Symmetry Surgical Inc. SSRG reported loss of $3.08 per share in the fourth quarter of 2014, which compares unfavorably with the year-ago quarter earnings of 4 cents. Loss per share included asset impairment charges of $45.3 million in the quarter. Following the release, shares fell 1.33% to close at $7.40 on Feb 27.
Quarter Details
Revenues plunged 8.9% year over year to $20.3 million in the quarter. Symmetry Surgical branded product revenues remained almost flat at $18.1 million, while Alliance products sales decreased 47.5% to $2.2 million.
U.S. revenues decreased 10.7% year over year to $17.7 million. Meanwhile, international revenues increased 5.6% to $2.6 million.
Gross margin expanded 140 basis points (bps) on a year-over-year basis to 41.1% on the back of improved product mix.
Sales & marketing and general & administrative expenses surged 30.7% and 12.6% on a year-over-year basis, respectively.
Earnings before interest, tax, depreciation and amortization (EBITDA) fell 79.2% from the year-ago quarter to $0.4 million.
Symmetry Surgical reported operating loss of $46.4 million as compared with profit of $0.7 million in the year-ago quarter.
Cash and cash equivalents, as of Jan 3, 2015, was roughly $3 million.
Guidance
For full-year 2015, Symmetry Surgical expects revenues in the range of $77 million to $84 million. EBITDA is forecasted in the band of $6.2 million to $8 million.
Key Picks from the Sector
A few favorably-ranked stocks in the medical instrument industry are Abiomed ABMD, Luminex LMNX and Fluidigm Corp FLDM. While Abiomed and Luminex sport a Zacks Rank #1 (Strong Buy), Fluidigm carries a Zacks Rank #2 (Buy).
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