Synergetics Reports Mixed Quarter

Shares of Synergetics SURG are flat in the after-hours following the release of the company's Q1 earnings results. Currently, shares are bid $6.04, at $6.84; they ended the regular session flat, at $6.37. Synergetics reported Q1 EPS of $0.05 on revenues of $13.5 million; the Street was looking for $0.04 per share on revenues of $13.65 million. Revenues increased 11.6% year over year. "Our record first quarter results benefited from the continued demand for Synergetics' ophthalmic and neurosurgical products across all major market segments," stated Dave Hable, President and CEO of Synergetics USA, Inc. "Sales of ophthalmic products rose 10.0% to $8.8 million and OEM sales were up 26.4% to $4.5 million compared with the first quarter of last year. New product sales, including the VersaPACK(TM) that was launched in fiscal 2011, continued to gain sales momentum. Our disposable product sales were also a major contributor to the quarter's growth and accounted for 82% of total first quarter sales." Synergetics USA, Inc. is a medical device company. It is a supplier of precision microsurgical devices. The company focuses on the microsurgical disciplines of ophthalmology and neurosurgery.