SonoSite revenues drop in 3Q

October 30, 2009

Revenues dropped 13% to $53.6 million for SonoSite in the third quarter compared with the year earlier period.

SonoSite revenues drop in 3Q
Revenues dropped 13% to $53.6 million for SonoSite in the third quarter compared with the year earlier period. The most recent quarter showed a deteriorating marketplace for the pioneer of hand-carried ultrasound as nine month revenues were down 9% compared with the first nine months of 2008. Foreign exchange had zero effect on third quarter revenue, according to the company, but a negative impact of $6.7 million or 4% for the nine months just ended. For the third quarter of 2009, the company recorded a net loss of $0.2 million compared with a net income of $3.7 million in 2008. For the nine months of 2009, net income was $1.0 million compared with $5.3 million. Kevin M. Goodwin, SonoSite president and CEO, said U.S. revenue levels continued to stabilize and the company ran into “a few” order delays in its international business. Importantly, he said, pricing and expense management have improved, resulting in steadily increasing operating margin performance.