CTI Molecular Imaging said its fiscal third-quarter net revenues and earnings would fall below prior expectations. For the quarter (end-June 30), the Knoxville, TN-based firm anticipates net revenues of approximately $85 million to $90 million, compared with previous expectations of $95 million to $100 million.
Earnings per share are expected to be approximately 2¢ to 4¢, compared with prior expectations of 8¢ to 11¢. CTI attributed the shortfall to fewer scanner shipments: The company shipped 33 units on a consolidated basis in the third quarter.
On a positive note, the firm will report continued recurring revenue growth as FDG dose shipments increased 8% sequentially and 53% over the prior year, CTI said.
CTI said it expects scanner shipments for the fourth quarter and fiscal 2004 to be approximately 52 units and 156 units, respectively, on a consolidated basis. For the fourth quarter, the company expects on a preliminary basis that net revenues will be at least $120 million and earnings per share will range from 17¢ to 19¢. Detailed guidance will be provided at the firm's next quarterly earnings conference call in early August.
By AuntMinnie.com staff writersJuly 9, 2004
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