Mallinckrodt imaging revenues drop in Q1

Despite overall higher earnings in its three business segments combined, healthcare giant Mallinckrodt saw a decline in year over year sales and revenues within its imaging division during the first quarter of 2000 (end-September). The St. Louis-based company reported total sales of $614 million for the quarter, a 4% increase over sales of $592 million for the same quarter a year ago. Net earnings for the quarter were $38 million, up 19% from first quarter 1999 earnings of $32 million. Mallinckrodt chairman and CEO C. Ray Holman attributed the improvement in profitability to stronger sales of its pulse oximetry, radiopharmaceutical, and pharmaceutical products.

However, Mallinckrodt’s imaging group reported a 1% decrease in year over year revenues for the quarter, due primarily to lower sales of its x-ray contrast media and diagnostic catheter products. The imaging division recorded $182 million in sales, compared to $184 million for the first quarter of 1999. Quarterly earnings for the division fell 24% to $23 million from earnings of $31 million for the same quarter a year ago.