PolyMedica Sees No Reason for Stock Price Decline
Cites Two Recent 'Strong Buy' Recommendations
WOBURN, Mass.--(BUSINESS WIRE)--Nov. 29, 1999--Responding to investor queries regarding the recent decline in the stock price of PolyMedica Corporation (Nasdaq: PLMD - news), Chairman and CEO Steven J. Lee said, ``We are aware of no developments that alter the very positive outlook we have for the remainder of this year and beyond.
In fact, there have been two recent securities analysts ``Strong Buy' recommendations on our Company. Having reported the eleventh consecutive quarter of profitable growth last month, we can see no reason for the recent stock price decline .``
For the first six months of fiscal 2000, PolyMedica's revenues rose 48% to $67.5 million from $45.5 million in the same period of fiscal 1999. Net income increased 98% to $5.6 million, or $0.55 per share (diluted), from $2.8 million, or $0.29 per share (diluted), in the year-earlier period, excluding a one-time gain in that prior period. Positive operating cash flows of $2.1 million in the fiscal second quarter brought the total to $4.0 million for the first half of fiscal 2000, compared to positive operating cash flow of $539,000 for the entire 1999 fiscal year.
PolyMedica is a profitable, rapidly growing specialty medical products company best known through its subsidiaries and product lines. The Company's Liberty Medical Supply, Inc. subsidiary is the leading direct mail provider of diabetes testing supplies to seniors who have Medicare coverage. The Company's AZO line of products addresses female urinary tract discomfort, where it is the market leader, as well as symptoms of menopause and incontinence. |
