ADAC posts record fourth quarter

ADAC Laboratories continues to experience healthy financial growth, thanks to robust performances from all of its businesses. The Milpitas, CA-based nuclear medicine and radiation therapy powerhouse posted a 20% increase in revenue during its record fourth quarter and a 15% revenue increase for its fiscal year.

For the period (end-September), ADAC had record revenues of $86.9 million, compared with the $72.5 million reported in the same period last year. Excluding a one-time restructuring charge, net income was $8.2 million, compared with the $6 million reported last year. With the charge, net income was $3.7 million.

ADAC was also pleased with the progress of its PET business during the quarter. During the period, the company shipped 18 Molecular Coincidence Detection (MCD) units and two C-PET units, compared with 13 MCD units and one C-PET in the prior quarter.

For the fiscal year, ADAC reported revenues of $323.4 million, compared with the $282.3 million reported for the previous fiscal year. Excluding one-time charges, ADAC had net income of $29 million. Including one-time charges, net income for fiscal 1998 was $14.5 million.