CR Bard Swings To 2Q Loss On Legal Settlement Charge

Date : 07/21/2011 @ 5:07PM
Source : Dow Jones News
Stock : C.R. Bard, Inc. (BCR)
Quote : 320.9711  0.0211 (0.01%) @ 10:23AM

CR Bard Swings To 2Q Loss On Legal Settlement Charge

Bard C R (NYSE:BCR)
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Medical-device maker C.R. Bard Inc. (BCR) swung to a second-quarter loss as a previously disclosed $181 million after-tax legal settlement charge masked revenue growth across all product categories.

Shares slid 7.7% to $104 in after-hours trading, as the sales growth in constant currency terms narrowly missed the company's April guidance.

A rebound in spending in the health-care sector has driven renewed profits at companies like C.R. Bard, which has reported solid revenue growth on a strong performance in the vascular business, its largest by revenue. In the latest quarter, adjusted results grew amid a strong performance in the vascular and oncology segments.

Last month, the company warned it would record a charge after it reached a $184 million agreement to settle most of the lawsuits involving faulty hernia repair products it started pulling from the market years ago.

On Thursday, C.R. Bard reported a quarterly loss of $47.8 million, or 55 cents a share, compared with a prior-year profit of $124.7 million, or $1.29 a share. Excluding the legal settlement in the latest quarter and other impacts, adjusted earnings rose to $1.57 from $1.39 a share.

Revenue jumped 7.6% to $725 million and was up 5% in constant currency.

The company in April projected adjusted earnings of $1.53 to $1.57 a share and constant currency sales growth of 6% to 8%.

Gross margin narrowed to 62% from 62.7%.

Sales in the urology segment climbed 2%, while vascular business sales increased 15%. Oncology and surgical specialities revenues jumped 8% and 4%, respectively.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

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