Medical Segment Growth
Sales in the Medical segment were $102 million, up 13% year-over-year, accounting for 28% of total company revenue. The increase was driven by robust sales growth in Asia and Europe, while North America was up mid-single digits.
Cash Flow and Debt Reduction
Cash from operations was positive for the seventh consecutive quarter. Debt at the end of Q1 was the lowest level in over 3 years, with a $9.5 million reduction from the fourth quarter and down $108 million or 44% from a year ago.
Gross Margin Improvement
The gross margin rate improved to 7.9%, a 160 basis point increase compared to the same period last year, driven by favorable product mix and global restructuring efforts.
Adjusted Income and EPS Growth
Adjusted income for the quarter was $17.5 million or 4.8% of net sales, up from last year's $12.6 million or 3.4% of net sales. Adjusted net income was $12.3 million or $0.49 per diluted share, doubling last year's results.