Somanetics reports increased Q3 profit
Somanetics Corp. (Nasdaq: SMTS) reported before the opening that its third-quarter revenue was $10.2 million, down slightly from views of $10.6 million but up 29% from $7.9 million during the same period of 2006. Net income for the period ended August 31 was $2.8 million, or $0.19 a share, compared with Wall Street expectations of $0.15 per share and up 47% from $1.9 million, or $0.13 per share, a year earlier.
The Troy, Mich.-based firm, which makes blood-monitoring medical systems, saw third-quarter operating expenses rise 19% to $5.6 million, from $4.7 million a year earlier.
"We believe our growth is attributable to several factors, including the expansion of our U.S. sales and education team, the publication earlier this year of data demonstrating improvements in patient outcomes with use of information from the INVOS System in adult cardiac surgery, and momentum in the pediatric cardiac and intensive care unit markets," CEO Bruce Barrett said in a statement.
Third-quarter gross margin was 87%, compared with 85% a year earlier.
In afternoon trading, SMTS shares are down 1.89%, or $0.37, at $19.18. Over the last 52 weeks, shares have ranged from $16.08 to $23.63.
