Synthes posts strong FY net profit, in line with consensus UPDATE |
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Thu, 01 Mar 2007 08:31
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(Updating with additional details, outlook, profit margin, sales)ZURICH (AFX) - Synthes Inc reported improved full year net profit of 508.8 mln usd, up from 436.0 mln usd last year driven by continued growth in all lines amid new product launches and sales force expansion and roughly meeting analyst expectations.Looking ahead, the Swiss medical device maker said it expects to achieve low double digit sales growth in local currencies in 2007, while planning to raise this year's dividend to 0.75 sfr per share from 0.70 sfr per share last year.The group did not provide a forecast for net profit.EBIT in 2006 was up 15.2 pct at 762.6 mln usd while sales in the period rose by 15.1 pct to 2.392 bln usd.Gross profit margins fell to 81.9 pct from 82.5 pct, primarily as a result of escalating raw material cost, Synthes said.The group's net profit was broadly in line with analysts forecasts of 493-529 mln usd or 509 mln usd on average and EBIT forecast of 756-792 mln usd or 769 on average, while the sales forecast were of 2.369-2.395 bln usd or 2.381 bln usd on average.Synthes says growth was driven by all three product lines across all regions, with sales growth in the fourth quarter growing well above the market in North America and Europe.The group said it also benefited from new product launches in all segments,with the recent US Food and Drug Administrations approval of Synthes' new ProDisc-L spinal disc seen as an important positive even for the group's future growth.afx.zurich@afxnews.comjmt/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Synthes posts strong FY net profit, in line with consensus 