Given Imaging saw moderate growth in revenue during its 3rd quarter, and posted a 60% increase in net income.
The Israel-based medical device maker posted $6 million in profit, or 19¢ per share on sales of $45.4 million for the 3 months ended Sept. 30. That compared with a net income of $3.8 million, or 12¢ per share on sales of $44.7 million during the same period last year.
That represents a 1.6% increase in sales year-over-year. Excluding the impact of foreign currency, Q3 sales amounted to $46.3 million, showing a 4% increase compared to the same period last year.
“We are pleased that our focus on increasing profitability resulted in a significant increase in third quarter net income,” president & CEO Homi Shamir said in prepared remarks. “We remain committed to enhance the growth of our company as evidenced by our recent acquisition of the assets of the SmartPill Corporation. We continue to explore additional strategic alternatives that will help make Given Imaging an even stronger company for the benefit of our customers and shareholders.”
The Americas region, the company’s largest market, increased its sales by 6%, which was driven by the company’s functional GI diagnostics products, according to the press release.
The company plans to submit its PillCam COLON 2 capsules for the visualization of the colon to FDA in next few weeks, Given imaging said.
GIVN opened today at $19.19 and were trading down 2.03 % as of 1:40 p.m., hitting $18.80.
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