CTMI- (recommended
to subscribers
on 10/05/03)
BOUGHT
at $12.88 SOLD
at $20.41
On August 5th CTI Molecular
Imaging Inc., a provider of positron emission tomography (PET)
equipment and services, reported fiscal 2003 3rd quarter revenue of $99
million which was up 44% over the fiscal 2002 3rd quarter. Net income
was $7.5 million or 16 cents per share. At the end of the 3rd quarter
backlog was $202 million compared to $81 million at the end of the 2002
3rd quarter. In the earnings release the company gave guidance for the
fiscal 4th quarter. They expected at least $115 million in revenue with
earnings of 19-21 cents a share.
PET imaging is a
newer technology and is in the earlier stages of adoption. PET imaging
looks at metabolism at the cellular level and looks for changes linked
with diseases such as Cancer and Alzheimer's.
CTMI has $24
million of debt however the company has 3x as much in cash and
securities or $74.2 million. Book Value is $5.35 per share. With the
current market cap of $580 million the stock trades at 1.6x fiscal 2003
sales and less than 1.5x fiscal 2004 sales. In fiscal 2001 the company
reported sales of $189 million. In fiscal 2002 they reported sales of
$258 million and in fiscal 2003 CTMI will report $357 million in sales.
On October 1st CTI
Molecular updated fiscal 2003 4th quarter guidance. The company expects
$115 million in revenue and earnings of 11-13 cents per share.
4/07/05 - SOLD AT
$20.41 FOR A GAIN OF 58%. DURING THE SAME TIME PERIOD THE NASDAQ WAS UP
6%.
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