IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of body-worn medical devices, today announced financial results for its third quarter ended September 30, 2010.
For the third quarter, the company reported net sales of $14.7 million, an increase of 14 percent from net sales of $12.9 million for the prior-year period. Net income in the 2010 third quarter was $243,000, or $0.04 per diluted share, versus a net loss of $736,000, or $(0.14) per diluted share, for the prior-year period. Included in the 2009 third-quarter results were Datrix-related acquisition costs and bank financing charges totaling $532,000, or $0.10 per diluted share.
“We continue to deliver measureable year-over-year revenue and earnings progress,” said Mark S. Gorder, president and chief executive officer of IntriCon. “At the same time, we are investing significantly in our business, including several key research and development initiatives. While this impacts certain sequential and year-over-year comparisons, we firmly believe it strengthens our platform for future IntriCon growth.”
Business PerformanceFor the third quarter, IntriCon experienced double-digit growth in all three core markets. As a percentage of total revenue, the medical business contributed 44 percent, with hearing health and professional audio communications contributing 33 percent and 23 percent, respectively.Said Gorder, “Year over year, our business mix was stable. Medical continued to post strong revenues, rising 11 percent from the previous year. Gains were again due to continued sales of wireless glucose monitors and new sales from our proprietary cardiac diagnostic monitoring devices, or CDMs.” Hearing health sales rose 20 percent from the 2009 third quarter. Driving this increase was a rebound in the hearing health market. IntriCon believes more significant future growth will stem from the introduction and acceptance of new products in early 2011. Professional audio communications rose 15 percent from the prior year. The gain was from higher sales of headset devices to existing customers and communication devices to government agencies. These customers continue to demand smaller and more durable products that perform well in noisy or hazardous environments.