Symmetry Medical (SMA) 8-K Marketing, Sales & Business Development

PRESS RELEASE EXHIBIT 99.1

Investors/Media: The Ruth Group Stephanie Carrington/Jason Rando 646-536-7017/7025 scarrington@theruthgroup.com jrando@theruthgroup.com Contact: Symmetry Medical Inc. Andrew Miclot Senior Vice President Marketing, Sales & Business Development Investor Relations Officer 574-269-7390 ext. 1002

Symmetry Medical Reports Fourth Quarter and Full Year 2004 Financial Results

Fourth Quarter Highlights:

• Revenue increased to $52.3 million, up 40% over fourth quarter 2003

• Operating income increased to $10.0 million, up 102% over fourth quarter 2003

Full Year Highlights:

• Revenue increased 68% to $205.4 million; and grew 30% compared to pro-forma⁽¹⁾ 2003

• Operating income increased 101% to $37.7 million; and grew 68% compared to pro-forma⁽¹⁾ 2003

• Completed major facility expansions to meet customer demand

Warsaw, Indiana, February 23, 2005 – Symmetry Medical Inc. (NYSE: SMA), an independent provider of products to the global orthopedic device industry, announced today fourth quarter and full year 2004 financial results for the period ended January 1, 2005.

The Company reported fourth quarter 2004 revenue of $52.3 million, a 40.3% increase over revenues of $37.3 million for the fourth quarter of 2003.

Gross profit for the fourth quarter of 2004 was $15.6 million, a 53.4% increase over gross profit of $10.2 million for the fourth quarter of 2003. Gross margin for the fourth quarter was 29.8%, compared to a gross margin of 27.3% for the fourth quarter 2003.

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

Operating income for the fourth quarter of 2004 was $10.0 million, a 102.2% increase over operating income of $5.0 million for the fourth quarter of 2003. Operating margin for the fourth quarter was 19.2%, compared with an operating margin of 13.3% for the fourth quarter 2003.

For the fourth quarter ended January 1, 2005, the Company reported a net loss applicable to common shareholders of $2.0 million, or $0.10 per diluted share, compared to a net loss applicable to common shareholders of $0.9 million, or $0.06 per diluted share, for the quarter ended January 3, 2004. The net loss for the fourth quarter ended January 1, 2005, included a loss on the extinguishment of debt of $5.4 million, net of tax, and preferred stock dividends of $1.9 million. The net loss for the fourth quarter ended January 3, 2004 included preferred stock dividends of $2.3 million. Proceeds from the recent IPO were used in part to repay the long-term debt and redeem a portion of the preferred stock. The remaining preferred stock was converted to common stock. Management believes that excluding these items provides a more meaningful basis for comparison of the periods presented. Excluding these items, net income for the quarter would be $5.3 million, or $0.25 per diluted share, as compared to net income of $1.4 million, or $0.09 per diluted share, for the quarter ended January 3, 2004.

Full year 2004 revenues were $205.4 million, a 68.3% increase over full year 2003; and a 29.7% increase over the pro-forma⁽¹⁾ $158.4 million for the full year 2003. As a percentage of total revenue, the Company’s full year 2004 revenues are broken down into the following product categories: implants 36.6%; instruments 33.0%; cases 23.0%; other 7.4%.

For the full year 2004, gross profit was $60.3 million, a 68.0% increase over full year 2003; and a 31.2% increase over pro-forma⁽¹⁾ gross profit of $46.0 million for the full year 2003. Gross margin for the full year 2004 was 29.4%, compared with 29.4% for the full year 2003; and with pro-forma⁽¹⁾ gross margin of 29.0% for the full year 2003.

Operating income for the full year 2004 was $37.7 million, a 100.9% increase over full year 2003; and a 68.1% increase over pro-forma⁽¹⁾operating income of $22.5 million for the full year 2003. Operating margin for the full year 2004 was 18.4%, compared to operating margin of 15.4% for the full year 2003; and pro-forma⁽¹⁾ operating margin of 14.2% for the full year 2003.

