PET developer CTI Molecular Imaging reported fiscal third-quarter revenues of $99.2 million, up 44% compared with the $69 million posted in the same period last year. For the quarter (end-June 30), the Knoxville, TN-based vendor had net income of $7.5 million, compared with a net loss attributable to common shareholders of $2.3 million in the same quarter a year ago.
CTI's backlog stood at $201.7 million at the end of the quarter, up 66% from the same time last year. During the quarter, the company shipped 49 scanners and booked orders for an additional 65 scanners. According to chairman and CEO Terry Douglas, Ph.D., the firm has booked 74 orders directly, compared to 13 for the same period last year, and the company is on pace to exceed 100 orders for the year.
Douglas said he expects revenues at or above $115 million for the fiscal fourth quarter of 2003. In addition, he believes CTI will be able to deliver revenue growth of greater than 25% and earnings-per-share growth of greater than 30% next fiscal year.
By AuntMinnie.com staff writersAugust 5, 2003
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