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Somanetics 2Q net income falls 15 percent on costs

Tue, 06/22/2010 - 7:45am
The Associated Press

Medical device maker Somanetics Corp. said Monday its second-quarter net income fell 15 percent on higher operating expenses.

The company earned $1.5 million, or 12 cents per share, down from $1.8 million, or 14 cents per share, in the year-ago period. Net revenue climbed 17 percent to $13.9 million from $11.8 million, but operating costs rose 32 percent to $10.1 million.

Analysts polled by Thomson Reuters expected net income of 12 cents per share on $13.8 million in revenue.

Somanetics is in the process of selling itself to Covidien PLC for $250 million. The deal is expected to close by July 31.

Shares of Somanetics rose 5 cents to $24.96 in morning trading.

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