For the full year ended January 1, 2005, the Company reported net income applicable to common shareholders of $2.7 million, or $0.15 per diluted share, compared to net loss applicable to common shareholders of $1.1 million, or $0.10 per diluted share for the year ended January 3, 2004. The results for the full year ended January 1, 2005, included a loss on the extinguishment of debt of $5.4 million, net of tax, and preferred dividends of $9.0 million. The results for the full year ended January 3, 2004 included a loss on the extinguishment of debt of $0.9 million, net of tax, and preferred dividends of $7.0 million. Proceeds from the recent IPO were used in part to repay the long-term debt and redeem a portion of the preferred stock. The remaining preferred stock was converted to common stock. Management believes that excluding these items provides a more meaningful basis for comparison of the periods presented. Excluding these items, net income for the full year would be $17.1 million, or $0.96 per diluted share, as compared to net income of $6.8 million, or $0.56 per diluted share, for the year ended January 3, 2004.

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

In the fourth quarter, Symmetry Medical completed its initial public offering of approximately 9.2 million common shares at $15.00 per share, for gross proceeds of $138 million. For the fourth quarter, the weighted average basic shares outstanding, which include conversion of the preferred stock into common stock in connection with the Symmetry Medical initial public offering, were 20,346,705. At the end of the quarter, the total shares outstanding were 33,174,056. The adjusted earnings per share figures in this press release are not indicative of future earnings per share due to, among other things, the diluted effect on earnings per share of the increase in the number of shares outstanding as a result of the Company’s initial public offering.

In January 2005, the Company completed the expansion of two existing facilities and the development of two new facilities. The addition of nearly 60,000 square feet reflects the demand for Symmetry Medical’s Total Solutions^TMbusiness model. The total cost of the expansion and development was $8.5 million.

Brian Moore, President and Chief Executive Officer, stated, “Our strong growth in annual revenues and operating income reflect the momentum building across the orthopedic industry. Favorable demographics, broad adoption of minimally invasive surgery, and technologically improved implants and instruments have facilitated robust industry expansion. Leading orthopedic companies continue to leverage our Total Solutions business model.”

Financial Guidance

The following statements are based on current market conditions and foreign currency comparisons. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any new businesses or license agreements the company may enter in future periods. The factors discussed above are not intended to be an exhaustive list of the factors considered.

For the first quarter and the total year 2005, the Company is comfortable with the high end of the range of the Wall Street analysts’ expectations for revenue as published currently in their respective reports and recorded on First Call.

AAOS

Symmetry Medical will be participating in the American Academy of Orthopaedic Surgeons (AAOS) 2005 Annual Meeting at the Washington Convention Center in Washington, D.C., February 23-27, 2005. Symmetry Medical products and technologies will be located at Booth 1947.

Conference Call

Symmetry Medical will host an accompanying conference call at 9:30 a.m. EDT on February 24, 2005. A live Web cast of the conference call will be available online from the investor relations page of the Company’s corporate Web site at www.symmetrymedical.com. The dial-in numbers are (800) 299-7089 for domestic callers, and (617) 801-9714 for international callers. The reservation number for both is 71730417. After the live Web cast, the call will remain available on Symmetry’s Web site through

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

May 24, 2005. In addition, a telephonic replay of the call will be available until March 10, 2005. The replay dial-in numbers are (888) 268-8010 for domestic callers and (617) 801-6888 for international callers. Please use reservation code 90521832.

About Symmetry Medical Inc.

Symmetry Medical Inc. is an independent provider of implants and related instruments and cases to orthopedic device manufacturers. The Company also designs, develops and produces these products for companies in other segments of the medical device market, including dental, osteobiologic and endoscopy sectors and provides limited specialized products and services to non-healthcare markets, such as the aerospace market.

