C. R. Bard ($BCR) booked $742.6 million in net sales during its 2012 second-quarter, a 2% increase compared to 2011 that would have been higher if not for the impact of foreign exchange rates.
The Murray Hill, NJ-maker of surgical tools and devices in the vascular, urology, oncology and surgical specialty spaces also generated nearly $134 million in net income during the quarter, and dilutive earnings per share of $1.54, reversing a $47.8 million net loss over the 2011 second-quarter. Adjusting for a lot of one time expenses, however, the company counts its second-quarter 2012 net income at $140.5 million, with diluted earnings per share of $1.62.
During the second quarter, the company faced one-time, pre-tax charges relating to acquisition-related costs, including legal, accounting and integration expenses.
Bard capped out 2011 with a number of acquisitions, including its October 2011 purchase of Medivance for $250 million, to access that company's therapeutic hypothermia treatment. In December, Bard snatched up Lutonix for at least $225 million, gaining that company's drug-coated percutaneous transluminal angioplasty balloon under development. Bard has also been investing in manufacturing expansion in Puerto Rico, and the company recently dealt with the first major lawsuit involving alleged safety issues concerning vaginal mesh. A jury ruled in favor of the plaintiff and her husband, and Bard was ordered to pay $3.6 million in damages (the company says it will appeal).
- read the earnings release