Cantel Medical 4Q net income more than doubles
LITTLE FALLS, N.J. -- Cantel Medical Corp. said Thursday its net income more than doubled in the fiscal fourth quarter, helped by a tax benefit and stronger results from its endoscopy and water filtration units.
Cantel, which anti-infection equipment for hospitals, said it earned $9.6 million, or 35 cents per share, in the three months ended July 31. That's up from $4.7 million, or 18 cents per share, one year ago.
The per-share results did not gain as much as net income because the number of outstanding shares increased by just over 4 percent in the recent quarter. The results included a tax benefit of 4 cents per share related to the closing of Cantel's Japanese subsidiary.
Cantel revenue increased 15 percent, to $98.7 million from $86 million. The company said revenue from the endoscopy business rose 35 percent following an acquisition, and water filtration and purification revenue grew 9 percent. Sales for its health care disposable products business inched up 1 percent.
For the fiscal year, Cantel said its net income rose 53 percent, to $31.3 million, or $1.15 per share, from $20.4 million, or 79 cents per share. Revenue rose 20 percent to $386.5 million from $321.7 million.
Shares of Cantel Medical lost $2.02, or 7.3 percent, to $25.73 in morning trading, as volume topped normal trading. The stock has changed hands between $13.34 and $28.97 in the past 52 weeks.