Symmetry Medical, an independent provider of implants and related instruments and cases to the orthopaedic device industry and other medical markets, has posted a gross profit of $20.4m for the second quarter 2010, up 19.5% on a sequential basis from the $17m reported in the first quarter 2010 and compared to $26.8m in the second quarter 2009.
Revenue was $88.8m for the second quarter 2010, compared to $101m for the second quarter 2009.
However, revenue was up 5.1% on a sequential basis from the $84.5m reported in the first quarter 2010, reflecting increased customer demand in Symmetry Medical’s orthopedic and medical device businesses.
Operating income was $7.8m, up from first quarter 2010 operating income of $3.9m and compared to $13.5m for the second quarter 2009. Operating margin was 8.7%, compared to 4.6% in the first quarter 2010 and 13.4% for the second quarter 2009.
Net income was $4.5m, or $0.13 per diluted share, up from $1.6m, or $0.05 per diluted share, for the first quarter of 2010 and compared to $9m, or $0.25 per diluted share, for the second quarter of 2009.
Brian Moore, president and CEO of Symmetry Medical, said: “Total revenue in second quarter 2010 grew by 5% sequentially, providing further evidence of a stabilized and improving environment. We also achieved sequential expansion of gross margin and operating margin during the quarter, demonstrating better operational efficiency as we adjust to higher volume.
“Together, these positive results give us confidence that we are well positioned to benefit from a reacceleration of growth and to meet our 2010 revenue and EPS guidance.”