SonoSite posts double-digit gains, receives patent validation
The company stated that its worldwide revenue rose to $59.2 million for the period, a 25 percent gain compared with the $47.4 million it booked for the same quarter last year. For the first half of the fiscal year, the company has seen revenue of $111.7 million, a robust 24 percent increase compared with the $90.2 million in revenue SonoSite recognized for the first two quarters of fiscal 2007.
The developer noted that changes in foreign currency rates increased worldwide revenue by approximately 4 percent in both the second quarter and the first half of 2008.
The strong sales momentum was reflected in the company’s income statement, which saw net income grow to $2.5 million for the period, a 48 percent increase compared with net income of $1.7 million for the second quarter of fiscal 2007. For the first half of the fiscal year, the company has seen its net income more than triple to $3.8 million, compared with the $1.1 million of net income for the same quarters last year.
Kevin M. Goodwin, SonoSite president and CEO, said that the company’s M-Turbo and S Series product sales represented more than half its sales in the second quarter. In addition, he noted that the firm achieved an important corporate and industry milestone by surpassing $1 billion in cumulative sales since first starting the hand-carried ultrasound market 10 years ago.
In other news, the company updated developments in a GE lawsuit pending in federal court in Madison, Wis. In rulings issued this week, the firm stated that the trial judge has granted summary judgment motions in SonoSite's favor on five of the six patents that GE asserted against SonoSite.
The court ruled that one of the GE patents is invalid and that SonoSite products do not infringe the other four GE patents. The court also granted summary judgment in GE’s favor on two of SonoSite’s patents. The judge has not yet ruled on two remaining SonoSite patents and one remaining GE patent.