Analogic Corporation, a designer and manufacturer of health and security imaging equipment, reported a lower net income despite increased revenues for its financial results for the third quarter, which ended April 30.
For the quarter, the Peabody, Mass.-based company saw revenues increase 23 percent to $102.8 million compared with the prior year’s $83.89 million. Income from operations was $7.67, up 25 percent from one year earlier.
Net income for the third quarter was $6.68 million, compared to $6.99 million in the prior year due primarily to lower interest income and a 36 percent higher tax rate, the company reported.
President and CEO Jim Green said, “Our medical business exhibited solid growth in the third quarter despite continued slowness in the U.S. CT market. Sales of medical technology products were $89.9 million, up 29 percent over the prior year, and up 7 percent from the second quarter of this year. Security technology product revenues were down 10 percent from a year earlier due primarily to a decrease in customer-funded projects.”
Medical imaging product revenues for the third quarter were $58.6 million, up 25 percent over the prior year’s third quarter. Digital radiography product revenues were $8.7 million, up significantly from last year due to the increasing shipments of amorphous Selenium, direct digital mammography flat-panel detectors. Revenues for B-K Medical’s clinical ultrasound systems were $22.7 million, up 17 percent, according to the company.
Green added that approximately one-third of the increase was organic growth; the remainder was due to the favorable impact of foreign exchange rates.