Synovis Life Technologies Inc. said fiscal fourth-quarter earnings doubled as the company recorded a gain on an asset sale while revenue continued to rise.
Synovis, based in St. Paul, has fared better than many health care companies during the recession, reporting solid sales figures on the strength of its Peri-Strips for gastric bypass surgery and Veritas hernia-surgery products. The company has even expanded its surgical-products sales force and in July acquired Pegasus Biologics, a maker of soft-tissue repair products.
"In a year when many companies in the medical sector are reporting flat or single-digit revenue growth, we are happy to deliver 17 percent revenue growth for the year and 18 percent growth for the most recent quarter," Chief Executive Richard Kramp said.
Synovis reported profit of $3.8 million, or 33 cents a share, up from $1.9 million, or 15 cents, a year earlier. Earnings would have been 5 cents for the quarter ended Oct. 31 excluding the company's October sale of its portfolio of auction-rate securities for $7.7 million. Revenue rose to $15 million.
Analysts polled by Thomson Reuters had forecast earnings of 5 cents on $15.8 million in sales.
Synovis shares rose 36 cents, or 2.9 percent, to close Wednesday at $12.66. They are down 32 percent so far this year.
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