CTI revenues climb 81%

PET provider CTI Molecular Imaging reported fiscal third-quarter revenues of $69 million, up 81% compared with the $38.1 million posted in the same period last year. For the quarter (end-June 30), the Knoxville, TN-based firm had a net loss attributable to common shareholders of $2.3 million, compared with net income of $653,000 in the third quarter of 2001.

Net income on a pro forma basis, excluding the effect of nonrecurring expenses and preferred stock dividends and accretion, was $4.3 million, compared with $1.2 million in the same period last year. The strong revenue gains were driven by growth in all business segments, according to the firm. CTI also reported that its lutetium oxyorthosilicate (LSO)-based PET scanners have accounted for more than 50% of total scanner orders for the past nine months.

Looking ahead, CTI said that it remains confident it will achieve previously stated financial goals for 2002, including fourth-quarter sales ranging from $83 million to $87 million and fully diluted earnings per share of 14 cents to 16 cents. The company is also comfortable with analyst consensus estimates for revenue and net income for fiscal 2003, said chairman and CEO Terry Douglass.

By AuntMinnie.com staff writers
August 8, 2002

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