Micrus Endovascular Corp (MEND)) posted an unexpected profit last week on increased revenue.
Company Description
Micrus develops, manufactures, and markets implantable and disposable devices for that treat cerebral vascular diseases. The company’s footprint extends across the Americas, Europe, and Asia.
Healthy Profits
Most analysts were expecting Micrus to report a loss on Aug 6, when the company shocked the Street with a 14 cent per share profit. The Zacks consensus estimate was a 2 cent loss at the time of the announcement.
Net income for the first quarter of fiscal 2010 was $2.3 million, up from a loss of $6.6 million in the same quarter last year. Revenue rose 16% to just over $21 million, with about half coming from the U.S. Micrus finished the quarter with almost $20 million in cash.
In the same press release, the company also raised its full-year guidance.
Out of the Red
Analysts polled by Zacks are predicting an average profit of 5 cents for the year, up from a 70 cent loss last year. Analysts have not submitted their revisions since the previously mentioned report, so this could change soon.
Forecasts for next year are averaging 27 cents, a 421% year-over-year earnings increase.
The Chart
Investors loved the earnings announcement and sent shares higher, well above the previous 6-month high. Take a look at the chart below.
