Analogic Corp., a Peabody maker of medical and security imaging technology, Thursday reported revenue for the third quarter of fiscal 2014 was $124 million, generally in line with what analysts had been expecting.
The latest figure represented a 1 percent decrease compared with revenue of $125.8 million in the third quarter of fiscal 2013 for the period ending April 30.
Some of that lower revenue was because Analogic's security detection revenue was down 25 percent from the third quarter to $15.1 million — lower on fewer shipments of high-speed threat detection systems "primarily due to international airport tender delays," the company said.
The company also reported that its GAAP net income for the third quarter of fiscal 2014 was $7.8 million, or $0.62 per diluted share, compared with net income of $5.2 million, or $0.41 per diluted share, in the third quarter of fiscal 2013.
"In spite of the continued challenges in market conditions that negatively impacted our top line in the third quarter, we improved our operating margins and delivered positive cash flows," said Jim Green, president and CEO, in a statement. "As a result of continued healthcare market challenges and delays in airport tenders, the exit from our legacy patient monitoring business and a reduction in funded engineering, we anticipate that fiscal 2014 net revenue will decline mid-single digits from fiscal 2013. We remain focused on profitability and expect to deliver double-digit non-GAAP operating margins this fiscal year."
Last month, the company lowered its full year revenue estimates for the second time in two months.
Shares of Analogic were up almost 3 percent to $71.63 Friday afternoon.
