Cardiac Science sees drop in net income, despite rise in defibrillator sales

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Cardiac Science, a provider of cardiology products, has reported $52.1 million in revenue for the second quarter of 2008, which ended June 30, an increase of 16 percent over the prior year period, despite a lower net income.

The company reported net income of $2.3 million in the second quarter, compared to net income of $4.5 million in the second quarter of 2007. Cardiac Science said that the prior year net income included a $6 million non-cash gain from a litigation settlement, and $2 million in litigation-related expenses in that quarter.

The Bothell, Wash.-based company said its revenue growth resulted from increases in defibrillation sales of 32 percent and service revenue of 19 percent, offsetting a decrease in cardiac monitoring sales of 7 percent. Cardiac Science said its total international product sales doubled, increasing 113 percent over the prior year’s second quarter, driven primarily by strong automated external defibrillator sales with increases in international areas, particularly Asia and Europe.