Friday February 12, 10:29 am Eastern Time
Company Press Release
SOURCE: PolyMedica Corporation
PolyMedica Corporation to Present at Cruttenden Roth Growth Stock Conference
CRUTTENDEN ROTH GROWTH STOCK CONFERENCE, Laguna Niguel, Calif., Feb. 12
/PRNewswire/ -- PolyMedica (Nasdaq: PLMD - news) is the market leader in three
expanding specialty medical categories. Well known through its TV ads, the
Company's Liberty Medical Supply subsidiary is the leading direct-to-patient
provider of diabetes testing supplies for seniors who have Medicare coverage.
Diabetes accounts for 30% of Medicare's budget. In consumer healthcare,
PolyMedica's AZO line of products has a 45% share of the over-the-counter
female urinary tract discomfort market. PolyMedica also is the leading
manufacturer of private-label digital thermometers and has the number two
overall market position in thermometers.
During the third fiscal quarter ended December 31, 1998, net product sales rose 39% to $28.8 million, from $20.7 million in the same period a year earlier. Income from operations increased 33% to $3.4 million, from $2.6 million in the prior year. Net income rose to a record $1.7 million, or $0.18 per share (diluted), from $1.4 million, or $0.14 per share (diluted), in the third quarter of fiscal 1998. This was PolyMedica's eighth consecutive quarter of profitable growth.
Sales of diabetes supplies climbed 52% from the prior year's quarter to $22.1 million primarily due to higher than anticipated first-time shipments to non-insulin using (Type II) diabetics and increased shipments to diabetic seniors who use insulin. The extension of Medicare coverage to Type II diabetics last July has more than doubled Liberty Medical's potential market.
The combination of the largest proprietary database of Medicare eligible diabetics in the US and proprietary customer service and payment systems is a major platform for expansion into other direct-to-consumer specialty medical categories and the Internet. It also represents a formidable barrier to entry for potential competitors.
PolyMedica has established a nationwide retail network for its high gross margin AZO brand line of female urinary tract discomfort products and its private-label digital thermometer lines. The result is difficult-to-acquire shelf space in all of the largest drug store chains, many mass merchandisers like Wal-Mart, and supermarket chains like Safeway.
In all, more than 36,000 retail outlets nationwide sell its branded and private-label products. This retail pipeline and focus on underserved markets enables PolyMedica to compete profitably against offerings of leading pharmaceutical companies and continue to expand its women's health and thermometry lines.
With major platforms for growth in the direct-to-consumer and retail specialty healthcare categories, PolyMedica expects to conclude fiscal 1999 on a high note and is looking forward to exciting new opportunities in the year ahead.
For more information, please visit PolyMedica's web site at www.polymedica.com
SOURCE: PolyMedica Corporation
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More Quotes and News: Polymedica Corp (Nasdaq:PLMD - news)
Related News Categories: biotech, medical/pharmaceutical
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