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MGC Diagnostics Earnings Just What the Doctor Ordered- Shares Soaring (MGCD)

Shares of MGC Diagnostics (NASDAQ: MGCD) are up more than 16 percent in early Friday trading after reporting earnings that pleased investors. Q3 revenue came in at $7.9 million for a 15 percent year over year increase and a nearly 5 percent increase from the previous quarter. EPS was $0.16 compared to a net loss of ($0.03) in the corresponding quarter in 2012. This was the highest net income since fiscal Q1 of 2007. Q3 gross margins were 55.4 percent compared to 53.7 percent in Q3 in 2012.

Gregg O. Lehman, Ph D., president and chief executive officer of MGC Diagnostics, said,

“I am pleased to report that we generated solid double-digit revenue growth and achieved the highest quarterly profit since the first quarter of fiscal 2007.  We grew across most revenue categories and geographies, with domestic and international revenue increasing 12% and 29%, respectively. Equipment, supplies and accessories revenue increased 12% and service revenue increased 29%. Gross margins improved for all revenue sources and operating expenses as a percent of revenue fell to 46.9% compared to 57.8% for last year’s third quarter. These results are in line with our internal expectations and we look forward to continued improvements during the quarters ahead.”

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[stock-tools exchange="NASDAQ" symbol="MGCD" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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