Symmetry Medical (SMA) Completes Acquisition of Codman & Shurtleff, Inc., Offers New FY12 Guidance
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Symmetry Medical Inc. (NYSE: SMA) announced today that it has closed the previously announced acquisition of the surgical instruments business of Codman & Shurtleff, Inc., a Johnson & Johnson company (NYSE: JNJ).
Beginning in the first quarter 2012, Symmetry will integrate Codman's line of surgical instruments with the Company's current hospital direct business, Specialty Surgical Instrumentation ("SSi"). The combined hospital direct general surgical instruments business will be re-named Symmetry Surgical and is expected to have more than $100 million in annual sales.
The following forward-looking estimates regarding 2012 guidance reflect current market conditions and foreign currency rates. Actual results may differ materially, and the Company refers you to forward-looking statements located at the end of the press release.
For the full year 2012, including the acquisition of the surgical instruments business of Codman, the Company expects revenue to be in the range of $410 million to $425 million, ahead of the Street's consensus of $365.66 million. As previously stated, the acquisition is expected to be breakeven on a GAAP EPS basis in 2012 and significantly accretive on a non-GAAP EPS excluding amortization basis. The Company expects to provide full year 2012 GAAP EPS as well as non-GAAP EPS excluding amortization guidance in conjunction with the release of its financial results for the fourth quarter 2011.
Beginning in the first quarter 2012, Symmetry will integrate Codman's line of surgical instruments with the Company's current hospital direct business, Specialty Surgical Instrumentation ("SSi"). The combined hospital direct general surgical instruments business will be re-named Symmetry Surgical and is expected to have more than $100 million in annual sales.
The following forward-looking estimates regarding 2012 guidance reflect current market conditions and foreign currency rates. Actual results may differ materially, and the Company refers you to forward-looking statements located at the end of the press release.
For the full year 2012, including the acquisition of the surgical instruments business of Codman, the Company expects revenue to be in the range of $410 million to $425 million, ahead of the Street's consensus of $365.66 million. As previously stated, the acquisition is expected to be breakeven on a GAAP EPS basis in 2012 and significantly accretive on a non-GAAP EPS excluding amortization basis. The Company expects to provide full year 2012 GAAP EPS as well as non-GAAP EPS excluding amortization guidance in conjunction with the release of its financial results for the fourth quarter 2011.
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