Contrast agent developer Advanced Magnetics reported revenues of $2 million in its fiscal second quarter (end-March 31), compared with revenues of $1.2 million posted for the same period in 2001. For the quarter, the Cambridge, MA-based firm had a net profit of $421,000, compared with a net profit of $558,000 last year.
Revenues for the company’s first half were $3.5 million, compared to revenues of $2.7 million for the same period in fiscal 2001. Net income for the six-month period was $797,000 compared to a net profit of $15,000 for the same period in fiscal 2001.
The profitable quarter was the second in a row for the firm, according to chairman, president, and CEO Jerome Goldstein. The company expects to continue operating profitably as it proceeds with its development programs in oncology and cardiology imaging, as well as intravenous iron therapy, he said.
By AuntMinnie.com staff writersApril 19, 2002
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