Immucor, Inc. is a global in vitro diagnostics company specializing in the area of pre-transfusion diagnostics. We develop, manufacture, and sell products used by hospital blood banks, clinical laboratories, and blood donor centers to detect and identify certain properties of human blood prior to patient transfusion. We have revolutionized the industry through our dedication to automating manual processes in the blood bank laboratory.
Immucor, Inc. (Nasdaq:BLUD), a global leader in providing automated instrument-reagent systems to the blood transfusion industry, reported financial results for its fiscal 2011 third quarter ended February 28, 2011.
Highlights
Revenue for the third quarter of fiscal 2011 was $83.3 million, an increase of 4% from the prior year quarter.
Gross margin was 70.8% in the quarter compared with 69.2% in the prior year quarter.
Diluted earnings per share totaled $0.32 in the quarter compared with $0.28 for the same period last year.
Cash flow from operations for the nine months ended February 28, 2011 was $73.7 million compared with $55.5 million in the prior year.
Worldwide instrument orders for the third quarter of fiscal year 2011 were 31 Echo(R) orders and 39 NEO(R) orders. NEO is the Company’s new high volume instrument that was recently launched worldwide.
“Given the global economic environment, our third quarter financial performance exceeded our expectations with year-over-year revenue growth and earnings expansion,” stated Dr. Gioacchino De Chirico, Immucor’s President and Chief Executive Officer.
Consolidated revenue was $83.3 million in the current year quarter, an increase of approximately $2.9 million or 4% compared with the third quarter of fiscal 2010. Revenue in the quarter was negatively impacted by approximately $0.4 million from fluctuations in foreign currency exchange rates as compared with the prior year quarter.
While reagent revenue in the current year quarter benefited from an increased number of ship cycles when compared with the prior year quarter, revenue continues to be negatively impacted by lower sales volume due to weaker industry demand in the U.S.
Consolidated gross margin was $59.0 million, or 70.8% of revenue, in the current year quarter compared with $55.7 million, or 69.2% of revenue, in the prior year quarter. The prior year quarter gross margin included the impact of approximately $1.8 million of costs related to the first phase of the Company’s Quality Process Improvement Project, which was completed in the third quarter of fiscal 2010. There were no material external costs related to the Project in the current year quarter, which benefited gross margins. Gross margin in the current year quarter was negatively impacted by the mix of instrument-related revenue as well as more instruments expensed in the current year quarter compared with the prior year quarter.
Operating Expenses
Operating expenses in the third quarter of fiscal 2011 increased by approximately $0.3 million or 1% when compared with the prior year quarter, primarily due to higher distribution expenses and higher research and development expenses offset by lower general and administrative expenses.
Fiscal 2011 Financial Guidance
The Company is narrowing its revenue expectations for fiscal 2011 and now expects consolidated revenue in the range of $328 million to $330 million. Consolidated gross margins are expected to be toward the top end of the previous guidance range of 69.5% to 71.0%, and diluted earnings per share are now expected to be in the range of $1.18 to $1.20, which exceeds previous expectations.
“We are encouraged by our performance in this difficult worldwide economic environment,” stated Dr. De Chirico. “We remain focused on delivering value to our customers through our innovative product offering and believe our strategic focus on improving laboratory productivity and patient safety benefits customers, patients and shareholders.”
Conference Call
Immucor, Inc . will host a conference call Thursday, April 7, 2011 at 8:30 AM (Eastern Time) to review these results. To participate in the telephone conference call, dial 1-888-324-9321 (Passcode: BLUD). The Company will also provide a live audio broadcast of the call via webcast. The webcast can be accessed at www.immucor.com in the “Investor Relations” section. For those unable to listen to the live broadcast of the call, a replay will be available shortly after completion of the call and will be archived on Immucor’s website for approximately 60 days. Additionally, a replay of the call will be available for one week beginning at noon on April 7th by dialing 1-800-884-1527 (Passcode: 5870).
For more information on Immucor , please visit our website at www.immucor.com.
National Health Partners, Inc. (NHPR)
Creating a healthcare system that works for everyone requires bold measures. But before bold measures can be developed and adopted, citizens must understand what drives the cost of health care and how to improve the quality of care from an objective, analytical perspective. Since 1960, health care spending has risen from 5.1 percent of the Gross Domestic Product to nearly 15 percent in 2000. One reason we are spending more money is that we are wealthier as a nation.
National Health Partners, Inc. is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called “CARExpress.” CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna. The company’s primary target customer group is the 47 million Americans who have no health insurance of any kind. The company’s secondary target customer group includes the millions of Americans who lack complete health insurance coverage. The company is headquartered in Horsham, Pennsylvania.
National Health Partners Inc recently announced the launch of a new network marketing program by one of its strategic partners, Xpress Healthcare, LLC. Xpress Healthcare has teamed up with CARExpress in an effort to revolutionize the discount healthcare industry while at the same time bringing financial freedom to families across the nation.
By the end of the second quarter of 2011, Xpress Healthcare anticipates adding over 100 new brokers both participating in and promoting National Health Partners’ CARExpress program and should enroll over 2,500 new members.
Xpress also expects its growth to accelerate in the 3rd quarter as it anticipates recruiting an additional 200 new brokers which should generate over 10,000 new CARExpress sales. According to National Health Partners, Offering tremendous growth potential, Xpress Healthcare is well positioned to become the leading marketing arm for its CARExpress and now Strong Sales are projected for 2nd Quarter from this new strategic partnership.
For more information on the company, please visit its website at www.nationalhealthpartners.com.
New Century Bancorp Inc. (Nasdaq:NCBC) reported net income of $125,000 and basic and diluted earnings per share of $0.02. For the year ended as of the same date, New Century Bancorp reported a net loss of ($4.96) million and basic and diluted losses per share of ($0.72). At December 31, 2010, the Company held total assets of $626.9 million, total deposits of $534.6 million and total loans of $470.5 million. At December 31, 2009, these figures stood at total assets of $630.4 million, total deposits of $540.3 million, and total loans of $481.2 million.
New Century Bancorp, Inc. operates as the holding company for New Century Bank that provides commercial and retail banking services to individuals and small to medium-sized businesses in southeastern North Carolina.
CryptoLogic Limited (Nasdaq:CRYP) a developer of branded online betting games and internet casino software, announced that it has appointed Deloitte Corporate Finance as financial adviser to assist it with a strategic review of the Company. This review is at an early stage and will consider a number of strategic options, including the possibility of an offer being made for the Company or a disposal of part of the business. The Board wishes to stress that there can be no certainty that any offer will be forthcoming.
CryptoLogic Limited, together with its subsidiaries, develops and provides online gaming software to the Internet gaming market principally in the United Kingdom and Continental Europe.
Advanced Analogic Technologies, Inc. (Nasdaq:AATI) an analog semiconductor company focused on powering innovative solutions in consumer electronics, computing, and communications markets, announced that Brian McDonald has resigned from his position as Vice President of Worldwide Finance, Chief Financial Officer, and Secretary to pursue other interests. Ashok Chandran, 51, who has been with the company for more than six years, most recently as Vice President and Chief Accounting Officer, will become interim Chief Financial Officer, effective immediately.
Advanced Analogic Technologies, Inc. engages in the development of advanced power management semiconductors. It offers a range of analog and mixed-signal circuits that are used in system design.
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