IntriCon (NSDQ:IIN) this week said that its 2nd-quarter sales and earnings were off, except for an 8% increase in its medical business revenues largely credited to Medtronic (NYSE:MDT), the body-worn sensor company’s largest customer.
Arden Hills, Minn.-based IntriCon posted profits of $506,000, or 8¢ per share, on sales of $17.1 million for the 3 months ended June 30. That’s a -37.8% profit slide on a top-line decline of -2.2% compared with Q2 2014.
But medical business sales were up 8%, thanks to record sales to Medtronic, driven by the MiniLink Real-Time transmitter Medtronic uses in its MiniMed 530G insulin pump, IntriCon said. The company said it “anticipates Medtronic revenue gains throughout 2015.”
“We are pleased with our 2nd-quarter performance as we continue to deliver profitability while building infrastructure required to secure high-potential growth opportunities,” president & CEO Mark Gorder said in prepared remarks. “While our medical business fueled the sequential revenue growth, we made significant strides in our strategy to drive business in value hearing health by solidifying yet another prominent partner, AudioNova, to deliver high-quality, low-cost hearing devices to the European market.”
Hearing health sales were off 12% and professional audio communication sales declined 16%, IntriCon said.