Analogic Corp (ALOG) Misses Q3 EPS by 9c
Analogic Corp (NASDAQ: ALOG) reported Q3 EPS of $0.94, $0.09 worse than the analyst estimate of $1.03. Revenue for the quarter came in at $124 million versus the consensus estimate of $126.55 million.
Jim Green, president and CEO, commented, "In spite of the continued challenges in market conditions that negatively impacted our top line in the third quarter, we improved our operating margins and delivered positive cash flows. As a result of continued healthcare market challenges and delays in airport tenders, the exit from our legacy patient monitoring business and a reduction in funded engineering, we anticipate that fiscal 2014 net revenue will decline mid-single digits from fiscal 2013. We remain focused on profitability and expect to deliver double-digit non-GAAP operating margins this fiscal year."
Green continued, "We remain optimistic about the future, as our newly released CT platform helps stabilize our medical imaging business, multi-unit international airport tenders drive strong security business sales, and we further expand our fast-growing direct Ultrasound business with the commercialization of the first-ever Sonic Window™ handheld Ultrasound. In addition, we have taken aggressive moves to control costs to offset lower external engineering funding. Finally, we will no longer have the difficult year-over-year comparison related to the exit from the patient monitoring and non-strategic legacy OEM probes. While we face near-term market challenges, we continue to execute on our strategy and remain optimistic about our long-term growth prospects."
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