The Wilsonville, Ore. company said revenue grew 14% to $284.8 million, from $249.6 million for the same period of last year. Analysts polled by Thomson Financial were expecting $274.2 million.
Profit was up 15% to $35.7 million, or 39 cents a share, from $31 million, or 36 cents a share, one year ago.
Excluding items, EPS was 72 cents, in line with analysts' predictions.
For the first quarter, the company expects revenue of $170 million and a loss of 10 cents a share, excluding items. Analysts were looking for a top line of $195 million and EPS excluding items of 8 cents.
For fiscal 2009, Mentor projected 4% revenue growth, to $915 million, and EPS excluding items, of $1.05 to $1.10. Analysts were looking for a top line of $893.8 million and EPS of $1.07.
The stock was unchanged at $9.75 in after-hours trading. Shares have traded 26% higher since Feb. 19, when the company's modest 2009 guidance prompted a buy rating from Citigroup.