Cardiac Science reports revenue up 16%
6 August 2008
Cardiac Science Corporation (NASDAQ:CSCX), a producer of advanced
cardiac diagnosis, resuscitation, rehabilitation, and informatics
products, has announced revenue of $52.1 million for the quarter ended
June 30, 2008, a 16% growth compared to the same period last year.
Defibrillator sales increased 32% and service revenue 19%, offsetting
a decrease in cardiac monitoring sales of 7%. Total international
product sales doubled, increasing 113% over the prior year’s second
quarter, driven primarily by strong automated external defibrillator (AED)
sales. The Company also re-commenced hospital defibrillator shipments in
the second quarter, which contributed as expected to the overall sales
Net income however was $2.3 million compared to net income of $4.5
million in the second quarter of 2007, though this was affected by a
cash gain from a litigation settlement.
Net income for the second quarter of 2008 was up by 32% over pro
forma net income for the second quarter of 2007, which would have been
$1.7 million, excluding the effect of the above-mentioned litigation
items, net of income taxes.
“Our strong second quarter revenue growth
reflects the continued expansion of AED deployments globally and our
ability to capture significant share in this growing market. Our
international defibrillation performance was truly exceptional. We are
also quite pleased to be experiencing the continued improvement in the
service areas and to be shipping the hospital defibrillator product
again,” said John Hinson, president and chief
executive officer of Cardiac Science.
The company says it now expects revenue growth for 2008 to be 13% to 15%
over 2007, giving total annual revenues between $205 and $210 million.