PET developer CTI Molecular Imaging reported fiscal fourth-quarter revenues of $120.6 million, up 39% compared with the $86.5 million posted in the same period last year.
For the quarter (end-September 30), the Knoxville, TN-based vendor had net income of $5.2 million, compared with net income of $7.6 million in the same quarter a year ago.
Earnings in the quarter include a previously announced, one-time, non-cash charge of $1.4 million related to in-process R&D expenses at Mirada Solutions, an Oxford, U.K.-based developer of fusion software applications for medical imaging workstations, which was acquired in August 2003.
CTI’s backlog stood at $190.6 million at the end of the quarter, up $78.4 million or 66% from the same time last year and includes orders for 61 PET scanners, CTI said. Subsequent to the fiscal year end, CTI affiliate CPS Innovations announced a distribution agreement with Toshiba Medical Systems, parent company of Toshiba America Medical Systems of Tustin, CA, pursuant to which Toshiba will distribute CPS’ PET systems in Japan.
CTI reported revenues of $362.3 million for the fiscal year, as compared with $258.4 million reported for the same period in 2002. Net income was $20.6 million, compared with a loss of $3.4 million last year.
Ron Nutt, CTI CEO, said he expects revenue guidance in the range of $435 million to $445 million for fiscal 2004. He also said the firm is expecting revenue of approximately $75 million for the first quarter of 2004. In addition, the firm expects to incur higher development and marketing expenses related to the launch of the Hi-REZ product line at the RSNA in December 2003, Nutt said.
By AuntMinnie.com staff writers
November 19, 2003
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CTI revises guidance, October 2, 2003
CTI to launch financing service, September 2, 2003
PET firm CTI acquires Mirada, August 19, 2003
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