European economy hits Synergetics 3Q profit
Synergetics 3rd-quarter profit slides as European economy hurts ophthalmic sales
O'FALLON, Mo. (AP) -- Medical device maker Synergetics USA Inc. said Monday its profit declined in the fiscal third quarter as the weak European economy hurt its sales of disposable ophthalmic products.
Synergetics said its profit fell to $1 million, or 4 cents per share, from $1.6 million, or 7 cents per share. Excluding one-time items the company said its profit totaled 5 cents per share. Revenue slipped to $14.6 million from $14.7 million.
Analysts expected Synergetics to report a profit of 4 cents per share and $14.5 million in revenue in the quarter ended April 30.
The company said the results were not as good as it expected, and it expects business conditions in Europe to remain weak. It said it is working to stabilize its business in Europe and expand its business in Brazil, Russia, and India. Synergetics said its sales improved slightly if changes in currency exchange rates are excluded.
Shares of Synergetics USA rose 7 cents to $4.27 Monday. The stock was unchanged in aftermarket trading.
