Tuesday, medical and security imaging equipment maker Analogic Corp. (ALOG), reported a higher second-quarter profit, helped by increased margins and lower restructuring expenses.
Analogic's second-quarter net income increased to $3.6 million or $0.29 per share from $1.4 million or $0.11 per share a year ago. On average, four analysts polled by Thomson Reuters estimated earnings of $0.14 per share for the second quarter. Analysts' estimates typically exclude special items.
On a non-GAAP basis, net income increased to $5.46 million or $0.43 per share from $3.45 million or $0.27 per share in the second quarter last year. Non-GAAP net income excludes share-based compensation expense, restructuring charge, acquisition-related expenses, and tax refunds and related interest.
Revenues for the second quarter edged up to $103.3 million from $102.7 million in the prior year second quarter. Analysts expected revenues of $94.74 million for the second quarter.
In the preceding first quarter, the company reported net income of $26 thousand or $0.00 per share and revenues of $95.4 million. On a non-GAAP basis, the company reported net income of $1.3 million or $0.10 per share in the first quarter.
Analogic's income from operations for the second quarter was $5.0 million, compared to a loss of $1.5 million in the prior year second quarter. The company had lower restructuring charges of $764 thousand in the second quarter, compared to $3.45 million in the year-earlier quarter.
Gross margin of the company increased to $38.20 million from $32.90 million in the second quarter last year.
Commenting on the results, Jim Green, chief executive officer said, "The results of the second quarter improved sequentially as we continue to see stabilization in our medical technology business and a return to more typical revenue run rates in our security business. We are pleased to see the improving operating margins, reflecting our focus on cost containment while continuing to drive revenue growth."
Revenues from CT and MRI segment were $55.3 million, down $6.5 million from the year-earlier quarter. Digital Radiography revenues were $8.6 million, up $1.8 million over the prior year's second quarter. Specialized Ultrasound segment generated revenues of $24.8 million, up $4.0 million from the second quarter last year. Security Technology revenues were $12.8 million, up $1.6 million from the second quarter of 2009.
At the end of the fourth quarter, the company had cash, cash equivalents, and marketable securities of $162.28 million, compared to $160.29 million at the end of the fourth quarter of 2008.
ALOG closed Tuesday's regular trading at $42.42, down $0.80 or 1.85%, on a volume of 59 thousand shares on the Nasdaq.
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