Monday, ICU Medical, Inc. (ICUI), reported that its fourth quarter profit declined from the last year quarter on higher operating expenses, despite a 23% increase in revenue. Looking ahead, the company provided guidance for full year 2010.
ICU Medical's net income for the fourth quarter was $7.4 million or $0.50 per share, down from $9.0 million or $0.61 per share in the prior year quarter.
On average, seven analysts polled by Thomson Reuters expected the company to report profit of $0.48 per share for the quarter. Analysts' estimates typically exclude one-time items.
The San Clemente, California-based company's quarterly revenue was $69.8 million, a 23% increase from $56.7 million in the comparable quarter last year. Analysts had a consensus revenue estimate of $64.46 million for the fourth quarter.
Gross Profit for the quarter increased to $108.8 million from $89.8 million and income from operations was $37.9 million, up from $31.4 million in the year-ago period.
Total operating expenses rose to $70.8 million from $58.4 million in the same quarter last year.
For the full year, the company reported net income of $26.6 million or $1.77 per share compared to $24.3 million or $1.67 per share in the prior year. Revenue was $231.5 million, up 13.1% from $204.7 million in the same period last year.
Street expected earnings of $1.75 per share on revenue of $226.14 million for the fiscal 2009.
Looking forward, ICU Medical expects fiscal 2010 earnings in the range of $1.80 to $1.90 per share generating revenue between $265 million and $275 million.
Analysts estimate earnings for the fiscal 2010 to be $1.98 per share on revenue of $270.71 million.
ICUI closed Monday's regular trading session at $34.39, down $0.39 or 1.12% on a volume of 0.12 million shares on the Nasdaq. In the after hours the stock further declined 5.21% or $1.79, trading at $32.60.
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