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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cantel Medical Corp | NYSE:CMD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 80.37 | 0 | 01:00:00 |
Delaware
|
|
22-1760285
|
(State or other jurisdiction of
|
|
(I.R.S. employer
|
incorporation or organization)
|
|
identification no.)
|
150 Clove Road, Little Falls, New Jersey
|
|
07424
|
|
(973) 890-7220
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
(Registrant's telephone number, including area code)
|
Large accelerated filer
☒
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
|
|
Page No.
|
|
PART I – FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
(unaudited)
|
|
|
Condensed Consolidated Balance Sheets
(unaudited)
|
|
|
Condensed Consolidated Statements of Income
(unaudited)
|
|
|
||
|
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
PART II – OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
Signatures
|
|
|
April 30,
|
|
July 31,
|
||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
51,916
|
|
|
$
|
36,584
|
|
Accounts receivable, net of allowance for doubtful accounts of $1,505 and $1,808
|
114,146
|
|
|
110,656
|
|
||
Inventories, net
|
113,109
|
|
|
98,724
|
|
||
Prepaid expenses and other current assets
|
17,097
|
|
|
11,407
|
|
||
Income taxes receivable
|
4,184
|
|
|
—
|
|
||
Total current assets
|
300,452
|
|
|
257,371
|
|
||
|
|
|
|
||||
Property and equipment, net
|
100,759
|
|
|
88,338
|
|
||
Intangible assets, net
|
145,552
|
|
|
124,512
|
|
||
Goodwill
|
366,804
|
|
|
311,445
|
|
||
Other assets
|
8,404
|
|
|
4,707
|
|
||
Total assets
|
$
|
921,971
|
|
|
$
|
786,373
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
36,628
|
|
|
$
|
27,469
|
|
Compensation payable
|
28,586
|
|
|
27,468
|
|
||
Accrued expenses
|
27,930
|
|
|
23,393
|
|
||
Deferred revenue
|
30,183
|
|
|
25,282
|
|
||
Income taxes payable
|
—
|
|
|
3,167
|
|
||
Total current liabilities
|
123,327
|
|
|
106,779
|
|
||
|
|
|
|
||||
Long-term debt
|
169,000
|
|
|
126,000
|
|
||
Deferred income taxes
|
23,097
|
|
|
24,714
|
|
||
Other long-term liabilities
|
5,241
|
|
|
4,948
|
|
||
Total liabilities
|
320,665
|
|
|
262,441
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred Stock, par value $1.00 per share; authorized 1,000,000 shares; none issued
|
$
|
—
|
|
|
$
|
—
|
|
Common Stock, par value $0.10 per share. Authorized 75,000,000 shares; issued 46,239,890 shares and outstanding 41,709,335 shares as of April 30, 2018; issued 46,194,370 shares and outstanding 41,728,934 shares as of July 31, 2017
|
4,046
|
|
|
4,619
|
|
||
Additional paid-in capital
|
183,551
|
|
|
174,602
|
|
||
Retained earnings
|
478,197
|
|
|
407,590
|
|
||
Accumulated other comprehensive loss
|
(5,292
|
)
|
|
(9,900
|
)
|
||
Treasury Stock, at cost; 4,530,555 shares as of April 30, 2018; 4,465,440 shares as of
July 31, 2017 |
(59,196
|
)
|
|
(52,979
|
)
|
||
Total stockholders’ equity
|
601,306
|
|
|
523,932
|
|
||
Total liabilities and stockholders' equity
|
$
|
921,971
|
|
|
$
|
786,373
|
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales
|
$
|
189,861
|
|
|
$
|
170,073
|
|
|
$
|
564,310
|
|
|
$
|
500,878
|
|
Product service
|
27,407
|
|
|
22,040
|
|
|
78,758
|
|
|
63,777
|
|
||||
Total net sales
|
217,268
|
|
|
192,113
|
|
|
643,068
|
|
|
564,655
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales
|
93,762
|
|
|
84,681
|
|
|
283,005
|
|
|
250,052
|
|
||||
Product service
|
18,832
|
|
|
15,984
|
|
|
53,495
|
|
|
45,171
|
|
||||
Total cost of sales
|
112,594
|
|
|
100,665
|
|
|
336,500
|
|
|
295,223
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
104,674
|
|
|
91,448
|
|
|
306,568
|
|
|
269,432
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Selling
|
33,252
|
|
|
30,509
|
|
|
95,774
|
|
|
85,312
|
|
||||
General and administrative
|
37,784
|
|
|
29,204
|
|
|
102,068
|
|
|
87,672
|
|
||||
Research and development
|
6,571
|
|
|
4,291
|
|
|
17,543
|
|
|
13,328
|
|
||||
Total operating expenses
|
77,607
|
|
|
64,004
|
|
|
215,385
|
|
|
186,312
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
27,067
|
|
|
27,444
|
|
|
91,183
|
|
|
83,120
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
1,498
|
|
|
1,084
|
|
|
3,822
|
|
|
3,303
|
|
||||
Other income
|
—
|
|
|
—
|
|
|
(1,138
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
