The Albany, N.Y.-based company posted profits of $2.9 million, or 8¢ per share, on sales of $85.6 million for the 3 months ended Feb. 28, for massive bottom-line growth of 386% while sales shrunk 2.1% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share were 19¢, well above the 15¢ consensus on The Street, where analysts were expecting to see sales of $88.3 million, which the company narrowly missed.
“The quarter demonstrates continued execution on our core imperatives to improve our operational efficiency, strengthen our balance sheet and move forward on initiatives that will enable us to deliver sustainable top line revenue growth. We have already taken several positive steps to improve our operational efficiency and simplify our supply chain, and in February we made the decision to consolidate operations in Denmead, U.K. and Manchester, Ga. into our New York facilities.As the quarter ended, we obtained CE Mark certification for the Solero Microwave Tissue Ablation System. With an initial launch in Europe in April, we await FDA approval in the U.S. which we believe will fortify our global position in the innovative ablation market. To support our long-term performance, we will remain focused on delivering high value products within growing markets by better leveraging our renewed R&D process and our existing portfolio of high value offerings like BioFlo and NanoKnife,” prez & CEO Jim Clemmer said in a press release.
The company revised its financial guidance for its full fiscal year 2017, lowering its revenue expectations while raising its adjusted EPS guidance.
For the full year, the company expects to bring in between $352 million and $355 million, down from $355 million to $360 million, with earnings per share between 68¢ and 70¢, up from previous guidance of 65¢ and 67¢.
Shares closed up 1.7% at $17.58 today.