Closure Medical Corp (Nasdaq:CLSR), which makes medical adhesives, reports second quarter net income of $1.7 million or 12 cents a share compared to $590,000 or 4 cents a share in the same period last year.
Closure said total revenue for the quarter increased 50 percent to $8.5 million from $5.7 million in the same quarter 2002.
The company says the revenue increase resulted from increased demand for its Dermabond products and its Band-Aid liquid bandage.
It said domestic rollout of high viscosity Dermabond, which began in the first quarter, progressed efficiently and has been well received by clinicians and patients. Second quarter shipments exceeded those of the first quarter, the company says.
Closure President and Chief Executive Officer Daniel A. Pelak says “the performance during the first half of 2003 exceeded our expectations and our current outlook for the remainder of the year is equally promising.
The company is increasing previous guidance for its full-year 2003 revenues and earnings, forecasting total revenue for the year of $33 million to $34 million and fully diluted earnings per share of 41 cents to 44 cents.
The expectations are dependent upon continued growth in sales of Dermabond products, the company cautions.
Closure develops, makes and sells medical adhesives based on its proprietary medical grade cyanoacrylate technology that close and seal topical skin wounds and incisions.
Closure stock closed at $19.15, down 60 cents, Wednesday.