I-Flow Corp. said Tuesday that its fourth-quarter profit shot up on a gain from the sale of a subsidiary.
The Lake Forest-based medical device maker posted a fourth-quarter profit of $40.4 million, compared with a profit of $135,000 a year earlier.
I-Flow said its results were affected by a one-time gain of $45.4 million from its sale of InfuSystem Corp. to HAPC Inc. in October for $100 million.
Excluding discontinued operations, I-Flow lost $4.4 million in the quarter.
Analysts expected I-Flow to make $282,000 in the quarter.
Revenue was up 27% to $39.4 million from $27.4 million in 2006’s fourth quarter.
Wall Street seemed to like what it heard: I-Flow’s shares were up some 7% in early afternoon New York trading with a market value of about $330 million.
