Symmetry Surgical, a subsidiary of orthopedic implants and
Symmetry Medical, Inc.
), recently signed a distribution agreement with renowned
UK-based healthcare company, Hospital Innovations. As per the
terms of the deal, Hospital Innovations will distribute Symmetry
Surgical's surgical instruments in UK.
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Hospital Innovations distributes cutting-edge medical devices to
about 400 hospitals across UK. The partnership will enable
Symmetry Surgical to grow its customer base in the European
The distribution agreement is in line with Symmetry Surgical's
focus on worldwide expansion of its business inclusive of all
brands under the erstwhile Codman Surgical Instruments. The
company further plans to expand into other key European countries
to gain healthy revenue opportunities.
Since Symmetry Medical's core Original Equipment Manufacturer
("OEM") Solutions business is facing declining capital spending,
procedural and pricing pressure from the weak global orthopedic
market, the company is focused on expanding its smaller Symmetry
Earlier, in Nov 2012, Symmetry Surgical collaborated with leading
medical device distributor, MTG Medical Technologies ("MTG") to
sell its offerings in Europe. MTG, a subsidiary of
Neuro-Competence, distributes cutting-edge yet affordable medical
devices to hospitals located across Germany, Austria,
Switzerland, Czech Republic, Hungary and Slovakia.
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 on the sidelines
regarding Symmetry, companies such as
Essilor International SA
), each carrying a Zacks Rank #1 (Strong Buy), warrant a look.