25,569
|
|
|
26,360
|
|
|
88,499
|
|
|
79,817
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
6,833
|
|
|
8,849
|
|
|
14,346
|
|
|
25,436
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
18,736
|
|
|
$
|
17,511
|
|
|
$
|
74,153
|
|
|
$
|
54,381
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.45
|
|
|
$
|
0.42
|
|
|
$
|
1.78
|
|
|
$
|
1.30
|
|
Diluted
|
$
|
0.45
|
|
|
$
|
0.42
|
|
|
$
|
1.77
|
|
|
$
|
1.30
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
18,736
|
|
|
$
|
17,511
|
|
|
$
|
74,153
|
|
|
$
|
54,381
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation
|
(6,538
|
)
|
|
1,384
|
|
|
4,608
|
|
|
(2,549
|
)
|
||||
Total other comprehensive (loss) income
|
(6,538
|
)
|
|
1,384
|
|
|
4,608
|
|
|
(2,549
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
12,198
|
|
|
$
|
18,895
|
|
|
$
|
78,761
|
|
|
$
|
51,832
|
|
|
Nine Months Ended April 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
74,153
|
|
|
$
|
54,381
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation
|
12,816
|
|
|
10,922
|
|
||
Amortization
|
12,892
|
|
|
11,930
|
|
||
Stock-based compensation expense
|
7,033
|
|
|
6,983
|
|
||
Deferred income taxes
|
(7,499
|
)
|
|
(97
|
)
|
||
Other non-cash items, net
|
586
|
|
|
519
|
|
||
Changes in assets and liabilities, net of effects of business acquisitions:
|
|
|
|
|
|
||
Accounts receivable
|
892
|
|
|
(13,108
|
)
|
||
Inventories
|
(9,791
|
)
|
|
(2,334
|
)
|
||
Prepaid expenses and other assets
|
(7,256
|
)
|
|
(2,924
|
)
|
||
Accounts payable and other liabilities
|
13,859
|
|
|
9,220
|
|
||
Income taxes
|
(7,682
|
)
|
|
(2,108
|
)
|
||
Net cash provided by operating activities
|
90,003
|
|
|
73,384
|
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(23,772
|
)
|
|
(20,765
|
)
|
||
Proceeds from disposal of fixed assets
|
—
|
|
|
43
|
|
||
Acquisition of businesses, net of cash acquired
|
(84,595
|
)
|
|
(69,998
|
)
|
||
Other, net
|
—
|
|
|
344
|
|
||
Net cash used in investing activities
|
(108,367
|
)
|
|
(90,376
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Borrowings under revolving credit facility
|
82,300
|
|
|
74,000
|
|
||
Repayments under revolving credit facility
|
(39,300
|
)
|
|
(45,000
|
)
|
||
Dividends paid
|
(3,546
|
)
|
|
(2,921
|
)
|
||
Purchases of treasury stock
|
(6,216
|
)
|
|
(6,387
|
)
|
||
Net cash provided by financing activities
|
33,238
|
|
|
19,692
|
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
458
|
|
|
(194
|
)
|
||
|
|
|
|
||||
Increase in cash and cash equivalents
|
15,332
|
|
|
2,506
|
|
||
Cash and cash equivalents at beginning of period
|
36,584
|
|
|
28,367
|
|
||
Cash and cash equivalents at end of period
|
$
|
51,916
|
|
|
$
|
30,873
|
|
3.
|
Acquisitions
|
|
|
2018
|
|
2017
|
||||||||||||||||
Purchase Price Allocation
|
|
Aexis Medical
(1)
|
|
BHT Group
(1)
|
|
CR Kennedy
|
|
Vantage
(1)
|
|
Accutron
(1)
|
||||||||||
|
|
(Preliminary)
|
|
(Preliminary)
|
|
(Final)
|
|
(Final)
|
|
(Final)
|
||||||||||
Purchase Price:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash paid (net of cash acquired)
|
|
$
|
20,308
|
|
|
$
|
60,787
|
|
|
$
|
11,999
|
|
|
$
|
4,044
|
|
|
$
|
53,049
|
|
Fair value of contingent consideration
|
|
1,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
21,600
|
|
|
$
|
60,787
|
|
|
$
|
11,999
|
|
|
$
|
4,044
|
|
|
$
|
53,049
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allocation:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment
|
|
130
|
|
|
835
|
|
|
—
|
|
|
433
|
|
|
1,676
|
|
|||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer relationships
|
|
—
|
|
|
12,500
|
|
|
4,200
|
|
|
992
|
|
|
12,800
|
|
|||||
Technology
|
|
11,099
|
|
|
6,200
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|||||
Brand names
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|||||
Goodwill
|
|
12,425
|
|
|
41,357
|
|
|
5,894
|
|
|
2,299
|
|
|
21,989
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
(5,881
|
)
|
|
—
|
|
|
—
|
|
|
112
|
|
|||||
Other working capital, net
|
|
(762
|
)
|
|
5,776
|
|
|
1,905
|
|
|
320
|
|
|
4,472
|
|
|||||
Contingent consideration
|
|
(1,292
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
21,600
|
|
|
$
|
60,787
|
|
|
$
|
11,999
|
|
|
$
|
4,044
|
|
|
$
|
53,049
|
|
(1)
|
The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes.
