
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Phone:
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312-819-7248
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Email:
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HILL-ROM REPORTS SECOND QUARTER
RESULTS AHEAD OF GUIDANCE;
INCREASES 2015 ADJUSTED EARNINGS OUTLOOK
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·
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Reported revenue increased 14 percent versus prior year to $475 million, up 6 percent on an organic constant currency basis
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·
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Adjusted diluted earnings per share of $0.64 compare to $0.57 in the prior year
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·
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Reported diluted earnings per share of $0.45 compare to a loss of $0.06 in the prior year
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·
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Year to date operating cash flow of $87 million compares to $78 million in the prior year
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·
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Full year adjusted earnings per share are now expected to be $2.50 to $2.54; Full-year reported revenue is now expected to grow 10 to 11 percent
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CHICAGO, Ill., May 5, 2015 -- Hill-Rom Holdings, Inc. (NYSE: HRC) announced financial results for its second quarter ended March 31, 2015, and increased its 2015 financial outlook. Adjusted earnings per diluted share of $0.64 increased 12 percent from $0.57 in the prior year, while reported earnings per diluted share of $0.45 increased from a loss of $0.06. Adjustments to reported earnings are detailed in the reconciliation schedules provided.
Hill-Rom’s quarterly revenue of $475 million increased 14 percent compared to last year, or 21 percent on a constant currency basis, primarily due to the Trumpf Medical acquisition and strong North America capital revenue growth. Excluding the benefit of Trumpf, constant currency growth was 6 percent, driven primarily by 16 percent growth in the North America capital business. Domestic revenue was $297 million, up 13 percent, while revenue outside the United States of $178 million increased 36 percent on a constant currency basis.
Management Comments
“We are pleased to report another quarter of strong revenue and adjusted earnings growth. Organic revenue growth was the strongest in three years, as our North America and Surgical/Respiratory Care businesses performed well. In addition, we launched several important new products,” said John Greisch, Hill-Rom President and Chief Executive Officer. “Despite incremental currency headwinds, we are raising our full-year outlook, reflecting our improved operational execution.”
1
Second Quarter Financial Results and Operational Highlights
-- Revenue:
-- North America. North America revenue increased 10 percent to $247 million. Capital sales increased 16 percent, while rental revenue increased 5 percent, excluding the impact of the previously exited third party reimbursed home care rental business. As reported, rental revenue declined 2 percent.
-- International. International segment revenue was flat on a constant currency basis and down 14 percent on a reported basis to $108 million. On a constant currency basis, capital revenue was flat with the prior year while rental revenue increased 2 percent.
-- Surgical/Respiratory Care. Surgical and Respiratory Care revenue increased 83 percent to $120 million, reflecting 1 percent organic constant currency growth plus the addition of Trumpf Medical.
-- Year-to-date operating cash flow was $87 million compared to $78 million in the prior year.
-- Hill-Rom’s investment in innovation resulted in the launch of two new bariatric products during the quarter:
-- Compella™ Bariatric Bed, Hill-Rom’s latest advance in bariatric care, streamlines workflow, delivers safe patient care and enhances patient dignity. Features include the exclusive powered width expansion and IntelliDrive® XL powered transport system.
-- LikoGuard™ L/XL Overhead Lift System facilitates safe mobilization for patients up to 800 pounds/363 kg. Innovations such as a patented emergency lowering mechanism and a newly-designed slingbar provide confidence for the caregiver and security for the patient.
Please see the attached schedules for additional information, including condensed financial information, a summary balance sheet, a cash flow statement and reconciliations of GAAP to adjusted financial measures.
For a more complete review of Hill-Rom’s results, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.
Financial Guidance Summary
Revenue: For fiscal 2015, Hill-Rom expects reported revenue growth of 10 to 11 percent compared to 11 to 12 percent previously. This reflects:
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·
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low to mid-single-digit constant currency organic growth; and
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·
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negative currency impact of approximately 6 percent compared to 4 percent previously.
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For the third quarter of fiscal 2015, Hill-Rom expects reported revenue growth of 13 to 15 percent. This reflects:
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·
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mid-single-digit constant currency organic growth; and
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·
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negative currency impact of approximately 8 percent.
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Adjusted Earnings per Diluted Share: The Company expects full-year adjusted earnings per diluted share to be $2.50 to $2.54, compared to $2.44 to $2.50 previously.
