ADAC numbers shine in second quarter

ADAC Laboratories continues to roll smoothly. The Milpitas, CA, nuclear medicine company last week released second-quarter financial results that showed revenues climbing 20% and net income increasing 44%.

For the quarter (end-March), the company posted sales of $70 million, compared with $58.4 million in the same period the year before. ADAC's product revenue climbed 23%, while its service revenue grew 10%, the company said.

ADAC's net income was $5.6 million, compared with $3.9 million in the second quarter of 1996. ADAC's stock climbed 6% on April 24, the day the financials were announced, to close at $17 a share, up one point. The stock rose again on April 25 and closed at $19.50.

In other ADAC news, the company announced the results of clinical trials for Vantage ExSPECT, a new-generation version of its Vantage attenuation correction technique. In a paper presented at the International Conference of Nuclear Cardiology in Florence, Italy, researchers said that Vantage ExSPECT could lead to a reduction in false positives in cardiac imaging scans.