Demand for medical devices and supplies will undoubtedly continue to grow as the population ages. Even in an uncertain economic climate, our stock market advice is that this is a positive trend for the industry, but only for the best companies making these devices.
C.R. Bard Inc. (New York symbol BCR; www.crbard.com) makes medical devices in four main areas: vascular products, such as stents and catheters (28% of 2010 sales); oncology products that detect and treat various types of cancer (27%); urology products, such as drainage and incontinence devices (26%); and surgical tools (16%). Other medical products supply the remaining 3%.
Shares of this medical-device maker fell recently after their latest earnings missed expectations. However, demand for its stable of products should increase along with the medical needs of the baby boom generation.
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The company recently agreed to settle various lawsuits related to faulty products for treating hernias. If you exclude these costs, as well as severance costs related to a recent restructuring plan, Bard would have earned $141.7 million in the three months ended June 30, 2011. That’s up 5.7% from $134.0 million a year earlier. Earnings per share rose 12.9%, on fewer shares outstanding.
Sales rose 7.6%, to $725.0 million from $673.9 million. The company gets a third of its sales from outside of the U.S., and the lower U.S. dollar enhanced the contribution from overseas operations. Without foreign-exchange gains, sales would have risen 5%.
Stock market advice: Bard pushes expansion in Asia and Latin America
Bard plans to increase its research spending from 6.5% of its sales in the latest quarter to between 9% and 10% in the next few years. The company also aims to spur its growth by expanding in fast-growing markets in Asia and Latin America. This adds some risk.
In the September edition of Wall Street Stock Forecaster, we examine Bard and other medical device makers and their long-term prospects.
We conclude our analysis with our clear buy/sell/hold stock market advice on the shares of C.R. Bard. Bard is just one of 20 stocks we analyze in this issue of our Wall Street Stock Forecaster.
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