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Owens & Minor shares slide on profit losses in Q2 results

Owens & Minor (NYSE:OMI) this week posted Q2 results that matched the overall consensus on Wall Street.

The Richmond, Virginia-based orthopedic company reported profits of $28.6 million, or 37¢ per share, on sales of $2.5 billion for the three months ended June 30 for a profit loss of 56.6% on sales growth of 0.44% compared with Q2 2021.

Adjusted to exclude one-time items, earnings per share were 76¢, equal to estimates on Wall Street, where analysts were looking for sales of $2.5 billion.

“I am very pleased with our performance in the second quarter, where the strength of our business model and the O&M business system helped us in the face of external conditions that continued to deteriorate over the quarter,” President and CEO Edward Pesicka said in a news release.

“Looking to the balance of the year, we have considered the accelerating macroeconomic headwinds, as well as the unique labor and product availability challenges w…

Owens & Minor elects Carissa Rollins to board of directors

Carissa Rollins

Owens & Minor (NYSE:OMI) announced today that it has elected Illumina executive Carissa Rollins to its board of directors.

Rollins, who serves as chief information officer (CIO) at clinical genomics company Illumina, joins the board at Richmond, Virginia-based Owens & Minor effective today, July 12.

She directs the global information systems for the leader in DNA sequencing and array-based technologies, overseeing the information technology strategy at Illumina.

“Carissa’s experience driving strategy for global information systems and information technology for industry-leading healthcare companies brings a unique new perspective to the Board,” Owens & Minor Chair Mark A. Beck said in a news release. “Her track record of successfully leading and improving enterprise-level technology systems in complex business environments will be an invaluable asset.”

Rollins holds more than three decades of experience in enterprise te…

Owens & Minor appoints Tammy Gomez as chief human resources officer

Tammy Gomez, executive VP and chief human resources officer [Image courtesy of Owens & Minor]Owens & Minor (NYSE:OMI) today announced that it has appointed Tammy Gomez as executive VP and chief human resources officer, effective July 11.

Gomez will report directly to president and CEO Edward Pesicka and will come a member of the company’s executive leadership team. She will be responsible for teammate strategy and will oversee global human resources operations. Gomez will work with leadership on driving strategies for retaining, developing, engaging and attracting talent to the Richmond, Virginia-based company.

“Our teammates are the backbone of Owens & Minor, and I’m confident that Tammy’s expertise will help us maintain a culture centered on our IDEAL values—integrity, development, excellence, accountability and listening—for our teammates and customers,” Pesicka said in a news release. “We look forward to leveraging her insights and experience…

Owens & Minor ticks up on Street-beating Q1

Owens & Minor (NYSE:OMI) shares are on the rise today on first-quarter results that beat the consensus forecast.

The Richmond, Virginia-based company posted profits of $29.3 million, or 52¢ per share, on sales of $2.4 billion for the three months ended March 31, 2022, for a 57.9% bottom-line slide on sales growth of 3.4%.

Adjusted to exclude one-time items, earnings per share were 96¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $2.3 billion.

“The first quarter of 2022 marked an important milestone – we completed the largest acquisition in the company’s history. With the acquisition of Apria, we have strengthened our position in the higher-growth direct-to-patient home market, enhancing our ability to serve patients through the hospital and into the home. I am excited to welcome the Apria team to Owens & Minor,” Owens & Minor President and CEO Edward A. Pesicka said in a news release. “I am…

Owens & Minor completes $1.6B acquisition of Apria

Owens & Minor (NYSE:OMI) announced today that it closed its previously announced $1.6 billion acquisition of Apria.

The Richmond, Virginia-based company previously announced the planned acquisition of Apria, a developer of home medical equipment for respiratory therapy, sleep apnea treatment, negative pressure wound therapy, and continuous glucose monitoring, in January 2022.

According to a news release, the company funded the purchase with a combination of debt and cash on hand. Earlier this month, the company launched a private offering worth $500 million in senior notes with the intention of using the proceeds to finance the Apria acquisition.

“We are excited to finalize the acquisition and for Apria to become part of Owens & Minor,” President and CEO Edward A. Pesicka said in the release. “Apria is a perfect complement to our Byram business. This portfolio expansion strengthens Owens & Minor’s position in the fast-growing home health indu…

Owens & Minor launches $500M senior note offering

Owens & Minor (NYSE:OMI) announced today that it launched a private offering worth $500 million in senior notes.

Richmond, Virginia-based Owens & Minor’s notes — due in 2030 — will provide proceeds to finance the company’s acquisition of Apria.

According to a news release, unless the acquisition is consummated concurrently with or promptly following the closing of the offering, Owens & Minor will deposit proceeds into a segregated escrow account until the date that certain conditions have been satisfied.

