Given Imaging beats profit estimates

PillCam SB reorders accounted for the majority of PillCam SB sales in the third quarter.

Shares in Given Imaging rose 6.7% on the TASE after reporting third quarter revenue $35.2 million, compared with $31.1 million in the third quarter of 2008. The figure was in line with analyst estimates of $35.4 million.

On a GAAP (generally accepted accounting principles) basis, net profit rose 82% to $3.8 million ($0.13 per share) compared to $2.1 million ($0.07 per share) in the third quarter of 2008.

Non-GAAP net profit for the third quarter was $6 million, ($0.20 per share), compared to $3.8 million ($0.12 per share) in the corresponding quarter of 2008. The figure was more than triple analyst estimates of $0.06 earnings per share.

Given CEO Homi Shamir said the company was pleased that third quarter revenue increased by 13% despite what he called persistent softness in the medical equipment market. Shamir added, "Sales of our Bravo pH Monitoring System grew again this quarter and helped to drive our top line."

Sales in the Americas region increased 16.5% to $22.6 million, from $19.4 million in the corresponding quarter of 2008. Sales in the EMEA region were $9 million, an increase of 3.4% from $8.7 million in the corresponding quarter. Asia Pacific sales were $3.6 million, an increase of 16% from $3.1 million last year.

The company sold 54,800 of its PillCam SB capsules in the quarter, compared to 56,100 capsules in the same period last year. PillCam SB sales in the Americas region of 36,300 were flat in the third quarter of 2009 compared to the same period last year. PillCam SB sales in the EMEA region increased 7% compared to the third quarter of 2008, while PillCam SB sales in the APAC region decreased 30%.

Worldwide reorders of PillCam SB decreased by 2% to approximately 53,800, compared to approximately 55,100 in the third quarter of 2008. PillCam SB reorders accounted for the majority of PillCam SB sales in the third quarter

Shares in Given rose 6.7% on the TASE to NIS 57.70 by mid-day.

Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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