Third quarter adjusted earnings per diluted share are expected to be $0.58 to $0.61.
Cash Flow: Hill-Rom expects cash flow from operations for the full year to be approximately $250 million, unchanged from prior guidance.
2
Discussion of Adjusted Financial Measures
Hill-Rom Holdings, Inc. routinely provides earnings per share results and guidance on an adjusted basis because the Company’s management believes that the presentation provides useful information to investors. This measure excludes strategic developments, special charges or other unusual events. Such items may be highly variable, difficult to predict and of a size that sometimes have substantial impact on the Company's reported operations for a period. Often, prospective quantification of such items is not feasible.
The Company also excludes expenses associated with the amortization of intangible assets associated with prior business acquisitions. This adjustment is made to allow investors to evaluate and understand operating trends excluding the non-cash impact of acquired intangible amortization on operating income, earnings per share and other measures.
Management uses these measures internally for planning, forecasting and evaluating the performance of the business. Investors should consider non-GAAP measures in addition to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
Reconciliations of GAAP measures to adjusted measures appear in the financial tables of this release.
Conference Call Webcast and Dial-in Information
As previously announced, the Company will host a conference call and webcast today at 8:00 a.m. ET.
Webcast: To join the live webcast with audio, go to http://ir.hill-rom.com/events.cfm or http://edge.media-server.com/m/p/nprwokdc. The webcast slide deck will be posted to the Hill-Rom website prior to the webcast.
Conference Call Audio Only Dial-in information: To join the live conference call, dial 877-304-8969 domestic callers / 631-291-4543 international callers. The following Confirmation Code is required for both: 19694449. Callers will need to provide their name, company affiliation and telephone number to the conference operator. A recording of the webcast/call audio will be available for telephone replay through May 11, 2015, domestically at 855-859-2056 and internationally at 404-537-3406. For the replay, callers will need to use confirmation code 19694449. If you are unable to listen to the live webcast or the telephone replay, the webcast will be archived at http://ir.hill-rom.com/events.cfm.
About Hill-Rom Holdings, Inc.
Hill-Rom is a leading global medical technology company with more than 7,000 employees worldwide. We partner with health care providers in more than 100 countries by focusing on patient care solutions that improve clinical and economic outcomes in five core areas: Advancing Mobility, Wound Care and Prevention, Clinical Workflow, Surgical Safety and Efficiency, and Respiratory Health. Hill-Rom's people, products, and programs work towards one mission: Every day, around the world, we enhance outcomes for patients and their caregivers.
www.hill-rom.com
Disclosure Regarding Forward Looking Statements
Certain statements herein contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s future plans, objectives, beliefs, expectations, representations and projections. It is important to note that forward-looking statements are not guarantees of future performance, and the Company’s actual results could differ materially from those set forth in any forward-looking statements. For a more in depth discussion of factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading “Risk Factors” in the Company’s previously filed most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or revise any forward-looking statements.
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Hill-Rom Holdings, Inc. and Subsidiaries
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Condensed Consolidated Statements of Income (Loss)
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(Dollars in millions, except per share data)
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(unaudited)
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Quarter Ended March 31
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Year To Date Ended March 31
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2015
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2014
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2015
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2014
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Net revenue
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Capital sales
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$ | 375.7 | $ | 313.6 | $ | 749.1 | $ | 609.1 | ||||||||
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Rental revenue
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99.1 | 101.7 | 190.7 | 199.6 | ||||||||||||
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Total revenue
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474.8 | 415.3 | 939.8 | 808.7 | ||||||||||||
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Cost of revenue
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Cost of goods sold
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213.9 | 169.5 | 434.4 | 340.7 | ||||||||||||
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Rental expenses
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46.7 | 43.1 | 91.3 | 88.5 | ||||||||||||
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Total cost of revenue
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260.6 | 212.6 | 525.7 | 429.2 | ||||||||||||
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Gross profit
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Capital
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161.8 | 144.1 | 314.7 | 268.4 | ||||||||||||
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Rental
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52.4 | 58.6 | 99.4 | 111.1 | ||||||||||||
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Total gross profit
