Owens & Minor Inc. (NYSE:OMI), Richmond, VA, reported sales for the second quarter 2011 were $2.13 billion, up 5.5 percent from the year-ago period. Profit was $29.2 million.
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"Our second quarter was characterized by solid revenue growth, as we experienced a continuation of stronger purchasing trends from our healthcare customers," said Craig R. Smith, president and CEO.
For the six months ended June 30, 2011, revenue was $4.26 billion, an improvement of 6.7 percent from the year-ago period. Profit for the first half was $57.9 million.
In other news, Owens & Minor and Amsino Medical Group, a privately held healthcare products developer and manufacturer, have entered into an agreement to establish a joint venture designed to provide sourcing services for Owens & Minor's private label offering. In an agreement dated July 24, 2011, Owens & Minor, as the majority partner, will provide initial start-up capital to establish the entity. Owens & Minor reported that it believes that with this further expansion of its private label sourcing capabilities, it will improve service, quality and value for its private-label product customers. Amsino has provided medical products to the U.S. and global markets since 1993, and has facilities in China.
