Synovis Life Technologies Inc. announced Wednesday that the company had both top-line and bottom-line growth in its fiscal second quarter ended April 30.
The St. Paul, Minnesota-based company saw revenue climb 12.6 percent to $19.8 million in the quarter, up from $17.6 million in the same quarter a year ago. Profits jumped 57.5 percent to $2 million or 17 cents per diluted share, up from $1.3 million, or 11 cents per diluted share.
“With a solid second-quarter performance and revenue up 20 percent in the first half of the year, we are on track to achieve our fiscal 2011 goals,” said Richard Kramp, Synovis Life Technologies president and chief executive officer, in a statement.
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Synovis developed the Veritas technology, which consists of converting bovine tissue into a type of scaffolding that attracts the human body’s own cells and blood vessels. That helps in the remodeling of the repaired tissue. In its fiscal second quarter, a study was published in the Journal of the American College of Surgeons that compared the performance of biologic meshes, including the Veritas Collagen Matrix. The company said the study results confirm the favorable attributes of Veritas in abdominal wall repair, such as ventral hernia surgery.
However, Veritas sales fell in the second quarter to $3.8 million from $4.1 million.
