In its first financial reporting period since spinning off as a public company, contrast developer Mallinckrodt reported third-quarter financial results that showed a 10% increase in revenue.
For the period (end-June 28), Mallinckrodt posted sales of $570 million, up 10.4% compared with $516.3 million reported in the third quarter of 2012.
Despite the revenue growth, Mallinckrodt swung to a loss for the period, posting a net loss of $27.9 million under generally accepted accounting principles (GAAP), compared with net income of $33.2 million in the third quarter of 2012. The firm said that the net loss reflects an increase in raw material costs, restructuring charges of $11.3 million, $27.5 million in corporate build-out costs, and $44.2 million of separation costs relating to Mallinckrodt's spin-off from Covidien in June.
In its Global Medical Imaging segment, Mallinckrodt reported sales of $247.9 million, up 1.2% from $246.7 million in the third quarter of 2012. Sales of contrast media and delivery products were $138.9 million, up 7.6% from $129 million last year, with the increase mostly coming from a one-time fulfillment of a customer order. Sales in its Nuclear Imaging division were $109 million, down 7.4% from $117.7 million last year.
