Nellcor Puritan Bennett Previews First Quarter Results.PLEASANTON Pleasanton, city (1990 pop. 50,553), Alameda co., W Calif., a suburb of the San Francisco–Oakland area, in a vineyard and dairy region; inc. 1894. Wine and cheese are produced, and there are publishing and stone-quarrying industries. , Calif.--(BUSINESS WIRE)--Oct. 10, 1996--Nellcor Puritan Bennett Puritan Bennett has been a provider of respiratory products since 1913 originally as a medical gas supplier. In addition to critical care ventilation, Puritan Bennett provided medical devices for patients outside of the acute care environment. Incorporated (Nasdaq:NELL NELL New England Lighthouse Lovers NELL Noise Equivalent Line Length ) today previewed results for the first quarter of fiscal 1997 ended October October: see month. 6, 1996. The Company expects to report first quarter results on October 22. For the first quarter, Nellcor Puritan Bennett expects to report revenue of approximately $160 to $162 million and earnings per share in the range of $0.21 to $0.24, compared to revenue of $162.5 million and earnings per share of $0.25 reported in the first quarter last year. First quarter results were adversely affected primarily by two factors. In the home care business, sales of oxygen therapy products lagged as a result of renewed concerns over potential cuts by the government in home oxygen therapy reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. . In addition, the transition in sales of Infrasonics products from independent distributors to the Company's direct hospital sales force and vacancies in the U.S. hospital sales force that occurred during the quarter resulted in hospital business revenue that was below expectations. "Our results in the first quarter, while lower than expected, have not altered our long term strategy to build the world's leading company focused on the respiratory-impaired patient," said C. Raymond Larkin, Jr., president and chief executive officer. "Over the last two years, we have completed acquisitions of companies whose high quality products have broadened and strengthened our market position. We have moved aggressively to integrate these acquisitions which will better enable us to meet the rapidly-changing needs of the market and our customers. During the quarter, the Company also completed the acquisition of its Japanese joint venture, further strengthening the Company's presence in this important market." "Nellcor Puritan Bennett is a preferred supplier to major national hospital care providers and group purchasing organizations A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. accounting for over 80 percent of U.S. hospital beds. We are now actively pursuing the same types of relationships with major home care providers. Our strategic acquisitions over the last five years have given us the product breadth and depth to take advantage of these opportunities and maintain our market leadership," he added. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to change. Actual results may differ materially from those described in any forward-looking statements. Additional information on potential factors that could affect the Company's financial results are included in the Company's Annual Report to the SEC on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 7, 1996. Nellcor Puritan Bennett Incorporated is the worldwide leader in products for diagnosing, monitoring and treating the respiratory-impaired patient across the continuum Continuum (pl. -tinua or -tinuums) can refer to:
CONTACT: Nellcor Puritan Bennett Michael Downey, 510/463-4000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion