Symmetry Medical Inc. of Warsaw reported today a first-quarter loss of approximately $294,000. The amount, which is 1 percent diluted share, is more than a $1 million decrease compared with the $830,000, or 2 cents a share, earnings posted for the same three month time span last year.

Symmetry Medical, a local maker of orthopedic implants, surgical equipment, and sterilization cases, attributed the drop to non-cash charges, stating that without the charges the company would have boasted a $2.26 million dollar profit for the three month time frame that concluded on March 30. According to the company, these non-cash charges included facility closure, severance expenses, management transition costs, stock compensation expenses, SEC related legal costs and acquisition related costs.

Symmetry announced plans in December of 2011 to acquire the surgical instruments portfolio of Codman & Shurtleff Inc., the Massachusetts-based neuro device company of Johnson & Johnson. The acquisition was set to cost the company $165 million cash. The company followed with the merging of Codman’s general surgical instruments with its own “Specialty Surgical Instrumentation” to form Symmetry Surgical which is currently based in Nashville, Tenn.

According to the Journal Gazette, President and CEO Thomas Sullivan stated that the first-quarter sales were “disappointing”.

“Internationally, sales to our new distributors have been weak as they transition regulatory authorizations, establish awareness with their hospital customers, and ramp up country-specific marketing and sales activities,” he said in a statement. He added that officials “believe we have identified the issues and are implementing corrective actions that we expect will gradually reinvigorate growth in Symmetry Surgical by year end.”