BOTHELL – SonoSite Inc.’s sales of portable ultrasound machines revved up 16 percent in the first quarter, though expenses also grew and the company reported a small loss.
The Bothell-based company’s revenue nearly touched $43 million, compared with $37 million in the prior-year quarter. The net loss for the first quarter was $563,000, or 3 cents a share, compared with a loss of $363,000 in the same period last year.
Traditionally, the first quarter is the weakest for SonoSite’s products, with as much as one-third of the company’s revenue flowing in during the fourth quarter of the year.
Also contributing to the larger loss were a 19 percent increase in operating expenses and research costs that grew by 55 percent compared to the first quarter of 2006.
“Our product development plans continue on schedule for the introduction of numerous innovations this year and next,” Kevin Goodwin, SonoSite’s chief executive, said in a written statement. “Additionally, we have put in place several initiatives to reduce corporate overhead expense and expect to see improving profitability going forward.”
Goodwin added that the company’s international sales are up 25 percent compared to last year. U.S. sales, which make up just less than half of SonoSite’s revenue, grew by 7 percent.
Going forward, SonoSite still looks to boost sales by a minimum of 15 percent a year through at least 2009, Goodwin said.
Before the company released results Monday afternoon, SonoSite’s shares lost 4 cents to close trading at $28.98.
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