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214.2 | 202.7 | 414.1 | 379.5 | ||||||||||||
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As a percentage of sales
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45.1% | 48.8% | 44.1% | 46.9% | ||||||||||||
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Research and development expenses
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22.2 | 16.4 | 44.0 | 32.8 | ||||||||||||
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Selling and administrative expenses
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149.9 | 130.1 | 305.0 | 268.1 | ||||||||||||
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Special charges
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3.8 | 28.4 | 7.5 | 29.4 | ||||||||||||
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Operating profit
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38.3 | 27.8 | 57.6 | 49.2 | ||||||||||||
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Other income/(expense), net
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(1.7 | ) | (2.5 | ) | (4.0 | ) | (4.5 | ) | ||||||||
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Income tax expense
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10.5 | 28.6 | 15.4 | 34.8 | ||||||||||||
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Net income (loss)
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$ | 26.1 | $ | (3.3 | ) | $ | 38.2 | $ | 9.9 | |||||||
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Diluted earnings (loss) per share:
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Earnings (loss) per share
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$ | 0.45 | $ | (0.06 | ) | $ | 0.66 | $ | 0.17 | |||||||
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Average common shares outstanding - diluted (thousands)
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57,610 | 57,303 | 57,894 | 58,612 | ||||||||||||
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Dividends per common share
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$ | 0.1600 | $ | 0.1525 | $ | 0.3125 | $ | 0.2900 | ||||||||
4
Non-GAAP Financial Disclosures and Reconciliations
While Hill-Rom reports financial results in accordance with U.S. GAAP, this press release includes non-GAAP measures. Hill-Rom uses non-GAAP measures to evaluate and manage its operations and provides the information to assist investors in performing financial analysis that is consistent with financial models developed by research analysts. Investors should consider non-GAAP measures in addition to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
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Hill-Rom Holdings, Inc. and Subsidiaries
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Revenue - Constant Currency
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(Dollars in millions)
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Quarter Ended March 31
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2015
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Foreign Exchange
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2015
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2014
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Constant Currency
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As Reported
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Impact
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Adjusted
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As Reported
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Change
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Capital sales
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$ | 375.7 | $ | (26.7 | ) | $ | 402.4 | $ | 313.6 | 28.3% | ||||||||||
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Rental revenue
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99.1 | (2.3 | ) | 101.4 | 101.7 | -0.3% | ||||||||||||||
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Total
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$ | 474.8 | $ | (29.0 | ) | $ | 503.8 | $ | 415.3 | 21.3% | ||||||||||
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North America
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$ | 246.9 | $ | (1.9 | ) | $ | 248.8 | $ | 224.5 | 10.8% | ||||||||||
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Surgical and Respiratory Care
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120.0 | (9.9 | ) | 129.9 | 65.6 | 98.0% | ||||||||||||||
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International
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107.9 | (17.2 | ) | 125.1 | 125.2 | -0.1% | ||||||||||||||
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Total
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$ | 474.8 | $ | (29.0 | ) | $ | 503.8 | $ | 415.3 | 21.3% | ||||||||||
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Year To Date Ended March 31
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| 2015 |
Foreign Exchange
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2015 | 2014 |
Constant Currency
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As Reported
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Impact
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Adjusted
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As Reported
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Change
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Capital sales
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$ | 749.1 | $ | (38.5 | ) | $ | 787.6 | $ | 609.1 | 29.3% | ||||||||||
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Rental revenue
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190.7 | (3.3 | ) | 194.0 | 199.6 | -2.8% | ||||||||||||||
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Total
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$ | 939.8 | $ | (41.8 | ) | $ | 981.6 | $ | 808.7 | 21.4% | ||||||||||
