ADAC's stock jumps after Q1 report
ADAC Laboratories of Milpitas, CA, pleased the investment communitylast week by announcing that it expects sharply higher bookingsand revenue for its first quarter of fiscal 1996 (end-December).The market responded by sending the nuclear medicine
ADAC Laboratories of Milpitas, CA, pleased the investment communitylast week by announcing that it expects sharply higher bookingsand revenue for its first quarter of fiscal 1996 (end-December).The market responded by sending the nuclear medicine vendor'sstock up 19% to close at $14.13 a share on Jan. 10, a 52-weekhigh.
ADAC said that it expects first-quarter revenues of $54 millionto $55 million, a 24% increase over last year's sales of $44 million.Earnings per share will be about 20¢ versus 15¢ in thesame period last year. Nuclear medicine bookings skyrocketed 61%to $48 million.
In a presentation last week at the Hambrecht & Quist HealthCare Conference in San Francisco, ADAC CEO David Lowe said thecompany's Molecular Coincidence Detection (MCD) technology isdriving new sales and will enable the company to take market sharefrom other vendors and other modalities.
"Over time, (MCD) has the potential not only to improveour market share in our core business, but more importantly todrive additional market opportunities for our core business aswe replace conventional imaging in the staging of cancer patients,"Lowe said.
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