Income Drops in Q1 for Medical Device Maker

IRIS International reported a 4 percent increase in revenues for 2011 first quarter earnings compared to the same period last year. For the first quarter ended March 31, the Chatsworth-based firm reported net earnings of $523,000 or $0.03 per diluted share. For the same period in 2010, IRIS had net earnings of $1.04 million or $0.06 per diluted share. IRIS reported first quarter on revenues of $26.9 million compared to revenues of $26 million for 2010 first quarter earnings. The net income for the first quarter includes the net dilutive impact from Arista Molecular of $1 million or $0.05 per diluted shares, which resulted from a one-time gain of $1.2 million or $0.07 per share. Net income in the first quarter of 2010 preceded the acquisition of Arista. “The record first quarter revenue reflects the resilient performance of our urinalysis business,” said Cesar M. García, chairman, president and chief executive officer of IRIS International.