Analogic’s sales took an 8% dive during the 3 months ended Oct. 31, 2013, due mostly to shuffling in the company’s product lines.
"Our results for the 1st quarter saw strong double-digit revenue growth in our direct ultrasound and security businesses," president & CEO Jim Green said in prepared remarks. "This growth was offset in the quarter by lower revenue in our medical imaging business largely due to timing of OEM shipments, planned discontinuation of legacy products and the winding down of customer-funded engineering ahead of the production ramp up of a new CT product platform. Ultrasound probe shipments to OEM customers decreased as our mix shifts toward direct ultrasound sales."
The Peabody, Mass.-based device maker posted losses of $3.8 million, or 30¢ per share, on sales of $110.1 million during its 1st quarter of 2014. That compared with profits of $4.4 million, or 35¢ per diluted share, on sales of $119.9 million during the same period last year.
Excluding special charges, per-share earnings came to 6¢, far short of analysts’ consensus estimate of 87¢.
ALOG shares took a beating this week, down 6.2% from Monday’s opening value of $89.70 to close at $86.33 last night.