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of sales
|
$
|
167
|
|
|
$
|
83
|
|
|
$
|
463
|
|
|
$
|
285
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling
|
559
|
|
|
313
|
|
|
1,188
|
|
|
1,252
|
|
||||
General and administrative
|
1,641
|
|
|
1,520
|
|
|
5,231
|
|
|
5,358
|
|
||||
Research and development
|
76
|
|
|
29
|
|
|
151
|
|
|
88
|
|
||||
Total operating expenses
|
2,276
|
|
|
1,862
|
|
|
6,570
|
|
|
6,698
|
|
||||
Stock-based compensation before income taxes
|
$
|
2,443
|
|
|
$
|
1,945
|
|
|
$
|
7,033
|
|
|
$
|
6,983
|
|
|
|
Number of Time-based Awards
|
|
Number of Performance-based Awards
|
|
Number of Market-based Awards
|
|
Number of
Total
Awards
|
|
Weighted Average
Fair Value
|
||||||
July 31, 2017
|
|
196,818
|
|
|
16,235
|
|
|
9,245
|
|
|
222,298
|
|
|
$
|
66.28
|
|
Granted
|
|
94,130
|
|
|
18,647
|
|
|
10,465
|
|
|
123,242
|
|
|
$
|
101.73
|
|
Vested
(1)
|
|
(99,009
|
)
|
|
(6,162
|
)
|
|
—
|
|
|
(105,171
|
)
|
|
$
|
58.98
|
|
Forfeited
|
|
(6,623
|
)
|
|
(1,743
|
)
|
|
(2,000
|
)
|
|
(10,366
|
)
|
|
$
|
91.09
|
|
April 30, 2018
|
|
185,316
|
|
|
26,977
|
|
|
17,710
|
|
|
230,003
|
|
|
$
|
87.55
|
|
(1)
|
The aggregate fair value of all nonvested stock awards which vested was approximately
$6,203
.
|
|
Number of shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Life Remaining (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at July 31, 2017
|
122,500
|
|
|
$
|
29.36
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(52,500
|
)
|
|
17.04
|
|
|
|
|
|
|||
Outstanding at April 30, 2018
|
70,000
|
|
|
$
|
38.60
|
|
|
1.20
|
|
$
|
5,143
|
|
Exercisable at April 30, 2018
|
65,000
|
|
|
$
|
37.31
|
|
|
1.11
|
|
$
|
4,859
|
|
|
April 30, 2018
|
|
July 31, 2017
|
||||
Raw materials and parts
|
$
|
49,365
|
|
|
$
|
45,831
|
|
Work-in-process
|
15,498
|
|
|
13,484
|
|
||
Finished goods
|
56,297
|
|
|
48,262
|
|
||
Reserve for excess and obsolete inventory
|
(8,051
|
)
|
|
(8,853
|
)
|
||
Total
|
$
|
113,109
|
|
|
$
|
98,724
|
|
|
April 30, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money markets
|
$
|
103
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
103
|
|
Total assets
|
$
|
103
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
103
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt
(1)
|
—
|
|
|
169,000
|
|
|
—
|
|
|
169,000
|
|
||||
Other long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
—
|
|
|
—
|
|
|
1,262
|
|
|
1,262
|
|
||||
Total other long-term liabilities:
|
—
|
|
|
—
|
|
|
1,262
|
|
|
1,262
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
169,000
|
|
|
$
|
1,262
|
|
|
$
|
170,262
|
|
|
July 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money markets
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
Total assets
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assumed contingent obligation
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||
Total accrued expenses
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||
Long-term debt
(1)
|
—
|
|
|
126,000
|
|
|
—
|
|
|
126,000
|
|
||||
Other long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assumed contingent obligation
|
—
|
|
|
—
|
|
|
1,126
|
|
|
1,126
|
|
||||
Total other long-term liabilities:
|
—
|
|
|
—
|
|
|
1,126
|
|
|
1,126
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
126,000
|
|
|
$
|
1,138
|
|
|
$
|
127,138
|
|
(1)
|
Fair value estimated using Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active.
|
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
|
$
|
—
|
|
|
$
|
1,138
|
|
|
$
|
1,138
|
|
|
$
|
1,138
|
|
Original fair value of contingent consideration
(1)
|
|
1,292
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
||||
Foreign currency translation
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
||||
Net settlements
(2)
|
|
—
|
|
|
—
|
|
|
(1,138
|
)
|
|
—
|
|
||||
Ending Balance
|
|
$
|
1,262
|
|
|
$
|
1,138
|
|
|
$
|
1,262
|
|
|
$
|
1,138
|
|
(1)
|
For the three and nine months ended April 30, 2018, the amounts represent the contingent consideration associated with the Aexis Medical acquisition.
