Tuesday, Merit Medical Systems Inc. (MMSI) reported that its third-quarter profit increased from the previous year quarter as revenues rose 15%. Both earnings and revenues for the quarter also came in ahead of analysts' consensus.
The company recorded third-quarter net income of $6.1 million or $0.21 per share, compared with $5.2 million or $0.18 per share in the previous year. On average, seven analysts polled by Thomson Reuters estimated earnings of $0.19 per share. Analysts' estimates typically exclude one-time items.
Income from operations was $8.5 million for the third quarter of 2009, compared to $7.2 million for the third quarter of 2008.
The company recorded revenues of $66.8 million, an increase of 15% over revenues of $58.2 million for the third quarter last year. Analysts expected revenues of $66.40 million.
During the quarter, catheter sales increased 23%; stand-alone device sales rose 13%; custom kit and tray sales grew 12%; and inflation devices sales fell 2% compared to last year, due primarily to decreased deliveries to an OEM customer. Excluding sales to the OEM customer, inflation device sales were up 3%, versus the comparable quarter of prior year.
Selling, general and administrative expenses for quarter were 25.1% of sales, compared to 24.6% of sales for the third quarter of previous year. Research and development costs during the third quarter were 4.9% of sales, compared to 3.8% of sales a year back.
Net income for the nine-month period was $17.5 million or $0.61 per share, compared to $15.3 million, or $0.54 per share last year. Revenues increased to $190.0 million from $169.1 million in the comparable period a year ago.
MMSI closed Tuesday's regular trading at $16.70 down $0.15 or 0.89% on a volume of 0.272 million shares on the Nasdaq.
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