Contrast agent and virtual colonoscopy developer E-Z-EM reported record fiscal 2006 first-quarter net sales of $34.8 million, up 45% compared with the $24 million booked in the first quarter of fiscal 2004 (end-August 28, 2004).
For the current period (end-September 3), the Lake Success, NY-based firm had net earnings of $2.6 million, a robust increase compared with net earnings of $1.3 million in the same period last year.
The vendor said its sales growth continued to benefit from the voluntary recall of some liquid barium products by the St. Louis-based Mallinckrodt division of Tyco Healthcare Group.
E-Z-EM estimated that between $5.5 million and $6 million of sales growth for the quarter was attributable to the recall, which primarily affected CT imaging and x-ray fluoroscopy products. The balance of the sales increase was due to organic growth of CT oral contrast agents, the Empower family of injectors, reactive skin decontamination lotion (RSDL) sales, and sales of contract manufacturing products.
As a result of its strong first-quarter showing, the company is revising its guidance for fiscal 2006 upwards. Sales are now expected to fall in a range of $124 million to $127 million, $2 million more than previous guidance. Net earnings are expected to be $5 million to $5.6 million, compared with prior guidance of $4.5 million to $5.2 million.
By AuntMinnie.com staff writers
October 12, 2005
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