Cantel Medical Corp. (NYSE:CMD) shares crumble Thursday morning on fresh financial information.
The company, based in Little Falls, New Jersey, reported fourth-quarter 2020 net sales were $233.4 million, down 2.5% compared to the prior year. Excluding the impact of foreign currency, net sales decreased by 2.7%, driven by an organic decline of 18.0%, which was partially offset by the impact from acquisitions of 15.7%.
Similar to the prior quarter, the decline in organic sales resulted from the reduction of elective procedures driven by the worldwide COVID pandemic, which impacted the Company's entire fourth quarter.
Fourth-quarter 2020 GAAP earnings per diluted share decreased 125.5% to a loss of $0.05, compared to GAAP earnings per diluted share of $0.21 in the prior year period. GAAP earnings per diluted share was negatively impacted by COVID, higher amortization, restructuring-related costs in the Dental segment and integration expenses related to the Hu-Friedy acquisition.
According to CEO George Fotiades, "We are pleased with our fourth quarter performance in the face of the impact of COVID on procedures in our Medical and Dental segments. We executed very well in managing operating expenses and working capital, and we were able to pay down $75 million of our revolver earlier in September."
Cantel Medical "is a leading global company dedicated to delivering innovative infection prevention products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives," according to its news release.
CMD shares lost $3.03, or 6.2%, to $46.07.
