Omrix Rises on Results

The biopharmaceutical company swings to a profit in the third quarter.
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Omrix Biopharmaceuticals

(OMRI)

posted a third-quarter earnings beat Tuesday, sending shares of the company higher.

Omrix reported net income of $8.1 million, or 53 cents a share, compared to a loss of $321,000, or 3 cents a share, in the prior-year period. Analysts, on average, were expecting earnings of 33 cents a share, according to the Thomson First Call estimate.

Third-quarter revenue was $18.3 million, a 137% increase from $7.7 million in the third quarter of 2005.

The company increased its full-year EPS guidance to a range of $1.40 to $1.45. Analysts are expecting $1.20 a share in earnings for the year. Omrix is also increasing its sales guidance to a range of $54 million to $55 million.

Shares of the small-cap company were higher by $2.34, or 12%, at $22 on higher-than-average volume in recent trading Tuesday.