Symmetry Medical Updates Full Year 2009 Financial Guidance
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WARSAW, Ind., October 26, 2009 - Symmetry Medical Inc. (NYSE: SMA), a leading
independent provider of products to the global orthopaedic device industry and other
medical markets, announced today updated full year 2009 financial guidance.
Based on recent diminished order flow resulting from lower than anticipated customer
demand for the remainder of 2009, in both orthopaedic and non-orthopaedic markets,
Symmetry is adjusting its previously stated annual revenue guidance to a range of $355
million to $365 million, from $385 million to $405 million. The Company has been and
will continue to engage in significant cost reduction measures in response to this reduced
demand. While these efforts moderate the full impact of lower revenue, the Company
now expects full year 2009 earnings per share to be in the range of $0.63 to $0.68 per
diluted share, as opposed to the previously announced range of $0.77 to $0.85.
Brian Moore, President and Chief Executive Officer of Symmetry Medical, stated, "In
anticipation of a softer overall orthopaedic market in the second half of 2009, we had
previously guided for a decrease in revenue and proactively implemented cost
adjustments to maintain our earnings goals. Since our previous guidance announcement,
and particularly in recent weeks, we have experienced greater than anticipated order
reductions. We believe this change in order flow will result in a significant shortfall to
our revenue and earnings per share, primarily in the fourth quarter."
Mr. Moore continued, "Despite this recent volatility across all segments of the business,
we are encouraged by gains in market share we have realized as our customers
consolidate suppliers and focus on assuring product quality and supplier stability. Our
customers' recent quarterly results highlight their inventory utilization. While this created
negative implications for our business in the near term, it should bode well for Symmetry
in the future. In addition, our customers have placed a much renewed emphasis on
supply chain management and have engaged us in discussions on our contribution to this
process. We see these expanding relationships resulting in a mid to long term positive
impact on our business."
About Symmetry Medical Inc.
Symmetry Medical Inc. is a leading independent provider of implants and related
instruments and cases to the orthopaedic device industry. The Company also designs,
develops and produces these products for companies in other segments of the medical
device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy
sectors and provides limited specialized products and services to non-healthcare markets,
such as the aerospace market.
Contact:
Symmetry Medical Inc.
Fred L. Hite
Senior Vice President
Chief Financial Officer
(574) 371-2218
Investors:
The Ruth Group
Nick Laudico/R.J. Pellegrino
(646) 536-7030/7009
nlaudico@theruthgroup.com
rpellegrino@theruthgroup.com
Media:
Jason Rando
The Ruth Group
(646) 536-7025
jrando@theruthgroup.com
