CTI continues growth in Q1

PET developer CTI Molecular Imaging reported 2004 fiscal first-quarter revenues of $74.1 million, up 22% from the $60.6 million posted in the same period last year.

For the quarter (end-December 31), the Knoxville, TN-based vendor had net income of $700,000, compared with net income of $3.4 million in the same quarter a year ago.

CTI’s backlog stood at $227.7 million at the end of the quarter, up $76.1 million or 50% from the same time last year. The backlog includes orders for PET and PET/CT scanners, cyclotrons and service and maintenance contracts, and excludes orders placed with the firm’s PETNet subsidiary for FDG doses, CTI said.

According to Ron Nutt, Ph.D., CTI president and CEO, the firm is confident with its prior 2004 revenue guidance in the range of $435 million to $445 million and expects second-quarter revenue to be approximately $105 million.

By AuntMinnie.com staff writers
February 3, 2004

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