Somanetics Says Fiscal 1Q Profit Rose 27 Percent

TROY, Mich. (AP) — Medical device maker Somanetics Corp. said Wednesday its profit rose 27 percent in the fiscal first quarter, as overseas sales nearly doubled and U.S. revenue edged higher.

In the quarter ended Feb. 28, Somanetics said it earned $1.3 million, or 10 cents per share, up from $1 million, or 7 cents per share in the first quarter of fiscal 2008. Revenue grew 28 percent, to $11.2 million from $8.7 million.

Analysts had expected a profit of 10 cents per share and $10.9 million in revenue, according to Thomson Reuters.

The company said its overseas revenue grew 93 percent to $2.4 million, and despite the recession, U.S. sales improved 17 percent, to $8.7 million.

Somanetics backed its fiscal 2009 outlook, saying it expects a profit of about $12 million before taxes, and revenue of approximately $54.6 million. Analysts expect $54.3 million for the 12 months ending in November.

Shares added 25 cents to $13.80 in morning trading.