Synovis Life Technologies Inc. (NSDQ:SYNO) swung into the black on strong sales growth during the third quarter.
The St. Paul, Minn.-based company reported net earnings of $1.5 million, or 13 cents per diluted share, on revenue of $17.6 million during the three months ended June 30. That compares with a net loss of $4.9 million, or 42 cents per diluted share, on sales of $15 million during the same period last year.
CEO Richard Kramp credited the company’s year-old investment in its direct sales force for the improvement.
Synovis reported third quarter gains across each one of its sectors except "surgical tools and other," which saw a small decline. The company’s Veritas sector brought in $3.6 million during the quarter, compared to $2.3 million in 2009, a 55 percent increase. Synovis’s microsurgery products, Peri-Strip and Tissue-Guard lines all saw significant gains that helped ensure a profitable quarter.
In March, the company’s board of directors authorized a repurchasing program for up to one million shares of its own stock, a move that could increase the company’s share price and further boost its EPS.
SYNO shares were down 0.6 percent to $15.01 in after-hours trading.