IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced financial results for its second quarter ended June 30, 2012.
For the 2012 second quarter, the company reported net sales of $15.8 million, an increase of 13.7 percent from the prior-year period. IntriCon had a net loss of $82,000, $0.01 per diluted share, improved from a net loss of $294,000, or $0.05 per diluted share, for the 2011 second quarter.
“We’re pleased with the top-line and bottom-line progress we made year over year,” said Mark S. Gorder, president and chief executive officer of IntriCon. “All of our businesses reported sales gains in the second quarter. Profitability remains a priority, and we’re looking to balance that with support costs for our new initiatives as well as ramping up our Indonesian facility.”
Second-quarter hearing health sales rose 17.3 percent over the prior year, primarily driven by IntriCon’s sales to hi HealthInnovations, a UnitedHealth Group Company, and other key hearing health customers. Medical sales improved 7.2 percent from the 2011 second quarter, benefiting from higher sales to leading medical customers including Medtronic. Professional audio communications sales grew 19.7 percent as demand increased for securities products domestically and headset products internationally.As a percentage of 2012 second-quarter sales, healthcare-related revenue (hearing health and medical combined) totaled 78.2 percent (39.2 percent hearing health and 39.0 percent medical), with professional audio communications at 21.8 percent. This compares to 2011 healthcare-related revenue of 79.3 percent (37.9 percent hearing health and 41.4 percent medical), with professional audio communications at 20.7 percent. Gross profits in the 2012 second quarter rose to 23.2 percent from 22.7 percent in the prior-year second quarter. The gain chiefly stemmed from the significant increase in volume, partially offset by increased manufacturing infrastructure costs in Singapore and Indonesia.
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