Elbit reports lower ultrasound sales

March 18, 1998

Elbit Medical Imaging of Haifa, Israel, reported that sales in its Elbit Ultrasound unit were $182.4 million for its 1997 fiscal year (end-December), down 13% compared with revenues of $208.9 million in 1996. For the fourth quarter, the division had

Elbit Medical Imaging of Haifa, Israel, reported that sales in its Elbit Ultrasound unit were $182.4 million for its 1997 fiscal year (end-December), down 13% compared with revenues of $208.9 million in 1996. For the fourth quarter, the division had revenues of $58.6 million, compared with $63.6 million in the fourth quarter of 1996, a decline of 8%.

Elbit said the reduction in the ultrasound division's revenues was primarily due to the discontinuation of sales of Hitachi Ultrasound products, which Elbit Ultrasound distributed until December 1996. Sales of Hitachi products contributed $32 million to Elbit Ultrasound's revenues in 1996.

The ultrasound division is composed of Diasonics Vingmed Ultrasound, which Elbit has agreed to sell to GE Medical Systems (SCAN 3/4/98). Elbit said it continues to work on GE's proposal to acquire Diasonics Vingmed, and hopes to have a final agreement signed by the end of March.