Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN), which specializes in the diagnosis of gastrointestinal disorders in the small bowel, colon, and esophagus, has published its financial report for the second quarter of 2007. The company reported 20% growth in global sales, up to $27.8 million from $23.2 million in the corresponding quarter in 2006.
Gross margin in the second quarter of 2007 was 75.5%, compared with 75.2% in the second quarter of 2006. Given Imaging posted a pro-forma net profit of $2.8 million, or $0.09 per share, compared with $1 million, or $0.04 per share in the corresponding quarter. The analysts' consensus estimate predicted earnings per share of $0.06 for the company on $27.6 million revenue.
Given Imaging president and CEO Nachum (Homi) Shamir said, "We are pleased with our overall financial performance this quarter, in particular a strong 20% growth in revenues and a 23% increase in PillCam SB sales. We expect that demand for PillCam SB will strengthen throughout the rest of the year and continue to be our main growth engine."
Given Imaging's second revenue analysis reveals that the company's primary sales were in the Americas region, increasing by 13.6% to $18.4 million compared with $16.2 million in the corresponding quarter, while Asia/Pacific sales increased 66% to $2.5 million compared with $1.5 million in the same period in 2006. PillCam SB sales in the Americas increased 25%, and by 20% in the Asia/Pacific region.
Given Imaging shares rose 2% in late trading on Wall Street in response to the report.
Published by Globes [online], Israel business news - www.globes.co.il - on August 2, 2007
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