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Cantel Medical Corp (CMD) SEC Filing 10-K Annual report for the fiscal year ending Friday, July 31, 2020

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Cantel Medical Corp

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CIK: 730469 Ticker: CMD


Exhibit 99.1
  picture2a041.jpg
 Cantel Medical Reports Financial Results for its Fourth Quarter Fiscal Year 2020
Medical and Dental well positioned as elective procedures positively rebound
•COVID fourth quarter impact on elective procedures less severe than expected
•Elective procedures rebounded to approximately 80% - 85% of pre-COVID levels and strengthening
•Net sales of $233.4M, down 2.5%
•GAAP diluted EPS of $(0.05), down 125.5%
•Non-GAAP diluted EPS of $0.24, down 62.6%
•GAAP net loss of $(2.3)M, down 125.6%
•Non-GAAP net income of $10.0M, down 62.3%
•Full year sales of $1,016.0M, up 10.7%
•Full year GAAP diluted EPS of $0.40, down 69.4%
•Full year Non-GAAP diluted EPS of $1.65, down 30.4%
Little Falls, New Jersey - (September 17, 2020) - Cantel Medical Corp. (NYSE: CMD) today announced financial results for its fourth quarter ended July 31, 2020.
 
Fourth quarter 2020 net sales were $233.4M, down 2.5% compared to the prior year. Excluding the impact of foreign currency, net sales decreased by 2.7%, driven by an organic decline of 18.0%, which was partially offset by the impact from acquisitions of 15.7%. Similar to the prior quarter, the decline in organic sales resulted from the reduction of elective procedures driven by the worldwide COVID pandemic, which impacted the Company’s entire fourth quarter.

Fourth quarter 2020 GAAP earnings per diluted share decreased 125.5% to $(0.05), compared to GAAP earnings per diluted share of $0.21 in the prior year period. GAAP earnings per diluted share was negatively impacted by COVID, higher amortization, restructuring-related costs in the Dental segment and integration expenses related to the Hu-Friedy acquisition.

Fourth quarter 2020 Non-GAAP earnings per diluted share decreased 62.6% to $0.24, compared to Non-GAAP earnings per diluted share of $0.63 in the prior year. The decrease in earnings per share was driven by the impact of COVID, which negatively affected the Company’s Medical and Dental segment revenues during the quarter.

George Fotiades, Chief Executive Officer, stated, “We are pleased with our fourth quarter performance in the face of the impact of COVID on procedures in our Medical and Dental segments. We executed very well in managing operating expenses and working capital, and we were able to pay down $75 million of our revolver earlier in September. While it will take a while longer to see a full recovery of procedures, we will remain agile in managing operating expenses and operating margins, while continuing to aggressively execute on our Cantel 2.0 initiatives. Furthermore, we will look to continue to pay down debt as the opportunity arises.”

With the acquisition of Hu-Friedy, as well as the impact from COVID, the Company’s balance sheet has changed from historical trends. The fourth quarter ended with cash of $277.9M and gross debt of $1,113.4M. The Company generated EBITDAS of $27.9M and adjusted EBITDAS of $37.9M in the quarter, down 19.6% compared to the prior year. Early in the fourth quarter, the Company made significant progress in solidifying its financial position. In May 2020, the Company amended its credit facilities with its lender group to provide ample flexibility to manage the anticipated negative impact created by the COVID pandemic. Later that month, the Company issued convertible senior notes of $168M in aggregate in a private offering to further enhance its liquidity position.

Following the end of the fourth quarter, given its extremely strong cash position, the Company paid down $75.0M of its outstanding revolver borrowings. The Company will continue to evaluate its ability to pay down debt and deleverage on a quarterly basis.

The following information was filed by Cantel Medical Corp (CMD) on Thursday, September 17, 2020 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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Inside Cantel Medical Corp's 10-K Annual Report:
Ticker: CMD
CIK: 19446
Form Type: 10-K Annual Report
Accession Number: 0000019446-20-000073
Submitted to the SEC: Fri Sep 25 2020 12:50:06 PM EST
Accepted by the SEC: Fri Sep 25 2020
Period: Friday, July 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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