Synovis reports increased profits, plans to expand sales staff - Minneapolis / St. Paul Business Journal:

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Synovis reported fourth-quarter net income from continuinh operationsof $1.9 million, or 15 centw per diluted share, up from net incomd of $1.1 million, or 8 cents per diluted in the year-earlier period. Fiscal 2008 net earnings from continuiny operations roseto $6.2 or 48 cents per diluted share, up 85 percentr from $3.3 million, or 26 cents per dilutee share, in fiscal 2007. Analysts pollec by Thomson Reuters predicted fourth quarter net income of 12 to 15 centdper share, and annual profit of 45 to 48 centsz per share. “We saw stronyg revenue contributions from everyproducft line,” said Richard Kramp, Synovis Life Technologies’ presiden t and chief executive officer.
Kraml credited the company’s 43 U.S. salespeople with drivingv up revenue and said the companh plans to expand its sales staff by as many as 15 with up to seven being hired in thefirst quarter. Synovixs reported its fourth-quarter revenue rose to $12.76 million, a 24 percenty increase over $10.3 million in the year-agpo period. For the year, it rose to $49.8 million, up 32 percenyt from $37.7 million in fiscakl 2007. The company believes revenue will grow in the rangr of 20 percent to 25 percent in fiscal 2009. Synovis stock was up $1.187 per share, or 8.8 percent, to $14.47, in afternoon Nasdaq trading.