First quarter revenue highlights include:
-- North America Acute Care. North America Acute Care revenue grew 6 percent to $218 million. Capital sales increased 12 percent due primarily to higher sales of patient support systems, which grew 22 percent. Rental revenue declined 7 percent.
-- International. International revenue increased 7 percent to $104 million. On a constant currency basis, revenue increased 11 percent, due to strong performance in the Middle East, Latin America and Asia.
-- North America Post-Acute Care. North America Post-Acute Care revenue declined 1 percent to $52 million. Capital sales declined 3 percent while rental revenue was the same as the prior year. Respiratory and Home Care gains were more than offset by declines in the Extended Care business.
First Quarter Financial and Operational Highlights-- Operating margin increased 360 basis points to 13.3 percent, compared to 9.7 percent in the first quarter of last year.
-- Operating cash flow was $24 million, compared to $22 million in the first quarter of the prior year, as the impact of stronger earnings was partially offset by increases in working capital.
-- During the quarter the Company completed the acquisition of the minority interest in the previously established Encompass joint venture, enhancing our position in the surface replacement segment.
-- Diluted earnings per share reflect the favorable impact of a lower tax rate, due in part to the reinstatement of the R&D tax credit retroactively to January 1, 2010 and increased earnings in lower tax rate jurisdictions.Please see the attached schedules for additional information, including condensed financial information, summary balance sheet, cash flow statement and segment sales summaries.
For a more complete review of Hill-Rom's results, please refer to our Quarterly Report
|SOURCE Hill-Rom Holdings, Inc.|
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