|
(2)
|
For the nine months ended April 30, 2018, the amount represents the resolution of the Jet Prep obligation.
|
8.
|
Intangibles and Goodwill
|
|
April 30, 2018
|
|
July 31, 2017
|
||||||||||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Intangible assets with finite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Customer relationships
|
$
|
133,133
|
|
|
$
|
(43,145
|
)
|
|
$
|
89,988
|
|
|
$
|
119,576
|
|
|
$
|
(34,773
|
)
|
|
$
|
84,803
|
|
Technology
(1)
|
59,080
|
|
|
(18,663
|
)
|
|
40,417
|
|
|
39,064
|
|
|
(15,260
|
)
|
|
23,804
|
|
||||||
Brand names
|
8,230
|
|
|
(3,719
|
)
|
|
4,511
|
|
|
8,188
|
|
|
(3,225
|
)
|
|
4,963
|
|
||||||
Non-compete agreements
|
3,060
|
|
|
(1,571
|
)
|
|
1,489
|
|
|
3,092
|
|
|
(1,428
|
)
|
|
1,664
|
|
||||||
Patents and other registrations
|
2,767
|
|
|
(1,144
|
)
|
|
1,623
|
|
|
2,783
|
|
|
(1,053
|
)
|
|
1,730
|
|
||||||
|
206,270
|
|
|
(68,242
|
)
|
|
138,028
|
|
|
172,703
|
|
|
(55,739
|
)
|
|
116,964
|
|
||||||
Trademarks and tradenames
|
7,524
|
|
|
—
|
|
|
7,524
|
|
|
7,548
|
|
|
—
|
|
|
7,548
|
|
||||||
Total intangible assets
|
$
|
213,794
|
|
|
$
|
(68,242
|
)
|
|
$
|
145,552
|
|
|
$
|
180,251
|
|
|
$
|
(55,739
|
)
|
|
$
|
124,512
|
|
(1)
|
The gross and accumulated amortization amounts previously reported as of July 31, 2017 have been revised to exclude the
$3,730
fully amortized technology related intangible asset and associated accumulated amortization related to the Jet Prep business. This did not result in any change to the net technology related intangible asset as of July 31, 2017.
|
|
Endoscopy
|
|
Water Purification and Filtration
|
|
Healthcare Disposables
|
|
Dialysis
|
|
Total
Goodwill
|
||||||||||
Balance, July 31, 2017
|
$
|
129,945
|
|
|
$
|
59,088
|
|
|
$
|
114,279
|
|
|
$
|
8,133
|
|
|
$
|
311,445
|
|
Acquisitions
|
53,782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,782
|
|
|||||
Foreign currency translation
|
1,717
|
|
|
(140
|
)
|
|
—
|
|
|
—
|
|
|
1,577
|
|
|||||
Balance, April 30, 2018
|
$
|
185,444
|
|
|
$
|
58,948
|
|
|
$
|
114,279
|
|
|
$
|
8,133
|
|
|
$
|
366,804
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
April 30,
|
|
April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
$
|
18,736
|
|
|
$
|
17,511
|
|
|
$
|
74,153
|
|
|
$
|
54,381
|
|
Less income allocated to participating securities
|
(59
|
)
|
|
(98
|
)
|
|
(281
|
)
|
|
(335
|
)
|
||||
Net income available to common shareholders
|
$
|
18,677
|
|
|
$
|
17,413
|
|
|
$
|
73,872
|
|
|
$
|
54,046
|
|
Denominator for basic and diluted earnings per share, as adjusted for participating securities:
|
|
|
|
|
|
|
|
|
|
|
|||||
Denominator for basic earnings per share - weighted average number of shares outstanding attributable to common stock
|
41,580,387
|
|
|
41,489,587
|
|
|
41,559,312
|
|
|
41,459,067
|
|
||||
Dilutive effect of stock awards using the treasury stock method and the average market price for the year
|
69,134
|
|
|
75,431
|
|
|
63,642
|
|
|
74,420
|
|
||||
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock
|
41,649,521
|
|
|
41,565,018
|
|
|
41,622,954
|
|
|
41,533,487
|
|
||||
Earnings per share attributable to common stock:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
0.45
|
|
|
$
|
0.42
|
|
|
$
|
1.78
|
|
|
$
|
1.30
|
|
Diluted earnings per share
|
$
|
0.45
|
|
|
$
|
0.42
|
|
|
$
|
1.77
|
|
|
$
|
1.30
|
|
Stock options excluded from weighted average dilutive common shares because their inclusion would have been anti-dilutive
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
April 30,
|
|
April 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Denominator for diluted earnings per share - weighted average number of shares and common stock equivalents attributable to common stock
|
41,649,521
|
|
|
41,565,018
|
|
|
41,622,954
|
|
|
41,533,487
|
|
Participating securities
|
133,954
|
|
|
233,501
|
|
|
159,932
|
|
|
259,050
|
|
Total weighted average number of shares and common stock equivalents attributable to both common stock and participating securities
|
41,783,475
|
|
|
41,798,519
|
|
|
41,782,886
|
|
|
41,792,537
|
|
|
Consolidated Effective
Income Tax Rate
|
||||
|
Three Months Ended
|
|
Nine Months Ended
|
||
April 30, 2017
|
33.6
|
%
|
|
31.9
|
%
|
Difference attributable to:
|
|
|
|
||
Deferred tax revaluation
|
(0.4
|
)%
|
|
(7.0
|
)%
|
U.S. federal statutory rate decrease
(1)
|
(8.1
|
)%
|
|
(8.1
|
)%
|
Foreign operations
|
(1.3
|
)%
|
|
(0.3
|
)%
|
State taxes
|
3.5
|
%
|
|
1.5
|
%
|
Excess tax benefit
|
—
|
%
|
|
(2.3
|
)%
|
Other
|
(0.6
|
)%
|
|
0.5
|
%
|
April 30, 2018
|
26.7
|
%
|
|
16.2
|
%
|
(1)
|
The Company revised its estimated annual rate to reflect a blended U.S. federal statutory rate of
26.9%
as compared to 35.0%.
