Garden of Life buy grows Atrium sales
This article was originally published in The Tan Sheet
Executive Summary
The acquisition of Garden of Life contributes to a 27.6 percent jump in Atrium Innovations' first-quarter revenue to $90.1 million. The Quebec City-based health product company purchased Garden of Life in September 2009 to bolster U.S. distribution, and it seeks a greater share of the Canadian supplement market with its April acquisition of Trophic Canada (1"The Tan Sheet" April 12, 2010, In Brief). Atrium May 11 reported net earnings rose 22.8 percent to $13 million in the January-March period - or 39 cents in diluted net earnings per share, up 21.9 percent. Sales in Germany were lower than expected, due to slow consumer acceptance of the new Wobenzym P anti-inflammatory formula, a brand acquired from German company Mucos Emulsions in 2007. CEO Pierre Fitzgibbon said Atrium is working through the challenges posed by Wobenzym P, which sells through doctors and pharmacists
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