Statements in this press release regarding Symmetry Medical Inc.’s business, which are not historical facts may be “forward-looking statements” that involve risks and uncertainties. Forward-looking statements frequently are identified by the use of terms such as “may,” “will,” “should,” “expect,” “believe,” “estimate,” “intend” and similar words indicating possible future events or actions. Actual results could differ materially from those projected, implied or anticipated by our forward-looking statements. Certain factors that could cause actual results to differ include: the loss of one or more customers; the development of new products or product innovations by us or our competitors; potential product liability; changes in management; changes in conditions affecting the economy, orthopedic device manufacturers or the medical device industry generally; and changes in government regulation of medical devices and third-party reimbursement practices. For a discussion of these and other factors that could cause actual to differ, see the “Risk Factors” included in our prospectus filed with the SEC on December 10, 2004 and in other filings that we make with the SEC.

⁽¹⁾The Company acquired Mettis (UK) Limited on June 11, 2003. All pro-forma data presented gives effect to the Mettis acquisition as if it occurred at the beginning of fiscal year 2003 as disclosed in the Company’s prospectus dated December 8, 2004. The Company believes that the pro forma measures included in this press release provide a useful basis for comparison of the periods presented. However, pro forma results should not be considered indicative of actual results that would have been achieved had the acquisition of Mettis been consummated at the beginning of the periods indicated and do not purport to be indicative of results as of any future period.

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

Selected Financial Information and Non-GAAP Reconciliations

	Symmetry Medical Statement of Operations
	Three Months Ended						Fiscal Year Ended
$,000	January 3, 2004			January 1, 2005			January 3, 2004			January 1, 2005
	(unaudited)			(unaudited)
Implants	$	13,170		$	19,554		$	33,289		$	75,130
Instruments		12,618			17,116			45,624			67,675
Cases		8,455			11,690			36,118			47,292
Other		3,050			3,978			6,998			15,294
Revenue		37,293			52,338			122,029			205,391
Cost of revenue		27,113			36,718			86,124			145,081
Gross profit		10,180			15,620			35,905			60,310
Selling, general, and administrative		5,222			5,594			17,115			22,569
Operating income		4,958			10,026			18,790			37,741
Interest expense		3,565			2,905			10,172			13,757
Loss on Debt Extinguishment		—			8,956			1,436			8,956
Interest rate swap valuation		(501	)		(642	)		(1,358	)		(1,451	)
Other expense (income)		(203	)		(510	)		(374	)		(740	)
Income (loss) before taxes		2,097			(683	)		8,914			17,219
Income tax expense		707			(584	)		3,009			5,524
Net Income (loss)		1,390			(99	)		5,905			11,695
Preferred stock dividends		(2,271	)		(1,908	)		(7,028	)		(8,977	)
Net Income (loss) applicable to common shareholders	$	(881	)	$	(2,007	)	$	(1,123	)	$	2,718
Net Income (loss) per share:
Basic	$	(0.06	)	$	(0.10	)	$	(0.10	)	$	0.16
Diluted	$	(0.06	)	$	(0.10	)	$	(0.10	)	$	0.15
Weighted average common shares outstanding:
Basic		15,662			20,347			11,798			16,905
Diluted		15,662			20,347			11,798			17,767

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

Symmetry Medical

Non-GAAP Earnings Per Share Reconciliation

	Three Months Ended				Fiscal Year Ended
As Adjusted Net Income ($ ,000):	January 3, 2004		January 1, 2005		January 3, 2004		January 1, 2005
Net Income After Preferred Dividends	(881	)	(2,007	)	(1,123	)	2,718
Preferred Dividends	2,271		1,908		7,028		8,977
Loss on Debt Extinguishment, Net of Taxes	—		5,409		867		5,409
As Adjusted—Net Income	1,390		5,310		6,772		17,104
Weighted Average Basic (,000)	15,662		20,347		11,798		16,905
Weighted Average Fully Diluted (,000)	16,246		21,347		12,138		17,767
As Adjusted Net Income Per Share-Diluted:
Net Income After Preferred Dividends	(0.05	)	(0.09	)	(0.09	)	0.15
Preferred Dividends	0.14		0.09		0.58		0.51
Loss on Debt Extinguishment, Net of Taxes	—		0.25		0.07		0.30
As Adjusted—Net Income	0.09		0.25		0.56		0.96

Note: Adjusted results should not be considered indicative of actual results that could have been achieved in any prior period and do not purport to be indicative of results as of any future period. These adjusted earnings per share figures are not indicative of future earnings per share due to among other things, the increase in the number of shares outstanding as a result of our initial public offering in December 2004 and the diluted impact on earnings per share.

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

Symmetry Medical

Fiscal Year 2003 Pro-Forma Reconciliation

As documented in the Company prospectus dated December 8, 2004

	Fiscal Year 2003
$  ,000	Symmetry Medical Inc.			Mettis (UK) Limited January 1 to March 31, 2003		Mettis (UK) Limited April 1 to June 11, 2003		Acquisition Adjustments		Pro-Forma
Revenue		122,029		22,401		13,925		0			158,355
Cost of revenue		86,124		15,976		9,841		448			112,389
Gross profit		35,905		6,425		4,084		(448	)		45,966
Selling, general, and administrative		17,115		2,883		3,237		273			23,508
Operating income		18,790		3,542		847		(721	)		22,458
Interest expense		10,172		3,423		2,855		(2,613	)		13,837
Interest rate swap valuation		(1,358	)	86		0		0			(1,272	)
Other expense (income)		(374	)	(37	)	0		0			(411	)
Loss on Debt Extinguishment		1,436		0		0		0			1,436
Income (loss) before taxes		8,914		70		(2,008	)	1,892			8,868
Income tax expense		3,009		95		(682	)	575			2,997
Net Income (loss)		5,905		(25	)	(1,326	)	1,317			5,871
Preferred stock dividends		(7,028	)	0		0		0			(7,028	)
Net Income (loss) applicable to common shareholders		(1,123	)	(25	)	(1,326	)	1,317			(1,157	)
Net Income (loss) per share:
Basic	$	(0.10	)							$	(0.10	)
Diluted	$	(0.10	)							$	(0.10	)
Weighted average common shares outstanding:
Basic		11,798									11,798
Diluted		11,798									11,798

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com

Symmetry Medical

Balance Sheet

$  ,000 Assets:		January 3, 2004			January 1, 2005
Current Assets:
Cash and cash equivalents		$	2,348		$	4,849
Accounts receivables, net			30,101			39,640
Inventories			26,699			34,083
Refundable income taxes			905			3,614
Deferred income taxes			1,875			2,036
Other Current Assets			3,667			5,635
Total Current Assets			65,595			89,857
Property and equipment, net			53,896			71,854
Interest rate swap valuation asset			—			486
Intangible assets, net of accumulation amortization			17,677			17,327
Goodwill			125,413			127,369
Other assets			4,636			1,011
Total Assets		$	267,217		$	307,904
Liabilities and shareholders’ equity:
Current Liabilities:
Accounts payable		$	9,637		$	17,908
Accrued expense			11,693			12,396
Income tax payable			620			2,008
Revolving Line of Credit			—			1,204
Current portion of capital lease obligations			2,204			3,572
Current portion of long term debt			5,377			879
Total Current Liabilities			29,531			37,967
Deferred income taxes			6,635			10,583
Interest rate swap valuation liability			965			—
Capital lease obligations, less current portion			8,377			11,709
Long-term debt, less current portion			121,319			31,500
Total Liabilities			166,827			91,759
Shareholders’ equity:
Preferred stock			115,831			—
Common stock			2			3
Additional paid-in capital	��		31,651			255,509
Unearned compensation			(57	)		—
Retained earnings (deficit)			(51,896	)		(49,178	)
Accumulated other comprehensive income			4,859			9,811
Total shareholders equity			100,390			216,145
Total liabilities and shareholders equity		$	267,217		$	307,904

220 West Market Street·Warsaw, IN 46580, USA·T:+1.574.268.2252·F:+1.574.267.4551

·www.symmetrymedical.com