Growth in its medical imaging business segment contributed to a 5% increase in revenue for Analogic in its 2017 fiscal first quarter.
For the period (end-October 31), Analogic had revenues of $121.1 million, compared with revenues of $114.9 million in the first quarter of fiscal 2016. The company had first-quarter net income of $2.5 million, compared with net income of $1.4 million in the same period last year.
Analogic's medical imaging segment produced $67.2 million in revenues during the first quarter, up 3% from $64.9 million a year ago. The company said the improvement in the number of MR shipments was offset by weakness in its CT and mammography operations.
On the downside, Analogic had revenues in its ultrasound segment of $35.8 million, down 2% from the $36.7 million recorded in the first quarter of fiscal 2016. The ultrasound results were negatively affected by lower OEM probe revenue as well as production delays with the firm's general imaging product for its technology partner, the company said. These results were partially offset by growth in China and North America in urology and surgery, according to the firm. Strong sales in China and North America also helped propel direct ultrasound sales to a 7% gain during the quarter.
Looking ahead, Analogic President and CEO Fred Parks said the company will focus over the coming quarters on its ultrasound portfolio and associated cost structure to improve profitability while also positioning the business for growth.
