Given Imaging (Nasdaq:GIVN) today posted third-quarter results. Its net revenue totaled $1.3 million in the quarter, during which it received clearance from the U.S. Food and Drug Administration to market the Given Diagnostic Imaging System and its M2ATM imaging capsule in the United States.
Quarterly net income doubled from last year to $4.7 million. Gross profit for the quarter was 39.6% of revenues. Net loss in the third quarter of 2001 was $4.8 million. Loss per share was $0.19.
"We have established a worldwide sales and marketing network that covers nineteen countries, and our first customers are already making repeat orders for M2A capsules." said Dr. Gavriel Meron, president and chief executive officer of Given Imaging.
The M2A capsule is a non-invasive imaging technology. Patients swallow the capsule, which contains a miniature camera that takes pictures of the digestive tract as it passes through. It transmits the images to a recorder worn on the patient's belt and then passes back to the world the natural way. Analysts hail it as a breakthrough in imaging, and predict - with the usual reservations about risk - that it could bring it major money.
Given's direct sales organization covers five countries (U.S., Germany, France, Australia and Israel). Distribution agreements have been signed to address other markets for the product in Europe and the Americas.
It also has an agreement with global companyPemstar to build and operate production lines for the M2A capsule in Israel and in the U.S.