Shares of Analogic Corp. (NASDAQ: ALOG) surged in trading today after the medical and security imaging equipment maker reported strong fourth-quarter financial results. ALOG’s fourth-quarter net income more than doubled, driven by greater sales of ultrasound and security products.
ALOG reported net income of $12.1 million, or $0.96 per share for the fourth quarter ended July 31, compared to $5.6 million, or $0.45 per share reported for the same period in the previous year. Analysts were expecting ALOG to report fourth-quarter net income of $0.74 per share.
Revenue for the quarter ended July 31, 2012 rose 12% to $151 million. The company’s medical imaging revenue for the quarter was $81.1 million, compared to $81.4 million reported for the same period in the previous year. Ultrasound revenue rose from $34.7 million to $41.6 million, while security technology revenue rose from $19.2 million to $28.3 million.
For fiscal year 2012, ALOG reported net income of $43.1 million, or $3.42 per share, compared to $17.8 million, or $1.42 per share reported for the same period in the previous year. The company’s revenue for the full fiscal year rose 9% to $516.6 million.
Jim Green, President and CEO of Analogic, said that ALOG has outperformed its financial goals that it established three years ago, achieving 12% non-GAAP operating margin for the year on 9% revenue growth. Green said that in addition, the company’s fourth-quarter results were very strong as revenue grew 12% to over $151 million and non-GAAP operating grew by 5 points to 15% in spite of the challenging economic environment. Green said that these improvements in ALOG’s business are a result of the company’s new innovative products, expanded direct sales force, and improved worldwide operational efficiencies. Green said that for fiscal 2012, the company expects another year of high single-digit organic revenue growth on continued improving non-GAAP operating margin.
ALOG shares rose to a 52-week high of $80.84 in trading today before finishing the day 16.26% higher at $80.44 on above average volume of 1.03 million.
Year-to-date, ALOG shares gained 38.91%, outperforming the S&P 500.
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