On Tuesday morning, Cantel Medical (NYSE: CMD) released its earnings report for the first quarter of its fiscal year 2021, which ended on Oct. 31. The company's performance easily came in ahead of analyst estimates, and investors are bidding up its shares as a result. Cantel Medical's stock is up by 20.2% as of noon EST, after rising by as much as 22% earlier today.
During its Q1 2021, Cantel Medical's net sales were $297 million, a 15.5% increase compared with the prior-year quarter. On average, analysts expected the company's net sales to be $279.83 million. Cantel Medical's net income was $24.5 million for the quarter, rising by a whopping 324.2% compared with the year-ago period; the company's earnings per share (EPS) was $0.57, a 307.1% jump versus the first quarter of its fiscal year 2020.
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Why Cantel Medical Stock Is Soaring Today