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Synergetics USA, Inc. (NASDAQ:SURG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 1.4%.
Synergetics USA, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 28.57% to $0.05 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Decreased 6.76% to $14.06 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Synergetics USA, Inc. reported adjusted EPS income of $0.05 per share. By that measure, the company missed the mean analyst estimate of $0.07. It missed the average revenue estimate of $16.09 million.
Quoting Management: “We were disappointed with our second quarter performance on both the top and bottom line. Total sales growth was pressured chiefly by ongoing competitive challenges in our base Ophthalmic business and fluctuating order patterns in our OEM business,” stated Dave Hable, President and CEO of Synergetics USA, Inc. “Earnings performance was impacted by the combination of slower sales growth and lower margins due primarily to the measures we took to improve our inventory position this quarter. Despite the slower sales growth, we remain encouraged by the early market positive response for VersaVIT™, our innovative, portable vitrectomy machine and related procedural kits, which launched late last year. We expect improving performance over the balance of fiscal 2013 driven by improving order flow from our OEM partners and increasing contributions from our VersaVIT™ franchise.”
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