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North America
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$ | 472.1 | $ | (2.5 | ) | $ | 474.6 | $ | 430.0 | 10.4% | ||||||||||
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Surgical and Respiratory Care
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246.3 | (14.1 | ) | 260.4 | 128.9 | 102.0% | ||||||||||||||
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International
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221.4 | (25.2 | ) | 246.6 | 249.8 | -1.3% | ||||||||||||||
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Total
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$ | 939.8 | $ | (41.8 | ) | $ | 981.6 | $ | 808.7 | 21.4% | ||||||||||
5
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Hill-Rom Holdings, Inc. and Subsidiaries
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Reconciliation: Earnings (Loss) Per Share
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(Dollars in millions, except per share data)
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Quarter Ended March 31, 2015
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Quarter Ended March 31, 2014
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Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS*
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Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS*
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|||||||||||||||||||
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GAAP Earnings
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$ | 36.6 | $ | 10.5 | $ | 0.45 | $ | 25.3 | $ | 28.6 | $ | (0.06 | ) | |||||||||||
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Adjustments:
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Acquisition and integration costs
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3.8 | 1.2 | 0.05 | 1.7 | 0.6 | 0.02 | ||||||||||||||||||
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Acquisition-related intangible asset amortization
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7.6 | 2.2 | 0.10 | 6.9 | 2.0 | 0.09 | ||||||||||||||||||
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Employee benefits change
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- | - | - | (12.2 | ) | (4.7 | ) | (0.13 | ) | |||||||||||||||
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FDA remediation expenses
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1.2 | 0.4 | 0.01 | 0.8 | 0.2 | 0.01 | ||||||||||||||||||
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Field corrective actions
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1.2 | 0.2 | 0.02 | (1.9 | ) | (1.2 | ) | (0.01 | ) | |||||||||||||||
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Litigation credit
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(0.9 | ) | (0.3 | ) | (0.01 | ) | - | - | - | |||||||||||||||
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Special charges
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3.8 | 0.1 | 0.06 | 28.4 | 9.9 | 0.32 | ||||||||||||||||||
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Foreign valuation allowance
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- | 1.9 | (0.03 | ) | - | (19.6 | ) | 0.34 | ||||||||||||||||
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Adjusted Earnings
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$ | 53.3 | $ | 16.2 | $ | 0.64 | $ | 49.0 | $ | 15.8 | $ | 0.57 | ||||||||||||
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Year to Date Ended March 31, 2015
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Year to Date Ended March 31, 2014
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Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS*
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Income Before
Income Taxes
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Income Tax
Expense
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Diluted EPS
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|||||||||||||||||||
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GAAP Earnings
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$ | 53.6 | $ | 15.4 | $ | 0.66 | $ | 44.7 | $ | 34.8 | $ | 0.17 | ||||||||||||
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Adjustments:
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Acquisition and integration costs
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12.7 | 4.0 | 0.15 | 3.6 | 1.2 | 0.04 | ||||||||||||||||||
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Acquisition-related intangible asset amortization
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15.7 | 4.4 | 0.20 | 13.8 | 4.2 | 0.16 | ||||||||||||||||||
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Employee benefits change
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- | - | - | (12.2 | ) | (4.7 | ) | (0.13 | ) | |||||||||||||||
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FDA remediation expenses
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1.7 | 0.6 | 0.02 | 1.7 | 0.6 | 0.02 | ||||||||||||||||||
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Field corrective actions
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2.3 | 0.7 | 0.03 | (0.7 | ) | (0.8 | ) | - | ||||||||||||||||
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Litigation credit
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(0.9 | ) | (0.3 | ) | (0.01 | ) | - | - | - | |||||||||||||||
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Special charges
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7.5 | 0.3 | 0.12 | 29.4 | 10.3 | 0.33 | ||||||||||||||||||
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Foreign valuation allowance
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- | 1.9 | (0.03 | ) | - | (19.6 | ) | 0.34 | ||||||||||||||||
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Adjusted Earnings
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$ | 92.6 | $ | 27.0 | $ | 1.13 | $ | 80.3 | $ | 26.0 | $ | 0.93 | ||||||||||||
* Does not add due to rounding.
