Symmetry Expands Facilities
BY JOHN MCCORMICK, JANUARY 24, 2005
Warsaw, Indiana is forging ahead. Orthopedic industry supplier Symmetry Medical (NYSE:SMA) announced this morning that it has completed an $8.5 million facilities expansion. The projects undertaken included augmenting two existing facilities and developing two new facilities as follows (according to the Company):
- The addition of 9,000 square feet to Symmetry's Avilla, IN trauma and spine instrument and implant facility.
- The addition of 22,000 square feet of space to the Company's Sheffield, UK facility for the production of knee, hip and shoulder implants.
- The opening of a new, 22,500 square foot facility for knee instrument design and manufacturing in Claypool, IN. The facility is fully operational.
- The opening of a new, 6,400 square foot Design and Development Center in Memphis, TN. The Center will support local customers with co-development projects.
Symmetry went public late last year where was it priced at $15. Post IPO, the price immediately increased to $18, has remained fairly steady and currently trades at $19. The market capitalization of the Company is $633 million which is approximately 3.2x our estimated 2004 revenues of approximately $200 million. The Company effectively trades at a premium to other suppliers to the orthopedic industry and at a discount to OEMs.
Symmetry Pro-Forma Revenue Numbers
Source: Company Prospectus