|
|
Three Months Ended
April 30, |
|
Nine Months Ended
April 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
1,246
|
|
|
$
|
(15,728
|
)
|
|
$
|
(9,900
|
)
|
|
$
|
(11,795
|
)
|
Other comprehensive (loss) income for foreign currency translation
|
(6,538
|
)
|
|
1,384
|
|
|
4,608
|
|
|
(2,549
|
)
|
||||
Ending balance
|
$
|
(5,292
|
)
|
|
$
|
(14,344
|
)
|
|
$
|
(5,292
|
)
|
|
$
|
(14,344
|
)
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||
Endoscopy
|
$
|
118,396
|
|
|
$
|
100,349
|
|
|
$
|
347,446
|
|
|
$
|
288,544
|
|
Water Purification and Filtration
|
52,330
|
|
|
47,940
|
|
|
156,828
|
|
|
145,233
|
|
||||
Healthcare Disposables
|
38,522
|
|
|
36,177
|
|
|
114,898
|
|
|
108,256
|
|
||||
Dialysis
|
8,020
|
|
|
7,647
|
|
|
23,896
|
|
|
22,622
|
|
||||
Total
|
$
|
217,268
|
|
|
$
|
192,113
|
|
|
$
|
643,068
|
|
|
$
|
564,655
|
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Segment operating income:
|
|
|
|
|
|
|
|
|
|
||||||
Endoscopy
|
$
|
20,515
|
|
|
$
|
18,514
|
|
|
$
|
64,662
|
|
|
$
|
54,853
|
|
Water Purification and Filtration
|
8,454
|
|
|
7,842
|
|
|
26,753
|
|
|
25,167
|
|
||||
Healthcare Disposables
|
7,588
|
|
|
6,392
|
|
|
23,481
|
|
|
20,857
|
|
||||
Dialysis
|
1,778
|
|
|
2,315
|
|
|
5,795
|
|
|
6,275
|
|
||||
|
38,335
|
|
|
35,063
|
|
|
120,691
|
|
|
107,152
|
|
||||
General corporate expenses
(1)
|
11,268
|
|
|
7,619
|
|
|
29,508
|
|
|
24,032
|
|
||||
Operating income
|
$
|
27,067
|
|
|
$
|
27,444
|
|
|
$
|
91,183
|
|
|
$
|
83,120
|
|
(1)
|
General corporate expenses relate to unallocated corporate costs primarily related to executive management personnel as well as costs associated with certain facets of our acquisition program and being a publicly traded company.
|
•
|
Net sales increased by
13.1%
to
$217,268
from
$192,113
, with organic net sales growth of
7.6%
|
•
|
Net income increased by
7.0%
to
$18,736
from
$17,511
|
•
|
Non-GAAP net income increased by
16.6%
to
$24,929
from
$21,377
|
•
|
Diluted EPS increased by
7.0%
to
$0.45
from
$0.42
|
•
|
Non-GAAP diluted EPS increased by
16.6%
to
$0.60
from
$0.51
|
•
|
Adjusted EBITDAS increased by
12.3%
to
$43,569
from
$38,813
|
|
Three Months Ended April 30,
|
|
Percentage Change
|
|||||||||||
Statement of Income Data:
|
2018
|
|
2017
|
|
||||||||||
Net sales
|
$
|
217,268
|
|
100.0
|
%
|
|
$
|
192,113
|
|
100.0
|
%
|
|
13.1
|
%
|
Cost of sales
|
112,594
|
|
51.8
|
%
|
|
100,665
|
|
52.4
|
%
|
|
11.9
|
%
|
||
Gross profit
|
104,674
|
|
48.2
|
%
|
|
91,448
|
|
47.6
|
%
|
|
14.5
|
%
|
||
|
|
|
|
|
|
|
|
|||||||
Selling
|
33,252
|
|
15.3
|
%
|
|
30,509
|
|
15.9
|
%
|
|
9.0
|
%
|
||
General and administrative
|
37,784
|
|
17.4
|
%
|
|
29,204
|
|
15.2
|
%
|
|
29.4
|
%
|
||
Research and development
|
6,571
|
|
3.0
|
%
|
|
4,291
|
|
2.2
|
%
|
|
53.1
|
%
|
||
|
77,607
|
|
35.7
|
%
|
|
64,004
|
|
33.3
|
%
|
|
21.3
|
%
|
||
|
|
|
|
|
|
|
|
|||||||
Operating income
|
27,067
|
|
12.5
|
%
|
|
27,444
|
|
14.3
|
%
|
|
(1.4
|
)%
|
||
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
1,498
|
|
0.7
|
%
|
|
1,084
|
|
0.6
|
%
|
|
38.2
|
%
|
||
Income before income taxes
|
25,569
|
|
11.8
|
%
|
|
26,360
|
|
13.7
|
%
|
|
(3.0
|
)%
|
||
Income taxes
|
6,833
|
|
3.2
|
%
|
|
8,849
|
|
4.6
|
%
|
|
(22.8
|
)%
|
||
Net income
|
$
|
18,736
|
|
8.6
|
%
|
|
$
|
17,511
|
|
9.1
|
%
|
|
7.0
|
%
|
|
Nine Months Ended April 30,
|
|
Percentage Change
|
|||||||||||
Statement of Income Data:
|
2018
|
|
2017
|
|
||||||||||
Net sales
|
$
|
643,068
|
|
100.0
|
%
|
|
$
|
564,655
|
|
100.0
|
%
|
|
13.9
|
%
|
Cost of sales
|
336,500
|
|
52.3
|
%
|
|
295,223
|
|
52.3
|
%
|
|
14.0
|
%
|
||
Gross profit
|
306,568
|
|
47.7
|
%
|
|
269,432
|
|
47.7
|
%
|
|
13.8
|
%
|
||
|
|
|
|
|
|
|
|
|||||||
Selling
|
95,774
|
|
14.9
|
%
|
|
85,312
|
|
15.1
|
%
|
|
12.3
|
%
|
||
General and administrative
|
102,068
|
|
15.9
|
%
|
|
87,672
|
|
15.5
|
%
|
|
16.4
|
%
|
||
Research and development
|
17,543
|
|
2.7
|
%
|
|
13,328
|
|
2.4
|
%
|
|
31.6
|
%
|
||
|
215,385
|
|
33.5
|
%
|
|
186,312
|
|
33.0
|
%
|
|
15.6
|
%
|
||
|
|
|
|
|
|
|
|
|||||||
Operating income
|
91,183
|
|
14.2
|
%
|
|
83,120
|
|
14.7
|
%
|
|
9.7
|
%
|
||
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
3,822
|
|
0.6
|
%
|
|
3,303
|
|
0.6
|
%
|
|
15.7
|
%
|
||
Other income
|
(1,138
|
)
|
(0.2
|
)%
|
|
—
|
|
—
|
%
|
|
—
|
%
|
||
Income before income taxes
|
88,499
|
|
13.8
|
%
|
|
79,817
|
|
14.1
|
%
|
|
10.9
|
%
|
||
Income taxes
|
14,346
|
|
2.3
|
%
|
|
25,436
|
|
4.5
|
%
|
|
(43.6
|
)%
|
||
Net income
|
$
|
74,153
|
|
11.5
|
%
|
|
$
|
54,381
|
|
9.6
|
%
|
|
36.4
|
%
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||||||||||
Net Sales by Segment
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Endoscopy
|
$
|
118,396
|
|
54.5
|
%
|
|
$
|
100,349
|
|
52.2
|
%
|
|
$
|
347,446
|
|
54.0
|
%
|
|
$
|
288,544
|
|
51.1
|
%
|
Water Purification and Filtration
|
52,330
|
|
24.1
|
%
|
|
47,940
|
|
25.0
|
%
|
|
156,828
|
|
24.4
|
%
|
|
145,233
|
|
25.7
|
%
|
||||
Healthcare Disposables
|
38,522
|
|
17.7
|
%
|
|
36,177
|
|
18.8
|
%
|
|
114,898
|
|
17.9
|
%
|
|
108,256
|
|
19.2
|
%
|
||||
Dialysis
|
8,020
|
|
3.7
|
%
|
|
7,647
|
|
4.0
|
%
|
|
23,896
|
|
3.7
|
%
|
|
22,622
|
|
4.0
|
%
|
||||
Total net sales
|
$
|
217,268
|
|
100.0
|
%
|
|
$
|
192,113
|
|
100.0
|
%
|
|
$
|
643,068
|
|
100.0
|
%
|
|
$
|
564,655
|
|
100.0
|
%
|
Net Sales by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
159,375
|
|
73.4
|
%
|
|
$
|
146,032
|
|
76.0
|
%
|
|
$
|
478,024
|
|
74.3
|
%
|
|
$
|
442,658
|
|
78.4
|
%
|
International
|
57,893
