Cantel Medical Q3 Profit Rises 14%

(RTTNews) - Cantel Medical Corp. (CMN), a provider of infection prevention and control products, on Thursday reported a 14 percent increase in profit for the third quarter on double-digit growth in revenues.

The Little Falls, New Jersey-based company's net income for the third quarter was $10.25 million or $0.25 per share, up from $9.00 million or $0.22 per share in the prior-year quarter.

The latest quarter's results include $0.01 per share of acquisition-related charges, including contingent consideration fair value adjustments and professional fees associated with the company's acquisition program.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 14 percent to $120.06 million from $105.01 million in the same period last year.

Andrew Krakauer, Cantel Medical's President and CEO said, "Sales growth performance was led this quarter by our Medivators Endoscopy segment which had excellent year-over-year organic growth of 19%. This unit achieved record sales for the third consecutive quarter with double digit growth in all product categories."

Cantel Medical noted that its Mar Cor Water Purification and Filtration unit achieved sales growth of 16 percent in the quarter, of which 10 percent was organic.

Sales in the segment were led by increased shipments of central and portable water purification equipment. In the Crosstex Healthcare Disposables segment, the increase in organic sales exceeded 12 percent.

CMN is trading at $34.82, down $0.63 or 1.79 percent on a volume of 6,496 shares.