A strong new product lineup helped fuel a healthy fourth quarter and fiscal 2000 for ADAC Laboratories. The Milpitas, CA-based nuclear medicine vendor reported revenues of $80.8 million for the fourth quarter (end-October 1), up 9% from the $73.8 million posted for the same quarter last year. Similarly, net income for the quarter was $4.9 million, compared with a net loss of $700,000 in the fourth quarter of 1999.
Sales for fiscal 2000 were $324.4 million, up 7% from the $304 million reported for fiscal 1999. The company's net income was $15.7 million for the fiscal year, compared with a net loss of $8.5 million last year.
According to company chairman and CEO Andrew Eckert, fiscal 2000 was a turnaround year for ADAC due to its success in bringing new products to market, generating strong cash flow, and narrowing the company's focus to the businesses it knows best. In addition, the pending divestiture of ADAC's Health Care Information Systems division has freed up resources for use in the rapidly growing PET market, Eckert said.
By AuntMinnie.com staff writersNovember 2, 2000
Related Reading
Cerner to buy ADAC’s information systems division, October 24, 2000
ADAC plans to sell HCIS unit as Q4 results sag, October 10, 2000
ADAC announces PET enhancements, June 6, 2000
ADAC results surge in Q3, July 28, 2000
Copyright © 2000 AuntMinnie.com
