Medacta reported a sales increase in 2019 and a strong start of the year before the coronavirus pandemic hit.
Five things to know:
1. Medacta reported revenue at $335.4 million, an increase of 13.9 percent over the same period last year. The company reported its hip line sales were up 5.2 percent and knee product line sales were up 13.2 percent. The spine product line revenue was up 23.4 percent year over year.
2. The company reported gross profit of $241.5 million in 2019, a 9.6 percent increase.
3. The European sales were up 7.9 percent and sales in North America grew 13.2 percent. Medacta reported the U.S. remains one of the key focus areas for 2020.
4. For 2020, the company declined to release a yearly outlook due to the coronavirus pandemic. The company has seen a reduction in elective surgeries worldwide and reduced marketing, medical education and other events due to travel restrictions. However, the company does expect that orthopedic patients will generate a waiting list in some companies and it could see a recovery later this year or in 2021.
5. Medacta's board of directors proposed not distributing dividends for the 2019 financial year to protect cash flow amid the pandemic.
Note: Values reported here were converted from Euros to U.S. dollars.
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