Mentor Beats Targets

The medical device maker blows past estimates.
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Mentor

(MNT)

posted a 27% rise in first-quarter earnings.

The Santa Barbara, Calif., medical device maker made $22 million, or 47 cents a share, up from the year-ago $18 million, or 37 cents a share. Revenue for the quarter ended June 30 rose 11% from a year ago to $135 million.

Analysts surveyed by Thomson First Call had forecast earnings of 43 cents on revenue of $135 million.

"Mentor achieved record financial results in the first quarter 2006 with double-digit sales and earnings growth," said CEO Joshua H. Levine. "In addition, last week we achieved another significant milestone in our silicone gel-filled breast implant program when we were notified by the FDA that the PMA for our MemoryGel silicone breast implants was approvable with conditions."

The news comes just days after Mentor said its gel-filled breast implants were on their way to regulatory clearance. The approvable letter stipulates a number of conditions Mentor must satisfy in order to receive FDA approval to market and sell silicone gel-filled breast implants in the U.S., the company said. Mentor didn't specify what the conditions were.

Late Tuesday, Mentor shares were halted after rising $1.47 to $50.48.