Contrast agent and virtual colonoscopy developer E-Z-EM reported record fiscal third-quarter net sales of $37.2 million, up 12.3% compared with the $33.1 million booked in the third quarter of 2003. For the period (end-February 28), the Lake Success, NY-based firm had net earnings of $1.2 million, compared with net earnings of $280,000 last year.
President and CEO Anthony Lombardo said that each of E-Z-EM's business segments had solid performance in the quarter, with good growth in CT imaging products and its core hemodialysis products in E-Z-EM's AngioDynamics unit. The firm's endovascular laser treatment system and existing line of angiographic catheters also contributed to sales growth, while E-Z-EM is also seeing continued momentum within the virtual colonoscopy (VC) industry, Lombardo said.
In January, Category III CPT codes for VC were issued by the American Medical Association to gather data for potential reimbursement for the procedure, a development that E-Z-EM believes will help move reimbursement forward.
(The temporary codes are 0066T for screening virtual colonoscopy, i.e., screening CTC, and 0067T for diagnostic virtual colonoscopy, i.e., diagnostic CTC. Category III codes are issued for the purposes of gathering data on emerging and investigational procedures.)
In other company news, E-Z-EM reported that substantial progress has been made in transferring device manufacturing and heat-sealing operations to a third-party manufacturer.
The restructuring plan for that business remains essentially on-time and on budget, and the firm said it's in the final stages of closing the affected operations. Consistent with prior guidance, E-Z-EM said it anticipates a final charge of approximately $200,000 in its fiscal fourth quarter related to the initiative. The company expects to begin realizing benefits from the initiative in fiscal 2005.
By AuntMinnie.com staff writersApril 8, 2004
Related Reading
E-Z-EM sponsors VC CME, March 11, 2004
AngioDynamics readies IPO, March 8, 2004
E-Z-EM continues strong growth in 2004 Q2, January 9, 2004
E-Z-EM, SourceOne to study barium cost reduction, August 28, 2003
E-Z-EM notches record 2003, August 13, 2003
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