Speaker 1: Broadcasting live to New York Bloomberg eleven, Rio to Washington,
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Speaker 1: This is taking Stock, an acquisition and a new chief
Speaker 1: executive of a Cantel Medical Corps. We're going to talk
Speaker 1: about the acquisition and also how it is expanding across
Speaker 1: its business units, talking about single use nasal masks, for example,
Speaker 1: to eliminate cross contamination, preventing infections in hospitals. This is
Speaker 1: such an important priority for so many people in the
Speaker 1: medical Fielder eager to talk to our fresh limnted CEO.
Speaker 1: Coming up on taking Stock. Now, we're getting to Charlie
Speaker 1: Pellett in the news room for a Bloomberg Business Flash
Speaker 1: and thank you very much, Kathleen Hayes, thank you, pim Fox.
Speaker 1: We're looking at a lower Dawa Laura s P five
Speaker 1: hundred index and higher and astack compositive index. We begin
Speaker 1: with the SMP down four now at sine a drop
Speaker 1: there of two tents of one percent. The SMP five
Speaker 1: hunded index were retreating from an intra day record as
Speaker 1: falling crude prices sparks a deepening sell off in energy shares,
Speaker 1: weighing on investors confidence of the US growth and corporate
Speaker 1: profits will rebound. David Joy is chief market strategist at
Speaker 1: a mere Prized Financial. He was interviewed this morning on
Speaker 1: Bloomberg Television. Well, I think on the energy front, clearly,
Speaker 1: the rebalancing of the market is taking a lot longer
Speaker 1: than people expected. We've got an inventory overhang that just
Speaker 1: doesn't seem to want to go away. And now we've
Speaker 1: got the rig count going up, so that's not helping. Uh.
Speaker 1: So that's number one. And then number two. Uh, you've
Speaker 1: had a couple of things. One, uh, the the economy
Speaker 1: slowing down uh and just not gaining any real traction.
Speaker 1: And you've had the Fed uh struggling to try and
Speaker 1: convince the markets that they're still elevent at least for
Speaker 1: the remainder of this year. And West Texas Intermedia crewed
Speaker 1: now at forty oh nine, did trade below forty dollars
Speaker 1: of barrel just a couple of minutes ago. Uh, it
Speaker 1: is down. West Texas Intermediate Crew down three point six
Speaker 1: brent forty two oh three of barrel, down three and
Speaker 1: a half percent. Manufacturing expanded in July, though at a
Speaker 1: slower pace, indicating gradual improvement that could help the economy
Speaker 1: emerge from a week first half of the year. That's
Speaker 1: according to the Institute for Supply Management, who we just
Speaker 1: had right here on Bloomberg Radio. Ten year down eleven
Speaker 1: thirty seconds, the yield there one point four nine percent,
Speaker 1: and at two thirty two on Wall Street. Let's take
Speaker 1: a look at some of the other stories making news.
Speaker 1: Thank you Charlie from the Bloomberg News room. My Raimi
Speaker 1: in a cent cio. Democratic presidential nominee Hillary Clinton is
Speaker 1: campaigning in Omaha, Nebraska today. Community activist Preston Love is
Speaker 1: among those looking forward to hearing her speak. Most important
Speaker 1: to me, as in havoc it from my beloved North Foma,
Speaker 1: is that she's visiting North Foma. Billionaire Warren Buffett will
Speaker 1: be joining Clinton at the event. Alarming news from Florida,
Speaker 1: where health officials have discovered more cases of ZEKEA virus.
