Micrus Endovascular Corp (MEND)) posted an unexpected profit last quarter and estimates have spiked.
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 27 cents for the year, up from a 70 cent loss last year. Just 2 months ago the Zacks Consensus was a profit of just a nickel
Forecasts for next year are averaging 42 cents, up from 27 cents. These levels represent year-over-year growth of 139% and 53%, respectively.
The Chart
Since the report, shares of MEND have been setting higher highs and higher lows. Take a look at the chart below.
