Synthes (SWX: SYST.VX) today announced its Full Year 2008 financial results with record Sales and record Net Earnings.
Fourth Quarter 2008
> Global sales were US$ 811.3 million, +9.9% vs. prior year (PY) (14.4% in local currencies)
> Double-digit local currency sales growth was once again achieved across all geographical regions and product groups
> Continued accelerated sales growth and market share gains in Spine globally
Full Year 2008
> Global sales at US$ 3,192.5 million increased by US$ 432.8 million ($371.0 million in LC)
> Net earnings of US$ 735.0 million grew in excess of double-digit sales growth
> Double-digit sales growth in all geographical regions and product groups driven by increased penetration of new products, sales force expansion, and increased educational efforts
> Strong gross margin of 82.7%
> Income tax rate decreased by 3.7 pps vs. PY to 30.3%
> Strong cash generation resulted in a record cash balance of US$ 871.5 million, 60% growth vs. PY
> Other achievements include the settlement of the TFN (Trochanteric Fixation Nail) case, and the launch of over 90 new products, including ProDisc®-C in the U.S.