Speaker 1: Now Florida's governor is asking for help, as we learned
Speaker 1: from Amy Morris in the Bloomberg newsroom in Washington, Florida
Speaker 1: Governor Rick Scott asking for a federal emergency response team
Speaker 1: to help stop the spread of ZEKEA in Florida and
Speaker 1: the US. Scott says the number of cases in Florida
Speaker 1: is now fourteen, clustered in one square mile neighborhood in
Speaker 1: Miami Dade County. For now, health officials believe the active
Speaker 1: transmissions are just in that area, and they believe these
Speaker 1: are the first people to contract the virus from mosquitoes
Speaker 1: at the US anymore. As Bloomberg radio, a storm system
Speaker 1: is gaining strengthen the Caribbean. Jamaica's Weather Service has issued
Speaker 1: an alert advising small vessels to return to shore in
Speaker 1: warning that flash flooding is likely across the island. The
Speaker 1: U S National Hurricane Center says a system could be
Speaker 1: upgraded to tropical storm EARL sometime today. And Manhattan judge
Speaker 1: has reversed a two point seven million dollar civil judgment
Speaker 1: that said convicted child molester Jose Ramos killed six year
Speaker 1: old eighton Pace went missing in nineteen seventy nine. Another man,
Speaker 1: Pedro Hernandez, is charged with the murder. His first trial
Speaker 1: ended in a hung jury, partly because the civil judgment
Speaker 1: was used in his defense. Global News twenty four hours
Speaker 1: a day, powered by more than journalists and analysts in
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Speaker 1: This is Bloomberg, Charlie, and we thank you and again
Speaker 1: recapping has some p lower down three points now to
Speaker 1: sixty nine and drop there of two tenths of one percent.
Speaker 1: I'm Charlie Palatine. Dat's a Bloomberg business flash. You're listening
Speaker 1: to taking stock with bim Box and Kathleen Hays on
Speaker 1: Bloombird Radio. Can't tell Medical Group of leading global company
Speaker 1: as a dedicad delivering innovative infection prevention products and services.
Speaker 1: Quite a day to day for the company, a new CEO,
Speaker 1: an acquisition, and a share price it's moving higher. Maybe
Speaker 1: that's some applause for the man who's taking the helm
Speaker 1: of the company today. We're very happy to introduce. Now
Speaker 1: you're in Hansen. He is CEO of Cantel Medical Corp.
Speaker 1: A company that he has worked with now for some time,
Speaker 1: joining us in studio to talk about the company where
Speaker 1: he intends to take it next and in fact where
Speaker 1: he's taking it today. You're and welcome to the show.
Speaker 1: Thank you, Kathleen. So, first of all, a little bit
Speaker 1: more about can Tell what you are and what you do.
Speaker 1: Can Tail is a company that is a completely dedicated
Speaker 1: to infiction prevention. Our business is driven by some of
Speaker 1: the major health issues in the world, including colorrectal cancer, diabetes, diabetes, obesity,
Speaker 1: and then the dental business. We have a range of
Speaker 1: products that goes into those areas and they all focused
Speaker 1: our own infection convention. I want to just mention that
Speaker 1: the shares of Cantel Medical are about two percent. Perhaps
Speaker 1: investors happy about your latest acquisition of acute On tell
Speaker 1: us how this expands your business in the dental segment.
Speaker 1: Thank you, pim Uh In cancerl We are focused on
Speaker 1: delivering full solutions that help prevent infections in the spaces
Speaker 1: that we operate within dental. The Acutron acquisition, which we
Speaker 1: are very excited about, adds another line of products single
Speaker 1: use nasal masks that are used in connection with conscious
Speaker 1: station and it's another product to our portfolio that it
Speaker 1: helps the dentists prevented fictions doing procedures. So your role
Speaker 1: now is CEO. Tell us a little bit about how
Speaker 1: you got into this field, How you got into this company,
Speaker 1: Where and when you see your company in industry heading,
Speaker 1: what are the opportunities. I've been in the mid device
Speaker 1: business now for almost twenty years at various companies in
Speaker 1: eurb Asia and now the US. Cancer medical is in
Speaker 1: a in a great space. We are, as I mentioned,
Speaker 1: focused on on preventing infections and prevention is theme for
Speaker 1: the healthcare providers all over the world. To spend a
Speaker 1: dollar on prevention is much better than wait for an
Speaker 1: infection to happen. So we feel very confident about our
Speaker 1: markets and I see it by future for the future
Speaker 1: for the company. You also have a segment that focuses
Speaker 1: on water purification and filtration. Tell us about that. A
Speaker 1: water purification of filtration business is mainly focused on hemodialysis water,
Speaker 1: so that is water used for hemodialysis. There's about six
Speaker 1: thousand five clinics in the US and about four and
Speaker 1: fifty procedures conducted a year, and we part take in
Speaker 1: about those procedures. So R and D Research and Development
Speaker 1: talked to us about that part of the business. What
Speaker 1: kind of scientists How much do you invest? Because I
Speaker 1: would think if you want to be a leader, and
Speaker 1: you want to compete, you've always got to be improving there.