|
|
26.6
|
%
|
|
46,081
|
|
24.0
|
%
|
|
165,044
|
|
25.7
|
%
|
|
121,997
|
|
21.6
|
%
|
||||
Total net sales
|
$
|
217,268
|
|
100.0
|
%
|
|
$
|
192,113
|
|
100.0
|
%
|
|
$
|
643,068
|
|
100.0
|
%
|
|
$
|
564,655
|
|
100.0
|
%
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||||||||||
Operating Income by Segment
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Endoscopy
|
$
|
20,515
|
|
17.3
|
%
|
|
$
|
18,514
|
|
18.4
|
%
|
|
$
|
64,662
|
|
18.6
|
%
|
|
$
|
54,853
|
|
19.0
|
%
|
Water Purification and Filtration
|
8,454
|
|
16.2
|
%
|
|
7,842
|
|
16.4
|
%
|
|
26,753
|
|
17.1
|
%
|
|
25,167
|
|
17.3
|
%
|
||||
Healthcare Disposables
|
7,588
|
|
19.7
|
%
|
|
6,392
|
|
17.7
|
%
|
|
23,481
|
|
20.4
|
%
|
|
20,857
|
|
19.3
|
%
|
||||
Dialysis
|
1,778
|
|
22.2
|
%
|
|
2,315
|
|
30.3
|
%
|
|
5,795
|
|
24.3
|
%
|
|
6,275
|
|
27.7
|
%
|
||||
Operating income by segment
|
38,335
|
|
17.6
|
%
|
|
35,063
|
|
18.3
|
%
|
|
120,691
|
|
18.8
|
%
|
|
107,152
|
|
19.0
|
%
|
||||
General corporate expenses
|
11,268
|
|
5.1
|
%
|
|
7,619
|
|
4.0
|
%
|
|
29,508
|
|
4.6
|
%
|
|
24,032
|
|
4.3
|
%
|
||||
Income from operations
|
$
|
27,067
|
|
12.5
|
%
|
|
$
|
27,444
|
|
14.3
|
%
|
|
$
|
91,183
|
|
14.2
|
%
|
|
$
|
83,120
|
|
14.7
|
%
|
|
Three Months Ended April 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
Net income/Diluted EPS, as reported
|
$
|
18,736
|
|
|
$
|
0.45
|
|
|
$
|
17,511
|
|
|
$
|
0.42
|
|
Intangible amortization, net of tax
(1)
|
3,468
|
|
|
0.08
|
|
|
2,852
|
|
|
0.07
|
|
||||
Acquisition-related items, net of tax
(2)
|
651
|
|
|
0.02
|
|
|
465
|
|
|
0.01
|
|
||||
Restructuring-related charges, net of tax
(3)
|
991
|
|
|
0.02
|
|
|
549
|
|
|
0.01
|
|
||||
Litigation matters
(1)
|
1,637
|
|
|
0.04
|
|
|
—
|
|
|
—
|
|
||||
Tax legislative changes
(4)
|
(554
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
||||
Non-GAAP net income/Non-GAAP diluted EPS
|
$
|
24,929
|
|
|
$
|
0.60
|
|
|
$
|
21,377
|
|
|
$
|
0.51
|
|
(1)
|
Amounts were recorded in general and administrative expenses.
|
(2)
|
For the three months ended
April 30, 2018
, pre-tax acquisition-related items of $953 were recorded in general and administrative expenses. For the three months ended
April 30, 2017
, pre-tax acquisition-related items of $330 were recorded in cost of sales and $390 were recorded in general and administrative expenses.
|
(3)
|
For the three months ended
April 30, 2018
, pre-tax restructuring-related items of $17 were recorded in cost of sales and $1,466 were recorded in general and administrative expenses. For the three months ended
April 30, 2017
, pre-tax restructuring-related items of $879 were recorded in general and administrative expenses.
|
(4)
|
Amounts were recorded in income taxes.
|
|
Nine Months Ended April 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
Net income/Diluted EPS, as reported
|
$
|
74,153
|
|
|
$
|
1.77
|
|
|
$
|
54,381
|
|
|
$
|
1.30
|
|
Intangible amortization, net of tax
(1)
|
9,844
|
|
|
0.24
|
|
|
8,438
|
|
|
0.20
|
|
||||
Acquisition-related items, net of tax
(2)
|
2,307
|
|
|
0.06
|
|
|
1,233
|
|
|
0.03
|
|
||||
Restructuring-related charges, net of tax
(3)
|
2,844
|
|
|
0.07
|
|
|
1,191
|
|
|
0.03
|
|
||||
Excess tax benefit
(4)
|
(2,012
|
)
|
|
(0.05
|
)
|
|
(2,241
|
)
|
|
(0.05
|
)
|
||||
Tax legislative changes
(4)
|
(8,952
|
)
|
|
(0.22
|
)
|
|
—
|
|
|
—
|
|
||||
Litigation matters
(1)
|
1,637
|
|
|
0.04
|
|
|
—
|
|
|
—
|
|
||||
Resolution of contingent liability
(5)
|
(1,138
|
)
|
|
(0.03
|
)
|
|
—
|
|
|
—
|
|
||||
CEO retirement costs, net of tax
(1)
|
—
|
|
|
—
|
|
|
1,249
|
|
|
0.03
|
|
||||
Non-GAAP net income/Non-GAAP diluted EPS
|
$
|
78,683
|
|
|
$
|
1.88
|
|
|
$
|
64,251
|
|
|
$
|
1.54
|
|
(1)
|
Amounts were recorded in general and administrative expenses.
