For first quarter 2011, the company reported 11% year-over-year increase in net sales to $71.5 million from $64.4 million, driven by worldwide demand for Custom Sets, CLAVEs, oncology products and TEGO for the renal dialysis market. Subsequently, net income soared 89.7% to $8.1 million, or 57 cents per share, from $4.3 million, or 30 cents per share, in the year-ago quarter. Cash, cash equivalents, and investment securities increased 14.4% sequentially to $106.8 million from $93.4 million, while the company had no debt.
For full year 2011, the management reaffirmed its previously announced revenue guidance in the range of $295 million-$305 million. It also raised its earnings per share guidance range to $2.30-$2.50 per share, up from the previous guidance of $2.25-$2.45 per diluted share.All the seven analysts covering the stock rate a buy on it. The stock is expected to deliver 12% over the next 12 months with a consensus target price of $49.8, according to analysts polled by Bloomberg. The stock has gained 26% during the past one year.