Speaker 1: Absolutely we have. We have three three growth priorities for
Speaker 1: the company, new product development, market expansion supported by M
Speaker 1: and A. In terms of R and D, we have
Speaker 1: a fairly large direct R and D team based out
Speaker 1: of our campus in Minnesota, focusing in understanding needs for
Speaker 1: infection prevention in the hospital and in a dental area
Speaker 1: in NHEM analysis, and we have launched wide rains of
Speaker 1: products over the last few years to supplement that. When
Speaker 1: we look at companies like for example, Equiton today, they
Speaker 1: bring new products to our back and opens up new
Speaker 1: opportunities for help fighting infections. We talk about fighting infections,
Speaker 1: A lot of that has to do with just disinfect
Speaker 1: and chemicals, right, tell us about that group and also
Speaker 1: tell us a little bit about how pernicious these kinds
Speaker 1: of infections can be. Yeah, we are. We are. Actually
Speaker 1: both are developed on the manufacture of chemical disinfections. Our
Speaker 1: main product is parasitic acid that is used for cleaning
Speaker 1: scopes and has all kinds of beneficial properties. The main
Speaker 1: area that might be familiar to the general public is
Speaker 1: that there has been issues where cleaning cols or do
Speaker 1: a demo scopes over the last couple of years and
Speaker 1: with our solutions, our equipment and our chemistry combined, we
Speaker 1: can completely eradicate those issues. And that's one of the
Speaker 1: reasons why the company is very, very busy today. Who's
Speaker 1: your biggest competition and where do you see the most
Speaker 1: potential for growth? United States, Asia, Europe. We have a
Speaker 1: very strong US market at the moment, driven by the
Speaker 1: aforementioned issues. Our main competitors are very different depending on
Speaker 1: what part of the world. In the US, it's mostly Olympus.
Speaker 1: The Olympics are manufacturer of scopes, but they also make
Speaker 1: various products that goes into the g I suite. In
Speaker 1: Europe and Asia, the competition is is quite different depending
Speaker 1: on each market, so we feel we have a strong
Speaker 1: competitive position. We are focused to our business areas. We
Speaker 1: get up in the morning and think about fighting infections
Speaker 1: in all particular area and nobody if none of our
Speaker 1: competitors are really doing that, they're doing a lot a
Speaker 1: lot of other things. So thank you very much for
Speaker 1: coming in and spending time with us. John Hanson, he
Speaker 1: is the president and the chief executive, can tell Medical Group.
Speaker 1: They're based in Little Falls, New Jersey. The symbol is
Speaker 1: c m N. The stock right now up a little
Speaker 1: bit more than two percent higher by a dollar thirty
Speaker 1: six at six thirty one. The shares are up nearly
Speaker 1: ten percent so far this year, and the dividend is
Speaker 1: about two tenths of a percent. Thank you, Kathleen. You
Speaker 1: think that the growth in infectious disease prevention would also
Speaker 1: bolster the industry of Cantel Medical, And of course this
Speaker 1: is a situation where hospitals cannot skimp on these kinds
Speaker 1: of efforts. If you're listening to taking stock and this
Speaker 1: is Bloomberg to China, we go to look broadly at
Speaker 1: the economy, big slowdown. Looks like manufacturing continues to stumble.
Speaker 1: And did he buys a big, big chunk of uber?
Speaker 1: Who won? Who lost? This is Bloomberg