GE Deal Boosts Cardiac Science - TheStreet

GE Deal Boosts Cardiac Science

The medical company's shares jump 14% on news of a marketing agreement.
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Shares of

Cardiac Science


were ignited Thursday by the news that

General Electric

(GE) - Get Report

would market the Irvine, Calif. company's defibrillators under the GE name in foreign markets. Defibrillators monitor and treat patients with life-threatening heart rhythms.

Shares of Cardiac Science were up 36 cents, or 14%, to $2.96 in late-morning trading.

The company said the agreement with GE's Medical Systems Information Technologies division calls for GE to market the defibrillators in Europe, Asia, the Middle East and other international markets. Cardiac Science also will develop and manufacture an exclusive line of defibrillators for exclusive sale by GE.

Cardiac Science specializes in automated external defibrillators, which deliver an electric shock to restore normal heart rhythm after a heart attack. The devices can be used by medical personnel, police officers, firefighters and ambulance personnel. The company also makes defibrillators for use in hospitals.

Cardiac Science will begin shipping the defibrillators to GE in the fall.

On Wednesday, Cardiac Science reported a net loss of $1.97 million for the second quarter, an improvement over the second-quarter loss for the same period last year of $3.75 million, or 6 cents.

Revenue for the three months ended June 30 advanced 13% to $14.53 million over the $12.84 million for the same period last year.