Somanetics posts Q4 sales increase, earnings plunge

January 21, 2010 by MassDevice staff

Somanetics Corp. posts fourth-quarter sales of $15 million, up 6 percent, but net income slides 55 percent to $2 million.

SMTS logo

Somanetics Corp. (NSDQ:SMTS) posted fourth-quarter sales of $14.5 million for the three months ended Nov. 30, 2009, up 6.3 percent compared with $13.7 million during the same period during fiscal 2008. Net income fell 54.5 percent to $1.5 million, compared with $3.3 million during Q4 2008:

Press Release

Somanetics Reports Record Net Revenues for Fourth Quarter and Fiscal 2009

TROY, Mich., Jan. 21 /PRNewswire-FirstCall/ -- Somanetics Corporation (Nasdaq: SMTS) today reported financial results for the fourth fiscal quarter and year ended November 30, 2009.

Fourth Quarter Results

Net revenues for the fourth quarter of 2009 increased six percent to $14.5 million from $13.7 million in the same period of 2008. U.S. net revenues increased seven percent to $11.7 million from $11.0 million in the same period of 2008.  International net revenues increased four percent to $2.8 million compared to $2.7 million in the fourth quarter of 2008.  

Gross margin was 87 percent, the same as in the fourth quarter of 2008.

Fourth quarter income before income taxes was $2.4 million, compared to $5.1 million in the fourth quarter of 2008.  Net income in the fourth quarter of fiscal 2009 was $1.5 million, or $0.12 per diluted share, inclusive of approximately $2 million in R&D expenses associated with up-front fees relating to the acquisition of two technology licenses.  These up-front license fees reduced diluted earnings per share by $0.10.

Fiscal Year 2009 Results

Fiscal year 2009 net revenues increased five percent to $50.0 million from $47.5 million a year ago.  U.S. net revenues increased six percent to $40.2 million and international net revenues increased five percent to $9.9 million.  

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