Challenging global economic conditions hampered revenue growth for medical imaging firm Analogic of Peabody, MA, in fiscal year 2009 (end-July 31).
For fiscal 2009, revenues slipped to $396.1 million, down 4% compared with $413.5 million in fiscal 2008. Net income also declined to $3.7 million, compared with net income of $23.5 million in fiscal 2008.
Revenues in the fourth fiscal quarter were $98.3 million, down 16% compared with $117.1 million in the prior fiscal year's fourth quarter. The company also posted a net loss of $285,000, compared with net income of $3.3 million in the same quarter a year ago. The fourth-quarter net loss was due, in part, to a charge of $3.1 million for restructuring expenses related to employee layoffs and downsizing of facilities.
President and CEO Jim Green noted that the company's digital radiography business performed well through the downturn, its CT business is stabilizing, and demand is increasing in Analogic's MRI sector.
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