Symmetry Medical, Inc. (SMA) reported third-quarter earnings per share of 15 cents that came in a penny shy of the Zacks Consensus Estimate. However, earnings came ahead of last year’s figure of 7 cents.   Sales   Total sales in the reported quarter declined 22% year over year to $87.2 million. The decline was due to lower customer demand across all the business segments as a result of the economic turbulence. Patients are deferring elective procedures as they are not life sustaining in nature.   Instruments revenues declined 15% year over year to $41.3 million. Implants revenues declined 23% year over year to $24.2 million. Both Cases and Other sales registered a decline of 29% and 40%, respectively.    Margins   Symmetry registered an expansion in margins due to its strong cost-cutting initiatives. Operational improvements at the Sheffield, UK unit also helped in improving margins. Gross margin ...

Symmetry Medical Inc. (SMA) reported fiscal second-quarter EPS of 25 cents, considerably higher than the year-ago profit of 17 cents per share and ahead of the Zacks Consensus Estimate of 21 cents per share.   Net revenues   Net revenues for the quarter declined roughly 8% year over year to $101.0 million. The decline was primarily due to an unfavorable foreign exchange (FX) and weaknesses in the orthopedic industry. The current economic turbulence has resulted in people delaying elective procedures. Excluding FX, net revenues declined roughly 3% year over year. Net revenues in terms of product segments are as follows:   Instruments: $46.9 million (increasing 4% year over year) Implants: $29.9 million (declining 4% year over year) Cases: $18.9 million (declining 19% year over year) Other: $5.3 million (declining 48% year over year)   Margins   Gross margin for the quarter increased 150 basis points year over year ...

Reason for comment York Pharma has just announced the acquisition of CellTran, a-Sheffield based company specialised in cellular based wound care and burn dermal therapy. CellTran had been funded to the tune of around £11 million by, amongst others the Wellcome Trust and local Development Authority money. York purchased the assets of the company from its administrators for £70,000. The company is located in the same building as York's Sheffield base and has developed two cellular therapy products (Myskin (TM) and Cryoskin (TM)) that have been launched and are manufactured in a facility that is licensed by the HTA (Human Tissue Authority).

Myskin is a cultured, autologous (from the patient) silicon-based epidermal substitute that is used for the treatment of various intractable or difficult to treat wounds (diabetic foot ulcers and other non-healing wounds) as well as partial thickness burns. Cryoskin is a monolayered allogeneic

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