Upon the closing of the offering or, if applicable, upon satisfaction of the escrow conditions, Owens & Minor will use the proceeds with cash on hand and expected borrowings under one or more new term loans to finance the Apria acquisition and other transactions contemplated by the acquisition agreement.

Proceeds may also be used to repay Apria debt and to pay related fees and expenses. Any remaining proceeds will be us…

Owens & Minor ticks up on Street-beating Q4 results

Owens & Minor (NYSE:OMI) today posted fourth-quarter results that beat the overall consensus on Wall Street.

The Richmond, Virginia-based orthopedic device company reported profits of $41.97 million, or 55¢ per share, on sales of $2.5 billion for the three months ended Dec. 31, 2021, for a bottom-line loss of -17.3% on sales growth of 4.46% compared with Q4 2020.

Adjusted to exclude one-time items, earnings per share were 81¢, 10¢ ahead of The Street, where analysts were looking for sales of $2.43 billion.

“I’m extremely proud of our strong finish to a record year and even more excited about our future. We delivered on our commitments to all stakeholders and took major steps to help ensure the future growth of Owens & Minor,” CEO Edward Pesicka said in a news release.

“In an ever-changing healthcare environment it is the strength of our business model that resonates well with our customers. Our model is focused on our Americas-owned manufa…

Owens & Minor beats The Street in Q3, narrows full-year guidance

Owens & Minor (NYSE:OMI) shares hardly budged today on third-quarter results that topped the consensus forecast.

The Richmond, Virginia-based company posted profits of $44.1 million, or 48¢ per share, on sales of just over $2.5 billion for the three months ended Sept. 30, 2021, for a 4.3% bottom-line slide on sales growth of 14.4%.

Adjusted to exclude one-time items, earnings per share were 78¢, 23¢ ahead of Wall Street, where analysts were looking for sales of $2.5 billion.

“I’m pleased that in the third quarter, we continued on our path to a record-setting year,” Owens & Minor President & CEO Edward A. Pesicka said in a news release. “Our performance reflects the results of consistently providing high-quality service and value to our customers while strengthening the financial position of the company.”

Owens & Minor narrowed its previously set adjusted EPS guidance of between $3.75 and $4.25 to a range of betwee…

Women researchers receive a fraction of funding from the world’s biggest medtech companies

The gender divide in medtech extends beyond leadership and into funding for investigational studies by U.S. physicians.

Only 6.7% of physicians who received research payments from the world’s largest medical device companies in 2020 were women, according to an analysis of Medical Design & Outsourcing’s Big 100 list of medtech companies and CMS Open Payments data.

Among the 20 medical device companies that fund research by U.S. physicians are 3M, Abbott, BD, Boston Scientific, Johnson & Johnson (dba J&J Surgical Vision and J&J Vision Care), Medtronic (dba Medtronic, Medtronic Minimed, Medtronic USA, Medtronic Vascular), Royal Philips (dba Philips Electronics), Stryker and Zimmer Biomet.

Together, those companies paid $3.9 million to 312 doctors in 2020, but only 21 were women, receiving a collective $402,600.

Women physicians, on average, received 15.7% of payments from each of the top medtech companies, but accounted f…

Owens & Minor slides pre-market on Street-beating Q2 results

Owens & Minor (NYSE:OMI) today posted second-quarter financial results that beat the overall consensus on Wall Street.

The Richmond, Va.-based company reported profits of $64.9 million, or 87¢ per share, on sales of $2.5 billion for the three months ended June 26, for a sales growth of 37.7% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were $1.06, 9¢ ahead of The Street, where analysts were looking for sales of $2.47 billion.

“We delivered a solid second quarter, led by outstanding performance in both of our segments. Our results demonstrate the underlying strength of the global products segment, and another quarter of improved performance in the global solutions segment,” president and CEO Edward Pesicka said in a news release. “Our business blueprint continues to be the framework that helps drive our results as we begin to return to a more typical operating environment and helps us to achieve our long-term fin…

Owens & Minor ticks up in pre-market trading on mixed Q1 results

Owens & Minor (NYSE:OMI) posted first-quarter results today that missed the consensus on Wall Street but raised its full-year guidance range for adjusted net income.

The Richmond, Va.-based company reported profits of $69.589 million, or 98¢ per share, on sales of $2.327 billion for the three months ended March 31, for a sales growth of 9.61% compared with Q1 2020.

Earnings per share were 98¢, 1¢ behind The Street, where analysts were looking for sales of $2.37 billion.

“We’re pleased to deliver another quarter of excellent growth on the top and bottom line as we continue to execute on the Owens & Minor business blueprint. Our first-quarter results reflect strong operational execution across the company, powered by continued strength in global products and favorable market dynamics including an uptick in elective procedures in March,” president and CEO Edward Pesicka said in a news release. “We also recapitalized our debt structure, thereby…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery for the rest of the year, according to Newitter “It plateaued and actu…