Owens & Minor reports record second-quarter revenues
- July 28, 2009
Medical and surgical supplier Owens & Minor reported a record $2 billion in revenues for its second quarter.
The results reflected the integration of assets it purchased from The Burrows Co. last year and the sale of its consumer diabetes business.. The company paid $30.2 million for The Burrows Co. last year, a Chicago distributor of medical supplies for the acute-care market.
Revenues for the second quarter were up 13.7 percent compared to the same quarter last year.
“Despite a tough economic climate this year, we have grown our business, improved operating profitability, and generated great cash flow,” Craig R. Smith, president and CEO of Owens & Minor said in a statement. “We are very pleased that our team turned in a very strong second quarter performance, even while transitioning the Burrows business and pursuing our strategic initiatives. With the completion of the Burrows transition, we are intent on improving margins as we focus these new customers on the advantages of our valued-added programs and services.”
The company’s net income remained steady at $23.6 million during the second quarter.