NETANYA, Israel Revenues of Given Imaging Ltd. (Yoqneam, Israel), a startup that supplies a camera which can be swallowed to obtain pictures of the digestive tract, increased 24.8 percent to $34.2 million compared to $27.5 million in the fourth quarter of 2006.
Net income expressed on a GAAP basis was $12.8 million in the fourth quarter of 2007, compared to $1.5 million for the same period last year. On a non-GAAP basis, the company reported net income of $2.7 million in the fourth quarter of 2007, compared to net income of $2.9 million in the fourth quarter of 2006.
For the year ended December 31, 2007, sales were $112.8 million compared to $95 million in the same period in 2006, an increase of 19 percent. On a GAAP basis, net income for 2007 was $15.2 million, compared to a net loss of $1.5 million, for the same period in 2006. The company reported non-GAAP net income of $11.8 million on a fully diluted basis in 2007, compared to a net income of $4.8 million in the same period in 2006.
Homi Shamir, president and CEO of Given Imaging, said the company sees additional growth drivers in 2008 "that should enable us to enhance our global market position. In the U.S., 2008 will be the first full year marketing our next generation PillCam SB 2 and ESO 2 video capsules."
"In Europe, PillCam SB 2 sales continue to grow and we believe that we will receive a monetary code for reimbursement in France in the first half of this year. In the APAC region, we are very pleased with initial workstation and PillCam SB sales in Japan, and we expect revenues in the region to grow significantly this year as our partner Suzuken expands our market presence in this country. Finally, we are very pleased with the approval to market PillCam COLON in Israel, which is another positive step toward global penetration of this product."
The PillCam video capsule, a disposable miniature video camera contained in a capsule, which is ingested by the patient, includes a sensor array, data recorder and software.
Earlier this week, Given Imaging was notified by the U.S. Food and Drug Administration (FDA) that it had not approved marketing of the PillCam COLON in the country.
However, this decision is not expected to have a material impact on 2008 revenues as PillCam COLON capsule sales in the U.S. were not projected to be significant in 2008.