PET developer CTI Molecular Imaging has revised its earnings guidance for its 2003 fiscal fourth quarter and year ended September 30. The firm reports that revenues are expected to be approximately $115 million for the fourth quarter and $357 million for the year, up from $258.4 million in 2002.
Earnings per share is expected to land between 11¢ to 13¢ for the fourth quarter, and between 44¢ to 46¢ for the full fiscal year, which is after the 3¢ effect of a previously announced, one-time, non-cash charge of $1.4 million related to in-process research and development expenses at Mirada Solutions, which the Knoxville, TN-based company acquired in August this year.
CTI also said its net scanner shipments would be 60 units, 6 units lower than previously forecast. The firm attributes this shortfall to lower shipments to its third-party distributors.
However, the company said that its new business activity with non-hospital customers continues to be strong, and that it booked 27 new orders in the fiscal fourth quarter. CTI said that a total of 101 scanners were booked by its services division in fiscal 2003.
By AuntMinnie.com staff writersOctober 2, 2003
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