|
(2)
|
For the nine months ended
April 30, 2018
, pre-tax acquisition-related items of $893 were recorded in cost of sales and $2,409 were recorded in general and administrative expenses. For the nine months ended
April 30, 2017
, pre-tax acquisition-related items of $500 were recorded in cost of sales and $1,295 were recorded in general and administrative expenses.
|
(3)
|
For the nine months ended
April 30, 2018
, pre-tax restructuring-related items of $1,164 were recorded in cost of sales and $2,656 were recorded in general and administrative expenses. For the nine months ended
April 30, 2017
, pre-tax restructuring-related items of $1,735 were recorded in general and administrative expenses.
|
(4)
|
Amounts were recorded in income taxes.
|
(5)
|
Amounts were recorded in other income.
|
|
Three Months Ended April 30,
|
|
Nine Months Ended April 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income, as reported
|
$
|
18,736
|
|
|
$
|
17,511
|
|
|
$
|
74,153
|
|
|
$
|
54,381
|
|
Interest expense, net
|
1,498
|
|
|
1,084
|
|
|
3,822
|
|
|
3,303
|
|
||||
Income taxes
|
6,833
|
|
|
8,849
|
|
|
14,346
|
|
|
25,436
|
|
||||
Depreciation
|
4,626
|
|
|
3,774
|
|
|
12,816
|
|
|
10,922
|
|
||||
Amortization
|
4,480
|
|
|
3,964
|
|
|
12,892
|
|
|
11,930
|
|
||||
Loss on disposal of fixed assets
|
187
|
|
|
87
|
|
|
521
|
|
|
489
|
|
||||
Stock-based compensation expense
|
2,443
|
|
|
1,945
|
|
|
7,033
|
|
|
6,983
|
|
||||
EBITDAS
|
38,803
|
|
|
37,214
|
|
|
125,583
|
|
|
113,444
|
|
||||
Acquisition-related items
|
953
|
|
|
720
|
|
|
3,302
|
|
|
1,795
|
|
||||
Restructuring-related charges
(1)
|
1,468
|
|
|
879
|
|
|
3,721
|
|
|
1,735
|
|
||||
Litigation matters
|
2,345
|
|
|
—
|
|
|
2,345
|
|
|
—
|
|
||||
Resolution of contingent liability
|
—
|
|
|
—
|
|
|
(1,138
|
)
|
|
—
|
|
||||
CEO retirement costs
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,413
|
|
||||
Adjusted EBITDAS
|
$
|
43,569
|
|
|
$
|
38,813
|
|
|
$
|
133,813
|
|
|
$
|
118,387
|
|
(1)
|
Excludes stock-based compensation expense.
|
(2)
|
For comparative purposes, we have revised the amounts associated with CEO retirement costs for the nine months ended
April 30, 2017
to exclude stock-based compensation expense which was reported in "Stock-based compensation expense" above.
|
|
April 30, 2018
|
|
July 31, 2017
|
||||
Long-term debt
|
$
|
169,000
|
|
|
$
|
126,000
|
|
Less cash and cash equivalents
|
(51,916
|
)
|
|
(36,584
|
)
|
||
Net debt
|
$
|
117,084
|
|
|
$
|
89,416
|
|
Period
|
|
Total number of
shares purchased
|
|
Average price
paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Maximum number of shares that may yet be purchased under the program
|
|||||
February 1 - February 28
|
|
529
|
|
|
$
|
112.62
|
|
|
—
|
|
|
—
|
|
March 1 - March 31
|
|
1,211
|
|
|
$
|
112.63
|
|
|
—
|
|
|
—
|
|
April 1 - April 30
|
|
596
|
|
|
$
|
113.98
|
|
|
—
|
|
|
—
|
|
Total
|
|
2,336
|
|
|
$
|
112.97
|
|
|
—
|
|
|
—
|
|
|
|
Certification of Principal Executive Officer.
|
|
|
|
|
|
|
|
Certification of Principal Financial Officer.
|
|
|
|
|
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
101
|
|
The following materials from this report, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements.
|
|
CANTEL MEDICAL CORP.
|
|
|
|
|
Date: June 1, 2018
|
|
|
|
|
|
|
By:
|
/s/ Jorgen B. Hansen
|
|
|
Jorgen B. Hansen,
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
By:
|
/s/ Peter G. Clifford
|
|
|
Peter G. Clifford,
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
By:
|
/s/ Brian R. Capone
|
|
|
Brian R. Capone
|
|
|
Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
1 Year Cantel Medical Chart |
1 Month Cantel Medical Chart |
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