Pillcam developer Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) reported revenue of $33.8 million in the fourth quarter of 2008, a 1.5% decrease from $34.3 million in the corresponding quarter of 2007. The revenue was in line with analyst expectations of $33.5 million.
Net loss for the fourth quarter of 2008 was $2 million or $0.07 per share, compared to net profit of $12.8 million, or $0.41 per share on a fully diluted basis in the fourth quarter of 2007. Net loss for the fourth quarter of 2008 included a one-time charge of $4.7 million, resulting from the write-off of in-process R&D associated with the acquisition of the Bravo pH monitoring business.
On a non-GAAP basis, excluding the one-time charge, net profit for the quarter was $2.7 million, or $0.09 per share on a fully diluted basis. Analysts had expected $0.05 per share.
The company said it revenue for the full year of 2009 to be between $141 million and $148 million, in line with analyst expectations of $144.87 million for the year. The company expects fully diluted EPS of between $0.20 and $0.28, with the consensus analyst estimates having been for $0.28 per share.
Given said that its guidance reflects the uncertainties of the current economic environment. Given president and CEO Homi Shamir said, "As we begin 2009, we recognize the uncertain economic environment, and are cautiously optimistic about continuing to increase both our top and bottom lines this year with strong contributions from all of our regions."
For the full year of 2008, sales rose 11% to $125.1 million, compared to $112.9 million in 2007. CEO Shamir said that 2008 revenue rose "in spite of the economic downturn and a slower than anticipated start in Japan".
On a geographic basis, in the fourth quarter of 2008, sales in the Americas were $20.7 million, down 5% from sales of $21.9 million in the corresponding quarter. Sales in the EMEA region increased by 16% to $9.7 million compared to $8.3 million in the same period in 2007, while Asia Pacific region sales fell 16% to $3.4 million compared with $4 million in the same period in 2007.
PillCam SB sales amounted to 55,800 capsules in the fourth quarter of 2008, an increase of 2% compared to the same period last year. PillCam SB sales in the EMEA region rose 19%, and rose 23% in the Asia-Pacific region.
In the fourth quarter of 2008, PillCam sales accounted for 83 percent of total revenues compared to 79 percent in the same period of 2007.
Given shares fell 2.95% on Nasdaq yesterday to $7.90, giving a market cap of $231.13 million. After the market closed, its shares dropped a further 5.06% to $7.50.
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2009
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