Video-capsule manufacturer Given Imaging of Yoqneam, Israel, has pre-released its anticipated first-quarter revenues for fiscal 2003. For the period (end-April 30) the firm expects revenues to be approximately $8.7 million, a 65% increase compared with the $5.6 million reported for the same period last year.
Although the increase would be substantial, the company had forecast a 100% increase in revenue for the quarter. The firm attributes the lower-than-expected revenue to a lag in system sales, the worldwide economic downturn, and the unexpected impact of the war in Iraq on sales that were planned for the end of the quarter.
Company president and CEO Gavriel Meron believes that efforts in the performance of capsule evaluations, in reimbursement announcements, and in peer-reviewed publications of supportive clinical data will enable the company to achieve its 2003 revenue guidance, which is forecast to grow 100% over 2002 revenues of $28.9 million.
By AuntMinnie.com staff writersApril 3, 2003
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