LITTLE FALLS, N.J.,
Aug. 6, 2020 /PRNewswire/ --
CANTEL MEDICAL CORP. (NYSE:CMD) announced an estimated
revenue range for the company's fiscal fourth quarter, which ended
July 31st, 2020. Revenue
for the fourth quarter is estimated at $230 - $235
million, a decrease of approximately 2% sequentially vs. the
prior quarter, and down approximately 19% vs. the prior year on an
organic basis.
In the segments that are directly impacted by elective
procedures, daily sales rates improved ahead of expectations. In
Medical and Dental, procedures continuously strengthened throughout
the quarter to a level where for the foreseeable future the Company
expects Medical and Dental procedures to be in the 80% - 85% range
of pre-COVID levels. However, the Company noted that the recovery
to pre-COVID levels may potentially take longer than
anticipated.
Commenting on the estimated results, George Fotiades, CEO stated, "We have seen a
faster than expected recovery in both our Medical and Dental
segments, which is encouraging given the environment created by the
COVID pandemic. While our performance to date is better than
anticipated, we are cautious in the timing for a full recovery as
this has the potential to be longer than originally anticipated in
light of continued COVID incidence rates and its impact on the pace
of procedures and patient behavior."
The Company expects to provide a further update of its financial
results for the fourth quarter on September
17, 2020.
About Cantel Medical:
Cantel Medical is a leading global company dedicated to delivering
innovative infection prevention products and services for patients,
caregivers, and other healthcare providers which improve outcomes,
enhance safety and help save lives. Our products include
specialized medical device reprocessing systems for endoscopy and
renal dialysis, advanced water purification equipment, sterilants,
disinfectants and cleaners, sterility assurance monitoring products
for hospitals and dental clinics, disposable infection control
products primarily for dental and GI endoscopy markets, instruments
and instrument reprocessing workflow systems serving the dental
industry, dialysate concentrates, hollow fiber membrane filtration
and separation products. Additionally, we provide technical service
for our products.
For further information, visit www.cantelmedical.com.
This press release contains "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act
of 1995 and other securities laws. For these statements, we claim
the protection of the safe harbor for forward-looking statements
contained in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements are
based on current expectations, estimates, or forecasts about our
businesses, the industries in which we operate, and the current
beliefs and assumptions of management; they do not relate strictly
to historical or current facts. Without limiting the foregoing,
words or phrases such as "expect," "anticipate," "goal," "project,"
"intend," "plan," "believe," "seek," "may," "could," "aspire," and
variations of such words and similar expressions generally identify
forward-looking statements. In addition, any statements that refer
to predictions or projections of our future financial performance,
anticipated growth, strategic objectives, performance drivers and
trends in our businesses, and other characterizations of future
events or circumstances are forward-looking statements. Readers are
cautioned that these forward-looking statements are only
predictions about future events, activities or developments and are
subject to numerous risks, uncertainties, and assumptions that are
difficult to predict, including the impacts of the COVID-19
pandemic on our operations and financial results, general economic
conditions, technological and market changes in the medical device
industry, our ability to execute on our strategy, risks associated
with operating our international business, including limited
operating experience and market recognition in new international
markets, changes in United States
healthcare policy at both the state and federal level, product
liability claims resulting from the use of products we sell and
distribute, and risks related to our intellectual property and
proprietary rights needed to maintain our competitive position. We
caution that undue reliance should not be placed on such
forward-looking statements, which speak only as of the date made.
For a further list and description of these and other important
risks and uncertainties that may affect our future operations, see
our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, which we may update in
Quarterly Reports on Form 10-Q we have filed or will file
hereafter, as further updated by our Current Report on Form 8-K
dated May 12, 2020. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Our estimated unaudited financial results as of and for the
three months ended July 31, 2020
presented above are preliminary and are subject to the close of the
quarter and fiscal year, completion of our quarter-end closing and
year-end procedures, and further financial review. The preliminary
financial and business information presented herein has been
prepared by and is the responsibility of our management and is
based upon information available to us as of the date hereof. Our
independent registered public accounting firm has not audited,
reviewed, compiled or performed any procedures with respect to this
preliminary financial information. Accordingly, our independent
registered public accounting firm does not express an opinion or
any other form of assurance with respect thereto. These estimates
are not a comprehensive statement of our financial results for this
period and should not be viewed as a substitute for interim
financial statements prepared in accordance with generally accepted
accounting principles. Our actual results may differ from these
estimates as a result of the completion of our quarter-end closing
procedures, review adjustments and other developments that may
arise between now and the time our financial results for the period
are finalized.
As a result, investors should exercise caution in relying on
this information and should not draw any inferences from this
information regarding financial or operating data not provided.
There can be no assurance that these estimates will be realized,
and estimates are subject to risks and uncertainties, many of which
are not within our control. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" in our Annual Report on Form 10-K for the year ended
July 31, 2019 and in our Quarterly
Reports on Form 10-Q for the quarters ended October 31, 2019 and January 31, 2020, as further updated by our
Current Report on Form 8-K dated May 12,
2020. Investors are cautioned not to place undue reliance on
such preliminary estimates.
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SOURCE Cantel Medical Corp.