Kyphon 2Q profit rises on sales |
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Fri, 27 Jul 2007 13:39
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SUNNYVALE, Calif. (AP) - Kyphon Inc., a maker of devices used to repair bone fractures, said Friday its second-quarter profit rose 16 percent on a jump in sales of spinal fracture management and repair products.The company said separately it will be acquired by Medtronic for $3.9 billion.The company earned $11 million, or 23 cents per share, compared with profit of $9.5 million, or 21 cents per share, during the same period a year prior. Revenue rose 43 percent to $144.3 million from $101.1 million.Analysts polled by Thomson Financial expected a profit of 23 cents per share on revenue of $141.1 million.During the quarter, revenue from spinal fracture management and repair products grew 19 percent to $120.6 million while revenue from spinal motion preservation and disc disease diagnosis and therapies products was $23.7 millionShares rose $15.82, or 29.5 percent, to $69.50 in premarket trading. The stock closed Thursday at $53.68. The Medtronic bid is valued at $71 per share.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Medtronic to acquire Kyphon 