Wednesday, Given Imaging Ltd. (GIVN), a gastrointestinal diagnosis products maker, reported an increase in second quarter earnings helped by a 19% increase in sales driven by robust global demand for PillCam SB in its three operating regions.
Net income for the second quarter ended June 30, 2008 surged to $2.9 million or $0.09 per share from $0.62 million or $0.02 per share in the prior year period and exceeded $0.02 per share projected by five analysts surveyed by First Call/Thomson Financial.
Revenues increased by 19% to $33.1 million from $27.8 million in the comparable period last year and topped six analysts' revenue consensus estimate of $32.07 million.
Sales in the Americas region were $19.7 million, up 7% from the $18.4 million in the same period in 2007. EMEA sales rose 20.3% to $8.3 million from $6.9 million last year, while APAC sales doubled to $5.0 million from $2.5 million in the prior year period.
PillCam sales accounted for 83% of total revenues compared to 86% of total sales in the same period of last year.
Net income for the first six months rose to $4.0 million or $0.13 per share from $0.69 million or $0.02 per share in the year-ago period. Sales increased 18.3% to $60.2 million from $50.9 million last year.
Looking ahead, as a result of settling our patent litigation with Olympus Corporation, the Yoqneam, Israel headquartered company increased full year 2008 earnings per share forecast to $0.34 - $0.42 range from earlier estimate of $0.26 and $0.34 per share. Currently, four analysts surveyed by First Call expect the company to earn $0.08 per share for fiscal 2008.
GIVN declined $0.25 or 1.72% and closed Wednesday's regular trading session at $14.27. After hours, GIVN rose $1.00 or 7.01%and traded at $15.27.
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