Syncor posts healthy 1998 numbers

Radiopharmaceutical firm Syncor International reported strong financial results this month, posting fourth quarter (end-December) net income of $3.5 million, up from 1997’s $1.7 million. Net sales for the quarter increased 25% to $119 million, up from $94.8 million. The Woodland Hills, CA, company enjoyed net sales for the year of $449 million, up 18% from $380.6 million in 1997, and net income of $13.9 million, compared with $11.1 million the year before.

Syncor attributed its healthy results to its first price increase in six years, as well as its effort to control costs, which improved its gross margins. The company increased its operating income for its radiopharmacy business in 1998 to $21.4 million, up 64% from $13 million in 1997. In addition, Syncor’s imaging center subsidiary, Comprehensive Medical Imaging, contributed $37.5 million in sales to the company in fiscal 1998.