Blood glucose monitoring systems maker Home Diagnostics Inc. (HDIX) Thursday reported a slip to loss in the first quarter from a profit last year revenues declined. Home Diagnostics also projected earnings and revenues for full year 2009, roughly in line with Street estimates.
First quarter net loss of Home Diagnostics was $1.70 million or $0.10 per share, compared to net income of $0.72 million or $0.04 per share in the prior-year quarter.
On average, six analysts polled by Thomson Reuters expected a loss of $0.14 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenue for the quarter decreased 2.1% to $24.60 million from $25.12 million in the same quarter a year ago. The Street expected revenues of $24.18 million for the quarter.
Sales of retail channel were up 25.2%, Mail service channel increased 21.8%, while that of Distribution channel decreased 19.0%. International sales decreased 32.0% from the same quarter a year ago.
Gross margin as a percentage of sales decreased to 47.1% from 58.1% in the prior year quarter. Gross margin reflects continued investment in new products roll out as well as lower pricing in mail service and distribution channels.
Loss from operations for the quarter was $2.41 million, compared to operating income of $0.36 million in the year-earlier quarter.
For full year 2009, Home Diagnostics expects earnings in the range of $0.36 to $0.40 per share and revenues in the range of $130 million to $133 million.
The Street currently expects earnings of $0.40 per share on revenue of $131.24 million for the quarter.
HDIX is currently trading at $6.06, up $0.03 or 0.50%, on the Nasdaq.
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