ICU Medical Inc., a San Clemente medical device maker, on Monday reported fourth-quarter results that surpassed Wall Street’s expectations, sending its shares soaring in afterhours trading.
Shares of the maker of needless intravenous connectors and other medical devices were up about 11% in afterhours trading Monday with a market value of $351 million.
The company reported a fourth-quarter profit of $10 million, up 38% from the year-ago quarter and above analysts’ expectations of $7.4 million.
Quarterly revenue rose 8% to $75.6 million, compared to Wall Street’s projection of $70.9 million.
For 2010, ICU’s profit came in at $31 million, up 16% from 2009 and beating analysts’ consensus estimate of $28.3 million. Full-year revenue increased 23% to $284.6 million, surpassing consensus projection of $279.9 million.
The company also gave 2011 guidance.
ICU expects its full-year profit to come in at $31.2 million to $34 million on revenue of $295 million to $305 million.
Analysts look for the device maker to post a $30.8 million profit on revenue of $298.6 million in 2011.
