Given Imaging jumps as profits soars.

The endoscope capsule maker sold its one millionth PillCam video recorder in the quarter.

Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) published its financial report for the second quarter of 2009 after Wall Street closed. The endoscope capsule maker achieved 75% profit growth on record revenue, and reiterated its guidance.

Given Imaging posted $36 million revenue for the second quarter up from $33.1 million revenue for the corresponding quarter of 2008.

GAAP-based net profit was $4.9 million ($0.16 per share) for the second quarter compared with $2.9 million for the corresponding quarter. Non-GAAP earnings per share rose to $0.19 for the second quarter from $0.09 for the corresponding quarter, beating the analysts' consensus of $0.06 per share.

Given Imaging reiterated its full-year 2009 guidance of GAAP-based earnings per share of $0.20-0.28, and non-GAAP earnings per share of $0.46-0.54 on $141-148 million revenue.

Given Imaging increased its cash equivalents to $83.3 million at the end of June.

Given Imaging president and CEO Homi Shamir said, "Based on our robust second quarter and first half 2009 results, we believe that we are firmly on track to achieve our 2009 financial guidance."

Given Imaging increased its global PillCam SB (small bowel) sales to 57,500 capsules in the second quarter, 8% more than in the corresponding quarter. Norht and South American sales rose 1%, Asia-Pacific sales rose 2%, and Europe, Middle East and Africa (EMEA) sales jumped 36%. The company also reached a milestone during the quarter, with the sale of its one millionth PillCam video recorder.

Given Imaging's share closed at $10.95 on Nasdaq yesterday, and rose 7% in after-hours trading. The share rose 6.5% in early trading on the TASE today to NIS 46.50.

Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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