Volcano Corp. said Friday it turned a profit in the second quarter as sales of products used in vascular testing increased.
Volcano reported a profit of $5.4 million, or 10 cents per share, compared with a year-ago loss of $5.3 million, or 11 cents per share. Revenue climbed 36 percent to $73.5 million from $54 million.
Analysts had expected Volcano to break even on $68.5 million in revenue, according to a Thomson Reuters survey.
"We continued to drive growth in both our intravascular ultrasound and functional measurement businesses, which grew 25 and 51 percent year-over-year, respectively," said President and CEO Scott Huennekens.
Revenue from disposable products used in intravascular ultrasound procedures rose to $40.9 million from $31.7 million, and revenue from disposable items used in functional measurement testing rose to $10.8 million from $7.2 million. Industrial revenue grew to $6.7 million from $3.6 million.
Volcano maintained its forecast for full-year profit of 5 cents to 10 cents per share. The company raised its revenue estimate to a range of $286 million to $290 million from a prior projection of $277 million to $282 million.
Analysts expect profit of 4 cents per share and $283.5 million in revenue.
Volcano stock rose $1.09, or 5.2 percent, to $22.15 in midday trading. The stock has ranged from $13.45 to $25.75 over the past year.