The California medical device maker gained strong favor after reporting strong sales and per-share earnings that beat analysts’ consensus estimates.
For the 3 months ended June 29, 2013, the patient monitoring device maker reported a flat diluted earnings per share of 30¢, the same figure as the 2nd quarter of 2012 but a full 2¢ above analysis’ expectations.
The company also raked in strong sales this quarter, posting $126.9 million in revenue, a 12% increase over last year’s $115.3 million. The bottom line took a 3.7% hit this quarter, with the company posting $17 million in profits compared to 2012 $17.7 million in Q2 profits.
Wall Street didn’t seem to mind, with shares soaring 11% from $23.29 to $25.93 within a few hours of markets opening yesterday morning before leveling out to about $25 in the afternoon and closing at $24.75.
"Our financial performance was strong due to the increase in demand for our breakthrough technologies that have been shown to improve care, reduce cost and increase patient safety," said CEO Joe Kiani in prepared remarks. "The strong second quarter shipments are indicative of the demand for our innovations."