Somanetics' second-quarter net revenues up 45% to $7.4 million

By Lisa Kerner

Charlotte, N.C., June 14 - Somanetics Corp. reported record net revenues of $7.4 million for the second quarter ended May 31, a 45% increase from $5.1 million in the same period of 2005.

For the quarter, operating income increased to $2.48 million from $1.29 million in the prior-year period.

And second-quarter net income rose to $2.17 million, or $0.15 per diluted share, from $890,183, or $0.08 per diluted share, in the year-ago period.

For the six months ended May 31, net revenues were up 44% to $13.1 million from $9.1 million in the same period last year.

Operating income for the half climbed to $3.83 million from $2.10 million.

Meanwhile, net income was $3.16 million for the first half of 2006, or $0.24 per diluted share, up from $1.45 million, or $0.12 per diluted share, for the same period of 2005.

"We made significant progress in our plans to advance our technology, with the recent launch of the INVOS Cerebral/Somatic System, and our continuing development of a smaller sensor for use on smaller patients in the pediatric and neonatal ICU," president and chief executive officer Bruce Barrett said in a company news release.

"We expect this sensor to be available in late 2006."

For fiscal 2006, the company said it expects net revenues to be up 50% over 2005, diluted earnings per share in the range of $0.40 to $0.42 (prior to recognition of additional deferred tax assets) and gross margins of about 88%.

Somanetics, located in Troy, Mich., develops, manufactures and markets medical devices used in critical care settings.

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