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|Investor Contact: Stewart A. Fisher||Media Contact Information: Nanette Pietroforte|
|EVP and CFO||FischerHealth, Inc.|
|(610) 409-2225||(310) 577-7870, ext. 161|
For Immediate Release
Newton, MA. (March 1, 2005)Medical Device Manufacturing, Inc. ("MDMI" or the "Company"), a wholly owned subsidiary of Accellent Inc., announced strong results for the three months ended December 31, 2004, reflecting contributions from its acquisition of MedSource Technologies, Inc. on June 30, 2004 and continued strong organic growth.
Fourth Quarter and Fiscal Year End Financial Results
Net sales for the fourth quarter of 2004 increased 133% to $107.7 million compared with $46.2 million in the corresponding period of 2003. The acquisition of MedSource contributed $49.3 million of net sales in the fourth quarter of 2004. The net income for the fourth quarter of 2004 was $0.8 million and included $4.0 million of MedSource acquisition related charges comprised of $2.5 million for the write-off of acquired accounts receivable and inventory and $1.5 million for restructuring costs including severance and facility closure costs. The net loss in the corresponding period of 2003 was $13.6 million and included a $13.6 million charge for income tax valuation reserves. Adjusted EBITDA(1) for the fourth quarter of 2004 was $18.4 million compared to $7.4 million in the corresponding period of 2003. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial statements accompanying this press release.
For the year ended December 31, 2004, net sales totaled $320.2 million, an 84% increase over net sales of $174.2 million in the corresponding period of 2003. The acquisition of MedSource contributed $94.9 million of net sales in 2004. The net loss for the year ended December 31, 2004 was $5.6 million and included $12.8 million of expenses related to the acquisition and financing of MedSource. The net loss in the corresponding period of 2003 was $14.8 million. Adjusted EBITDA for the year ended December 31, 2004 was $53.8 million compared to $29.7 million in the corresponding period of 2003.
Pro Forma Financial Results(2)
Net sales for the fourth quarter of 2004 increased 18% to $107.7 million compared with pro forma net sales of $91.4 million in the corresponding period of 2003, reflecting strong growth in our targeted cardiovascular, endoscopic and orthopaedic markets. Adjusted EBITDA for the fourth quarter of 2004 increased 42% to $18.4 million versus pro forma Adjusted EBITDA of $13.0 million in the corresponding period of 2003. Adjusted EBITDA margins for the fourth quarter of 2004 improved to 17.1% from pro forma Adjusted EBITDA margins of 14.2% for the corresponding period of 2003.
Pro forma net sales for the year ended December 31, 2004 increased 16% to $413.9 million compared to pro forma net sales of $357.5 million in the corresponding period of 2003. Pro forma Adjusted EBITDA for the year ended 2004 increased 27% to $65.8 million versus $51.7 million in the corresponding period of 2003. Pro forma Adjusted EBITDA margins for the year ended December 31, 2004 improved to 15.9% from 14.5% for the corresponding period in 2003.
Ron Sparks, President and Chief Executive Officer, and Stew Fisher, Executive Vice President and Chief Financial Officer, will discuss fourth quarter and year end results in a conference call scheduled for today, Tuesday, March 1, at 5:00 p.m. (Eastern Time). The teleconference can be accessed live on the Internet through the media info section of the Company's website at www.accellent.com or by calling (800) 901-5247 pass code 38738008. Please visit the web site or dial in 10 to 15 minutes prior to the beginning of the call to download and install any necessary audio software. A replay of the conference call will be available at www.accellent.com or by telephone at (888) 286-8010 pass code 37879326.
About Accellent and MDMI
Accellent, formerly known as UTI Corporation, through its wholly owned subsidiary MDMI provides fully integrated contract manufacturing and design services to medical device manufacturers in the cardiology, endoscopy and orthopedic markets. Accellent has broad capabilities in design & engineering services, precision component fabrication, finished device assembly and complete supply chain management. This enhances customers' speed to market and return on investment by allowing companies to refocus internal resources more efficiently. For more information, please visit www.accellent.com.
||Three Months Ended|
The following information was filed by Accellent Corp. on Tuesday, March 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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