Analogic, a designer and manufacturer of health and security imaging equipment, has published its financial results for the second quarter, which ended Jan. 31.
For the quarter, the Peabody, Mass.-based company reported revenues of $99.4 million compared with the prior year's second quarter revenues of $88.4 million.
Based on generally accepted accounting principles (GAAP), net income for the second quarter was $7.1 million compared with a net income of $5.4 for the prior year's second quarter.
Medical imaging revenues for the second quarter were $53.6 million, more than a 15 percent increase over the prior year's second quarter. The company attributed the growth to an increased demand for the its advanced subsystems for CT, including multi-slice DASs and data management systems, which integrate DASs with x-ray detectors.
Revenues from power systems for MRI were flat, and CT revenues were down due to a short-term delay in supplier shipments, the company said. DR revenues were $5.8 million, compared to $4 in the prior second quarter, due in part to initial ramp up of flat-panel digital mammography detectors by the company’s Anrad subsidiary.
President and CEO Jim Green said that the recent agreement to acquire Copley Controls Corporation, a leading OEM supplier of gradient amplifiers for MRI systems and of precision motion control systems, was another major step forward for Analogic.
"The addition of Copley Controls will strongly complement our core medical business. With Copley's leading-edge technology in high-field gradient amplifiers, we will be able to expand our product offerings to our OEM customers, better address some significant emerging MRI opportunities in Asia, and further enhance our position as a leading OEM supplier of high-value medical imaging subsystems," Green added.
The purchase price for the Canton, Mass.-based company is approximately $68.75 million in cash and up to an additional $1.8 million to reimburse Copley shareholders for the tax consequences of the transaction. The purchase price and additional reimbursement to be paid to Copley shareholders will be funded out of Analogic’s available cash and the transaction is not subject to financing conditions.
The transaction is expected to close in early April 2008, and will be subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act.