C. R. Bard has reported growth in net income and net sales for its 2009 first quarter driven by reductions in distributor inventory and by managing expenses.
For the first quarter, net income was $113.2 million, compared to $78 million in its first quarter of 2008, reflecting a 44 percent increase, according to the Murray Hill, N.J.-based company.
Net sales inched 2 percent higher to $596.4 million for its first quarter of 2009 compared to last year. Specifically, Bard saw an increase in its vascular net sales of 5 percent from the previous year-ago quarter to $157.4 million in the first quarter of 2009.
Timothy M. Ring, chairman and CEO, commented, "Despite a challenging sales quarter, due primarily to currency headwinds and distributor inventory reductions, we delivered solid adjusted EPS growth. We accomplished this through gross margin expansion and diligent expense management without compromising our investment in research and development."