Bloomberg News

Kinetic Concepts Says Third-Quarter Profit Rose 17% to 23%

October 10, 2011

(Updates with quarterly revenue in fourth paragraph.)

Oct. 10 (Bloomberg) -- Kinetic Concepts Inc., the wound- care company getting bought by Apax Partners Inc., said third- quarter profit rose 17 to 23 percent as revenue from its LifeCell unit increased.

The preliminary results were released to help potential investors evaluate the company’s performance while it plans a bond offering, San Antonio-based Kinetic said in a statement today.

Kinetic is cutting the size of a speculative-grade bond offering to $1.65 billion from $2.55 billion, according to a person with knowledge of the transaction. In July, the company agreed to be acquired by Apax, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board for $68.50 a share, a transaction valued at $5.7 billion, according to data compiled by Bloomberg.

Third-quarter earnings were $89 million to $93 million as worldwide revenue rose 4 to 5 percent, Kinetic said in the statement. The company plans to release full results on Oct. 21.

--With assistance from Sapna Maheshwari and Gowri Gurumurthy in New York. Editors: Bruce Rule, Steve Walsh

To contact the reporter on this story: Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus