ST. PAUL, Minn. (AP) ¿ Medical device maker Synovis Life Technologies Inc. said Wednesday its profit doubled during its fiscal fourth quarter on a boost in sales and a gain from investments.
The company earned $3.8 million, or 33 cents per share, compared with profit of $1.9 million, or 15 cents per share, during the same period a year prior. Revenue rose 18 percent to $15 million from $12.7 million.
Excluding investment gains and other items, the company said it earned 5 cents per share, in line with estimates from analysts polled by Thomson Reuters.
During the quarter ended Oct. 31, Peri-Strip sales were flat at $4.7 million. The product is used to control bleeding and leakage in anti-obesity surgery. Meanwhile, tissue patch product sales rose 9 percent to $3.9 million.
For the full fiscal year, the company earned $2.7 million, or 23 cents per share, down from profit of $11.5 million, or 90 cents per share, a year prior. Revenue rose to $58.2 million from $49.8 million.
Shares of Synovis rose 29 cents, or 2.4 percent, to $12.59 in afternoon trading. The stock has traded between $11.16 and $21.71 over the past 52 weeks.