Given Imaging cuts revenue outlook for 2008
This article was originally published in Clinica
Executive Summary
Diagnostic video capsule manufacturer Given Imaging has reduced its full-year revenue prediction due to poor sales in Japan and a delay in gaining reimbursement for the French market. The Yoqneam, Israel-based company now expects annual revenue to be around $125m, 4% less than the lower end of its previous predictions, which was $130m. However, CEO Homi Shamir said the firm was confident of growth during 2009, due to changes it was making in its Japanese operations and the anticipated reimbursement approval in France. The firm recorded revenue of $31.1m during its third fiscal quarter, 13% up on the same period the previous year, due to a 21% increase in sales of the PillCam video capsule. Net profit also increased to $2.1m from $1.7m in Q3 2007.