Compact-ultrasound developer SonoSite of Bothell, WA, posted final financial results for the first quarter of 2009 (end-March 31) that showed net income growth despite a slight decline in revenue.
SonoSite reported that first-quarter revenue was $51.8 million, a decrease of 1% compared to the $52.5 million recorded in the prior year's first quarter. Changes in foreign currency rates decreased revenue in the first quarter of 2009 by approximately 8%.
The company posted net income of $863,000 for the first quarter of 2009, compared with $190,000 in the same period of 2008. These results were significantly affected by the adoption of an accounting rule relating to the accounting treatment for convertible debt, the firm said.
SonoSite said it made progress in reducing expenses and becoming more efficient as revenue declined. The firm repurchased $25 million in long-term convertible notes at a discount and reduced the quarter's operating expenses by $1.9 million.
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SonoSite reports revenue, profit gains in Q4, February 13, 2009
SonoSite migrates SonoGT to S Series line, January 30, 2009
SonoSite to post record 2008, January 12, 2009
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