ZOLL Medical, a manufacturer of resuscitation devices and related software solutions, has reported fiscal 2010 revenues of $444m, compared to fiscal 2009 revenues of $385.2m, an increase of 15%.
Fourth quarter revenues increased 12% to $120.4m, compared to revenues in the fourth quarter of last year of $107.9m.
Revenue results reflected a positive foreign exchange impact of $5m, approximately half of which related to the Canadian dollar, compared to fiscal 2009.
Net income for the year was $18.9m, compared to $9.6m in the prior year.
Annual sales to the North American market increased 14% to $328m, compared to $287.6m for the prior year.
Net income was $7.2m for the quarter, an increase of 112% compared to $3.4m in the prior year.
ZOLL CEO Richard Packer said the LifeVest revenue continues to experience high growth and contribute increased profitability to the company’s consolidated results.
“Our core business continues to make progress in the US despite continuing market softness due to spending constraints. Our International results were strong with growth from both defibrillator and AutoPulse sales. In addition, although still at the beginning, we are making progress internationally with our LifeVest and Temperature Management products,” Packer said.
“We saw growth in the core North American hospital business as that market is slowly recovering. The Military delivered solid revenue this year and with our new Propaq MD product shipping, we are excited about the potential from this market.
“We were pleased to complete the year slightly ahead of the plan we laid out. We look forward to continued growth driven by our LifeVest and Temperature Management businesses. We also expect our rate of profitability to improve as our core business further stabilises and our business mix improves. We expect to continue progress towards our goal of getting our long-term operating profitability into the mid-teens.”