Birtcher Net Shows Loss in 2nd Quarter
IRVINE — Birtcher Medical Systems reported a second-quarter net loss of $1.9 million, attributing the loss to a $4.6-million charge for costs related to a merger and restructuring.
Birtcher, a manufacturer of medical instruments and accessories, reported revenue of $14.1 million for the quarter that ended Dec. 31, up 8% from $13 million for the same period a year ago.
Excluding the costs of its $36-million acquisition of Solos Endoscopy in December, Birtcher said it would have earned $1.28 million during the second quarter.
Birtcher stock gained $1.25 per share Thursday to close at $20.50 in over-the-counter trading.
After taking into account the merger and restructuring costs, the combined Birtcher and Solos reported a pro forma loss of $2 million, or 22 cents per share, for the second quarter. For the six-month period, the combined companies had a pro forma loss of $941,000, or 10 cents per share.
Revenue for the six-month period was $28.1 million, up 22% from $23 million for the previous year.
Birtcher manufacturers medical equipment and accessories used for so-called less-invasive surgical procedures.
With the merger behind it, the company said it expects sales and earnings to increase for the rest of its fiscal year, which ends June 30.
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