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Symmetry Medical Reports Record First Quarter 2008 Revenue of $101.9 Million
Date:6/24/2008

Increases Full Year Revenue Guidance to a range of $395 Million to $405

Million; Provides Full Year EPS Guidance of $0.75 to $0.77

First Quarter 2008 Highlights:

- Revenue of $101.9 million, up 57.4% over first quarter 2007

- Gross profit of $23.9 million, up 104.4% over first quarter 2007 - Operating income of $9.6 million, up 135.4% over first quarter 2007

WARSAW, Ind., June 24 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), a leading independent provider of products to the global orthopaedic device industry and other medical markets, announced today first quarter 2008 financial results for the period ended March 29, 2008.

The Company reported first quarter 2008 revenue of $101.9 million, an increase of 57.4% from the $64.7 million reported in the first quarter 2007, and an increase of 26.3% from the $80.7 million reported for the fourth quarter 2007. The Company's first quarter 2008 revenue included $1.8 million from TNCO, Inc., which was acquired in April 2007; $5.9 million from Specialty Surgical Instrumentation Inc., which was acquired in August 2007; and $7.7 million from our New Bedford, Massachusetts manufacturing facility, which was acquired from DePuy Orthopaedics, Inc. in January 2008.

Gross profit for the first quarter 2008 was $23.9 million, a 104.4% increase from gross profit of $11.7 million for the first quarter 2007. Gross margin percentage for the first quarter 2008 was 23.5%, compared to gross margin percentage of 18.1% for the first quarter 2007. Gross margin for the first quarter of 2008 was unfavorably impacted by negative gross margin incurred at the Company's Sheffield, UK operating unit.

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SOURCE Symmetry Medical Inc.
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