Synovis Life Technologies Q3 results trump estimates
Synovis Life Technologies, Inc. (Nasdaq:SYNO) this morning reported third fiscal quarter results that bested the consensus on Wall Street as growth continued in each of the medical device company’s product areas.
Gross margin rose to 69% from 65% in the third quarter last year, as the company realized higher-margin sales of its Veritas and Peri-Strips products. Improved labor and material utilization coupled with lower obsolescence expense and increased average net sales prices also converged to boost margins.
Shares gained 6%, or $1.43, to $24 in pre-market trading. For detailed price information and news stories on Synovis Life Technologies, click SYNO.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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