6
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Hill-Rom Holdings, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheets
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(Dollars in millions)
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(unaudited)
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March 31, 2015
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September 30, 2014
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|||||||
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Assets
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Current Assets
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||||||||
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Cash and cash equivalents
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$ | 114.5 | $ | 99.3 | ||||
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Trade accounts receivable, net of allowances
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368.0 | 411.0 | ||||||
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Inventories, net
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168.7 | 176.2 | ||||||
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Other current assets
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93.4 | 92.8 | ||||||
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Total current assets
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744.6 | 779.3 | ||||||
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Property, plant and equipment, net
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286.0 | 261.5 | ||||||
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Goodwill
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387.3 | 399.8 | ||||||
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Other assets
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288.3 | 311.5 | ||||||
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Total Assets
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$ | 1,706.2 | $ | 1,752.1 | ||||
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Liabilities
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||||||||
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Current Liabilities
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||||||||
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Trade accounts payable
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$ | 87.7 | $ | 112.7 | ||||
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Short-term borrowings
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128.7 | 126.9 | ||||||
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Other current liabilities
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185.3 | 202.7 | ||||||
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Total current liabilities
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401.7 | 442.3 | ||||||
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Long-term debt
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449.8 | 364.9 | ||||||
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Other long-term liabilities
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132.4 | 138.4 | ||||||
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Total Liabilities
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983.9 | 945.6 | ||||||
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Shareholders' Equity
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722.3 | 806.5 | ||||||
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Total Liabilities and Shareholders' Equity
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$ | 1,706.2 | $ | 1,752.1 | ||||
7
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Hill-Rom Holdings, Inc. and Subsidiaries
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Condensed Consolidated Statements of Cash Flows
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(Dollars in millions)
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||||||
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(unaudited)
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Year to Date Ended March 31
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2015
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2014
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|||||||
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Operating Activities
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||||||||
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Net income
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$ | 38.2 | $ | 9.9 | ||||
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Adjustments to reconcile net income to net cash provided by
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operating activities:
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||||||||
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Depreciation
|
34.9 | 33.6 | ||||||
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Amortization
|
5.5 | 7.0 | ||||||
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Acquisition-related intangible asset amortization
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15.7 | 13.8 | ||||||
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Provision for deferred income taxes
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(6.2 | ) | 6.5 | |||||
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(Gain) loss on disposal of property, equipment leased to others,
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||||||||
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intangible assets and impairments
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(0.2 | ) | 7.8 | |||||
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Stock compensation
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9.9 | 9.0 | ||||||
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Excess tax benefits from employee stock plans
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(1.4 | ) | 0.6 | |||||
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Change in working capital excluding cash, current investments,
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||||||||
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current debt and acquisitions and dispositions:
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||||||||
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Trade accounts receivable
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22.6 | 15.8 | ||||||
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Inventories
|
(3.9 | ) | 0.9 | |||||
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Other current assets
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(2.8 | ) | (1.3 | ) | ||||
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Trade accounts payable
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(16.6 | ) | (14.5 | ) | ||||
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Accrued expenses and other liabilities
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(9.4 | ) | (14.6 | ) | ||||
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Other, net
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0.8 | 3.4 | ||||||
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Net cash provided by operating activities
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87.1 | 77.9 | ||||||
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Investing Activities
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||||||||
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Capital expenditures and purchases of intangibles
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(80.3 | ) | (31.4 | ) | ||||
|
Proceeds on sale of property and equipment leased to others
|
0.9 | 1.3 | ||||||
|
Payment for acquisition of businesses, net of cash acquired
|
(2.7 | ) | (14.3 | ) | ||||
|
Refund on acquisition of businesses
|
- | 4.6 | ||||||
|
Other
|
(4.8 | ) | - | |||||
|
Net cash used in investing activities
|
(86.9 | ) | (39.8 | ) | ||||
|
Financing Activities
|
||||||||
|
Net change in short-term debt
|
(0.7 | ) | (0.2 | ) | ||||
|
Borrowings on revolving credit facility
|
95.0 | 41.0 | ||||||
|
Proceeds from long-term debt
|
- | 0.6 | ||||||
|
Payment of long-term debt
|
(7.6 | ) | (5.0 | ) | ||||
|
Purchase of noncontrolling interest
|
(1.3 | ) | (1.0 | ) | ||||
|
Payment of cash dividends
|
(17.7 | ) | (16.7 | ) | ||||
|
Proceeds on exercise of stock options
|
9.1 | 7.4 | ||||||
|
Proceeds from stock issuance
|
1.3 | 1.3 | ||||||
|
Excess tax benefits from employee stock plans
|
1.4 | (0.6 | ) | |||||
|
Treasury stock acquired
|
(57.1 | ) | (71.6 | ) | ||||
|
Net cash provided by (used in) financing activities
|
22.4 | (44.8 | ) | |||||
|
Effect of exchange rate changes on cash
|
(7.4 | ) | (0.4 | ) | ||||
|
Net Cash Flows
|
15.2 | (7.1 | ) | |||||
|
Cash and Cash Equivalents:
|
||||||||
|
At beginning of period
|
99.3 | 127.4 | ||||||
|
At end of period
|
$ | 114.5 | $ | 120.3 | ||||
8
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