Synovis 4Q profit falls, but meets expectations
Synovis Life Technologies Inc. said Wednesday its fiscal fourth-quarter profit fell 61 percent on a lack of one-time financial gains, but the results met Wall Street expectations.
The company earned $1.5 million, or 13 cents per share, down from $3.8 million, or 33 cents per share, during the same period a year prior. Revenue rose 21 percent to $18.1 million from $15 million.
During the year-ago period, gains from the sale of auction rate securities boosted the company's bottom-line. There were no such gains during the most recent quarter.
Analysts polled by Thomson Reuters expected profit of 13 cents per share on revenue of $18.2 million.
Sales of the company's Veritas products, which are used in procedures including hernia repair and breast reconstruction, rose 32 percent to $3.7 million. Worldwide sales of its Peri-StripsDry permanent surgical staples climbed 9 percent to $5.2 million. Microsurgical product sales rose 32 percent to $3.1 million and orthopedic and wound care product sales totaled $685,000.
For the full year, the company earned $4.9 million, or 43 cents per share, up from $2.7 million, or 23 cents per share, in fiscal 2009. Revenue rose to $68.6 million from $58.2 million.
Shares of Synovis Life Technologies Inc. fell 15 cents to $16 in afternoon trading.