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Symmetry Surgical, a subsidiary of orthopedic implants and instruments maker Symmetry Medical, Inc. ( SMA - Analyst Report ) , launched its FlashPak Evolution valve at the 60th Congress of the Association of periOperative Registered Nurses (AORN) in San Diego.
Symmetry acquired the FlashPak product portfolio with the acquisition of Riley Medical Inc. in 2006. The FlashPak is a closed container system used to carry flashed instruments that require immediate sterilization during operating room emergency. The latest addition to the market-leading FlashPak family, the Evolution valve, is easy to use and requires minimal maintenance, thereby enhancing operating room efficiency.
The company also launched the Bookwalter Self-Retaining Rotilt Ratchet at the AORN. The device is a part of the Bookwalter product line, which in turn forms a part of the Symmetry Surgical business.
Since Symmetry Medical’s core Original Equipment Manufacturer (“OEM”) Solutions business is facing declining capital spending, as well as procedural and pricing pressure from the weak global orthopedic market, the company is focused on expanding its smaller Symmetry Surgical business.
In the fourth quarter of 2012, revenues from the smaller Symmetry Surgical unit jumped 154% to $28.5 million, buoyed by the acquisition of Codman & Shurtleff, Inc., which contributed roughly $13.1 million to the division’s sales. Revenues also include a one-time purchase of an OEM Solutions client worth $2.9 million. Excluding the acquisition and the one-time purchase, sales increased 10.4% year over year in the quarter.
However, the company currently has a Zacks Rank #4 (Sell), as both revenues and earnings missed the Zacks Consensus Estimates in the fourth quarter of 2012. While we remain pessimistic regarding Symmetry, companies such as Nuvasive Inc. ( NUVA - Snapshot Report ) , Cyberonics Inc. ( CYBX - Analyst Report ) and PLC Systems Inc. ( PLCSF ) , each carrying a Zacks Rank #1 (Strong Buy), warrant a look.
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