Disposable medical device maker Merit Medical Systems Inc. said Thursday that its first-quarter net income jumped 47 percent on higher sales following the acquisition of BioSphere Medical and higher sales in China.
The company earned $6.6 million, or 23 cents per share, for the period that ended March 31. That's compared with profit of $4.5 million, or 16 cents per share, a year earlier. Revenue rose 28 percent to $86.6 million from $67.4 million.
Excluding one-time costs, the company said it earned 27 cents per share. Analysts polled by FactSet expected adjusted profit of 25 cents per share on revenue of $87.9 million.
In September, Merit closed its $96 million buyout of BioSphere, which makes tiny particles that deliver drugs to tumors.
In the first quarter, catheter sales rose 22 percent, inflation device sales rose 19 percent, stand-alone device sales rose 16 percent and custom kit and tray sales rose 16 percent. Meanwhile, sales of Endotek products rose 9 percent and sales of BioSphere products contributed
Merit's products include catheters and devices for cardiology and radiology.
Shares of Merit rose 47 cents, or 2.2 percent, to close at $21.81. The stock earlier reached a 52-week high of $21.87.