Symmetry Medical Inc. today reported a first-quarter loss of $294,000, or 1 cent per diluted share, a drop of more than $1 million compared to the $830,000, or 2 cents a share, earnings posted for the same three months of last year.
The Warsaw-based maker of orthopedic implants, surgical instruments and sterilization cases said that without certain non-cash charges, it would have shown a profit of $2.26 million for the three months ended March 30. Those charges included stock compensation expense, management transition costs, acquisition-related costs, SEC-related legal costs, and facility closure and severance expenses.
In December 2011, Symmetry announced plans to acquire Codman & Shurtleff Inc., the Massachusetts-based surgical instruments business of Johnson & Johnson, for $165 million cash. Symmetry combined Codman’s line of general surgical instruments with its own Specialty Surgical Instrumentation to form Symmetry Surgical, which is based in Nashville, Tenn.
Thomas Sullivan, president and CEO, called Symmetry Surgical’s first-quarter sales disappointing.
“Internationally, sales to our new distributors have been weak as they transition regulatory authorizations, establish awareness with their hospital customers, and ramp up country-specific marketing and sales activities,” he said in a statement. He added that officials “believe we have identified the issues and are implementing corrective actions that we expect will gradually reinvigorate growth in Symmetry Surgical by year end.”